Average median retirement account is $6500 for age 50-64

[bannination]

http://www.alternet.org/economy/7-numbe ... retirement


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Sorry baby boomers.

Explains why those posters on CPF are so butthurt. //bbbut Reagan told us it would trickle down....

[Boatrocker]

http://www.alternet.org/economy/7-numbe ... retirement


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Sorry baby boomers.

Explains why those posters on CPF are so butthurt. //bbbut Reagan told us it would trickle down....

So it did. And then he told us it was rain.

[JTA]

http://www.alternet.org/economy/7-numbe ... retirement


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Sorry baby boomers.

Explains why those posters on CPF are so butthurt.

What's everyone here doing to save for retirement? Help me out here. I have a game plan, but I still gotta feeling I won't be able to retire, but I'm sure as hell going to try!

[bannination]

http://www.alternet.org/economy/7-numbe ... retirement


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Sorry baby boomers.

Explains why those posters on CPF are so butthurt.

What's everyone here doing to save for retirement? Help me out here. I have a game plan, but I still gotta feeling I won't be able to retire, but I'm sure as hell going to try!

One of the biggest things that I don't understand why people don't do is take the full match your employer provides if any. Even if they only match 1/2% take full advantage of that. It's an automatic "free" raise. Live as frugal as you can and put as much as you can in IRA's, mutual type funds, etc.

The extremely rich have it easy in that you don't have to pay very much taxes on stocks, so try to take advantage of what they do, buy into some fund that doesn't lock your income up until you retire just in case you need it. --> Betterment.com is a pretty good example IMHO.... the management fee's are minimal, and it provides me the option to just move a slider for how much I want to expose to risky stocks.

Whatever you do, if you have extra money in a savings account do something more with it than let it sit there, banks do not pay enough interest.

I just checked my account at betterment - > 14.8% returns since February 2013. I have other diversified options as well, but betterment makes it easy for the layman. You get all the benefits of stocks that pay dividends also, so even if something is performing poorly at least you have the dividends.

The biggest thing for stocks is to hold on to it long enough (if you can) to be qualified for the reduced taxes.

The problem is we're the most educated generation that's paid the least, it's very hard to come up with the money to save.

[JTA]

The extremely rich have it easy in that you don't have to pay very much taxes on stocks, so try to take advantage of what they do, buy into some fund that doesn't lock your income up until you retire just in case you need it. --> Betterment.com is a pretty good example IMHO.... the management fee's are minimal, and it provides me the option to just move a slider for how much I want to expose to risky stocks.

I've got some money sitting in my savings account for emergencies. I've got a specific amount I plan on reaching in the next few months, after that I was planning on doing something with any additional money I save so that it'll actually grow rather than lose value sitting in a savings account , but I still want to be able to access it fairly easily in case of an emergency, that's why I'd like to keep some in an easily accessible savings account.

I'm going to check out that website you linked. I take it it's fairly easy to get started? Is there a minimum amount you need to start with? Is it fairly straightforward to retrieve invested money? Or is it a somewhat drawn out process? They probably have this info on the website, it's just good to hear details from someone who actually uses it.

[bannination]

The extremely rich have it easy in that you don't have to pay very much taxes on stocks, so try to take advantage of what they do, buy into some fund that doesn't lock your income up until you retire just in case you need it. --> Betterment.com is a pretty good example IMHO.... the management fee's are minimal, and it provides me the option to just move a slider for how much I want to expose to risky stocks.

I've got some money sitting in my savings account for emergencies. I've got a specific amount I plan on reaching in the next few months, after that I was planning on doing something with any additional money I save so that it'll actually grow rather than lose value sitting in a savings account , but I still want to be able to access it fairly easily in case of an emergency, that's why I'd like to keep some in an easily accessible savings account.

I'm going to check out that website you linked. I take it it's fairly easy to get started? Is there a minimum amount you need to start with? Is it fairly straightforward to retrieve invested money? Or is it a somewhat drawn out process? They probably have this info on the website, it's just good to hear details from someone who actually uses it.

Withdrawing is pretty simple, hit the withdrawal button and enter the amount :-). Takes about as long as a normal wire transfer to directly deposit it back into your bank account. I'm sure it'll make tax time at the end of the year harder, but if you're paying someone for that anyway it may be no big deal.

https://www.betterment.com/pricing/
Looks like there is still no minimum as long as you direct deposit. I don't think I would go that route though, but that's just me. If you direct deposit less than $100 dollars a month then it's an automatic $3.00 fee per month - that sounds kinda high to me. This might be better for most if you wait until you have at least 10k that way you don't have to have direct deposit on if you don't want to, and the fee is cheaper. The over $100 dollar deposit a month at a rate of .35% per quarter doesn't sound too bad.

We already had 10k worth of investments we moved from another account to here... we've been happy with them, but you mileage may vary... stocks can always be a wild ride.... and I am by no means an expert.

I know there are cheaper places, but I've not found one that gives you control over the percentage that is invested in stocks or bonds so easily by keeping all the complicated crap out of my face.

[Bungalow Bill]

I remember when banks paid a fairly good interest rate, but that was many
years back. You can't make much now. Mutual funds are good. I've read
that a simple index fund usually beats out most managed funds, and the
fees should be lower. The irony is that stocks offer the best returns over
the long haul, but the older you are, it is recommended that stocks make
up a smaller part of your overall investments, yet stocks have a better
return than bonds or most other investments. Probably a good idea to
look for stocks with high dividend yields so one can collect money that
way.

[neoplacebo]

Yeah, ditto....I myself have been saving water; I feel certain that in the not too distant future, water will be the new currency. The biggest drawback to saving water is the storage and weight of the damn stuff.....I mean, I can only save so much.

[neoplacebo]

Lyophilised water is expensive but easier to store.

Excellent....thanks. I'll have to get a converter, though.

[JTA]

We've all got decent advice, JTA, but I'd suggest relying on it about as much as the political ideas one would get from a CPA forum.

I was thinking about investing in the Powerball lotto.

[neoplacebo]

That's pretty good, but don't discount the potential of gangster rap discs. I've spent more than one paycheck on those.....

[Wneglia]

Yeah, ditto....I myself have been saving water; I feel certain that in the not too distant future, water will be the new currency. The biggest drawback to saving water is the storage and weight of the damn stuff.....I mean, I can only save so much.

You never realize how precious a commodity water is until you don't have it. My son who moved here (H'ville) last summer had his well run dry last month. We had it hydrofracked and it is fortunately working again. We are in the process of building a rain catchment cistern backup just in case.

[bannination]

We've all got decent advice, JTA, but I'd suggest relying on it about as much as the political ideas one would get from a CPA forum.

This!

[JTA]

Visit Cherokee, NC, the odds are better and you'll have more fun.

I'm heading up to Atlantic City in July. The plan is to empty my 401k and take the winnings I plan on getting from the powerball lottery and invest the money in slots and booze. Seems like a solid strategy.

[JTA]

At your age your 401K can't be that large yet. I recommend borrowing money to ensure your plan's success.

God gave me two kidneys for a reason.

[bannination]

At your age your 401K can't be that large yet. I recommend borrowing money to ensure your plan's success.

Wow you should be a stock broker.

[neoplacebo]

Yeah, ditto....I myself have been saving water; I feel certain that in the not too distant future, water will be the new currency. The biggest drawback to saving water is the storage and weight of the damn stuff.....I mean, I can only save so much.

You never realize how precious a commodity water is until you don't have it. My son who moved here (H'ville) last summer had his well run dry last month. We had it hydrofracked and it is fortunately working again. We are in the process of building a rain catchment cistern backup just in case.

Sorry to hear about that; my post was only partly in jest. Good to know the flow is going again.

[neoplacebo]

I've always enjoyed numbers, data, research, probabilities and gambling. I might have been a good one if I didn't hate money and there weren't those pesky "conscience" and "need to do something beneficial" things.

I hate money; if I have it, I have to get rid of it. It's like a plague. They say it's the root of all evil, and I believe it.

[k9nanny]

I've always enjoyed numbers, data, research, probabilities and gambling. I might have been a good one if I didn't hate money and there weren't those pesky "conscience" and "need to do something beneficial" things.

I hate money; if I have it, I have to get rid of it. It's like a plague. They say it's the root of all evil, and I believe it.

TheLOVE of money is the root of all evil.

We have used ours for creating memories to enjoy under the bridge.

[neoplacebo]

Did you guys hear about those people who found ten million bucks worth of old gold US coins on their property out in California? They were in old tin cans buried in the ground.....well, that was my stuff as well as my retirement means. In fact, I was going to go out there next month and get them, but now all I can do is moan and groan. It's just awful.