If you are over 50, how much do you have saved for retirement? anonymous of course

[MillauFr]

Sometimes it needs repeated.

Agreed....

It's all relative.

 

[MillauFr]

I have learned what not to do from all of them.

When I ride the bus to work it is seeing the 70 and 80 year old people still commuting to the office every day. Do you really like working that much?

 

[North of Mouse]

I am so curious whether we are on target with everyone else. Thanks!

We are fortunate enough to have great retirement benefits, SS, and an annuity, so wasn't so concerned about the 'savings' situation otherwise. This was 8 years ago and we're doing fine. The most important thing to us (and I believe to anyone retiring) is having 'everything' paid for - homes, cars, and zero debt.

 

[dish rag]

When I ride the bus to work it is seeing the 70 and 80 year old people still commuting to the office every day. Do you really like working that much?

Some people do. Nothing wrong with working.

 

[Jillpie]

Thanks everyone. I have changed the options for the results, to not be public, this was my first pole so forgive me. I wish someone kindly told me how to change it, so I wouldn't have to go scramble, but I did change it. This was very helpful, and surprising in a way. But it was a small handful of Disers, it would be interesting to know what the majority of folks have done.

 

[disneychrista]

I'm not quite 50 yet and have very limited savings of my own for retirement. I do have a pension through my employer that will pay something if I am there until I retire at 75.

 

[mousefan73]

Some people do. Nothing wrong with working.

Many do. My dad after his heart attack was basically told by his Dr. him staying at home would kill him. My dad NEEDED work. Sitting at home would have killed him. He reduced hours but worked until the end. Still had time to do other things. No regrets.

I have a nice office job. See myself reducing hours and continuing to work. Now if I had a job that was physically demanding that it is a totally different story

 

[dish rag]

Many do. My dad after his heart attack was basically told by his Dr. him staying at home would kill him. My dad NEEDED work. Sitting at home would have killed him. He reduced hours but worked until the end. Still had time to do other things. No regrets.

I have a nice office job. See myself reducing hours and continuing to work. Now if I had a job that was physically demanding that it is a totally different story

I know a lot of extremely rich people in Orlando. The richest guy I knew and most people would know who he is in the area died of old age in his sleep and he worked the day before. He had a nurse drive him to work and stay with him at his office. I know several people who could have retired many years ago but continue to work.

 

[aprilgail]

I agree with the PPs--half a million isn't going to go real far, unless you have a nice pension. Health care is the biggest question mark--better to over-save than not save enough. Luckily for us, we're in good shape.

I retired at 50 without half a million dollars- job I retired from pays my medical 100% and I have a pension and also will get railroad retirement at 60 which more than doubles my pension (which I live on fine right now)- never paid into social security so won't get that.

 

[aprilgail]

When I ride the bus to work it is seeing the 70 and 80 year old people still commuting to the office every day. Do you really like working that much?

That is so sad- I can't even imagine working a full time job at 55 never mind at 70.

 

[Floridaman999]

I was gonna stop by and make a post about all of my rich friends but I don't have any.

I'll see myself out.

 

[mousefan73]

Just want to add that I believe you guys here on the DIs are an exception to the rule. I know of no one that retired with maybe more than 100,000 in savings including their 401(k). Everybody I know, Including myself in the future, Does not or will not have close to 500,000 date for their retirement. You guys must’ve been making a lot of money over the years, had a great companies that matched very high and an advantage of great years in the stock market. Most people I know of by the time they retired have their house paid off and have a pretty good amount of Social Security (2000-2500) plus a pension. At some point Medicare kicks in so those costs go down. that is enough to live off of pretty well. Granted at this level able you may be pushing it if you plan multiple Disney trips a year (Deluxe level) and DCL concierage.

https://www.google.de/amp/s/www.bankrate.com/retirement/average-401k-balance-by-age/amp/

Link shows average 401k by age. Conclusion many here on this board are doing well, beyond the average american, who seem to be getting by without 500g

For a lot of American it takes 10 years to even make 500,000 and saving 5% will take a long time. And yes I know about rolling capital gains, interest whatever, how things can grow if you start young. a goal of 1 million is not easy to reach. No room for major dips etc.

 

[Magical2017]

Some people do. Notphing wrong with working.

Agreed. My Dad retired 5 years ago. All was well until his wife, who is a bit younger than he is, also retired. He was driving her nuts with all his projects, lol. He took a job driving a bus part time to get out of the house. They donate his paychecks to a homeless shelter.

 

[morgan98]

Just want to add that I believe you guys here on the DIs are an exception to the rule. I know of no one that retired with maybe more than 100,000 in savings including their 401(k). Everybody I know, Including myself in the future, Does not or will not have close to 500,000 date for their retirement. You guys must’ve been making a lot of money over the years, had a great companies that matched very high and an advantage of great years in the stock market. Most people I know of by the time they retired have their house paid off and have a pretty good amount of Social Security (2000-2500) plus a pension. At some point Medicare kicks in so those costs go down. that is enough to live off of pretty well. Granted at this level able you may be pushing it if you plan multiple Disney trips a year (Deluxe level) and DCL concierage.

https://www.google.de/amp/s/www.bankrate.com/retirement/average-401k-balance-by-age/amp/

Link shows average 401k by age. Conclusion many here on this board are doing well, beyond the average american, who seem to be getting by without 500g

For a lot of American it takes 10 years to even make 500,000 and saving 5% will take a long time. And yes I know about rolling capital gains, interest whatever, how things can grow if you start young. a goal of 1 million is not easy to reach ( impossible really in managed funds) if you’re making a medium income

Well, with a pension, you would definitely not need as much in a 401(k). The thing is many industries and professions no longer offer a pension and the 401(k) + match and IRA route is basically all you've got. For the record, I am 49 and my husband is almost 60. Neither of us have worked in industries with traditional pensions.

Following the 4% rule , to have a $2,000 a month pension, you would have to have another $600,000 in your 401(k). (24000/.04).

 

[Magical2017]

That is so sad- I can't even imagine working a full time job at 55 never mind at 70.

Don't feel sad for me! I am 50 and plan to keep working as long as I am healthy and happy. Granted, my full time job allows me about 4 months off, so there is time to travel and pursue other interests, but I find working outside the home fulfilling. I stayed home with my kids for 5 years and it was great, but this is my time to do what I want. If things change, I will retire and find volunteer work.

 

[Pea-n-Me]

I know a lot of extremely rich people in Orlando. The richest guy I knew and most people would know who he is in the area died of old age in his sleep and he worked the day before. He had a nurse drive him to work and stay with him at his office. I know several people who could have retired many years ago but continue to work.

That is so sad- I can't even imagine working a full time job at 55 never mind at 70.

Over the years I've seen a lot of people come in to the hospital with major health problems shortly after retirement. I've often wondered whether it's better to retire earlier, or to keep working! I do know from the many patients I care for that there are many who continue to work after traditional retirement age simply because they like what they do and enjoy getting up and going to work, and there's nothing wrong with that. One lady I remember was well into her 90s and was pushing us to finish things up so she could go get an award she was receiving for continuing to serve the children of the city the next day (which she did!). Some people just want to stay active, and in many cases, it's probably mostly a good thing. If one HAS to work to pay bills and it causes a lot of stress, then that's probably not going to be good for health and wellbeing. My DH's grandfather continued to work as an accountant for his long term clients well into his 90s, by choice. We believe it kept him young.

 

[sam_gordon]

I'm nowhere close to the high spot in your poll and I'll be 50 in two years. I've been putting into retirement since I got my first "professional" job 28 years ago. I put in enough to max out the company match, and the last couple years have been putting in more than that (percentage wise). But I'm in a low paying industry. I hope I have enough come retirement, but don't know.

 

[North of Mouse]

We had very little liquid worth when we retired, but we 'know' what we need, (as much as anyone can) medical taken care of, etc. We have never been 'high maintenance' people even though we enjoy traveling in our motorhome. We don't lack for anything, can do most anything within reason, hiking, biking and can't understand why anyone would need such savings as have been noted by some. That would be out of reach of the majority of people that retire.

As for working way beyond retirement age because you enjoy it, etc. I can understand that for some people. We know a couple and that is their 'life' - working don't need to. But, if you can't have an 'active' retirement that you enjoy - ie. just being a couch potato, so to speak - then you are better off working, as you are just looking at health issues waiting to happen. We have an active life and are happy - not saying health issues won't come, but we are certainly doing our part in keeping them away - that's all you can do.

 

[Hikergirl]

When I ride the bus to work it is seeing the 70 and 80 year old people still commuting to the office every day. Do you really like working that much?

Depends on the job or field they work in.
Dh's dad is 75 and still working, he wouldn't know what to do with himself if he didn't. His work is his life, he's been doing it for 60 years, he loves it. Granted he doesn't work in an office, owns his own business so it is kind of intertwined with him.

My dh works with quite a few people in their 70's- his boss is well in to his 70's. In his field it isn't uncommon to have older people working.
This is a high paying field, and anyone there older than dh has a pension (did away with those the year dh was hired) so it isn't about a need to work. I assume most people who love what they do, have no problem continuing to work as long as they are physically and mentally able.


I didn't answer the poll since we aren't over 50.
We have been saving for retirement since dh got his job 20 years ago. We are comfortable with our progress, however we will continue to save until dh stops working- whenever that may be.

 

[Gumbo4x4]

Just shy of $500k, 51, and no it’s not anywhere near enough. So, I’m looking at a late retirement & at least part time work in retirement assuming my health allows. There was a time in my life I was setting aside 17% with a 6.33% match, but life happens.