Is your 401k up to this standard?

[Thebrownblob]

500k sounds like a lot but it isn't

It’s really not and it’s also not that hard to achieve

 

[IVE GOTTA PACKAGE 4U]

Start saving early, live within your means, use debt sparingly unless you are using it for leverage. That being said enjoy life its short and you dont know when it will end.

Amen

 

[IVE GOTTA PACKAGE 4U]

It’s really not and it’s also not that hard to achieve

That's one of the best investments ever did was starting a Roth IRA

 

[UpstateNYUPSer(Ret)]

If someone has been at UPS over 30 years and does not have over 500 K in their 401(k) they’re really not doing something right

Yeah.....right. Kids like to eat at least 3 times a day and wear clothes when they leave the house. They need braces and glasses. They play sports. They want a car when they turn 16. They go to college.

I had one former single co-worker who will retire with over $1M in his 401k. He is clearly the exception.

Keep in mind that the average NYST pension is $5,500/month. Having that in your back pocket takes some of the emphasis off of maxing out the 401k. Kick in $2-4K, depending on when you start drawing, of SS and that is a fairly healthy retirement.

RMDs start in the year you turn 72. $500K/25 years (average life expectancy after 72) equals $20K/year.

 

[UpstateNYUPSer(Ret)]

500k sounds like a lot but it isn't

It really isn't. My son is planning on having $1-2M in his when he retires. He does not have a pension so that would be his sole source of income until he starts drawing SS.

 

[Thebrownblob]

Yeah.....right. Kids like to eat at least 3 times a day and wear clothes when they leave the house. They need braces and glasses. They play sports. They want a car when they turn 16. They go to college.

I had one former single co-worker who will retire with over $1M in his 401k. He is clearly the exception.

Keep in mind that the average NYST pension is $5,500/month. Having that in your back pocket takes some of the emphasis off of maxing out the 401k. Kick in $2-4K, depending on when you start drawing, of SS and that is a fairly healthy retirement.

RMDs start in the year you turn 72. $500K/25 years (average life expectancy after 72) equals $20K/year.

I’ve got three kids, my friend you don’t need to tell me, and somehow I managed

 

[IVE GOTTA PACKAGE 4U]

It really isn't. My son is planning on having $1-2M in his when he retires. He does not have a pension so that would be his sole source of income until he starts drawing SS.

Even a million isn't a lot

It sounds like a lot but he has to consider the current interest environment

 

[UpstateNYUPSer(Ret)]

I’ve got three kids, my friend you don’t need to tell me, and somehow I managed

As did I. Keep in mind that I lost half of my $100K balance when I got divorced early in my career. I am actually proud of myself for having built that balance back up while dealing with the added expenses of child support and rent.

 

[clarnzz]

If someone has been at UPS over 30 years and does not have over 500 K in their 401(k) they’re really not doing something right

I’ve been at UPS 29 years but 12 of those were part time and barely have over 200k. 3 kids travel sports, life, maybe too far.

 

[bottomups]

It really isn't. My son is planning on having $1-2M in his when he retires. He does not have a pension so that would be his sole source of income until he starts drawing SS.

My son is maxing out his 401k right out of college. Frugal as hell. He will be fine.
My daughter on the other hand lives for today. Have some work to do with her.

 

[IVE GOTTA PACKAGE 4U]

I’ve been at UPS 29 years but 12 of those were part time and barely have over 200k. 3 kids travel sports, life, maybe too far.

Well that's a lot better than most Americans especially when they didn't want to have a pension plan

 

[What'dyabringmetoday???]

I can tell you from experience that retirement will be much more enjoyable when you leave UPS with little to no debt and a healthy (>$250K) 401k balance. Live off of your pension and, when the time comes, SS and leave your rolled over 401k alone.

$250K. Lol.

 

[What'dyabringmetoday???]

As did I. Keep in mind that I lost half of my $100K balance when I got divorced early in my career. I am actually proud of myself for having built that balance back up while dealing with the added expenses of child support and rent.

I wouldn't consider child support an added expense. Have to pay for them either way...

 

[clarnzz]

Well that's a lot better than most Americans especially when they didn't want to have a pension plan

Being better than most idiots doesn’t mean everything is fine is what I’m struggling with.

 

[IVE GOTTA PACKAGE 4U]

Being better than most idiots doesn’t mean everything is fine is what I’m struggling with.

You just have to be thankful for we have because many others do not have what we have

 

[clarnzz]

We are blessed to have pension that equals over 500k in retirement savings, but Im still going to operate like our pension doesn’t even exist.

 

[Thebrownblob]

Being better than most idiots doesn’t mean everything is fine is what I’m struggling with.

Well, you can’t change the past and all of us have made mistakes with money but you can make it a priority now and it will get fixed as you get older. You can also put more money in your 401(k) and you should do you have the right attitude you will get this straightened out you’ll be surprised how many people I talk to you and saving anything nor are they even worried or thinking about it. That is clearly not you.

 

[Up In Smoke]

That's why I'm waiting until next year to buy a new vehicle

GMAC and Ford are running some .9% finance specials. Inventories are building and they are looking to move product.

 

[IVE GOTTA PACKAGE 4U]

GMAC and Ford are running some .9% finance specials. Inventories are building and they are looking to move product.

If you come out with cash I guarantee you it will be a better deal

 

[Thebrownblob]

As did I. Keep in mind that I lost half of my $100K balance when I got divorced early in my career. I am actually proud of myself for having built that balance back up while dealing with the added expenses of child support and rent.

As you should be