@@razorsharplifestyle101hard9 I’m 57, needed to help my mother keep her home so I put a boat load of money toward her mortgage also helped my son with costs for college, now helping my daughter , hope to be done about this time next year then just do things for me,,,,just doing enough for the company match for the 401k
@ I did spend way more than I should have for a home , but I’m very close to my elderly father so location was a priority for me ,,,,taxes n insurance are very high so I do watch what I’m spending ,,,currently not doing nothing but work n sleep few beers each day that’s it ,,,this biden economy destroyed a lot of peoples hopes n plans
BS. Not all of us Gen X were dumb, greedy and impatient. I was never sucked into the Slave Plantation of Marriage/divorce. Retired at 48 on a large Define Benefit Pension all because I listened to my Dad in the late 1980s, stuck with a good DB and a Govt job for 30 years.
We can’t all work for the government. In fact, a small percentage of us can or even should. After all, who do you think paid for your pension? Those of us in private sector.
And there it is. I notice that in the comments of all these retirement pieces, there is always 2 or 3 posters that feel the need to pat themselves on the back. Your akin to that teenager with the new Mustang GT, blasting away from every traffic signal, then looking around to see who noticed, not realizing no one really cares.. Sometimes is better to feel fortunate and keep it to yourself no?
Lots of Gen X have pensions, federal, state and local government jobs including military. If we did not have pensions we flipped real estate or dumped money into a 401(k). Stock market and real estate are at all time highs we rode the wave. Back in the late 80's not everyone went to college and for those that went it was cheaper. I had to pay 20k in loans which was not a huge deal. Lots of women went into nursing, which pays well.
That's nuts. I am a X-boomer 1964. I didn't get a college degree, low hourly pay, $15 an hour max today. I still saved almost 330k at 60, hope to have $400k by 62, $500k by 67. If I can do it ANYONE can. No car payments for 30 years. No debt for 20 years. Had I not had car payments for 9 years I would have a million dollars or more by now. Car debt kills your present and future wealth.
At the hight of pensions, in the 70s, only 50% of workers build up a pension. Which is very much the same as presently when around 50% put money into their 401K. The main difference is that people can take money out of the 401K. That was not possible with pensions. People use the money in their 401K to buy bigger houses, bigger cars and silly toys. As long as the average US citizen spends 10% of his income on fast-food, I do not fell any petty!
I'm sorry, you can't plead ignorance about the need to save in the absence of pensions. I am from the baby boomer generation and I maxed out my 401(k) contributions for all but the first four years of being employed. When I turned 55 (50?) I contributed the extra amount I was allowed to. It was painful at times, but I knew it had to be done. If I could educate myself then anyone could.
All this boo hooing about pensions going away, but nobody stays at an employer for 30+ years so a pension would be pointless. At least you own the money in the 401K and you take it with you.
I'm 55 and have a positive networth of $500K today. I'm hoping to hit $1 million by 65. With an estimated social security check of $2800 a month plus my 401K & IRA. I should be okay.
@@larryy6467 Not bragging at all. I'm actually helping. Anyone who is younger can have this amount of money or more if you start today and give yourself 12 years. I had nothing saved at 40. I was stupid but I finally woke up and started saving. You just have to start with $100 and keep going & growing.
I have 500k in my 401k as well. I hope to have 750k by 60. I also hope to have 100k in my Roth and at least 50k in my Hsa. I too am getting a pension and cash balance which will yield 3k per month at 62. I have some property to sell when I get close to retirement that should yield 200-250k which I will live off of until I reach 65 and draw social security. I am also debt free.
Just like my other Gen X cohorts here that chose civil service, I too am retiring at 55 after working for 33 years in government, with a pension for life that includes annual cost of living allowance and spousal continuance. Couple that with paid healthcare until Medicare kicks in and we’re set. I don’t even plan on touching my 457b, that is just a shy of $1M. Having said that, I am not getting any social security because I did not earn enough credits working in private industry. Pensions are np joke!
Inflation is a huge factor that I see is often not factored in. Yes today you might think that living on $75k a year in retirement is great but in 30 years for Gen Z that might only look like $35k a year. To get to even that you'll need close to $2 million dollars. That will really paint you a picture of how far behind people will be in Gen Z and millennials
Not surprising. My generation has not impressed me in relatiln to our stewardship abilities. We failed to address climate change, failed to address government debt, failed to address post secondary education debt. Why shouldn't we fail to adequately prepare for retirement? Hell, we failed to raise the next generation, based on the amount of whining and disgust directed at Gen-Z.
The stockmarrket index fund been available in the 90s when john bogle was alive.If i wasnt interested in investing and sales i would have never had a gen xer even incourage me to invest in the stock market for retirement.Fortuanately the self help industry in the 90s was fasinating to me.I think consumerism destroyed gen x.
I'm 55 years old
Congratulations. So am I.
Gen X myself retired with a pension ,300 grand in a 401k , 650,000 home paid off , working 6 days a week by choice
Do you have an annuity? So you are still working 6 days a week contrbuting to your 300k 401k? if so thats smart.Are you in your mid 50s?
Lmao it's easy with a pension
@@razorsharplifestyle101hard9 I’m 57, needed to help my mother keep her home so I put a boat load of money toward her mortgage also helped my son with costs for college, now helping my daughter , hope to be done about this time next year then just do things for me,,,,just doing enough for the company match for the 401k
@ I did spend way more than I should have for a home , but I’m very close to my elderly father so location was a priority for me ,,,,taxes n insurance are very high so I do watch what I’m spending ,,,currently not doing nothing but work n sleep few beers each day that’s it ,,,this biden economy destroyed a lot of peoples hopes n plans
Edward Scoby wins for explaining this in a very clear and understandable way. Great advice.
BS. Not all of us Gen X were dumb, greedy and impatient. I was never sucked into the Slave Plantation of Marriage/divorce. Retired at 48 on a large Define Benefit Pension all because I listened to my Dad in the late 1980s, stuck with a good DB and a Govt job for 30 years.
We can’t all work for the government. In fact, a small percentage of us can or even should. After all, who do you think paid for your pension? Those of us in private sector.
And there it is. I notice that in the comments of all these retirement pieces, there is always 2 or 3 posters that feel the need to pat themselves on the back. Your akin to that teenager with the new Mustang GT, blasting away from every traffic signal, then looking around to see who noticed, not realizing no one really cares.. Sometimes is better to feel fortunate and keep it to yourself no?
How does one account for the cost of medical care in the future?
I dated my women's at a younger age she was 39 years old
Scary that the man's office is right on the edge of a railroad track.
Man! That anchor woman is gorgeous!!!!
I will have a pension thank God.
Who the heck need a pension?
Lots of Gen X have pensions, federal, state and local government jobs including military. If we did not have pensions we flipped real estate or dumped money into a 401(k). Stock market and real estate are at all time highs we rode the wave. Back in the late 80's not everyone went to college and for those that went it was cheaper. I had to pay 20k in loans which was not a huge deal. Lots of women went into nursing, which pays well.
That's nuts. I am a X-boomer 1964. I didn't get a college degree, low hourly pay, $15 an hour max today. I still saved almost 330k at 60, hope to have $400k by 62, $500k by 67. If I can do it ANYONE can. No car payments for 30 years. No debt for 20 years. Had I not had car payments for 9 years I would have a million dollars or more by now. Car debt kills your present and future wealth.
Thank you for acknowledging we exist. Those $ stats are terrible.
I'm really surprised that GenX is the least prepared generation for retirement. I think my high school friends and I are actually doing pretty well.
Do you all have 500k in retirement savings?
At the hight of pensions, in the 70s, only 50% of workers build up a pension. Which is very much the same as presently when around 50% put money into their 401K. The main difference is that people can take money out of the 401K. That was not possible with pensions. People use the money in their 401K to buy bigger houses, bigger cars and silly toys. As long as the average US citizen spends 10% of his income on fast-food, I do not fell any petty!
Whats a petty? It's a pity you don;t know English.
I'm sorry, you can't plead ignorance about the need to save in the absence of pensions. I am from the baby boomer generation and I maxed out my 401(k) contributions for all but the first four years of being employed. When I turned 55 (50?) I contributed the extra amount I was allowed to. It was painful at times, but I knew it had to be done. If I could educate myself then anyone could.
millions
Im a generation x. I have about 2 million dollars in my dreams and about 200,000 in debt. 😢
6 millions dollars 💸 cash and health insurance companies are filing bankruptcy
What I find hilarious are all the gen x who want social security to end and are the same people with zero in retirement.
The flint stones
If Gen X is this bad, how much worse are Millennials and Gen Z kids?
All this boo hooing about pensions going away, but nobody stays at an employer for 30+ years so a pension would be pointless. At least you own the money in the 401K and you take it with you.
I'm 55 and have a positive networth of $500K today. I'm hoping to hit $1 million by 65. With an estimated social security check of $2800 a month plus my 401K & IRA. I should be okay.
Quit bragging
@@larryy6467 Not bragging at all. I'm actually helping. Anyone who is younger can have this amount of money or more if you start today and give yourself 12 years. I had nothing saved at 40. I was stupid but I finally woke up and started saving. You just have to start with $100 and keep going & growing.
I have 500k in my 401k as well. I hope to have 750k by 60. I also hope to have 100k in my Roth and at least 50k in my Hsa. I too am getting a pension and cash balance which will yield 3k per month at 62. I have some property to sell when I get close to retirement that should yield 200-250k which I will live off of until I reach 65 and draw social security. I am also debt free.
You are good. Party overseas my friend, you earned it.
Retire early why wait you with that hope strategy.You may not see that money.Enjoy your golden years early and let the rest compound in your account.
Just like my other Gen X cohorts here that chose civil service, I too am retiring at 55 after working for 33 years in government, with a pension for life that includes annual cost of living allowance and spousal continuance. Couple that with paid healthcare until Medicare kicks in and we’re set. I don’t even plan on touching my 457b, that is just a shy of $1M. Having said that, I am not getting any social security because I did not earn enough credits working in private industry. Pensions are np joke!
Are you done yet patting yourself on the back?
@@BillSuxtobegaza There are lots of people like him. Private sector is great if you are super smart and can work your way up or start a business.
Omnipotent brains 🧠 storming mannic depression 🧠 storming
Forty thousand saved? I got nothing!
Bring back pensions.
And lock me into 1 employer? No thanks
Ima 56 years old
Please stop the same older romantic thing song
Bitcoin
Power panda 🐼 dry eyes 🐼 👀 on their own pogo stickers
1969 born
Payment s forever young American self respect and happiness reliability and stability of thy self
Inflation is a huge factor that I see is often not factored in. Yes today you might think that living on $75k a year in retirement is great but in 30 years for Gen Z that might only look like $35k a year. To get to even that you'll need close to $2 million dollars. That will really paint you a picture of how far behind people will be in Gen Z and millennials
Retiring in thailand or overeseas is an effective hedge inflation strategy.
Not surprising. My generation has not impressed me in relatiln to our stewardship abilities. We failed to address climate change, failed to address government debt, failed to address post secondary education debt. Why shouldn't we fail to adequately prepare for retirement?
Hell, we failed to raise the next generation, based on the amount of whining and disgust directed at Gen-Z.
The stockmarrket index fund been available in the 90s when john bogle was alive.If i wasnt interested in investing and sales i would have never had a gen xer even incourage me to invest in the stock market for retirement.Fortuanately the self help industry in the 90s was fasinating to me.I think consumerism destroyed gen x.
Pooky servant's 🏝 pooky loves stoney poneys Poor oldest dorks years old man z enough
Y s are going wily coyote z
Cartoons classic shows
Terrible advice. Buy a house hack immediately.
😂😂😂 love my pension and annuity plan.
How much you invest for your annuity?