View Poll Results: By age 30 how much have you saved for retirement?
$100,000.00 or more
20
13.89%
$25,000.00 to $99,999.00
54
37.50%
$5,000.00 to $24,999.00
38
26.39%
Haven't started a 401k, prayin on social security!
32
22.22%
Voters: 144. You may not vote on this poll
Retirement & 401k's: by age 30 how much have you saved??
10-23-2006, 01:03 PM
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Retirement & 401k's: by age 30 how much have you saved?? just curious where I stand with the rest of the world??
This is something that is real important to me... what do you guys think?
This is something that is real important to me... what do you guys think?
10-23-2006, 02:59 PM
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Part of my problem with my 401(k) stuff is that I've been forced to job hop. I had a great plan with my first company, but they were getting bought out, so I went to work for another company. That company was Enron, and (luckily) I didn't have a 401(k) there, but I had a small amount stashed from my days contracting there. Then I worked two contract jobs, neither of which had a 401(k) plan for contractors. Then I worked as a consultant for a few years, again for a company with no plan. Now I'm working for a company with a good plan and I've started saving again.
I could have/should have started my own independent 401(k) when I was hopping around, but I was more interested in finding stable work than in saving for the future. I've since maximized my employee contributions (we have an employer match program where I work), which should help.
My wife is in much better shape, because she's a teacher. In addition to her TRS (Teacher's Retirement Services), she also invested in a 403(b). Teachers don't necessarily get paid a whole lot, but their retirement benefits are usually very good.
-Mike
I could have/should have started my own independent 401(k) when I was hopping around, but I was more interested in finding stable work than in saving for the future. I've since maximized my employee contributions (we have an employer match program where I work), which should help.
My wife is in much better shape, because she's a teacher. In addition to her TRS (Teacher's Retirement Services), she also invested in a 403(b). Teachers don't necessarily get paid a whole lot, but their retirement benefits are usually very good.
-Mike
10-23-2006, 03:23 PM
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I work for Verizon (for the next few weeks until we spin off)..... great company match.... able to put away 10 percent, which is matched 83%.... so basically I put away 18.3%....... just curious on what is the norm for fellas like me who are 25ish.
Thanks for the feedback.
Thanks for the feedback.
10-23-2006, 03:23 PM
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Originally Posted by chupr0kabra
Part of my problem with my 401(k) stuff is that I've been forced to job hop. I had a great plan with my first company, but they were getting bought out, so I went to work for another company. That company was Enron, and (luckily) I didn't have a 401(k) there, but I had a small amount stashed from my days contracting there. Then I worked two contract jobs, neither of which had a 401(k) plan for contractors. Then I worked as a consultant for a few years, again for a company with no plan. Now I'm working for a company with a good plan and I've started saving again.
I could have/should have started my own independent 401(k) when I was hopping around, but I was more interested in finding stable work than in saving for the future. I've since maximized my employee contributions (we have an employer match program where I work), which should help.
My wife is in much better shape, because she's a teacher. In addition to her TRS (Teacher's Retirement Services), she also invested in a 403(b). Teachers don't necessarily get paid a whole lot, but their retirement benefits are usually very good.
-Mike
I could have/should have started my own independent 401(k) when I was hopping around, but I was more interested in finding stable work than in saving for the future. I've since maximized my employee contributions (we have an employer match program where I work), which should help.
My wife is in much better shape, because she's a teacher. In addition to her TRS (Teacher's Retirement Services), she also invested in a 403(b). Teachers don't necessarily get paid a whole lot, but their retirement benefits are usually very good.
-Mike
The real gotcha is making sure your 401k plan isn't heavily invested in the interests of the company you are working for. Never forget Enron.
10-23-2006, 03:24 PM
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Originally Posted by Forteen3GT
I work for Verizon (for the next few weeks until we spin off)..... great company match.... able to put away 10 percent, which is matched 83%.... so basically I put away 18.3%....... just curious on what is the norm for fellas like me who are 25ish.
Thanks for the feedback.
Thanks for the feedback.
maybe the new company will roll something different out??
10-23-2006, 03:26 PM
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Originally Posted by 4mulaJoe
I've done some job hopping myself. The company has no claim to your 401k(at least not in any situation I have seen). You can just keep the account open with the company that manages the 401k, or you can roll it over when you have a new one at no cost.
The real gotcha is making sure your 401k plan isn't heavily invested in the interests of the company you are working for. Never forget Enron.
The real gotcha is making sure your 401k plan isn't heavily invested in the interests of the company you are working for. Never forget Enron.
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10-23-2006, 03:45 PM
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Originally Posted by 4mulaJoe
I've done some job hopping myself. The company has no claim to your 401k(at least not in any situation I have seen). You can just keep the account open with the company that manages the 401k, or you can roll it over when you have a new one at no cost.
The real gotcha is making sure your 401k plan isn't heavily invested in the interests of the company you are working for. Never forget Enron.
The real gotcha is making sure your 401k plan isn't heavily invested in the interests of the company you are working for. Never forget Enron.
-Mike
10-23-2006, 09:05 PM
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Honestly, when you are under 30 it makes more sense to put a little extra money into building up some equity in a house IMO. You are always going to need a place to live, and you are not taxes on that equity gained by property value increases as long as you spend it on another primary residence. I put 6% into my 401k which ends up being more and more every couple years from new jobs, but I would put 10-15% into it if it wasn't for the fact I opted to buy a nice house on a 15yr notes saving me big $$$ in interest. I will have a nice house paid for by 35 or 39 at the latest.
10-23-2006, 10:06 PM
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I had about 40k in my 401k when I turned 30, so that sounds about right. In todays dollars thats about 50k since that was about 10 years ago. There's alot more in there now 
I started right away at 23 and started socking back 10%. All the companies I worked for had generous matching, usually around 4-5%. So it was like 15%. Its best to invest at least as much as your company matches to.
I started right away at 23 and started socking back 10%. All the companies I worked for had generous matching, usually around 4-5%. So it was like 15%. Its best to invest at least as much as your company matches to.
10-23-2006, 10:11 PM
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Originally Posted by 4mulaJoe
Honestly, when you are under 30 it makes more sense to put a little extra money into building up some equity in a house IMO.
I disagree, you should start a 401k as soon as you can. Its not so much how much you put in, its for how long. The principles of compounding interest are what make you rich.
You can always borrow against your 401k for a house loan. I even think there is a law where you can withdraw enough for a down payment on your first house without penalty, or you can take a tax deductable 10 year note against your 401k for your down payment. Don't quote me on that, but I think I did hear that at some time or another..
One thing is for sure, a tax deductible plan plus company matching, you just can't lose...
10-23-2006, 10:11 PM
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get an interest only loan on your house...pay as little as possible and invest the difference. Once you put money into your house, the only way to get it back out is to sell it or reborrow it with interest. There are several articles out there that compare 2 individuals: one that pays off his mortgage asap and then invests his discretionary income once its paid off; and one that puts nothing down on his house, has a low monthly payment and invests what he would have put toward his house. the one who invests his money up front is able to pay his house off quicker from the earnings from his investments (i think the scenario assumed an 8% ROR) and still have more money invested than the one who paid off his house quickly. Time-value of money is VERY powerful.
also, if you have dormant 401(k)'s you should roll them into an IRA. This will afford you MUCH more investment options and you have the option to have active management on your investments--like a wrap account. In a 401(k) you are a participant, not an owner. The plan administrator makes the rules on when you can trade, balance, etc...
Enron put a 90 day blackout on their 401(k) to try and maintain their stock price because so much of it was held in employee 401(k)'s. By the time the blackout period was over, the stock had gone to hell and most peoples retirements had gone to ****.
also, if you have dormant 401(k)'s you should roll them into an IRA. This will afford you MUCH more investment options and you have the option to have active management on your investments--like a wrap account. In a 401(k) you are a participant, not an owner. The plan administrator makes the rules on when you can trade, balance, etc...
Enron put a 90 day blackout on their 401(k) to try and maintain their stock price because so much of it was held in employee 401(k)'s. By the time the blackout period was over, the stock had gone to hell and most peoples retirements had gone to ****.
10-23-2006, 10:38 PM
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My old man put $1,000 a year into a Roth-IRA account in mine/his name every year until this one, and now I have to do it. If I can continue on this pace I'll be well off when I decide to retire. And that's not to mention my 401k stuff.
10-23-2006, 10:38 PM
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I'll just say everybody's situation is a little different. Do the math. I know for a fact I am makig the right choices barring some crazy stock market climb or crazy housing bust in Houston.
10-24-2006, 06:45 AM
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Originally Posted by TEX02SS
get an interest only loan on your house...pay as little as possible and invest the difference. Once you put money into your house, the only way to get it back out is to sell it or reborrow it with interest. There are several articles out there that compare 2 individuals: one that pays off his mortgage asap and then invests his discretionary income once its paid off; and one that puts nothing down on his house, has a low monthly payment and invests what he would have put toward his house. the one who invests his money up front is able to pay his house off quicker from the earnings from his investments (i think the scenario assumed an 8% ROR) and still have more money invested than the one who paid off his house quickly. Time-value of money is VERY powerful.
also, if you have dormant 401(k)'s you should roll them into an IRA. This will afford you MUCH more investment options and you have the option to have active management on your investments--like a wrap account. In a 401(k) you are a participant, not an owner. The plan administrator makes the rules on when you can trade, balance, etc...
Enron put a 90 day blackout on their 401(k) to try and maintain their stock price because so much of it was held in employee 401(k)'s. By the time the blackout period was over, the stock had gone to hell and most peoples retirements had gone to ****.
also, if you have dormant 401(k)'s you should roll them into an IRA. This will afford you MUCH more investment options and you have the option to have active management on your investments--like a wrap account. In a 401(k) you are a participant, not an owner. The plan administrator makes the rules on when you can trade, balance, etc...
Enron put a 90 day blackout on their 401(k) to try and maintain their stock price because so much of it was held in employee 401(k)'s. By the time the blackout period was over, the stock had gone to hell and most peoples retirements had gone to ****.
I am really interested in seeing that comparison.... can ya dig it up?
Damn.... 23 or 27% of up to a 4 percent contribution??? Verizon does 83% of a 6 percent contribution... then at the end of the year offers another .5-1.5% match of co. stock in the form of a mix. ....... no wonder they killed the pension plan.