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Poll: Retirement Savings
I have no idea why I have $/budgets/benefits on the brain, lately. I guess some/most of it is related to my line of work. I know Jersey is(was?) planning on pulling together a comprehensive poll, sometime soon; but I'll ask, anyway.[Poll]
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Re: Poll: Retirement Savings
Interesting poll.
Did you just want 401k amounts? We each have our 401k and a savings account. Which should I include?
I worked for 10 years after college and now SAH for the foreseeable future, so what I have saved is it for now - in an IRA. I have rolled over everything from my old employers into one account.
Just YOUR personal 401k (or similar employer sponsored RSP, profit sharing plan, etc.) and any personal [brokerage] retirement savings account(s) that you might have - IRA, Roth, SEP, Rollover, etc.
Ok, good. That's how I voted.
Yes, ma'am.
I was an English major, working in brokerage operations.
IRA = individual retirement account
SEP[P] = simplified employee pension [plan]
STRS= state teachers' retirement system
401k = [for-profit] employer sponsored, tax-deferred retirement savings account
403b = [specific, 501c/nonprofit] employer sponsored, tax-deferred retirement savings account
I may get hugely flamed for this, but I voted Special Snowflake, because I really don't know. I get statements from STRS once a year (or is it more?) and it says on there... and the latest one is filed away, but retirement just seems so far away.
I plan to go back to teaching probably when I'm around 35 (I'm 28 now) and I'm sure I'll be more aware of it all then... I better be.
I would guess that a lot of the higher numbers of savings are from those of us who are older and have been working longer. Right? Or am I way off and there are just a whole lot of lucky and financially savvy women on this board...
Why do you think it would cause a riff? I'll do another poll in just a few minutes.
I would never flame someone for not knowing. Obviously, I'm hyper-aware, due to my position. It's in my face all.day.long. However, I will say that (IMO) it is something that I think all folks in their late 20's/early 30's should (at very least) begin to educate themselves on. In your case, you don't have as many options as, say, someone working in the public sector might; however, you *could* be saving, now, even though you aren't working. I'm not saying that you SHOULD be, necessarily (that's a personal budget decision, of course). I'm merely saying that there are a number of decent [tax advantaged, even] options available for saving towards retirement - whether your employer sponsors a plan or not, whether you are currently employed or not, etc.
Define "older." I'm 31. I won't say how I voted, necessarily, but I will say that I take saving towards retirement [relatively] seriously. Of course, I'm not saying that everyone should (again, it's totally a matter of life priority/budget/etc.); however, I'm not sure that luck has anything to do with it. The only luck involved in my personal situation is that my employer provides very generous 401k/profit sharing benefits to its [full-time] employees - not a surprise if you know where I work.
That said, taking advantage of those benefits is one of the main reasons I feel compelled to continue to work FT. It's one of the many things that keeps me going when I look at my [take home] pay and think to myself - is this really worth it? I have to remind myself of my/our long-term goals. KWIM?
Ok, I had to go look at my STRS paperwork, and now I feel kinda foolish because I had no idea that I had that much saved after only teaching for 5 years... Not that it is a whole lot or anything, it definitely wouldn't sustain our COL now for long. How much are you supposed to have saved for retirement? Is it any magic number? I know that when I go back to work I will have to put more towards retirement then just STRS if DH and I want to have any fun.
I guess by older, I meant working for 10+ years and by a lot saved, I meant close to the 100,000 range.
And I also agree that even if you aren't working it is good to stash away for retirement. I am not shy at all about talking about money. It's just money... and not really a big deal to me. DH and I are taking a hiatus from saving for retirement while he finishes up school. I wish we didn't have to, but then again, I don't really mind it either since both of us do have a little money already saved, are fairly young, and will only be taking a short term break from contributing.
And all of these posts about money stuff make me feel guilty when I buy stuff out of the dollar section at Target.