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

[Hikergirl]

Are there still employers out there who do matching for 401(K)? I thought pretty much all companies did away with that years ago?

My dh's company does, but I'm not sure how long they will.
They've changed things so that their match comes at the end of the year, so if you leave the job before that you don't get any company match for the time you were there (in that year). I have no idea if that is normal practice but it wasn't for dh's company up until a couple years ago.

 

[Gumbo4x4]

Are there still employers out there who do matching for 401(K)? I thought pretty much all companies did away with that years ago?

I’ve never heard of a place that didn’t (I don’t doubt they exist, but I’ve never come across one). The 6% mentioned previously would be really generous today.

 

[cabanafrau]

My dh's company does, but I'm not sure how long they will.
They've changed things so that their match comes at the end of the year, so if you leave the job before that you don't get any company match for the time you were there (in that year). I have no idea if that is normal practice but it wasn't for dh's company up until a couple years ago.

Another means is providing their contribution only in company stock. I mean what could possibly go wrong with that plan?

 

[soccerdad72]

My dh's company does, but I'm not sure how long they will.
They've changed things so that their match comes at the end of the year, so if you leave the job before that you don't get any company match for the time you were there (in that year). I have no idea if that is normal practice but it wasn't for dh's company up until a couple years ago.

Ones I've had at previous employers were vesting plans, meaning you forfeited portions of the matching if you didn't stay a certain number of years. I think my first company graduated the amount over 5 years (20% of the match per year).

 

[cabanafrau]

I hope I’m not working full time in my 70’s, but the “I can’t imagine working full time at 55” is an absurd comment. PP was fortunate to retire young, but the vast majority of people her age will be employed full time into their late 50’s or beyond. So, I find it hard to believe she can’t “imagine” that.

It tracks if you calculate using internet aging. That's what I always use to weigh myself. I think it's busted though, because this week it's telling me I've ballooned up to 102 pounds.

 

[sam_gordon]

I guess that's a question for another thread. I've only worked at one company since I graduated college and it's always had the 6% matching at 100%.

Since we went to 401k, my company matched 50% of your donation up to 6%. The new company we're going to matches the first percent at 100%, then 50% of the next six(?).

Maybe that's part of the difference and why I have such a low current balance. If the company would have been matching us at 100%, I wonder what I would have now.

 

[foodiddiedoo]

Ones I've had at previous employers were vesting plans, meaning you forfeited portions of the matching if you didn't stay a certain number of years. I think my first company graduated the amount over 5 years (20% of the match per year).

Ours fully vested at 3 years of employment which is a drop in the bucket.

 

[Hikergirl]

Ones I've had at previous employers were vesting plans, meaning you forfeited portions of the matching if you didn't stay a certain number of years. I think my first company graduated the amount over 5 years (20% of the match per year).

My dh has been with his company for 18 years, I can't remember how it was when he first set it up.
I just know there were alot of people upset that things had changed, not because they were planning on leaving but because I think they are worried that the company is going to gradually do things and then end up not matching at all.

 

[morgan98]

Ones I've had at previous employers were vesting plans, meaning you forfeited portions of the matching if you didn't stay a certain number of years. I think my first company graduated the amount over 5 years (20% of the match per year).

This is how it was at my first firm too, so if people left before manager, you forfeited some dollars. I know of several companies that do have a match. However, a full 6% is on the very generous side. I have seen 4% and I have also seen 50% of the first 6%, which amounts to 3%.

 

[georgina]

My DD works at a tech start-up with a 401k plan and no match, but they were telling the employees they could put in additional after tax dollars and then roll them into a Roth IRA with Fidelity. I thought that sounded good. The company is not publicly traded but she can buy some sort of shares that would become stock if they do go public. No pension.

DS has been with his company for almost 5 years. They do match some 401k investment, but because of the vesting he never bothered to put any money in. Guess he wasn't sure he was going to stay with them. He is very frustrating to me. He could certainly put some in and lower his federal taxes. No pension for him either.

 

[daughtersrus]

We are very blessed. I retired at 55 with a lot of stock and that was 14 years ago. My husband is an attorney still working. We have almost $6 million. If it was just us it would be more than fine. But we have a disabled daughter in her early 30s. We need as much as possible to ensure her life continues just as it is today.

Since your husband is an attorney, I assume that she has been excluded from your will and any inheritance will go into a second party special needs trust.

 

[tex1989]

As I said on another topic I am very fortunate to work in the profession I am in and for the company I work for. Based on my years with the company and age they put 10% into my 401(k) even if I put nothing in. They also have a retirement plan and based on my points (age plus years of service) they put what amounts to 16% of my salary into it each paycheck. Ad the 10% I put in 401(k) and that is 26% from the company and 10% from me for a total of 36% a year of my pay into retirement. They also but the 10% in for my annual bonus as well. If I retire before 65 they will continue to put the 80% of healthcare coverage in and I will only pay the 20% which is what I pay now. At 65 I go on medicare and they pay the cost of my 20% supplemental. I would like to retire in 3 years but I see the growth in savings every month and think, what the heck I can do this for a while maybe even past 3 years. I work for a large energy company that has employees around the world and their stated goal has always been to give comparable benifits to all employess. Since we do business in countries that mandate what retirement contributions have to be we in the US benefit from that.

As others have said the poll with a $500k top end is probably not enough for me to say wer'e all set, because I am not sure what that number is. I do know currently that what I have is well above the top number.

 

[Julie's Haircut]

Are there still employers out there who do matching for 401(K)? I thought pretty much all companies did away with that years ago?

Mine does. I've been there for over 30 years now and they've always matched. Used to be a 6% match for over 20 years, then the company lowered their match twice. Now it's 3%.

I'll be 60 soon and I'm thinking of retiring at the end of this year. Like some others, I started contributing as much as possible as early as possible in my career. DW will receive a pension after working two more years. Plus we both inherited fairly well from out parents. We feel we're pretty much set.

 

[Searc]

Are there still employers out there who do matching for 401(K)? I thought pretty much all companies did away with that years ago?

DH's does. Matching contributions were deposited last Friday.

 

[Searc]

I’ve never heard of a place that didn’t (I don’t doubt they exist, but I’ve never come across one). The 6% mentioned previously would be really generous today.

Dh's is 7%.

 

[Hrhpd]

I’ve never heard of a place that didn’t (I don’t doubt they exist, but I’ve never come across one). The 6% mentioned previously would be really generous today.

DH's co does a 6% match into the 401k, $1000 into HSAs, really good and reasonable insurance, unlimited PTO, and a few other things. And he has a decent pension (worked there before it was capped.)

 

[RedAngie]

This is th3 largest public university in NJ, the public university ds20 attends costs more. https://admissions.newbrunswick.rutgers.edu/paying-for-college/tuition-and-fees

New Jersey resident on campus. Today $27,680 per year.

1983 Rutgers grad. I think my entire 4 years there cost about $16 to $17K and included not only the tuition, fees, and room & board quoted above but also books, supplies, and optional fees like a parking pass.

 

[tvguy]

Are there still employers out there who do matching for 401(K)? I thought pretty much all companies did away with that years ago?

Seems like a lot more are matching, and matching slightly more. My employer went from 3% to 4%.
Very simple reason why. IRS has cracked down on executive compensation, tying it to what the workers get. If the big bosses want better retirement compensation ,they have to sweeten the pot for the working class.
And vesting requirements have started to go a way because corporations are being heavily penalized if they don't let you take all the money in your 401k.

 

[mjkacmom]

New Jersey resident on campus. Today $27,680 per year.

1983 Rutgers grad. I think my entire 4 years there cost about $16 to $17K and included not only the tuition, fees, and room & board quoted above but also books, supplies, and optional fees like a parking pass.

DH is also a Rutgers graduate. The state cut so much funding to NJ colleges. Dd18 got scholarships from several OOS colleges bringing the costs below Rutgers for her.

 

[mnrose]

New Jersey resident on campus. Today $27,680 per year.

1983 Rutgers grad. I think my entire 4 years there cost about $16 to $17K and included not only the tuition, fees, and room & board quoted above but also books, supplies, and optional fees like a parking pass.

I graduated from college in 1981. My ENTIRE five years in college (I switched career objectives my first senior year, and took another year to complete a second major) cost me less than 8K, and that INCLUDES tuition, room and board. Now, that much money does not pay for even ONE semester of either of my kid's colleges, and they are going about as cheap as you can get in the state of Minnesota. It's really really scary. Indeed, my ENTIRE law school tuition (3 years) was less than ONE year's tuition for undergrad for either of my children.

Completely bonkers.

And, if I hear one more person tell me "well, I paid my own way by working summers." Well, heck yes, I did TOO....but that's when tuition, room and board was less than $1500 a YEAR. You COULD earn that much in a summer. Aside from prestigious engineering internships, there's no way to earn 20K plus in a summer anymore. Indeed, a full time minimum wage job YEAR ROUND wouldn't pay you that much....especially given that you have to eat and pay rent.