Yesterday, I posted a thread in Polidicks about proposed changes to superannuation in Australia. For people not from Australia, superannuation is a compulsory system for all Australian workers, where employers match 9.5% of each employee’s gross earnings, and forward those contributions to individual retirement savings accounts. The contributions are invested and accumulate until retirement, where the super is ‘unlocked’ and can be used to purchase an annuity for retirement income. A means-tested aged pension available, but is intended only as a safety net for people who did not save enough for retirement.
Other countries do things differently. Some countries have generous aged pensions. Other countries have hybrid systems similar to Australia but where retirement savings are not mandated, eg in the US. Do you save for your retirement? Why/why not? Do you have an adequate balance for your age? No this isn’t a survey, it’s just a matter of curiosity.
I might as well start by saying, yes I do save for retirement. I’m required to by law, but I’d do so even if it wasn’t required. My investments are mostly in growth assets but a significant portion of the portfolio is in defensive investments as well. However my balance is probably a bit low for someone in their mid-20’s - just shy of $20,000.
I earn $550/mo so nah lol
Ya can't afford to do that at the moment. I feel like retirement in the states is a luxury for a good chunk of the working force in the US.
I have never had a job because I did terribly in school (wasn't stupid, just fucked up the big tests due to nerves). I'm currently doing a full time software development course and hope to go on to computer science next year.
I get paid by the government to keep getting an education and I'll need to apply for a grant to continue into college.
No, I don't save money for my retirement, I don't think I'll ever retire once I do start working. That said I live the most meagre life I can so I always have some money spare in case something happens and I need money I can cover it.
I have a matching program through my employer at the moment that I'm maxing out. I do know that I need to save beyond that, but right now I'm more focused on paying off some of my high interest student debt. That costs me much more right now than saving that amount would gain me at the moment.
For reference, my debt is at about a 9% rate, where retirement would give me returns at about 5-6% depending on what kind of investment and how the economy does.
I am also looking into refinancing this debt, because 9% is fucking ridiculous.
I think I'm investing at least a third of my income, haven't really done the math.
I guess I'm pretty lucky really.
i have a 401k where my employer matches 6% dollar for dollar and then 50c to a dollar for the next 2% so obv i'm maxing it out at 8% right now for free $$$
rn that's all i plan to contribute at least until i pay off all my loans then i'll prolly get a roth ira or something and start throwing money at that and i should have a nice comfortable retirement salary
Not a single person in my immediate and extended family has the means to retire. Everyone lives paycheck to paycheck. There's only a single friend I know of that makes enough on his own can afford to save for retirement, but his job basically owns him.
Most people can't afford to retire anymore.
My company matches up to 3% on our 401k. I put 10% of my earnings towards my 401k. 5% into stocks and bonds 5% to whatever the companies "plan" for retirement is.
I have a retirement, 401k, and a savings account.
I've got half a years pay put away, but I still live with my parents. I cant afford to buy a house that isnt total garbage and apartments would just be a waste of my money :\
isnt that what social security tax for lol
What tax? lol. I don’t pay a social security tax.
None of my family has ever retired and I don't think that's gonna change soon
In aus you get forced basically into putting money into retirement, which is a great system because humans are bad at doing this.
Your employer has to put 9.5% of your salary into your super fund. Also this money is then invested in a portfolio of your choice from conservative to aggressive.
Source: Works for multiple super funds.
Yes, it was a big part of my life for some time when I worked at a large financial broker/dealer in the Midwst. I recently left that job and cashed out of the company retirement plan for a private Roth IRA of various index and bond funds managed by one of the advisors I used to work with a lot. It doesn't have much in it since I like to stay liquid with my income and am currently paying my way through college, but if I keep on track I should be able to hit the coveted million mark relatively early.
The world doesn't give me much room to save money unless I eat instant noodles every fucking day and never make any leisure plans, so no.
Save what for what?
My super annuation is buildin up
not so much save, but invest. more like gambling for my retirement I guess. anything that I don't use at the end of the month gets invested. sometimes it's $50, sometimes it's $500, sometimes its $.05
Can't find work and the free lance computer repair work I do brings in at most $800 on a good year.
I don't wanna sound like I'm promoting this service or anything (stocks are shit right now, I've lost like $100 using this app), but I've been using an app called acorns to invest and save small amounts of money every month for over a year, and they recently rolled out an IRA feature that you can invest in. I'm only putting in $25 a month until I get a better job but it adds up fast
I earn 90k a year and have access to something like a 10% match in a 401k via my company but believe it or not I really don't have the money to put away each month cause I keep spending it lol
I don't save for retirement because I am in the middle of a career change (used to be a EMT, now going into environmental science and water management) and I start college for it next year, the savings I have are going towards that.
After I get my degree I plan to move to Canada where I have citizenship and work in water management and start saving for retirement there since although I will be getting a nice slice of money from student support and work on the side it won't be enough to bother putting into a retirement fund yet.
I don't invest anything because I'm too stupid to understand any of it.
Got a few stakes in some property, one is almost guaranteed but the other is a bit of a wideboy operation so I have no idea if I'll see anything from it.
I automatically save for retirement by having a legally declared wage.
I put most of my salary aside anyway and only use a fraction since I can afford to do so, but I doubt any of it will last that long.
Chances are that I'll die before that point so not really.
I've been part of a few pension programs. Probably not worth very much. I currently put some away every month and my employer matches it. I should probably increase my contributions but I can't really afford to at the moment
I got barely anything to eat, so no
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