So how many of you youngsters are saving money for retirement?

[vy65]

Lets say you are 25 and think that $60,000 is a "living wage".

If inflation rates stay at their historical average of 3.88% Then by the time you are 65 you are going to need to have/be making $275,000 a year to maintain the same lifestyle.

If you want to retire at 65 and assuming you live to 85 and want to maintain the same "living wage" lifestyle you are gonna need to have over 7 million dollars equivalent banked when you retire.

feel free to refute my numbers or explain to me how social security will bail you out.

Begs the question of what are/are not appropriate ways of saving. Let's say a 28 year old decides to dedicate a portion of their monthly savings to mortgage payments. Does that work?

[vy65]

Also lol retirement. that.

[Bender]

for a while I was considering retiring as an expat. Wouldn't need millions.

[daslicer]

for a while I was considering retiring as an expat. Wouldn't need millions.

Unfortunately I think that is the only way to go for a majority of people. I have been thinking about that for a while now and I'm still in my 20's.

[TDMVPDPOY]

for a while I was considering retiring as an expat. Wouldn't need millions.

that could only happen if that other country costs of living doesnt increase faster then inflation...

nothing beats cheap living and cheap pussy

[Frank Dux]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though , they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

Dude, you're killing it. Such a difficult thing to grasp at 23. Old age seems so far away. Ha. By the time you're 30 you're going to have a nice nest egg. I wish I would have got serious about this right after college but didn't start until my late 20's. Oh well.

[leemajors]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though , they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

Do you have to wait 6 months for them to match?

[Blake]

I've got a part time biz going that I want to take full time in a few years. The only thing that concerns me is insurance. It's currently paid for by my current employer.

I wonder if I'll be able to find a good deal on the Obamacare marketplace.

[DUNCANownsKOBE]

Do you have to wait 6 months for them to match?

You have to wait a year, then they match 6%, but they have a rule that helps me a lot. If you contribute 6% or more of your income, the minimum they contribute annually is $6,000, so if 6% of your annual income is less than $6k (which mine is ), then they do a lot more than match.

[leemajors]

You have to wait a year, then they match 6%, but they have a rule that helps me a lot. If you contribute 6% or more of your income, the minimum they contribute annually is $6,000, so if 6% of your annual income is less than $6k (which mine is ), then they do a lot more than match.

ahh ok. mine does 6% too.

[AFBlue]

I have my employer-matched Roth 401k at 8% in a target retirement fund that decreases risk as I age. Plus I rolled over two previous employer 401ks into a Brokerage IRA that I can adjust daily if I prefer. I'm also saving an additional 5% on top of that to go toward whatever my next priority is...probably pre-school for my son.

And though my employer doesn't have a pension, they do tack on somewhere between 3-9% in 401k contribution based on age relative to retirement. So that could be 25% of my income in my latter years going toward retirement.

[AFBlue]

I'm also going to look into a hybrid Life Insurance/Long-term Care policy.