Home Forums Hunting & Shooting Hunter's Campfire How does your 401K compare to your age-group's average?

Totally agree, Sir.

The average is averaging folks that haven't saved a dime with those that have, not to mention those that have been laid off, divorced, or injured and have had to clean out their 401k's just to get by. You use have various public employees that have retirement accts other than 401k's.

Dave Ramsey says $1000 per month in a good growth mutual fund for 20 years equals $1 million.

100 dollars a month won't get you rich. And if you're only saving 100 dollars a month, you shouldn't be rich anyhow, so it all works out.

I have friends that thought my wife and I were nuts for driving crappy cars when we both had good jobs. They thought we were nuts living in a small townhome until just last summer.

We think they're nuts for making the same money we do, and doing it for years, but having nothing to show for it but super expensive vehicles, a big house on a tiny lot where you can touch your neighbors house if you reach out your window, and a bigger mortgage.

You either live below your means and save, at your means and stagnate, or above your means and flounder. No matter how much you make, the three choices are still the same.

Yup, I'm with goalie. FWIW, my newest car is an 2004...well it's my truck. The family vehicle is an '03.

Cows have done okay the last few years but like anything else they are bound to cycle back down.

We're just trying to be conservative and diversified(on a small scale).

Of course it REALLY helps to live where it's cheap. That and staying busy enough to not spend much money dicking off.

Yes !! Same way to get me where I'm at I still in a pretty [bleep] house , run older tractors , but keep them in tip top shape , I do have fairly new equpiment , and will continue to update the newer equpiment as $$ allow and older tractors too

Holton, you should buy a brand new decked out $70k King Ranch F350.......grin

I did buy a truck a couple weeks ago 08 dodge mega cab , but I paid for it

Seats are easier to take care of in a Lariat. I like my King Ranch overall, but the open pore leather takes stains and needs more attention than a slick leather. Of course, it was 6 years old when I bought it, and didn't borrow money to do it, so am happy. And the 6.0 hasn't blown up.....yet.

Wife and I significantly downsized our house this year to save more money and try and buy some ground. Think the only way to buy ground is for somebody to die and be there before the first shovel or dirt hits the coffin.

No problem with any of that Goalie.
I do believe in a nice vacation and/or hunting trip, fishing , strip club ....whatever you enjoy.
Every year.
I know too many friends and relatives that we're gonna save and conserve so they could enjoy......someday.

P.S. They are dead.
Their kids are blowing it though.
It's also easy for me to say, cause a weekends activity for me is a dream vacation for the city dweller. Money ain't everything.

Oh, I agree, there is a fine-line. We have a place in Kona, Hawaii on the Big Island. There is a chance one or both of us will die before we retire and enjoy it (it is rented now).

We take some trips. We just keep those trips within our means, and don't let what others around us are doing influence us.

I would rather go to South Dakota next summer for a week or two than go burn through money at some resort anyhow.

Like I said, there are only three options:

1. Live below your means and save. (and, like the third option, this can be overdone)

2. Live right at your means and sweat it out paycheck to paycheck.

3. Live above your means and pray the house of cards doesn't collapse before you die.

My wife would be like the people you know who didn't spend at all until it was too late. I keep her in check with the reality that we do have to actually live for now too.

And she keeps me from spending it all on toys and forcing us to work more and live paycheck to paycheck.

From the article:
To pump up your nest egg's prospects, you should also consider kicking in enough money to qualify for the maximum company match your employer may offer.

That's not something to "consider", it's a no-brainer. To not do that is just leaving money on the table.

No kidding. It is an instant 100% ROI the second they match and put that money in your account. If your company matches and you don't max out the match, you don't get math.

I have employees that don't.
I've talked til I'm blue in da face.......
Then they wonder why they don't advance above minimum wage......

Word.
Always pay yourself (savings) first......

Much more.

I am not advocating NOT saving, and I do contribute to several retirement accounts of various types, however i think that this is in some ways a trap.

There is FAR too much money in 401, 403, ROTH, etc for Pols to keep their hands off.

Just wait... with the stroke of a pen the terms of such accounts can (and will) change.

If you think you have enough, how would that change if, suddenly in some admin in the mid future, all retirement accoun distributions are taxed at 70%. Add in the number you like. How about a 1 time distribution fee.

It'll happen... there's just TOO much $$ involved that people dont have direct control over.

Middle class savers are [bleep]... tey just dont know exactly how yet.

I am surprised that a rag like Investors Business Daily would word that so casually.

I am well above the average in the article. Through a lot of hard work, a little bit of luck, and an ability to recognize opportunities, I landed a job at an investment company in my mid twenties and managed to work there for almost twenty years before things went to hell in 2008. They had a generous profit sharing / 401K plan.

The other reason I am in good shape financially is that I never got married!

The only barrier I see to an early retirement is health care cost. I'm not ready to sign up for ObamaCare. Another concern is a liberal government stealing my rietirement savings to help the "less fortunate". I have coworkers who have bad credit, or are heavily in debt, or complain that they don't make enough to live on while they smoke two packs a day, eat lunch out everyday, have the latest IPhone, and wear expensive clothes. They have the same opportunities I have but they will be the ones whining about being on a "fixed income" if the live to retirement.

Well, I'm about half my age group's number, but I should be a bit above what they consider average by the time I get to the end of this age group. This is what happens when you don't have a full time permanent, retirement contributing job until you're about 30.

At 40 I more then the average 60 yr old had and sure I would have enough to retire at 55, but I had to start over in a new career from the bottom after IBM went south in the 90's, 10 years later just as I was making a come back market went south just as the wife's employer downsize everybody causing me to dip into my 401k at the worst time.

Now at 61 I am hoping to hang in my current job till 66 then live on employer retirement plan and 401k.