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Author Topic: How much should you have in your pension?  (Read 489 times)

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Offline lilly

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How much should you have in your pension?
« on: April 23, 2021, 07:06:41 PM »
When you are in your 40's?



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Offline lilly

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Re: How much should you have in your pension?
« Reply #1 on: April 23, 2021, 07:15:17 PM »
This link tells you what you should have saved by a certain age: https://www.synchronybank.com/blog/median-retirement-savings-by-age/



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Offline lilly

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Re: How much should you have in your pension?
« Reply #2 on: April 23, 2021, 07:22:52 PM »
Another good link: https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/

If You're Saving For...       Plan to Save...
A vacation                           $1,979/person
New furniture                      $8,176
A car                                   $20,000 to $55,000
Down payment for a home   $15,930 to $63,720
A wedding                           $33,931
College for your kids           $35,160 to $203,600

Cripes.  I didn't even plan for weddings.  2 kids at $34K each = $68K.   :o

As for college... I'm hoping that there will be free colleges by the time my kids start college.   ;D



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #3 on: April 23, 2021, 08:57:22 PM »
Pension is workplace benefits
Like cali-guy public worker social worker


Sadly average joe like us donít get pension
Its 401k .....
you donít contribute, you donít get



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #4 on: April 23, 2021, 09:08:44 PM »
The goal is always $1,000,000 when you retired
$1,000,000 on a safe 4% bond= $40,000 interest every year

You can just eat the $40k interest and be safe....


Minimum is $500,000
Thats $20,000 interest every year but you going be close



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #5 on: April 23, 2021, 10:47:21 PM »
Pension+401k+Roth ira+cash+ regular brokerage, etc...

= $1,000,000

House donít count
Gold, jewelry, toy collection donít count
Has to be pure cash equivalent



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Offline walley

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Re: How much should you have in your pension?
« Reply #6 on: April 24, 2021, 08:44:38 AM »
Don't depend on pensions if you have it or 401Ks. My mother in law had like 90K or so in pension and it's already gone after a few years. Its not even 100% guarantee since its expected to collapse in the next few years. I've worked for some companies with really good benefits. For example, the employer took care of 100% of health expenses, 100% 401K contribution matching up to x amount on top of 3% contribution by the employer and other incentives like, stocks, free parking, gym membership, etc. I always cashed out of any 401K since it wasn't much anyways because I never contributed. I recently started contributing to my 401K and only put in like $200 or so a month in it. I don't rely on it and contribute a little just because some bonuses are given only to those with 401K contributions. They put the bonuses in 401Ks. My advice is to not depend on it and take the time to learn how to invest.


Oh... I'm almost 40 and have only like 3K in my 401K. However, I've spent a lot of time learning to invest and trade in the stock market so I'm not concerned about my 401K. I've actually taken loans from it and have been able to 10X the amount.


https://youtu.be/ocgYD2rLk20


« Last Edit: April 24, 2021, 08:59:54 AM by walley »

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Offline walley

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Re: How much should you have in your pension?
« Reply #7 on: April 24, 2021, 08:50:38 AM »
Another good link: https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/

If You're Saving For...       Plan to Save...
A vacation                           $1,979/person
New furniture                      $8,176
A car                                   $20,000 to $55,000
Down payment for a home   $15,930 to $63,720
A wedding                           $33,931
College for your kids           $35,160 to $203,600

Cripes.  I didn't even plan for weddings.  2 kids at $34K each = $68K.   :o

As for college... I'm hoping that there will be free colleges by the time my kids start college.   ;D


The military offers free college.  ;)  Honestly, not a bad deal if they go into a career field that will pay decent afterwards. They can get their undergrad while they are in using tuition assistance if they just sign up for four years. They can then use other education benefits to get their graduate degrees after they leave the service. This assumes that the benefits will still exist when they are about to go to college. I don't see the benefits going away any time soon. They will also gain the experience for the career field on top of the education benefits. In addition to their pay, they will get Basic Allowance for Subsistence and Basic Allowance for Housing, which are both tax free and will cover their housing costs and free health care.



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #8 on: April 24, 2021, 01:39:30 PM »
Don't depend on pensions if you have it or 401Ks. My mother in law had like 90K or so in pension and it's already gone after a few years. Its not even 100% guarantee since its expected to collapse in the next few years. I've worked for some companies with really good benefits. For example, the employer took care of 100% of health expenses, 100% 401K contribution matching up to x amount on top of 3% contribution by the employer and other incentives like, stocks, free parking, gym membership, etc. I always cashed out of any 401K since it wasn't much anyways because I never contributed. I recently started contributing to my 401K and only put in like $200 or so a month in it. I don't rely on it and contribute a little just because some bonuses are given only to those with 401K contributions. They put the bonuses in 401Ks. My advice is to not depend on it and take the time to learn how to invest.


Oh... I'm almost 40 and have only like 3K in my 401K. However, I've spent a lot of time learning to invest and trade in the stock market so I'm not concerned about my 401K. I've actually taken loans from it and have been able to 10X the amount.


https://youtu.be/ocgYD2rLk20


Bro....REREAD WHAT YOU WROTE DOWN

Your employer is matching 100% of your 401k
And you only put $200????
401k cap space is $19,500 per year

You need to max that shyt $19,500 and your employer match $19,5000
Total:  $39,000
Thats a 100% gain


I take 100% free gain all days



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Online theking

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Re: How much should you have in your pension?
« Reply #9 on: April 25, 2021, 08:15:31 PM »
In general, it just depends on the individual because lifestyles can vary even during the retirement stage of life. Me personally, I feel like I can retire now if I want. My daughter is still young so I'll keep working until she's older just in case.. ??? O0



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #10 on: April 25, 2021, 10:35:13 PM »
Lily

You need to know the different between 401k VS pension
If companies goes bankrupt and donít exist
Pension might be in trouble

Thats why you hear me preach about backup plan
Donít put all your egg in one basket

401k thats all you... you put in... you keep
Pension....  do 30 years at X companies... retired... get $2000/month


« Last Edit: April 25, 2021, 10:37:31 PM by hmgROCK »

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Offline Cali Guy

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Re: How much should you have in your pension?
« Reply #11 on: April 26, 2021, 09:52:51 AM »
I canít offer you first hand experience on pension but must warn you to be wary about taking advices from the unemployed that is not even qualified to clean toilets. You might be in a better position to give us info on pensions if you actually are contributing.



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #12 on: April 26, 2021, 10:16:55 AM »
I canít offer you first hand experience on pension but must warn you to be wary about taking advices from the unemployed that is not even qualified to clean toilets. You might be in a better position to give us info on pensions if you actually are contributing.

lmao   ;D ;D ;D

i'll be careful with these $100K+ DR TOM FAKE ass
who don't even know simple banking YEAR TO DATE stuff   :2funny: :2funny:
that just simple no brainer


it's okay

we all just trying to help each other out
many things i and you don't know


if your companies offer pension
good.. hopefully it stays in business for the next 100 years

 O0 O0 O0


https://www.pbgc.gov/wr/sears-holdings-pension-plans

Sears Holdings Pension Plans

On February 11, 2019, the Pension Benefit Guaranty Corporation took responsibility as trustee for Sears Holdings Corporationís two defined benefit pension plans. PBGC and Sears Holdings agreed to end the plans as of January 31, 2019. Together the two plans cover about 90,000 workers and retirees of Sears, Roebuck and Co. and Kmart Corporation. PBGC offers the following information to Sears Holdings participants.




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Offline lilly

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Re: How much should you have in your pension?
« Reply #13 on: April 26, 2021, 10:27:16 AM »
Pension and 401K are used interchangeabl y these days.  Rarely do companies offer true pensions.  When I and others say "pension", that can be referred to a matching 401K account, a true classic pension account, or a person's individual IRA account.



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Offline hmgROCK

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Re: How much should you have in your pension?
« Reply #14 on: April 26, 2021, 10:34:21 AM »
Pension and 401K are used interchangeabl y these days.  Rarely do companies offer true pensions.  When I and others say "pension", that can be referred to a matching 401K account, a true classic pension account, or a person's individual IRA account.

oh you still gotta be careful
there kinda of different stuff


401k you carry that with you from workplace to workplace (i know i get fire and quit alot... hehehe)

i work in shytty job so no pension... but i believe you commit your life to that company 30+ years
and they agree to pay you $1000/month whatever when you retired YMMV



companies goes bankrupty... you might lose all your pension

ahahha
for
pension....



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