Your Retirement Savings

Good point man, the bots will be our bedpans!

until they unionize

yes I have emigrated from my home country in part for retirement reasons (& other social safety network reasons), I recommend it warmly to others

I know people who saved, on their own, hundreds of thousands of dollars, through having a good job, cheap rent and no kids. I am not them. Thank god for 401k (and pension too, tho not really sure what I need to do to get it)

https://www.investopedia.com/articles/retirement/081016/5-reasons-retire-canada.asp

read that as: 5-reasons-retire-canada.asap

Canada is now KNown as NATION FORMERLY KNOWN AS CANADA

Automatic thread bump. This poll's results are now in.

Srsly poll the 47 and pls be srs this time with the numbers

10k to 50k here. i'm gonna live on twigs and berries

Ur young man you'll be sound

Srsly poll the 47 and pls be srs this time with the numbers
― Simpson L. (darraghmac), Wednesday, February 28, 2018 12:09 AM (fifteen hours ago) Bookmark Flag Post Permalink

Not bragging, more of a reflection on growing up lower income, and tilting the other way as a single, no kids guy (I save vs. spend, maybe to a fault). Have been with same company since 23, saving for retirement since 31 or so (starting at 8%, now at 20%), so at $450K in IRA alone. Above water in house, annual pension is secure, and have good emergency savings set aside. Not accounting for Social Security, feels like with my standard of living, I can still retire early.

All comes down to health, really. Could save like crazy, and keel over with it unused. Or could retire, everything crashes or inflates, and I'm penniless. At which point, the Bacon Retirement Plan comes in: one pound of fried pepper bacon per day, until the heart seizes.

Nicely done, no lie. (Except for that final backup plan.)

unless he or she makes it a hit youtube show to annoy a retired whiney

I just plan to die when I run out of money.

I have about 300k in a 401k I was able to save when I worked like a slave at a law firm (I turn 40 next year). But Im a. worried about the hyper stock market bubble exploding and slashing that number in half and b. the rest of my savings/net worth lol dipped below 25k recently after a move and my budgeting didn't include health insurance that I'm not eligible for until mid March.. not in an insane bind but its making me anxious as hell working with less and less of a safety net and being unable to save.

it seems the DINK lifestyle is the only solvent one these days

Kids are a luxury

otm

xpost If you are super worried about a stock market bubble (although it only matters what your account is worth when you actually withdraw the money) you could just transfer the 401k to an IRA and redistribute the funds or hold them in cash/savings until a time that you feel things are cheaper.

everything crashes or inflates, and I'm penniless

...as would be everyone whose net worth could be written without at least a generous handful of zeroes. A general financial catastrophe can't be planned around. You just have to gut it out with whatever resources you can salvage from the fire. But it's always a good idea to have some tangible assets that aren't just 'paper' or digits on a bank's balance sheet, because those are the first to immolate.

There was a time when I thought I'd be able to get away with just selling my CD collection if I was skint.

My plan B is "Well, I can always move to Lincolnshire".

My story is similar to officer sonny bonds', but I had it in the bank where it all got eaten by rent during long-term unemployment

https://www.nytimes.com/2024/05/08/magazine/401k-retirement-crisis.html

I should repoll this, more choices/ranges this time.

i read that entire NYT article the other day and now i demand my pension!

politico (?!) had a great feature about this too https://www.politico.com/news/2024/04/13/how-your-401k-ate-the-federal-budget-00150319

url is not accurate. headline is "‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthy"

holy shit this poll

This was the 2022 tax bill … I thought there was something new … or do i need to read more than the first few paragraphs? (Will read the whole thing later just… on phone rn)

Who is the richest ilxor

Me

I have a 403(b) - the nonprofit equivalent of a 401(k) - and I'm always slightly afraid when the quarterly statement arrives in the mail
Sometimes it's good, often it's bad

I have been the beneficiary of savings plans since the 90s (social security, 401k and a small pension). I think I'm wealthy enough to survive as a senior, but as someone with MS I will need nursing care in the future. I just don't want to go to a depressing nursing home, I want to live in an assisted living facility where there is a chance for some independence and camaraderie with others my age

I don't have any heirs that are important to me in my family - they all have enough money - but there are some other people that I want to help or at least acknowledge as ones I've loved.

The whole idea of a living will is so fraught, and my ideas about it change from day to day

I’m not that old (I’m just 68) and am not near to being incapacitated but, as a single person, advanced aging concerns me. My friends and I are discussing these issues. Many of you will too in coming years

68!

Old bro itt

:) it's not that old, really, you guys will be there soon

Respect

I got $10 set aside for some sleeping pills and a plastic bag. Retiring Heaven’s Gate style.

Respect

I got $10 set aside for some sleeping pills and a plastic bag. Retiring Heaven’s Gate style.

― papal hotwife (milo z)

damn that's bleak

that used to be my retirement plan but as i get older, that just doesn't seem practical. getting old and dying doesn't seem like a binary now, it doesn't feel like "well i can't work any more, guess i'll kill myself". in large part i guess because i... kind of can't work anymore? like i'm kind of legit "disabled" at this point. not permanently or whatever, it's just that the conditions i'm under right now make it really difficult for me to fulfill the expectations placed on me by capitalism. i'm basically faking it for the health insurance. there's a possibility that at some point somebody decides to switch me on the balance sheet from "asset" to "liability", which will make things harder in some ways but easier in others. it's not the end of my life. working isn't my life. getting paid makes my life a hell of a lot easier, but if i'm not getting paid, it doesn't mean i'm gonna kill myself.

transition increased the precarity of my financial situation by orders of magnitude. my ex-wife and i both worked, we owned a house, no kids. we were going to grow old and die together, except that i kind of wanted to skip the "growing old" part. the irony of it is that now that i've transitioned, i no longer want to kill myself, but in other respects it's made life so much more difficult for me - single income, no house, a job that's no longer suited to the person i am now. the trans people i know, lots of us are trying to survive without being able to work, and it's hard. most of us aren't killing ourselves, which is good. some of us are, and that makes me sad.

so here's bleak: my mom's in assisted living, which is good for her but sucks for me... like i hate that this is a calculation, but a lot of my being able to do the things i've done is that my dad died when i was 40 and left me a substantial inheritance. i don't know how long she's going to make it. she was and is an extremely emotionally abusive parent so we don't really talk. (so even if she dies with money, i might not get any of it lol).

No kids/heirs here either - I'm with milo on the Heaven's Gate exit. Bulldoze my stuff into a volcano when I'm gone...

Well this thread took a turn for the morbid

Retirement is as inconceivable as winning a $500mn jackpot and I just don't want to be one of those inspirational stories on the news about an 85 year old celebrating their birthday during a Wal-Mart shift. Even that fate is preferable to the old people prisons you get stuck in if Medicaid/Medicare have to foot the entire bill.

I think being a greeter is like the ideal post retirement gig. Love to say hi to strangers and to be paid to do it? Ffs

When the time comes Im going to rat out all you retirees’ hiding places to the liberators in exchange for food and shelter, gl

Fuck Walmart greeters and fuck Walmart.

Bro

lol it’s like I remember someone made a post here recently about hating self-checkout at groceries stores because they like to talk to the staff or something.. like ok