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Post by ferris1248 on Jul 12, 2024 6:57:19 GMT -5
"Recent research from the Transamerica Institute shows super savers contribute more than 10% of their salaries to their retirement plans. The study reveals that 56% of those surveyed are saving less than 10% of their income, while the other 44% have reached "super saver" status by contributing 11% or more. The study also found that 29% of those surveyed contribute more than 15% toward retirement." "Super savers come from all age groups. Gen Z takes the lead at 53%, while 44% of millennials and boomers can be considered super savers. Gen X follows last, with 40% of their group in the super saver category." "Ted Jenkin, the CEO and founder of oxygen Financial, tells CNBC that becoming a millionaire through a 401(k) requires consistent contributions at a high rate over many years. "I always tell people there are no microwave millionaires." "Focusing on your savings rate is a big part of becoming a super saver. According to Fidelity, the average total 401(k) savings rate, including employee and employer contributions, rose to 14.2% during the first quarter of 2024, approaching their recommended 15% savings rate." "For those who want to steadily increase their savings rate, experts suggest increasing it by 1% each year until you reach your target — like the 15% Fidelity recommends. Jenkin tells clients to follow the rule of thirds when they receive raises or bonuses to help increase savings further. The rule of thirds is to put one-third of the bonus toward taxes, one-third toward savings and investments, and one-third into discretionary spending. "That's your opportunity to not let lifestyle inflation get in the way," Jenkin explained." finance.yahoo.com/news/44-americans-reach-super-saver-190011742.html |
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Post by swampdog on Jul 12, 2024 7:05:21 GMT -5
Wish I’d known this when I was 19 and burning through life… Somehow I’ve come out OK with retirement and supplemental savings and investments. “God looks out for fools and little children.”😉
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Post by ferris1248 on Jul 12, 2024 7:19:19 GMT -5
Wish I’d known this when I was 19 and burning through life… Somehow I’ve come out OK with retirement and supplemental savings and investments. “God looks out for fools and little children.”😉 I hear ya. I really didn't start until I was in my late 40s and that was a little bit of real estate, not much saving of money. Mid 50s was when I really started "saving" money and doing investing into the market. |
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Post by madm002 on Jul 12, 2024 7:38:06 GMT -5
Wish I’d known this when I was 19 and burning through life… Somehow I’ve come out OK with retirement and supplemental savings and investments. “God looks out for fools and little children.”😉 I hear ya. I really didn't start until I was in my late 40s and that was a little bit of real estate, not much saving of money. Mid 50s was when I really started "saving" money and doing investing into the market. I think a lot of people are like that. I entered my 50 hurting financially from a business fraud and we ended up ok. You need to put 20 percent away per year |
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Post by misterjr on Jul 12, 2024 8:38:13 GMT -5
I'm not a super saver, never have been. I'm 73, and if everything holds as is, I will have an income of about $70,000 a year when I retire, whenever that may be. I have enough money in the bank for emergencies, but not full retirement. I own an independent insurance agency and have a contract with my partner to buy me out when I decide to retire, that plus SS check of $2,900 monthly should hold me over. On the other hand, my fiancee has saved over $1M in various accounts. She will retire in two years, hopefully, she won't dump me for a younger man.  |
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Post by ferris1248 on Jul 12, 2024 8:44:06 GMT -5
That's a pretty good setup. Watch your income levels regarding medicare.
SS will whack you pretty good if you exceed them.
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Post by One Man Gang on Jul 12, 2024 8:46:09 GMT -5
I'm mid 50s. I'll have a retirement income around $85k at age 59.5 and debt free. Considerably more if I work longer. Add in whatever SS might be left. I'm doing OK.
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Post by toldya on Jul 12, 2024 8:48:07 GMT -5
How much you have to have in reserves depends on your liabilities . I never invested, gambled, played the stock market etc. I have no debt and hopefully will not have to touch savings while living off SS . The key is to remove liabilities .
If you going to have things you could do without you are going to need income or savings to support that.
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Post by tampaspicer on Jul 12, 2024 8:53:25 GMT -5
As long as people buy drugs I'll always have income.  |
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Post by Tarpon65 on Jul 12, 2024 8:53:43 GMT -5
I'm not a super saver, never have been. I'm 73, and if everything holds as is, I will have an income of about $70,000 a year when I retire, whenever that may be. I have enough money in the bank for emergencies, but not full retirement. I own an independent insurance agency and have a contract with my partner to buy me out when I decide to retire, that plus SS check of $2,900 monthly should hold me over. On the other hand, my fiancee has saved over $1M in various accounts. She will retire in two years, hopefully, she won't dump me for a younger man. You better keep the Viking away from your woman! I'm currently putting 15-20% away each month. Mix of 401K through work, another account with a financial advisor which is mainly money left when dad passed, and crypto (mostly bitcoin). |
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Post by mackeralsnatcher on Jul 12, 2024 9:14:27 GMT -5
11% is "super saver"  ?? I think my idea of "super saver' and their idea of "super saver" are vastly different. |
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Post by TRTerror on Jul 12, 2024 9:58:25 GMT -5
I really didn't save shit just bought a bit of real estate and was debt free a long time ago.
Sold my house having already bought my retirement home fully paid for then just started selling my real estate.
I don't have a ton of money but I'm debt free and need nothing.
Helps to have a gal friend with more money than she can spend...Winning
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Post by johngalt on Jul 12, 2024 9:59:17 GMT -5
11% is "super saver" ?? I think my idea of "super saver' and their idea of "super saver" are vastly different. I was thinking the same thing. One way to be a “super saver” is to be debt free. Even not having a mortgage is one helluva savings! I know most people cannot do that but just living within one’s means helps. |
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Post by ferris1248 on Jul 12, 2024 10:03:21 GMT -5
11% is "super saver" ?? I think my idea of "super saver' and their idea of "super saver" are vastly different. I would think they are just talking overall percentage. |
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Post by ferris1248 on Jul 12, 2024 10:37:32 GMT -5
If you have kids in your life, (kids, grandkids, nieces, nephews, etc) I'd highly recommend this book. Even in my 70s I gleaned knowledge and reinforcement from reading it. I ordered one for all 4 of our children and also one for our older grandkids. (It says for beginners but that's not really true.) "YOUR FUTURE IS NOW" "A GUIDE TO UNDERSTANDING YOUR FINANCES AND GAINING INDEPENDENCE" BY JEFFREY PANIK ‧ RELEASE DATE: APRIL 30, 2024 www.kirkusreviews.com/book-reviews/jeffrey-panik-1/your-future-is-now/ |
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