Welcome to TheOhioOutdoors
Wanting to join the rest of our members? Login or sign up today!
Login / Join

retirement savings

Jamie

Senior Member
5,898
177
Ohio
20% seems like it might be rather optimistic to me. Why would you bother to save for you own future when the government is going to take care of you whether you worked hard all of your life or not?

I'm being a little facetious, but it is really hard to understand how people my/our age have little or no savings for retirement and are in debt up to their eyeballs. Many do not even have a plan to save or are so irresponsible with their money that cannot save. I know quite a few people like this, and they are, for the most part, college educated people with good jobs and a really poor understanding of personal finance.
 

Jamie

Senior Member
5,898
177
Ohio
I did not start saving specifically for my retirement until I was 26 years old in 1994, and I saved very little until about 2010. I was busy paying down mortgage and wife student loans. Once we got ahead of our debts, the savings piled up quickly in the last 15 years.
 

P8riot

Active Member
937
39
Carbon, In
Is any of it going to matter? With the way things are headed and the control procedures being put into place, if you don't tow the line, they will shut it all off with the click of a button. Anything digital I consider lost or not viable for my future. Oh a computer glitch occurred and everything you had is lost. Now you are fighting trying to get the 1's and 0's figured out for months. With all the cyber breaches, it could happen at any minute. I have a feeling we will be going back to whatever physical items you have will determine your future. Land, food, desireable trading items.
 
  • Like
Reactions: giles

"J"

Git Off My Lawn
Supporting Member
58,401
288
North Carolina
Savings as in cash, or savings as in investments? 401k, Roth, Etc.
If you have a 401 especially if they match a percentage, invest as much as you can too surpass their percentage by a few points. If you can start an IRA/ROTH and add too it, that’ll pay dividends down the road as well.
 
  • Like
Reactions: giles

"J"

Git Off My Lawn
Supporting Member
58,401
288
North Carolina
Is any of it going to matter? With the way things are headed and the control procedures being put into place, if you don't tow the line, they will shut it all off with the click of a button. Anything digital I consider lost or not viable for my future. Oh a computer glitch occurred and everything you had is lost. Now you are fighting trying to get the 1's and 0's figured out for months. With all the cyber breaches, it could happen at any minute. I have a feeling we will be going back to whatever physical items you have will determine your future. Land, food, desireable trading items.
Buying land can also become a retirement fund. If you can find it at an affordable price. But interest rates now will eat up a lot of income.
 
  • Like
Reactions: finelyshedded

Tipmoose

Well-Known Member
Supporting Member
2,979
90
Grove City
Is any of it going to matter? With the way things are headed and the control procedures being put into place, if you don't tow the line, they will shut it all off with the click of a button. Anything digital I consider lost or not viable for my future. Oh a computer glitch occurred and everything you had is lost. Now you are fighting trying to get the 1's and 0's figured out for months. With all the cyber breaches, it could happen at any minute. I have a feeling we will be going back to whatever physical items you have will determine your future. Land, food, desireable trading items.
That's why I have several thousands of dollars in reloading components.
 
  • Like
Reactions: giles and Jamie

Clay Showalter

Southern member northern landowner
6,702
145
Guilford County
I harp on the subject with my kids to the point of being annoying. They need to put at least 10% of their income a year into a retirement fund…..
I do as well, I tell them to put as much as possible into a retirement account before you are 30.

We have tired as much as possible to do the 50/10/20/20 rule and I preach this to my children as well.

50% needs
10% church
20% savings
20% wants

It is way cheaper to pay cash for items instead of financing everything. I saw a post about financing a boat for 20 years!


Wonder what percentage of people in their 20s are currently not saving for retirement or even able to save anything for retirement? Bet it's around 80 percent.
That is all a matter of what they spend their money on, new phones, new cars, eating out or meal delivery all the time. Many people waste soo much of their income, it is really sad.
 

Johnny44

Junior Member
If you have a 401 especially if they match a percentage, invest as much as you can too surpass their percentage by a few points. If you can start an IRA/ROTH and add too it, that’ll pay dividends down the road as well.
Yea I was just wondering if the original comment was cash or those investments. I am fortunate, as a teacher, my retirement is not contribution based. I have a 403b and Roth to supplement. We are out of debt (except mortgage) and are just trying to pile into it for retirement.
 

"J"

Git Off My Lawn
Supporting Member
58,401
288
North Carolina
Yea I was just wondering if the original comment was cash or those investments. I am fortunate, as a teacher, my retirement is not contribution based. I have a 403b and Roth to supplement. We are out of debt (except mortgage) and are just trying to pile into it for retirement.
You’re already ahead of the game for just doing that.
 
  • Like
Reactions: Clay Showalter

"J"

Git Off My Lawn
Supporting Member
58,401
288
North Carolina
I’m already out of the savings part, well mostly. I’m using the retirement and a small portion of the 401. It’ll be here quicker than expected, trust me on that.
 
  • Like
Reactions: Clay Showalter

Hedgelj

Senior Member
Supporting Member
7,923
189
Mohicanish
I just heard a report that said that 20% of people over 50 have no savings for retirement. I know times can me tight, but over the last 30 years you would think they could have saved something.
Not surprised when you see these numbers

 

hickslawns

Dignitary Member
Supporting Member
40,089
288
Ohio
Wouldn't surprise me if all these stats are low. How many people appear to be loaded but you know they have similar income and you? If you can't afford a $400k house and a pair of $50k or 80k vehicles. . . .your coworkers probably can't either. I realize there are exceptions. People inherit money, lottery winners, etc. Keeping up with the Joneses and being broke is a higher probability.

We harp on our kids too. It is the early money that goes farther. Put more towards retirement in your early years. We hope they listen to us.
 
Last edited:

"J"

Git Off My Lawn
Supporting Member
58,401
288
North Carolina
I’ve told my kids, the best time to add to the 401 or other retirement accounts, is when you get a raise or promotion. Add half of the raise to the retirement fund. Easy to do since it’s new money.
 

hickslawns

Dignitary Member
Supporting Member
40,089
288
Ohio
Agreed. When their student loans are more than my first house cost me. . . Hard to buy a house or put away money when you're a slave to the student loan payment.
 
  • Like
Reactions: giles