Retirement originally uploaded by Tax Credits
Last week’s poll asked about whether people continued their education. The vast majority of respondents noted they had already done it with some saying they were currently doing it. I’m all done and happy that I am; however, I am 99.999% sure it won’t do all that much for me.
This week’s poll comes after The Wife started attending a monthly group of women who talk about better money management and future estate planning. Their meetings cover a single topic each month such as financial planning, wills, etc and are led by local experts in each field. The information she has brought home has us thinking differently about our investments and how we want to move forward with our money in the future.
So the question for you this week is have you started saving for retirement and do you think it’s enough? Are you just using 401k (or their equivalents) or are you looking into other methods for your retirement? Are you more realistic and know you will be working in some capacity until you’re dead? Whatever you have to say about this one go ahead and comment on below and vote on the sidebar.
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March 17th, 2013 at 8:53 am
We’ve been using a combination of 401k’s and Roth IRA accounts. We like that you can pull out the principal without penalty – it keeps more options open for higher education expenses for my kids or retirement without pigeonholing the funds into one type of account or another.
We’ve both been saving since our early 20s and I feel like we have a good start.
March 17th, 2013 at 9:23 am
Saving for retirement could be the only thing I’ve ever done OK with in the financial world. We’ve been putting about a big chunk of our income away in 401K and MM accounts my entire working career. Barring any massive unexpected expenses I think we should be ok as a long as Mrs and I are in the same place on expectations of retirement lifestyle.
Which at the moment, we are not.
March 17th, 2013 at 9:41 am
I’m mostly relying on a pension and Social Security, both of which could collapse. I actually just DOUBLED my 457b contribution this week to correspond to my raise that starts with my next paycheck. Look at me being an adult! And by doubled, I mean went from $25 a paycheck to $50…
March 17th, 2013 at 10:17 am
Kassie,
I hope major improvements in the quality and taste of cat food are made before you retire…for your sake.
NWRG
March 17th, 2013 at 12:47 pm
NWRG- Oh I know. Didn’t help that I had to cash out my old 457b to pay for my divorce.
March 17th, 2013 at 2:30 pm
I retired a few years ago. So far, my pension plus a small monthly IRA withdrawal has been enough to support our family. We will probably start drawing Social Security in a couple of years.
Even though for many, many years I put 6% to 10% into my 401(k), I always worried that we would not have enough. It wasn’t until I started meeting with a financial advisor (about 10 years ago) that I became comfortable with our retirement plans. I had always been skeptical of the motive of financial advisors, but the one we have has been very helpful, and actually has become a good friend. I recommend to anyone that is not a financial wizard seek assistance early. Mine helped me realize that I could in fact retire at age 57 when offered an early retirement package.
March 18th, 2013 at 7:10 am
A good financial planner is a great idea.
March 18th, 2013 at 8:50 am
My husband and I finally sucked it up and met with a financial adviser about 2 years ago. I was nervous – you’re laying out your whole financial picture to a stranger and just hoping that they don’t give you that look that says “you guys are screwed.” Luckily, we’d done a pretty good job of contributing to our employers retirement programs, and starting contributing to a ROTH IRA a few years ago. Our adviser was great – he talked through different strategies and suggested some additional investments to consider which he manages for us. We also set up college accounts for the kids. I’m under no delusions that it will be anywhere close to what they’ll eventually need, but at least it will help.
The second meeting with our adviser was a lot less stressful. It was actually a good confirmation that we’re on the right track and nice to see the progress we’d made over the previous year.
If we keep on this same track and barring some catastrophic event, I think we’ll be able to comfortably retire when it comes time.
March 18th, 2013 at 9:39 am
Been burning the candle at both ends and have not been saving hardly at all. Living paycheck to paycheck for essentially 20 years. As such the best thing I can do is make sure my kids start saving for their retirement in their 20′s. I’m pretty sure my wife and I are screwed. This is one of the reasons why I ‘m looking at a career change to something I can do easily in my 70′s and 80′s. I’m certain I need to keep making money well in to my elder life. My wife is a bit oblivious, and un-engaged in retirement planning overall. She knows it’s bad, but is planning for a big win in the lottery I think.
March 18th, 2013 at 12:01 pm
My wife and I have been meeting with a financial planner for about the past 5 years. She pretty much keeps us on track of where we want to be at retirement. We are not going to be able to save as much soon sine we will have 2 kids in daycare (#2 is due in July). Saving with the large daycare expense is impossible. Either way…I still play to retire when I am 59. My wife will probably work a few years more so I can stay on her insurance. She is younger and likes to work more anyway.
For College savings we started a 529 for our son. We encourage our family instead of getting him toys he doesn’t need to make a donation to his future. So far it’s been going well…we just need to keep up at this pace.
March 18th, 2013 at 8:00 pm
JaLurker be careful w the 529. Works awesome if they go to college. Otherwise not so much. Maybe don’t put all you expect to shell out for the kid in a college plan.
March 19th, 2013 at 7:42 pm
I agree. College is one aspect, but long term retirement planning is a completely different one. College is almost simple comparatively.
March 19th, 2013 at 9:05 pm
I’m at a good place right now as far as retirement goes, but I also don’t plan to retire for a long time. I’m 44 now, don’t see myself retiring for at least 25 years. Work is what I know, I don’t know anything about doing nothing, which is the definition of retirement to me.
Met with my 401(k) advisor today actually, and we both like where I am right now. The problem is the unknown future. All things being equal, and staying status quo, I’ll be fine. However, there’s no guarantee that things won’t change in the future, and I may end up being screwed in the end. I guess all I can do is keep bustin’ ass and saving for the future, just in case.
March 20th, 2013 at 7:28 am
I’ve been saving since I graduated from college. I max my pre-tax savings and also save in after-tax plans. This sucked when I was younger and still paying student loans – we had barely any fun money and emergency car repairs whacked our budget. But, I considered my savings as a bill that wasn’t optional – it was mandatory. My friends were buying nice cars (I drove really crappy cars) and new furniture (I kept my college hand me downs). Now- glad I did that. It has given me much freedom to do things in these middle years. I’ve already started making my children save and put funds into a Roth. It’s not a lot – but trying to start a habit of saving with them. Kids should learn how to save. Our teenager is meeting with our financial planner this spring to talk about summer money. Doesn’t make a lot- but idea is to get him used to idea that has to think about these things. It is VERY difficult to talk your kid into saving when their friends have all the latest stuff. I wish more parents would do this – it’d make things easier.
March 20th, 2013 at 4:08 pm
When I was growing up, the local bank in town offered annual savings plans called Christmas Clubs (maybe that was common?). You sent it up in October or so, and put a pre-determined amount in each week for one year, then the next year you got a check from them, with interest, in time to spend it for Christmas (or whatever). I started a couple of those each year when I was about 13 or so, and working part-time for the tractor dealership next door, doing cleaning. It was a fun thing to do, but more than that, I think it taught me a bit of discipline with savings, as well as the power of compounding interest! I never put a lot in them, but I put in more than any other kid my age that I knew of.
March 20th, 2013 at 7:02 pm
Greg, my mother used those all the time.
March 24th, 2013 at 3:54 am
Kassie, take a pill. Even Eric Cantor wouldn’t let Social Security “collapse.” And I think you said something about a “pension.” Most of us understand that as a defined-BENEFIT plan, something a minority of American workers have.
So chill.
March 24th, 2013 at 7:35 am
[...] week’s poll asked about retirement planning and if people were doing it, not doing it, or just flat out thought it was hilarious to even [...]