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1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement?
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Just keeping my sanity is all I beg for.
^^this times 100^^
I’m in my low 50s. Just passed my 30th year in advertising. Net worth right now is at about $2.5MM. I’ve thought that’s pretty good (grew up poor… food stamps, government cheese, etc) but reading posts in here and the investment chatter thread you’d think I’ll be destitute. I’ve hit this number while still living life to the fullest. My wife stayed home for years to raise our kids. We travel the world. My kids have everything they could ever need. With all that, maxing out my 401k from day 1 has always been a non negotiable priority. And we don’t live a frivolous lifestyle. I hope to be able to retire young (ish) and continue to enjoy life into our 90s.
Chief
If it makes you feel any better, PH1, I’m your age, same amount of time in the industry, and I’ll be lucky if I am worth 750K by time I retire.
Chief
A long career or a good career?
I’m 39, been in the game for 12 years, and I’ve got 300K. 🫠 But in a way, still proud. I didn’t grow up with much, so I’ve already done more than my parents ever did / ever had.
I wouldn’t count on just a lifetime of salary alone. Or 401k. You should look at other investments along the way.
I’m on pace for around 3.5 million total by the time I hit 55. Which doesn’t seem all that great, tbh.
You have enough money after a long or good career if you can do the things you want, and not need to worry about scrimping. That number is individual. The key thing is to leave your career behind when you’re in the youth of your maturity and have good health.
I am 53 y/o and my husband and I combined about 3Mil right now, mostly from me. I’ve spent my career in advertising. Husband is much lower earner as public school teacher.
We feel ok savings wise and live modestly.