How Many People are Actually Saving for Their Retirement?

[Luckyirish]

I went to a web site where many people are boasting about their retirement savings, but I don't know that many people who are actually putting any money into a retirement account. I think those people are doing it because because they are more mindful about their finances than others.

I'm just curious to know, how many people are actually saving consistency for their retirement, even if it's just $50 a month?

[lrprn]

Do you mean how many members here are saving for retirement, or just people in general?

[Logan]

I am! Big priority right now.

[WanabeFree]

Not nearly enough

I have been saving inconsistently but since I have less than 10 yrs left before I plan to retire I have gotten more religious about it. In fact that is why I have decided to go ahead and file CH7 and try to force my 2nd mortgage to settle or walk away now. I have started putting the max into my IRA's and screw the credit card companies and my upside down 2nd mortgage. I want to retire end of story.

[HHM]

Wife contributes 12% to 401(k), and I set aside 10% of gross monthly income (FIRST).

[secondtimer]

Don't forget that retirement accounts are exempt usually if there is a history of contributions. I'm no expert. Just my general understanding from researching the forums.

Never know if you'll have to go back to court.

After my chapter 7 in 2004 I swore I'd "never do that again" but the wolf is at the door again.

Hence my screen name.

p.s. I'm still not contributing. I'm "going to start tomorrow". Just like paying my taxes, swearing off credit, making a budget etc.....
If nothing changes, nothing changes.

[Luckyirish]

Do you mean how many members here are saving for retirement, or just people in general?

Just people in general.

I honestly don't know too many people who are saving for their retirement. I'm wondering what they think will happen in 20-30 yrs. from now? Probably their parents didn't do it, they weren't taught to do it, so they have no idea what will happen to them when they get older. I guess they're living for the moment, without putting much thought into tomorrow. You can't get your time back, once it's gone it's gone forever....

I've always been consistent about saving for my retirement. In fact, the only way I could open a Roth Ira was to have an automatic payment system set up. I've done it every month since its inception. I don't even miss the money. Once you get in a routine - as far as payments go - you get used to it. It's like paying the mortgage every month. I just think a person's future is important, and it's hard for me to understand people who don't do it. First of all, it's exempt from creditors (in my state anyway), second, you can take a portion out of it to supplement college or use on a down payment for a house and when you're ready to retire, you have money to enjoy your life! And it's for your future. I just don't understand what my friends are doing. I don't have any friends who are saving for their retirement, except for one. I try to reason with them -- but who knows . . .

Here's an inspiring article about saving for retirement:

http://savingmoneyirl.blogspot.com/2008/11/are-you-ready-for-retirement.html

[Orangedog]

Yes, a few hundred/month. I don't know when I will retire but at least I'm saving something.

[Scott50]

contribute 4% and hopefully my company match will be reinstated later this year.. My 401K contributions will significantly increase when my CH13 is completed in three years... my plan is to increase my 401K contributions by the amount that I've been paying to the trustee...

[LSUTiger32]

I hope people in my generation (30 somethings) understand that those pieces of trash that social no-security sends out each year are useless and are saving. We both do 5% right now while we work through a few more things (like school loans) but get matches that make it 8% each. We will defintely bump it to 10-15% as soon as possible.

Those who aren't saving might as well start clipping Alpo coupons.

[Pizza]

I was, up until I lost my (longer-term) job. The 401k money is still sitting there, though.

[liz417]

I recently started putting $$ into a 401k since my company matches 5%, but given my "late start", I doubt it will make a difference now :/

[hope2retire]

I've put in 6% with a company match of 5% for 25 years, after the Chapter 7 closed I upped it to 10%, will up it again when my 401K loans are paid off at the end of this year. I should be rich but the market has crashed a few times, I now watch closely and adjust where the money goes. It's important to not only contribute but to redistribute the money if you can if there are bad things going on in the market. I switched everything to secure saving prior to the last crash and actually did pretty well.

[JackBondLove]

I practiced the cardinal rule of retirement investing - 4-1/2 years of solid contributions (about $32K in contributions + match) into my 401K in my late 20's in the mid 1990's. Through some keen investing, that little kernel has grown into about $180K of EXEMPT ASSSETS. It's just about enough now, with my upcoming $0 debt payments , to retire to a low cost place abroad.

[FHA]

I was... until getting laid off in Dec after 10 years w/ my company. Will start back soon hopefully.