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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/personNew furniture $8,176A car $20,000 to $55,000Down payment for a home $15,930 to $63,720A wedding $33,931College for your kids $35,160 to $203,600Cripes. I didn't even plan for weddings. 2 kids at $34K each = $68K. As for college... I'm hoping that there will be free colleges by the time my kids start college.
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
I can’t 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.
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.