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Not as well as I would like, but not as bad as it's ever been either. Based on my parents descriptions of where they were I'm failing horribly, but based on the experiences of those around me my age and older, I think I could be doing a lot worse.
Chief
Dunno the worlds going to end anyway.
Rising Star
53 here: I’m paycheck to paycheck, $300 in savings. My retirement fund is okay but not lavish.
It’s good that you’re thinking about this now. Do all the stuff retirement plan people tell you as far as aggressive contributions to your 401k. But also this:
Be diligent about raises. Any year that cost of living goes up (which is every year) and you don’t get a raise, you’re taking a pay cut. With an average of 4.8 years between raises over my career, I’ve taken about two dozen pay cuts. If you can’t get a raise where you are, leave.
Yours truly, A Cautionary Tale
I’m 50. I basically just started my 401k this year. I’m screwed. My retirement plan is to become a vampire and never die, so I can keep working.
This is America 🤦🏻♂️
The majority have not saved enough to account for retirement, especially factoring in how long people are living now. You’re best suited spending your cheese now. 30 years from now when many have no savings and you do, who do you think they’re going to take the money from to make everyone equal?
This is an insane take.
35, have had a lot of side hustles and detours, one of which was a startup that paid off in acquisition.
NW 1.7MM with that.
700k startup equity
400k retirement accounts
100k taxable investments
450k home equity
50k cash
4 kids and single income house so always pushing for as much as I can swing. Lots of progress last three years but have never not been investing.
Correct - four kids and my spouse is dedicated to that for the time being.
Current goals are keep expenses to ~120 (portland) and put the rest into boring investments. Real estate, indexes. Get to 4-5MM asap and get out.
I got a late start (mid 30s) and have aggressively been investing and saving and now feel much better. Wish I had started in my 20s, because I’d be able to not worry about work at all by now. But, if I keep going this way for a decade I’ll be set. I’m 40 btw
Dunno. Started saving late also. I’m 43…net worth of $1.2m. Is that good? Keep reading you need $8m to retire with. Sounds insane to me.
Does that include a house/property?
41 - I was at 1.5MM in net worth in January (including accounting for student debt), down to about 1M now.
1x investment property with FT tenants
1x residence
770k in brokerage/IRA/401k
13k in crypto 😭😭😭
66k in student loan debt
This question has no specific answer. Some are doing great and some aren’t.
Rising Star
This question has as many specific answers as there are people in this industry over 40.
I’m 49 with 3 kids in elementary school. 401k with $500k. Between mortgage and my spouse’s student loans, I’m screwed.
Surprised at student loans is your spouse younger or maybe an oral surgeon or something? Those are some long terms, ouch. Best of luck.