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

I'll be able to cut back to part time at 58 and retire fully at 62. My wife and I take nice vacations but live well below our means with very few "toys". So many of the young guys at work don't save and stupidly state "I'm going to work until the day I die". They seem to think that their health will be good until the day that they croak. I keep telling them that there's a big difference between working because you want to and working because you have to.

If their only making minimum wage, they can't save, they have to eat and pay bills. Been their and done that. GW

This thread is funny and sad as [bleep] simultaneously

Everyone including myself is saving for retirement with all kinds of incredible plans for enjoying the fruits of our labors during our "Golden Years"

My doctor who is barely 60 and not yet retired has gone down with an incurable blood disorder and will die well before he enjoys his best laid plans.

There are no guarantees

Enjoy your life as you live and treat yourself along the way.

Eat your dessert first and die a pauper!

35 years ago we assumed that SS would not exist when we retired, so we planned accordingly.

I am the Forest Gump of investing. I went all in on Microsoft in 1994. Then I went all in on Google at the IPO in 2004, where I still am.

Gold, Guitars, Guns, etc make 3% compounded.
I have made 20% compounded annually over the last 20 years.

Everyone knows more about investing than I do.
They all say a 63 year old like me should not be in growth stocks.
I guess I am just dumb.

As other have posted in this thread - one needs to strike a balance. I've seen retired folk trying to live on little more than Social Security and it sucks. I know people who have saved for retirement and are enjoying themselves and that looks like the way to go to me. I hear people talk about their standard of living going down when they enter retirement. Not me; I am planning for my income to be the same or (if I am lucky) higher in retirement. I live frugally and have a reputation as a tightwad but the only thing I want for now is more time to enjoy my hobbies. I would like to be able to go on another bicycle tour (like Birdwatcher's epic adventure last summer), but I'm not going to quit my job to do it.

At age 60 hour should not be in growth stocks. They are the most volital and would take the biggest huge drop in a correction.

You've already take the risk over the years and done well. It's too late to remake it if you loose it. Time to get a tad conservative at age 60.

I disagree somewhat as it depends on the investor. The 'fire is always good for generalizing... I have not invested in stocks outside of what my company provides as part of my annual final compensation, base, bonus and stock. That said, at 53 and retiring within months I do and have for years invest in fairly high risk funds but check them daily (30 minutes) and do a full re-evaluation quarterly. I have my accounts set up such that I can be out of them and "under the mattress" in two days which I have done four times in 28 years at it. Lots of scenarios but the key is the majority do not even explore them. I am a dumbazz engineer that could not spell Wall Street 28 years ago when I started investing fresh of of college. Hell most here won't trust their spouse with money let alone a financial adviser.

My goal is to be, easily, the largest in my quartet.








and have a Honda step-through drag bike.
But that's just me.

,,

Sir, this is rural Idaho.
On ten bucks an hour I sent two girls to private school.......
It was a life choice.
These employees could invest if they wanted too........
They just choose smoking, tattoos and texting on smart phones instead.

That's amazing you did all that on your own at only 10.00 per hour.

Great job.

And that, folks, says it all.

OrangeOkie, When I was in my early 40's, I had that "pretty much" doubled. But, with some shrewd market strategy, I lost most of it. So, I started over! In 1041 days, I get to see if I can make it without a job!!! memtb

If they are suggesting you should be in growth at over 60 years old, they know less than my 6-year old son.

Just say'n.

If you plan to burn it all up by the time your 80, then you've still got close to a 20-year time horizon.

If you lost it all in a market crash, could you still work well enough to take care of your needs? If so, growth isn't all that crazy. A balanced portfolio would make for more stability though.

No worries, Obama is working on that little retirement thingee as we speak.

Be aware that if you have other income, you will have to pay income tax on part or all of your Social Security money. Right now, I am paying close to 25% of what I draw, back to them in April. They do not hold it out, so you have to come up with cash. Most people do not know that you will be penalized for taking care of yourself, and I did not either until the first April of retirement. miles

I'm well above any of those amounts buy I stopped investing in the stock market last year at 40. I don't like all my eggs in one basket. I've invested heavily in other retirement plans over the last 20 years, and continue to. I now am receiving about $30,000/year from those investments that are paid off.
I fear the stock market crashing and a lot of people will be in trouble. It doesn't hurt to also invest in land/rentals/business or something liquid.

Correct, if you start drawing SS before your full retirement age, you will be penalized for every dollar you earn over $15,720, in 2015.

I.E. for every $2 you earn above that amount, you will be penalized $1 in SS.

It's probably better to keep working past age 62, if you can, instead of trying to draw SS early and then continue to work.

There is a whole lot more to the retirement picture and financial health than what you've got in a 401k.