Current Events > i'm 28 years old, how much should i have in my pension pot so far?

(+) Yeah! (+)

because at this rate i'm not sure if i'm going to have enough by retirement, even with compound interest + time

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I don't think your weed stash is gonna help you retire dude

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At least 350,000

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The real question is what job do you have that's offering a pension in 2021?
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harley2280 posted...

The real question is what job do you have that's offering a pension in 2021?

Lots of jobs still do.

Not mine but if you're okay with being at a big company with a union doing repetitive production line shit for 25 or 30 years you can do ok. In a sense it's a smart move if you can tolerate the boredom and possible graveyard shifts.

I sometimes wonder if leaving one job where I had a pension and decent medical and dental was a mistake... but once they brought in nights for the finishing end I was done. I could tolerate it before that.

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Oh good heres a topic that will make me feel better about my life

i have zero dollars and will never be able to retire if I live that long

CanuckCowboy posted...

harley2280 posted...

The real question is what job do you have that's offering a pension in 2021?

Lots of jobs still do.

Not mine but if you're okay with being at a big company with a union doing repetitive production line shit for 25 or 30 years you can do ok. In a sense it's a smart move if you can tolerate the boredom and possible graveyard shifts.

I sometimes wonder if leaving one job where I had a pension and decent medical and dental was a mistake... but once they brought in nights for the finishing end I was done. I could tolerate it before that.

I probably haven't seen any because I live in a red state and unions aren't very plentiful around here.
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Turbam posted...

At least 350,000

ooof

i guess i'm going to have to marry richer than me. not too hard tbh

harley2280 posted...

The real question is what job do you have that's offering a pension in 2021?

all employers offer a pension scheme by law that you get enrolled into. but whether you get enough is a different question

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Parappa09 posted...

all employers offer a pension scheme by law that you get enrolled into. but whether you get enough is a different question

So I can tell you're not in the US.
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harley2280 posted...

So I can tell you're not in the US.

true but i want stimmy check

y'all have that at least

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Well if you pay your house in full by then, most people should be able to get by with less than what they make in their prime? Accounting inflation. Plus youd have medicare at 65 and hopefully there will be some form of social security by then. If not the countrys economy will get wrecked.

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America replaced pensions with sweet old 401ks, that way it is cheaper for employers!

At least here for 401k they have calculators that estimate how much you should have with considering how much you'll keep putting in and your estimated growth.

And again for 401k anything in your 20s you can put in is a bonus. I was doing maybe 1-2k a year. This year should be the first year I can max out my 401k, though I'm not sure if I will or not.

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CARRRNE_ASADA posted...

Plus you'd have medicare at 65

Which is another expense. On average Part B currently costs $146 a month, and increases almost every year.

There's also no limit to your costs. So if you get cancer or something when you're just on Original Medicare you're going to get fucked.

It also doesn't cover prescriptions.
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What percentage do UK employers contribute?

100k is a good number to shoot for

The rule of thumb is that you should have your annual income saved for retirement by the time you're 30.

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SevenTenths posted...

At least here for 401k they have calculators that estimate how much you should have with considering how much you'll keep putting in and your estimated growth.

who looks after the 401k? is it down to the government or individual?

i would estimate that i'm putting in 1k a year but i actually have no idea. my employer then adds on 10% each month iirc

ALongTimeAgo posted...

What percentage do UK employers contribute?

i pay in 5% and they pay in 10%, but each employer is different

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harley2280 posted...

Which is another expense. On average Part B currently costs $146 a month, and increases almost every year.

There's also no limit to your costs. So if you get cancer or something when you're just on Original Medicare you're going to get fucked.

It also doesn't cover prescriptions.

Advantage is the way to go. Health is one of the biggest expenses at that age and since this is America we're talking about, is either paying that or go broke with bills.

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Parappa09 posted...

i pay in 5% and they pay in 10%, but each employer is different

10%?! Employers here pay in 3% lol (NZ).

Parappa09 posted...

who looks after the 401k? is it down to the government or individual?

i would estimate that i'm putting in 1k a year but i actually have no idea. my employer then adds on 10% each month iirc

Pretty much you log into whatever brokerage your 401k is deposited and from there you treat it the same as you would a typical stock portfolio and manually pick the best stocks to invest in, leave it, forget it and let it grow.

Also at your age I wouldnt even bother investing in bonds. Just go all in on stocks.

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ALongTimeAgo posted...

10%?! Employers here pay in 3% lol (NZ).

companies over here pay 3% too i believe

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CARRRNE_ASADA posted...

harley2280 posted...

Which is another expense. On average Part B currently costs $146 a month, and increases almost every year.

There's also no limit to your costs. So if you get cancer or something when you're just on Original Medicare you're going to get fucked.

It also doesn't cover prescriptions.

Advantage is the way to go. Health is one of the biggest expenses at that age and since this is America we're talking about, is either paying that or go broke with bills.

It's a balance. If you're relatively healthy when you first go on Medicare you'll save about 10% over the course of your life by going the MA route.

If you have a chronic health condition though a MS is typically a better option until you reach the point where your premium is equal to or greater than the MOOP on the MA's in your area.
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if you have 1-2 years of salary saved by 28 you're doing good.

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Parappa09 posted...

who looks after the 401k? is it down to the government or individual?

It's America a corporation does it! Mass mutual does our 401k, there is no law that requires companies offer a 401k but most "decent" ones will, because it saves taxes for both ends.

The match amount for the company I work for has gone down every year ad well as making it harder to get a full match.

Social security is government managed. Which was supposed to be forced savings and what you put in is what you get out. But every president I've been alive for had boomers pre retirement and went ooohhh look at all this money just sitting here, let's use it now and make someone else have to refill it.

So our boomers made sure to teach millennials that they won't get social security so don't expect it when you retire but keep paying into it because we need it even though we also got pensions before we ruined that for you guys too.

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KILBOTz posted...

if you have 1-2 years of salary saved by 28 you're doing good.

its maybe half of my salary lol

SevenTenths posted...

So our boomers made sure to teach millennials that they won't get social security so don't expect it when you retire but keep paying into it because we need it even though we also got pensions before we ruined that for you guys too.

im sure thats similar to boomers all around the world. it comes naturally to them

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Im 33 and my net worth is a negative number

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thronedfire2 posted...

Im 33 and my net worth is a negative number

I'm technically negative, but if I lose my job I can be out of work for 6 months before my funds are exhausted.
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DarthAragorn posted...

Oh good heres a topic that will make me feel better about my life

i have zero dollars and will never be able to retire if I live that long

Join the club, scam art university debt ruined me.

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Social security due to run out by 2034 I think I last read.

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