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Started By
Message
re: The typical U.S. worker has $955 saved for retirement, report finds
Posted on 2/6/26 at 2:45 pm to RLDSC FAN
Posted on 2/6/26 at 2:45 pm to RLDSC FAN
That’s just pathetic. The second best decision I’ve made as an adult, next to marrying Mrs Vader, was I started contributing the max to my retirement account when I started my career going on 35 years ago. And I’ve been smart enough to leave it the hell alone.
As things stand now, I’ll be retiring at 59 and a half. And while I won’t own a yacht or anything, between my model stash and plans to travel (or galavanting as we call it) with Mrs Vader, I’m very much looking forward to retirement in a few more years. My goal is to make to 40 years with the company, that is unless they piss me off and I decide to retire earlier. The good news is I have that option if I want to.
As things stand now, I’ll be retiring at 59 and a half. And while I won’t own a yacht or anything, between my model stash and plans to travel (or galavanting as we call it) with Mrs Vader, I’m very much looking forward to retirement in a few more years. My goal is to make to 40 years with the company, that is unless they piss me off and I decide to retire earlier. The good news is I have that option if I want to.
1
Posted on 2/6/26 at 2:46 pm to H2O Tiger
Yutes of the OT...the lesson here is start saving EARLY. Compounding interest and dividends over 5 decades is your best friend. Even it it's $100 a paycheck when you start, set it to automatically deduct and forget about that money.
You're welcome.
(and before anyone starts, I began my career making $24,500 a year living in Chicago and was still able to contribute a good bit to my 401k at that time, reaping the benefits of living frugally now)
You're welcome.
(and before anyone starts, I began my career making $24,500 a year living in Chicago and was still able to contribute a good bit to my 401k at that time, reaping the benefits of living frugally now)
Posted on 2/6/26 at 2:47 pm to Hoyt
quote:
I’m mid 30’s and currently have $180k in 401k and $20k in Roth IRA. Hoping for solid returns over the next 25 years.
Samesies
Posted on 2/6/26 at 2:48 pm to Gus007
quote:
Looking back it all seems so easy/simple and common sensical.
But convincing others is extremely difficult.
So true
Posted on 2/6/26 at 2:49 pm to Dadren
quote:
think I read somewhere that the median for people over 50 is $200K.
Holy shite that's bad. I get that including everyone over 50 means the 85 year olds will be close to out of money, but damn. I'm nearly there in age and I'm way better than that, even after the ex-wife got a chunk in 22.
Posted on 2/6/26 at 2:55 pm to LemmyLives
I just had chatgpt create an example using small round amounts over 20 years and over 50 years.
So if you contribute for the last 20 years of your career you 1.7x it, if you invest over your 50 year career you 4x it. And that's a super conservative rate of return that only exponentially increases the difference as it goes up.
Start early.
quote:
Assumptions
Initial investment: $100
Annual contribution: $100 per year (about $8/month)
Interest rate: 5%
Compare 20 years vs 50 years
quote:
1?? 20 years
Contributions
$100 initial
$100 × 20 years = $2,000
Total contributed: $2,100
Ending value
˜ $3,570
Growth
About $1,470 from interest]
quote:
2?? 50 years
Contributions
$100 initial
$100 × 50 years = $5,000
Total contributed: $5,100
Ending value
˜ $20,300
Growth
About $15,200 from interest
So if you contribute for the last 20 years of your career you 1.7x it, if you invest over your 50 year career you 4x it. And that's a super conservative rate of return that only exponentially increases the difference as it goes up.
Start early.
This post was edited on 2/6/26 at 2:59 pm
Posted on 2/6/26 at 2:55 pm to HailHailtoMichigan!
quote:
I’m sorry but I don’t believe this report for a second.
I mean, it's got to include everyone, right? High school kids, career burger flippers and yard mowers, etc.
Posted on 2/6/26 at 2:57 pm to nealnan8
Congress better get fricking busy cause I have worked since I was 16 and I better have some fricking money coming to me when I hit 65.
Posted on 2/6/26 at 2:59 pm to LemmyLives
quote:
Holy shite that's bad. I get that including everyone over 50 means the 85 year olds will be close to out of money, but damn. I'm nearly there in age and I'm way better than that, even after the ex-wife got a chunk in 22.
Also these numbers don’t include defined benefit plans/pensions, so while it might not be a number to aspire to, people can and do build lifestyles that work for them.
I think the main takeaway is whether you get to $200K, $2M or $20MM, do it on purpose. Don’t just end up in retirement with some surprise amount of money.
Posted on 2/6/26 at 3:00 pm to Xignals
I'm 47 and don't know of really anyone my age or younger that is (or should be) counting on receiving social security. Wealth adjustments or full on zero benefits for some people is coming. Even though the whole point of the fricking program was essentially forced savings and the govt was gonna hold onto it for you. 
ETA:
The final lesson I already mentioned, restated by chatgpt.
Most people think:
“I’ll invest more later when I earn more.”
But the first decades are doing almost all the work.
By year ~35–50, your annual $100 contribution is almost irrelevant compared to what the existing money is earning each year.
Basic finance should be a required high school course.
ETA:
The final lesson I already mentioned, restated by chatgpt.
Most people think:
“I’ll invest more later when I earn more.”
But the first decades are doing almost all the work.
By year ~35–50, your annual $100 contribution is almost irrelevant compared to what the existing money is earning each year.
Basic finance should be a required high school course.
This post was edited on 2/6/26 at 3:08 pm
Posted on 2/6/26 at 3:03 pm to RLDSC FAN
That can't possibly be true
Posted on 2/6/26 at 3:03 pm to Chucktown_Badger
quote:
I'm 47 and don't know of really anyone my age or younger that is (or should be) counting on receiving social security.
46 here and completely agree. It doesn't even cross my mind. I'm building my own nest. If it happens to survive, great. If not, I'll be fine.
Posted on 2/6/26 at 3:05 pm to RLDSC FAN
quote:
The typical U.S. worker has $955 saved for retirement, report finds
I paid more than that in taxes on my last check.
What would I possibly need that for? Better to give it to Somali Learing Centers. They need it more than me.
Posted on 2/6/26 at 3:09 pm to H2O Tiger
quote:
The slide in tech stocks has obliterated my accounts.
Did you lump sum in Monday and sell yesterday?
Posted on 2/6/26 at 3:09 pm to RLDSC FAN
I get my yearly bonuses deposited into the company 401k - that alone has netted me $42,500 over the last 10 years. 
Going to be a hard dose of reality for my generation when some of us start retiring and others have nothing in their bank accounts.
Going to be a hard dose of reality for my generation when some of us start retiring and others have nothing in their bank accounts. 
Posted on 2/6/26 at 3:10 pm to LemmyLives
My wife is 74, imma 72 my Ssi is $3100 mth after my $205 monthly Medicare payment. My wife is $2450 after medicare...
We good, have over $500.000 in IRA's between us. Own our home and basically errything we have is paid off. Living at beach in Gulf Shores...
We good, have over $500.000 in IRA's between us. Own our home and basically errything we have is paid off. Living at beach in Gulf Shores...
Posted on 2/6/26 at 3:15 pm to Darth_Vader
quote:I’m coming up on that but it ain’t worth bustin’ a rib over.
My goal is to make to 40 years with the company
It’s just a round number and in reality, nobody cares.
Not flaming you Darth, just throwing it out there for your consideration: time is the finite resource AFTER you retire.
If you go at 39 years, you get that BEST first year of YOUR OWN life.
(My dad died at age 63 from Cancer after working in management for Fortune 500 Corporations for his whole career. Non-smoker, didn’t drink, not a fatty. I learned then that no retirement plans are guaranteed)
Posted on 2/6/26 at 3:18 pm to wheelr
Oh no, it’s still a ton, but I think the last 2-3 days has wiped out around $50k
Posted on 2/6/26 at 3:20 pm to RLDSC FAN
Yikes. Currently putting $950 per check into retirement
Posted on 2/6/26 at 3:23 pm to dallasga6
quote:
Own our home and basically errything we have is paid off.
I've assumed for the last 30 years that I won't get anything from SS in 17 years when I retire. I've saved for retirement like it since my early 20.
But, the way I like to travel, I estimate I'll need 4M, so I just keep saving, as I'm nowhere close to that.
The Trump accounts are getting opened for my kids the moment they're available. If they leave them for retirement, even with minimal investment, compounding for 45 years will be a killer advantage.
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