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re: Here's how much money you should have saved at every age
Posted on 2/24/17 at 8:12 am to Volvagia
Posted on 2/24/17 at 8:12 am to Volvagia
quote:
What?
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
you're assuming the average person has a white collar job with a 401k match lol thats nice. I have over 40 employees that make $10/hour bc im a nice boss and pay over minimum wage but there are no benefits and employee match retirement programs. You think the majority of people in this country have jobs like yours or jobs like the guys I employee? Jesus man most people in this country can barely get by, there was a piece recently about how 60% of americans dont even have $500 for an emergency and you're over here talking about 9% 401k match programs.
You should step out of your bubble sometime and see how the average person in this country lives, not your average fellow college grad. Consider yourself lucky, I know I am, but I also know that for the average american the concept of 8x their income in savings is a pipedream at best.
Posted on 2/24/17 at 9:05 am to dabigfella
This is directed at people with white collar jobs, not people who make $10/hour. Like all retirement advice.
Posted on 2/24/17 at 12:49 pm to dabigfella
quote:
you're assuming the average person has a white collar job with a 401k match lol thats nice
Don't try to crawfish and backtrack.
I didn't say the average person. I was answering the specific scenario *you* citied. And most people at the income level you meationed have some kind of 401k employer contribution. And even if they didn't, you didn't say the average person either. You flat out said it was impossible to reach those limits without sacrificing your social life.
And the math works out no matter what income level you are speaking of. As long as you are saving at least 10% of your check, you will attain every single one of these benchmarks you say is impossible regardless of your income level.
Especially as they clearly state this isn't just investment, even payments on a house qualifies.
And I repeat, if you aren't saving at least 10% of your check, you have serious cash flow issues. You are obviously spending to "keep up with the Jonses." The people who I see not saving at least 10% aren't for the sake of a social life. It's for a new car every few years and an apartment with fancy electronics.
This post was edited on 2/24/17 at 1:02 pm
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