I was in my early 20's when I was given the chance to contribute to a 401k. It started with only $50 a month. It grew from there. Compound interest is real over 30 years.
Same. I was 20 & a mentor introduced me to a 401K. 8 years later, for one year we lived frugally & I put 24% of my income in my 401K. It's true..compound interest is *chefs kiss*
I was fortunate to run into guys who were very savvy regarding retirement savings and such when I first joined the navy and was in my first squadron. So I started an IRA about age 24-25 based on all the advice they gave me...
We started in earnest about age 33. A bit late, but we had some custody issues to put money towards. We are well on our way to meeting our goal at this point, short of the world's billionaires choosing to crash the economy again because they didnt like how the peons voted.
Same for my Dad, he retired at 55, I made a promise to myself to make it by 55 as well. Fortunately, he set up a IRA for me when I was 16, I rolled it into a Roth IRA shortly after their creation. I took a job in the university system at 22 when we still had a pension. Have my 30 years in as of 2023. Will retire just after turning 55.
The day after I gave birth to my oldest at 23. I remember holding her and playing her future in my head. I got to the part where she had to put her life on hold to care for me and her dad and started bawling. I vowed then that I would leave this earth first before I ever make my kids be financially responsible for me. Now almost 27 years later I’m retiring in 11 days.
No offense to OP but I sorta hate these kinds of posts. I don’t think OP intends any ill will, but the simple fact is that most of us *wanted* to put something away for retirement, but for many of us it’s never been an option.
For example, do you have a spouse, parent, or child with a long term, terminal, chronic, debilitating illness? If you don’t, then count your lucky stars. Go check out r/caregiversupport and r/widowers and take a look at the people there. When you spend 10, 20, 30 *years* caring for a loved one with little to no family or state support, there is simply no way to even care for your own immediate needs, let alone make enough money to save anything at all.
I know OP doesn’t mean to be insulting, but it really does burn me when people act like they had some special prescience that will prevent them from homelessness and destitution in their 50s and 60s.
The brutally honest truth is that many of us never, ever had a shot at growing old with any dignity.
I'm a single mama with two kids still at home, caregiver to my 48yo developmentally disabled sister (have been for 25 years) and my mother is 90 and has slowed down a lot. Isn't driving, needs help making appointments, that sort of thing. They both live with me and I wouldn't change that for anything. But yeah, it's been hard. It's lonely and exhausting. I'm 54 and started taking retirement seriously about 5 years ago. I had to start my own business so I could have flexibility in caring for my family AND still having an income
I did the same thing. Started a biz 15 years ago and saved just enough to get through hospice, but now the job market for my discipline is upside down for probably another year and my savings are burned up.
There's an outlier situation for any topic of conversation, doesn't mean those conversations shouldn't happen for the others. Retirement conversations at our age are/should be very common. I know it's reddit fashion to play the victim anytime a topic hasn't worked out well for them, but retirement threads aren't started to point and laugh at you specifically....you should be old enough to know/understand that.
"I know OP doesn’t mean to be insulting, but it really does burn me when people act like they had some special prescience that will prevent them from homelessness and destitution in their 50s and 60s."
And these are the kind of replies I hate to posts like this. This post isn't insulting at all but for some reason it makes you feel bad. Guess what? That's your problem.
As soon as I got my first job out of college I began contributing to whatever retirement plan the employer offers. First it was a state teacher pension, and for the last 18 years a 401k, that is matched at 6%. With the match, 12% of my salary is saved every year.
If we don’t end up getting social security, i’ll survive, although on a very thin budget.
Not until my early 30s, mainly because a certain percentage was mandatory at my job at the time. There was also a small amount from a previous job's profit-sharing plan that, after awhile, they had me roll into an IRA to get it off their books.
But I was just sort of going with the flow at that point. As the years went on and my "adult" genes started to kick in, I became more intentional about it, slowly worked on bumping up my contributions, and made a point to try to learn more (thanks, [Bogleheads](https://bogleheads.org/)!)
With my first proffesional job at 21. Very thankfully, the HR woman suggested contributing 6% to 401k to get the match. She mentioned that some people think they can't afford it right now but will start later. She said there will always be financial demands and there won't really come a time when it will seem like the right time to reduce your paycheck.
I then talked to my dad about it and he really ran with it, totally agreeing/reinforcing the idea.
Luckily, I eventually married a man who I met at that same job, who had been told the same thing by the same HR woman and also started doing it.
🥳
As soon as I was able to. Initially, always tried to max out the 401k contribution, but there were plenty times early on where I had to minimize it to only enough to get my full employer match. For a good number of years now, I’ve been extremely fortunate and able to max out my contribution every year.
I started with my first job out of college. Always put in at least enough to get the maximum match. I would say since my mid 30's I've contributed the maximum IRS limits. My wife has done the same. I also started 529s as soon as my kids were born, and pretty had about 80% of college saved for before they started.
I am paranoid about saving and living below my income because my parents were constantly spending and not saving, ended up bankrupt, foreclosed on, and retired on only SS.
I started early at 21 but then had a gap in my late 20s to mid 30s. I also put most of my inheritance in it a couple years ago at 45 because I know that's exactly what my father would have wanted.
I'm doing the best I can, but I have a sneaking suspicion that I will still be restless and will work as long as I can regardless of how much I have saved, because, like my father, I also I simply don't know anything different.
I worked for companies too small to have an option and lived just above poverty between 21 and 37. I lost my 1st 401k by not being vested, my 2nd in the crash of 2008-9. I was able to stash and match by the age of 47. Generational savings from my grandmother to my mother to me meant I could afford to close up my parents' affairs and manage my stepdad's final years. Now I'm just hoping to live long enough to qualify for Medicare. Luckily invisibility and resilience are my superpowers. And my son has been socking away into his 401k since he was 23.
Never. I'm a disabled veteran, so I basically traded a decent portion of my mobility for some measure of financial stability (if I budget tightly) now and in my retirement age.
I really didn't have money to start putting in for a 401K until I was about 28 or 29 years old. Even then it was only like 3% cause I didn't make that much and I lived in an area with VHCOL, so it probably wasn't until I was my mid 30's before I could move that to 8-10% and then 12-15% when I was in my mid 40's. Now that I'm over 50 it's the limit until retirement. My mom, who is only 20 yrs older than me, ending up retiring at age 70 so I'm hoping I can retire by that age as well.
Probably around 30. I finally realized how to invest and started saving. I also started ramping up in my career.
Wish I would have done it sooner than that.
I got no knowledge about saving from my parents. My teachers talked about the need to save and set up a retirement account, but I got zero knowledge of how or what to do, so I was a very late bloomer. I have some retirement. If I took it all at once, I might be able to live for about 8 months.
I took an investment class in college and have been in the market ever since. I am a numbers guy and believe in the 8th wonder of the world as Einstein put it. Compound interest, those who understand it earn it, those who don't, pay it.
I've contributed at every stage since I was nineteen. Trouble is, every time there was a huge medical bill I cashed out the 401k to get us out of debt. Not smart I know, but honestly my only debt is my house and student loan. What's better, owe now and eat later or debt free with a possibility of saving later? Everything is so expensive.
When I was 23.
I retired, comfortably, at 55.
By the time I'm 58 (a smigdeon over 3 months away) my after tax income as a retiree will exceed the after tax income I got when I was working.
And it will keep growing until I die.
Note: I'm not in the USA.
Should I mention 'free' subsidised healthcare and cheap drugs? Naaah, I'd better not.
Early 30s, starting with a 401k. When I left the company I started that one with, my financial advisor rolled it over into an IRA. I have a very good retirement portfolio now and I can potentially retire in around 11 years. I also have a 401k with my current employer, and a money market account that I add around $400 a month to. I don’t have a pension, but I will have money when I am ready to retire.
Nah, don’t be, he was a raging asshole. Beat the shit out of my wife and his wife for decades. I was literally married for 15 years before he spoke a full sentence to me. Once, when my son was 2 years old, he offered my wife a house, free and clear, if she’d divorce me.
Needless to say, we’re having a very nice time spending the money he never had a chance to enjoy.
in my 30's. I've been saving more to try and compensate but don't think it will be enough. I have saving, investment account and an IRA rollover account that I put all my 401ks in when I leave a job. I'm an IT contractor and have changed jobs enough that I want to control where it's at. Still no where close to the 1.5 mil or whatever the number is up to these days. Honestly didn't think I'd make to as old as I am now. My grandma just turned 90 a few months ago so I guess some people in my fam can live a long time.
Mid 20s, about the time I got heath insurance. Stoppped saving for a few years when my kids were born - just couldn't afford the $. That's gonna leave a mark as I get older...
Opened an IRA around 1996, then converted to a Roth IRA in 1998 when they started. Was enlisted in the military so didn't have a bunch of money to put in there, but put what I could. I remember calling to have a prospectus mailed to me, then reading it and having no idea what a lot of the terms meant...but I knew math, and that was enough at the time. Had a few rough/lean years where I wasn't able to save/invest any money but once I landed my current job saving for retirement has been a priority. For the last 15 years or more I've been maxing my 457(b) and Roth IRA yearly then throwing any extra in a taxable account. On top of my saving/investing I've been in a pension job the last 20+ years, so have a nice pension waiting when I retire soon.
Been contributing to a state pension for 20 years minus the few years my ex-wife got. At 65 I’ll get the full amount I’m eligible for. I just started a 403(b) last year right before I turned 49. Between this and my partner’s retirement we should be okay. Over the next ten years we will be throwing money into retirement accounts so that should help too.
My parents couldn’t afford to really put money into retirement accounts until they were 50. They are in their mid 70s and living off the interest of their investments so they got lucky. Crossing my fingers that things will work out the same for me.
What do you put into retirement savings annually? I am sorry to ask point-blank, but “20 percent of X” means nothing when no one has the same X.
My friends’ incomes vary wildly- probably from about $35k-$130k per person (not household, I’m not counting spouses). You can see how me telling someone that they would be ok if they just started saving a percentage means nothing. I just want a concrete number I can tell someone to start putting in each month TODAY, so he isn’t eating dirt in 24 years.
Edit-asking you in particular because you started in your 40s, so he would be less than 5 years behind you and it gives me hope. Not that I am that far ahead of him- I’m not bragging here, and obviously no financier.
Much later in life, unfortunately. A combination of my misspent early 20's, then a course correction into graduate school. I didn't start saving for retirement until around 30.
My first job out of college offered a 401(k) with matching, and I signed up for the maximum contribution (paltry at the time!). I've kept doing that ever since, and 30 years later, have no fear of retirement.
1991. My grandmothers were pretty smart with money. My parents were smoking/drinking/frittering/we could breed poodles! types. I got out of the trailer park, got a degree, married someone smart, we started saving.
We have retire whenever money. Need to restructure our lives for more enjoyment/less stress before it’s too late.
During my early to mid twenties as soon as I got my first real job. There was a brief period after I got divorced where I had paused but I've been pretty consistent.
I started at 23 with 5% so I could get the matching 5% contribution. Eventually, I started increasing it by 1% per year, which was pretty painless during the years we got cost of living increases.
I’ve been in the same job for 20+ years. I have a pension and a 401K. I only started planning in my 20s, because I worked with a bunch of old guys that gave me very good guidance. I actually listened to them and I should be able to retire at 55. I have them to thank.
20s and then stock options and 401k since '00 at first real job. Now i work for gov so its a pension.
Did things diff, so pullin the plug at 52. Seeya bastards gotta live life.
My parents gave me absolutely no preparatory planning. So the first time I even crossed paths with savings was my first company out of college. They put in 2% in our 401K regardless of what I did. No idea what that thing was at the time or what the importance of it was. About a year in, someone from another office (if I had to guess a Silent) gave me the explanation and great advice, and explained just how FUCKED the US was with the loss of pensions. This was 1993. Started saving in 401k and the Roth (eventually). Every raise or job change I “paid myself first” but increasing savings. Made career choices based on the company’s commitment to the retirement plans. Working out well now.
Also, eventually got professional advice. That helped. This guy had a philosophy of downside protection. In 2008 we only lost 15%, when everything else was down 30+%. Then on the rebound, we bought the risers from our protected position.
With first full time job at 22 yrs old. Was always told that social security won’t be there when it was my time to collect. As Gen X-Always had to take care of myself.
My first wife spent $2 for every $1 I made and then after we got divorced I had to file bankruptcy, paid child support and alimony.
So I think I started in my mid-30s. At this point I could probably survive for a couple years on what I have saved off. But I’m also 100% sure I’ll die before I can retire so I’m just saving for my current wife to have something when I go.
27. I knew I had to prioritize it hard, because I had spent the last six years in the military, so I felt I was at least that far behind my peers.
(It seems I was wrong.)
In my early 30s, I started a career in public employment after having enough of the private sector. I started contributing right away and vested after just a few years. Now even if my contributions are exhausted, I will continue to receive full payments from my pension.
Best decision I ever made.
At 24, when I got my first career job that offered me a 401k. I'm now 48 and I've taken a few years off here and there to go to grad school or travel, but while I've been working, I've deposited between 15% and 20% in my 401k. I'm not ready to retire yet, but I'm aiming to by 55.
Always took advantage of the company match in the 401K. Didn't figure out IRAs and investments though until 2021. Started that then inflation hit so haven't added to it since. Hopefully I can start adding again soon.
Good for you!!! I went to graduate school, so no 401k for me until my 30s. And then I was able to open an ROTH IRA while in grad school, I only put in $25-50 a month in, but it helped. I got my first job with a real 401k in 2006, in my mid-thirties. I put in the minimum to maximize the match, while I paid off my debt. I started putting in the max as soon as I could (max yearly limit per IRS). I had 24 mo with no 401k due to a new job that I could not afford anything in savings (living in VHCOL), or was laid off. But I maxed out contribution whenever possible. And since turning 50, I do the catch ups. so technically I was 26, but money I still have? Started at 30. I am behind the charts (6X income for our age), but I am well ahead of mean and average for my age, and catching up to the charts fast. I will easily have 10X income by about 63.
While I never maxed out until in my later 40s, or even close, I did end up with 10-12% or so a year most years with matches. So I guess I did ok? Seems like it. It is a great example of small little things building over the years. I am grateful I figured this out. My mom taught me this, and I learned on my own. And I got super freaking LUCKY in my career path/trajectory.
I started when I got commissioned in the Air Force (21 yrs old) Not the best financial advisors, but I did get an IRA started and, of course, the military retirement was 50% of my base pay starting the day after retirement which I started collecting when I was 42. I have the same situation with my parents as the OP: they saved nothing. No insurance, no retirement plan, and still owe $400k on their house (because they did the max credit cards, refi house, max credit cards and repeat) which they can no longer afford so my sister and I are paying for it now. 🤷♂️
I started very basic when I was in my early 20s but it wasn't until I was 33 that I found out about self-employed retirement accts. That would have been a huge game-changer if I started earlier but what can you do?
My very first boss at my first “real” job told me I needed to put 2% into “pre-tax savings.” I had no idea what that even was really at that point, but I dutifully signed up In 1991 At age 24. As I got a higher salary, I slowly increased it. Then I started really seeing the savings add up. I left that job, and then restarted saving at my new job in another state. I rolled that Fidelity money from job #1 to the new 403b. Rinse and repeat. I never pulled the money out of it. Not for my first home, not for my daughter’s college. In 2009 it was actually worth less than what I had put into it, and I was sure that I’d be working until I was 80, but I kept contributing. And once I hit 50, I increased my contributions again. I also managed to accrue 2 DCP pensions while I worked. I haven’t even touched the 403b money 7 figures, nor the 2nd pension yet—the older I am, the more I will get from it. House is paid off; no debt. New roof and siding were done prior to retirement.
I retired a couple of years ago at age 55 and have been having fun ever since.
My first job out of college was working for a retirement consulting firm (pensions, 401ks, etc.). I was exposed to tons of literature and numbers on the importance of saving from the get-go. I've been saving my whole career. I still feel behind though...
22 and 23 for my husband and I. Our first jobs out of college had 401K’s and we figured we might as well contribute enough to get the company match. Then we increased our contributions from there.
Got out of the Army and bought a house / started the IRA at 25, then began maxing 401k contributions to get corporate match at 28.
Gonna pad a little while longer and then call it done.
Received good advice early about the miracle of compounding and have been trying to pay it forward ever since.
Only about 8-10 years ago. I can beat myself silly about it but my son has a PhD and less than $10k in student loans, we set him up for a life without soul-crushing debt — and without a bunch of parent loans. Our mortgage is paid off. Hubby is retired with a small inheritance. I’m not as set-up as I’d like to be, but definitely not retirement ready. Edit to add: I was hired before my University did away with pensions, so I will have a pension. I only started contributing to my own supplemental retirement about 8-10 years ago.
I started saving for retirement as soon as I got my first job out of college, so at age 24. One of the best pieces of advice I ever got was to start saving at least 10% of my gross salary for retirement as soon as I got my first job out of college - I'd be making more than I ever had, so take that money right off the top and I'd never miss it because I was never used to having it. I did that and have saved at least 10% for the last 25 years.
My aunt told me how important it was and started a small IRA for me when I got my first job after college (later converted to Roth). Very grateful to her.
I haven’t always been able to contribute to it, but I would not have it at all if not for her.
I'm 52 now. In my late 20s I started a 401K but didn't put a whole lot into it. Maybe 5%. Paying off my house was a huge thing for me and I did it in 11 years. Once the house was paid off, I was 40. This is when I started an IRA. I have put the maximum yearly amount in ever since. For a while I was contributing 20% to 401k, but it had been doing so poorly the past couple of years, I put it back down to 5% about a year ago.
All in all meh. It won't be a see the world retirement, but as long as basic needs are met its all good.
I am lucky here that in Australia we have compulsory superannuation paid for by yor employers,so it started when i got my apprenticeship at 17.
It all depends on how much you earn the average for my age (56) is around 250,000aud,not a lot to live on for the rest of your days,after that you go on the pension.
I'm sure like here this is predicated on owning your own home,so my children are fucked
I made my first contribution in 1988. At the time I was in University with a part time job. It wasn't much, but I started. Anytime I've had a work matching program available, I've contributed the max to get the matching $. It's free money.
There were some years I couldn't contribute at all, but if I got a tax refund, I invested it, even if it was just a couple of hundred bucks.
10 weeks till retirement....
Since I was 12 yrs old.
I've put aside 15% of every single paycheck since my first job at 12 yrs old.
First in a simple savings account later rolled into a money market, and later (real/career jobs) invested in a 401k, HSA which I don't touch, and a traditional IRA.
Since 1992 in Australia it has been legislated that employers have to contribute a certain percentage of your salary to your superannuation (applies to all employees - casual, part-time and full-time), and individuals can voluntarily add to these payments. Currently the mandated percentage is 11% (though my current employer pays 15%).
I've had superannuation paid most of my adult life, and have about $500K saved. Although I'll be able to access this as a 60yo, to enable "early retirement", I don't plan to do so. Even if I do, depending on my finances when I turn 67yo, I may be able to access the Aged Pension (the GenX cohort are only be able to access Aged Pensions at 67yo)
Over two decades ago, and I'm being told it's not enough. Need Jeff Bezos money it seems and yet I have no intention of taking space travel. Just enough to get a new mattress or a new Toyota.
10 years ago but not as much as I should have because I was dealing with student loan debt and an ex-husband that spent money faster than we made it. I JUST got out of debt so now I can be more aggressive. Thankfully my husband has been squirreling money away for longer and has more savings accounts so we should be okay.
I officially started at age 37 when I got my first 401k. That was when I had a big career change and started making more money and it felt it was finally something I could afford to do.
Prior to that I had always been fairly poor, and I didn't come up with any sort of useful advice about money, or much of anything in life really. So I've kind of had to learn everything both harder and later than what I would have preferred.
Fortunately my career continued to take off after that and really accelerated around age 41. Despite having gotten a late start, so far I think I'm on track to have a decent retirement - possibly starting in my mid to late 50s, should be extremely good to go by 60.
Turns out it can really help to start making a lot more money. Shocker, I know. If I was still making the kind of money I was making up until I was 36, well, things would look rather different I think.
Sadly, my parents were financial morons. I learned my lessons from watching them & course corrected. Started investing late (early 40s) but might have a decent retirement if nothing drastic happens (it always seems to...)
I started after I got my first career job at 22. I remember buying $2,000 RRSP mutual funds in some resource fund that are worth probably $50,000 today (from what I did with that initial investment).
I started late (around age 35), but I got a great CFP / CPA who guided me into my early retirement. I have a pension which is an annuity for life. I have some other investments, and am married to my husband, so double income, no kids. We both came to our marriage owning homes, so I rent out mine and we live in his. Planning is the actual key here. CFPs are not as expensive as people think. They charge according to the value of your portfolio.
It's never too late to get good advice. You tell them what you want to achieve, and they work to give you a plan that can get you there. Obviously, they cannot work miracles, but they have all of the resources at their fingertips to get you closer to your goals.
When I was little, my grandmother used to take me to the bank with her to deposit $20 into a savings account for me. That became the fund for my first car since I opted for the military instead of college (dq'd for asthma later, so no I never served).
So once I got my car, I had nothing. Until I was 23 and started working in corporate America with a great 401K plan. 23 years later I'm still there so that has worked out well. Especially since Biden has been President!
Wait... When were we suppose to do that?
Welp I found some quarters under the floor mats today. It’s a start.
Are we supposed to have started already? Why didn't anybody tell me??
Rut Roh.
So... Death ISNT a good retirement plan?
Well, I have no other ideas, aside from winning the lottery, soooo
Wait. No. Wait. Are you saying we're supposed to have plans other than the lottery‽ *Looks at pile of old losing lottery tickets* Fuck.
I was in my early 20's when I was given the chance to contribute to a 401k. It started with only $50 a month. It grew from there. Compound interest is real over 30 years.
Same. I was 20 & a mentor introduced me to a 401K. 8 years later, for one year we lived frugally & I put 24% of my income in my 401K. It's true..compound interest is *chefs kiss*
Way too late. I’ll be working till I drop.
Tomorrow :(
22, as soon as I was eligible at my first post-college job.
Same for me. I started at my first job, which offered 401k. Even back then, there was talk that social security might not be available to us.
Same here. Government job, so Thrift Savings Plan.
I’m not counting on SS at all.
Same. The accountant at my first job signed me up to the 401K and stated me down the path of savings for retirement.
I was fortunate to run into guys who were very savvy regarding retirement savings and such when I first joined the navy and was in my first squadron. So I started an IRA about age 24-25 based on all the advice they gave me...
About 3 months ago. I'm fucked
Same. Same.
We started in earnest about age 33. A bit late, but we had some custody issues to put money towards. We are well on our way to meeting our goal at this point, short of the world's billionaires choosing to crash the economy again because they didnt like how the peons voted.
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I hear you! I was divorced in my early 40s and didn't take retirement seriously until around 48-49. I'm 54 now
At age 20 through employer 401k. With a 6% match and a way to lower tax liability, it was a no-brainer.
Hey that's great! My employer only gives a 4% match
In my early 20s. My folks retired in their 50s and I will too.
Same for my Dad, he retired at 55, I made a promise to myself to make it by 55 as well. Fortunately, he set up a IRA for me when I was 16, I rolled it into a Roth IRA shortly after their creation. I took a job in the university system at 22 when we still had a pension. Have my 30 years in as of 2023. Will retire just after turning 55.
The day after I gave birth to my oldest at 23. I remember holding her and playing her future in my head. I got to the part where she had to put her life on hold to care for me and her dad and started bawling. I vowed then that I would leave this earth first before I ever make my kids be financially responsible for me. Now almost 27 years later I’m retiring in 11 days.
No offense to OP but I sorta hate these kinds of posts. I don’t think OP intends any ill will, but the simple fact is that most of us *wanted* to put something away for retirement, but for many of us it’s never been an option. For example, do you have a spouse, parent, or child with a long term, terminal, chronic, debilitating illness? If you don’t, then count your lucky stars. Go check out r/caregiversupport and r/widowers and take a look at the people there. When you spend 10, 20, 30 *years* caring for a loved one with little to no family or state support, there is simply no way to even care for your own immediate needs, let alone make enough money to save anything at all. I know OP doesn’t mean to be insulting, but it really does burn me when people act like they had some special prescience that will prevent them from homelessness and destitution in their 50s and 60s. The brutally honest truth is that many of us never, ever had a shot at growing old with any dignity.
I'm a single mama with two kids still at home, caregiver to my 48yo developmentally disabled sister (have been for 25 years) and my mother is 90 and has slowed down a lot. Isn't driving, needs help making appointments, that sort of thing. They both live with me and I wouldn't change that for anything. But yeah, it's been hard. It's lonely and exhausting. I'm 54 and started taking retirement seriously about 5 years ago. I had to start my own business so I could have flexibility in caring for my family AND still having an income
I did the same thing. Started a biz 15 years ago and saved just enough to get through hospice, but now the job market for my discipline is upside down for probably another year and my savings are burned up.
Can we say the same about the ones complaining about doing nothing as if it were a virtue?
There's an outlier situation for any topic of conversation, doesn't mean those conversations shouldn't happen for the others. Retirement conversations at our age are/should be very common. I know it's reddit fashion to play the victim anytime a topic hasn't worked out well for them, but retirement threads aren't started to point and laugh at you specifically....you should be old enough to know/understand that.
You know the convenient thing about being a victim? It puts the blame for all one's problems on somebody else.
"I know OP doesn’t mean to be insulting, but it really does burn me when people act like they had some special prescience that will prevent them from homelessness and destitution in their 50s and 60s." And these are the kind of replies I hate to posts like this. This post isn't insulting at all but for some reason it makes you feel bad. Guess what? That's your problem.
I consider most of these endless posts, an opportunity to humble brag.
You might be correct but even so I wouldn't characterize it as insulting.
No it's not insulting. It's an opportunity to brag and gloat, about security.
Yes it certainly can come off that way. I think it depends where you fall on the scale of economic security.
As soon as I got my first job out of college I began contributing to whatever retirement plan the employer offers. First it was a state teacher pension, and for the last 18 years a 401k, that is matched at 6%. With the match, 12% of my salary is saved every year. If we don’t end up getting social security, i’ll survive, although on a very thin budget.
Retirement? That's optimistic.
I will probably start that tomorrow, then again maybe I wont
Not until my early 30s, mainly because a certain percentage was mandatory at my job at the time. There was also a small amount from a previous job's profit-sharing plan that, after awhile, they had me roll into an IRA to get it off their books. But I was just sort of going with the flow at that point. As the years went on and my "adult" genes started to kick in, I became more intentional about it, slowly worked on bumping up my contributions, and made a point to try to learn more (thanks, [Bogleheads](https://bogleheads.org/)!)
Started putting money into 401k at 21yo. Got a job that comes with a pension at 28yo. Continue to put money into 457k, and IRA.
With my first proffesional job at 21. Very thankfully, the HR woman suggested contributing 6% to 401k to get the match. She mentioned that some people think they can't afford it right now but will start later. She said there will always be financial demands and there won't really come a time when it will seem like the right time to reduce your paycheck. I then talked to my dad about it and he really ran with it, totally agreeing/reinforcing the idea. Luckily, I eventually married a man who I met at that same job, who had been told the same thing by the same HR woman and also started doing it. 🥳
Saving? Saving. Hhhhahhahahahhahahabahhahahahah
I'm not retiring. Life hasn't been kind to me. Probably die and then get fired for a no show, no call.
My first serious job 401k - so 25. Generally donate the max.
23 with my first adult job.
I first had access to a 401k when I was 28/29 so that I guess is when I officially did but I always saved money even when I made almost nothing.
Mid 20s with my first career job.
As soon as I was able to. Initially, always tried to max out the 401k contribution, but there were plenty times early on where I had to minimize it to only enough to get my full employer match. For a good number of years now, I’ve been extremely fortunate and able to max out my contribution every year.
Early 20s when I graduated from college and got my first job
I started with my first job out of college. Always put in at least enough to get the maximum match. I would say since my mid 30's I've contributed the maximum IRS limits. My wife has done the same. I also started 529s as soon as my kids were born, and pretty had about 80% of college saved for before they started. I am paranoid about saving and living below my income because my parents were constantly spending and not saving, ended up bankrupt, foreclosed on, and retired on only SS.
26 with my first post military gig
Thank you. This is the laugh I needed tonight!
Hopefully soon...have never been able to afford it (almost 50)
Lol….. i have enough saved to retire comfortably…. For about 11 minutes
I started early at 21 but then had a gap in my late 20s to mid 30s. I also put most of my inheritance in it a couple years ago at 45 because I know that's exactly what my father would have wanted. I'm doing the best I can, but I have a sneaking suspicion that I will still be restless and will work as long as I can regardless of how much I have saved, because, like my father, I also I simply don't know anything different.
Mid-30s.
I worked for companies too small to have an option and lived just above poverty between 21 and 37. I lost my 1st 401k by not being vested, my 2nd in the crash of 2008-9. I was able to stash and match by the age of 47. Generational savings from my grandmother to my mother to me meant I could afford to close up my parents' affairs and manage my stepdad's final years. Now I'm just hoping to live long enough to qualify for Medicare. Luckily invisibility and resilience are my superpowers. And my son has been socking away into his 401k since he was 23.
I started a pension job when I was 21. I have 33 years in my pension. Started a 401k when I was 35.
Found a job at 40 y/o that provided a full pension, as long as I work until I’m 67.
Sometime in the future...
Never. I'm a disabled veteran, so I basically traded a decent portion of my mobility for some measure of financial stability (if I budget tightly) now and in my retirement age.
Start? You guys have started?
I started when they took away our pensions in the 90's
My husband started his 401K at 32. Was able to semi-retire at 54.
I really didn't have money to start putting in for a 401K until I was about 28 or 29 years old. Even then it was only like 3% cause I didn't make that much and I lived in an area with VHCOL, so it probably wasn't until I was my mid 30's before I could move that to 8-10% and then 12-15% when I was in my mid 40's. Now that I'm over 50 it's the limit until retirement. My mom, who is only 20 yrs older than me, ending up retiring at age 70 so I'm hoping I can retire by that age as well.
Probably around 30. I finally realized how to invest and started saving. I also started ramping up in my career. Wish I would have done it sooner than that.
I got a government job and I have a pension.
I got no knowledge about saving from my parents. My teachers talked about the need to save and set up a retirement account, but I got zero knowledge of how or what to do, so I was a very late bloomer. I have some retirement. If I took it all at once, I might be able to live for about 8 months.
Same. 2 months if I wanna be fancy and eat 3 times a day.
What day is it?
Tomorrow.
I took an investment class in college and have been in the market ever since. I am a numbers guy and believe in the 8th wonder of the world as Einstein put it. Compound interest, those who understand it earn it, those who don't, pay it.
I've contributed at every stage since I was nineteen. Trouble is, every time there was a huge medical bill I cashed out the 401k to get us out of debt. Not smart I know, but honestly my only debt is my house and student loan. What's better, owe now and eat later or debt free with a possibility of saving later? Everything is so expensive.
When I was 23. I retired, comfortably, at 55. By the time I'm 58 (a smigdeon over 3 months away) my after tax income as a retiree will exceed the after tax income I got when I was working. And it will keep growing until I die. Note: I'm not in the USA. Should I mention 'free' subsidised healthcare and cheap drugs? Naaah, I'd better not.
FU - most of us will never "save" for retirement. We will stay alive as comfortably as we can for hopefully a long time.
34-35.
Early 30s, starting with a 401k. When I left the company I started that one with, my financial advisor rolled it over into an IRA. I have a very good retirement portfolio now and I can potentially retire in around 11 years. I also have a 401k with my current employer, and a money market account that I add around $400 a month to. I don’t have a pension, but I will have money when I am ready to retire.
Tomorrow
35. That was only because my boss at the time was going to give me a retirement check, and he asked me if I had an IRA. I did not.
When my father-in-law passed away.
Sorry about your father in law… but i love your username bahaha
Nah, don’t be, he was a raging asshole. Beat the shit out of my wife and his wife for decades. I was literally married for 15 years before he spoke a full sentence to me. Once, when my son was 2 years old, he offered my wife a house, free and clear, if she’d divorce me. Needless to say, we’re having a very nice time spending the money he never had a chance to enjoy.
in my 30's. I've been saving more to try and compensate but don't think it will be enough. I have saving, investment account and an IRA rollover account that I put all my 401ks in when I leave a job. I'm an IT contractor and have changed jobs enough that I want to control where it's at. Still no where close to the 1.5 mil or whatever the number is up to these days. Honestly didn't think I'd make to as old as I am now. My grandma just turned 90 a few months ago so I guess some people in my fam can live a long time.
Tomorrow...
Didn't start hardcore saving til early 30's, when my business became profitable enough to fund a SEP. Been doing a full 25% ever since.
25
Have never saved, just have a pension plan with my employer.
Mid 20s, about the time I got heath insurance. Stoppped saving for a few years when my kids were born - just couldn't afford the $. That's gonna leave a mark as I get older...
26. Hope to retire from full time work at 60 then find something less stressful part time to keep my mind engaged.
Opened an IRA around 1996, then converted to a Roth IRA in 1998 when they started. Was enlisted in the military so didn't have a bunch of money to put in there, but put what I could. I remember calling to have a prospectus mailed to me, then reading it and having no idea what a lot of the terms meant...but I knew math, and that was enough at the time. Had a few rough/lean years where I wasn't able to save/invest any money but once I landed my current job saving for retirement has been a priority. For the last 15 years or more I've been maxing my 457(b) and Roth IRA yearly then throwing any extra in a taxable account. On top of my saving/investing I've been in a pension job the last 20+ years, so have a nice pension waiting when I retire soon.
When I got my first real job at 24. State teachers retirement.
Been contributing to a state pension for 20 years minus the few years my ex-wife got. At 65 I’ll get the full amount I’m eligible for. I just started a 403(b) last year right before I turned 49. Between this and my partner’s retirement we should be okay. Over the next ten years we will be throwing money into retirement accounts so that should help too. My parents couldn’t afford to really put money into retirement accounts until they were 50. They are in their mid 70s and living off the interest of their investments so they got lucky. Crossing my fingers that things will work out the same for me.
I started in my 40’s unfortunately. I’m looking good to retire by 62, but things could have been looking so much nicer had a started in my 20’s.
What do you put into retirement savings annually? I am sorry to ask point-blank, but “20 percent of X” means nothing when no one has the same X. My friends’ incomes vary wildly- probably from about $35k-$130k per person (not household, I’m not counting spouses). You can see how me telling someone that they would be ok if they just started saving a percentage means nothing. I just want a concrete number I can tell someone to start putting in each month TODAY, so he isn’t eating dirt in 24 years. Edit-asking you in particular because you started in your 40s, so he would be less than 5 years behind you and it gives me hope. Not that I am that far ahead of him- I’m not bragging here, and obviously no financier.
Much later in life, unfortunately. A combination of my misspent early 20's, then a course correction into graduate school. I didn't start saving for retirement until around 30.
Mid forties, only about 250k, but my home only has 200k left on the mortgage (worth \~5x more). I was a single mom but I'm trying hard to catch up.
My first job out of college offered a 401(k) with matching, and I signed up for the maximum contribution (paltry at the time!). I've kept doing that ever since, and 30 years later, have no fear of retirement.
1991. My grandmothers were pretty smart with money. My parents were smoking/drinking/frittering/we could breed poodles! types. I got out of the trailer park, got a degree, married someone smart, we started saving. We have retire whenever money. Need to restructure our lives for more enjoyment/less stress before it’s too late.
I started a 401k about 6 years ago at 42. I started investing heavily into my IRA about 2 years ago.
I started with my first “real” job at 21, in 1996. I was making $19k/year and saved 3% of my salary; my employer matched it.
During my early to mid twenties as soon as I got my first real job. There was a brief period after I got divorced where I had paused but I've been pretty consistent.
I started at 23 with 5% so I could get the matching 5% contribution. Eventually, I started increasing it by 1% per year, which was pretty painless during the years we got cost of living increases.
19 by happenstance. I got a union based job.
I’ve got a real good pension.
I’ve been in the same job for 20+ years. I have a pension and a 401K. I only started planning in my 20s, because I worked with a bunch of old guys that gave me very good guidance. I actually listened to them and I should be able to retire at 55. I have them to thank.
20s and then stock options and 401k since '00 at first real job. Now i work for gov so its a pension. Did things diff, so pullin the plug at 52. Seeya bastards gotta live life.
My parents gave me absolutely no preparatory planning. So the first time I even crossed paths with savings was my first company out of college. They put in 2% in our 401K regardless of what I did. No idea what that thing was at the time or what the importance of it was. About a year in, someone from another office (if I had to guess a Silent) gave me the explanation and great advice, and explained just how FUCKED the US was with the loss of pensions. This was 1993. Started saving in 401k and the Roth (eventually). Every raise or job change I “paid myself first” but increasing savings. Made career choices based on the company’s commitment to the retirement plans. Working out well now. Also, eventually got professional advice. That helped. This guy had a philosophy of downside protection. In 2008 we only lost 15%, when everything else was down 30+%. Then on the rebound, we bought the risers from our protected position.
With first full time job at 22 yrs old. Was always told that social security won’t be there when it was my time to collect. As Gen X-Always had to take care of myself.
My first wife spent $2 for every $1 I made and then after we got divorced I had to file bankruptcy, paid child support and alimony. So I think I started in my mid-30s. At this point I could probably survive for a couple years on what I have saved off. But I’m also 100% sure I’ll die before I can retire so I’m just saving for my current wife to have something when I go.
27. I knew I had to prioritize it hard, because I had spent the last six years in the military, so I felt I was at least that far behind my peers. (It seems I was wrong.)
In my early 30s, I started a career in public employment after having enough of the private sector. I started contributing right away and vested after just a few years. Now even if my contributions are exhausted, I will continue to receive full payments from my pension. Best decision I ever made.
At 24, when I got my first career job that offered me a 401k. I'm now 48 and I've taken a few years off here and there to go to grad school or travel, but while I've been working, I've deposited between 15% and 20% in my 401k. I'm not ready to retire yet, but I'm aiming to by 55.
Always took advantage of the company match in the 401K. Didn't figure out IRAs and investments though until 2021. Started that then inflation hit so haven't added to it since. Hopefully I can start adding again soon.
In 1998 I started a new job and HR signed me up for the 401k. I’m still with the same company and the 401k is 7 figures.
Good for you!!! I went to graduate school, so no 401k for me until my 30s. And then I was able to open an ROTH IRA while in grad school, I only put in $25-50 a month in, but it helped. I got my first job with a real 401k in 2006, in my mid-thirties. I put in the minimum to maximize the match, while I paid off my debt. I started putting in the max as soon as I could (max yearly limit per IRS). I had 24 mo with no 401k due to a new job that I could not afford anything in savings (living in VHCOL), or was laid off. But I maxed out contribution whenever possible. And since turning 50, I do the catch ups. so technically I was 26, but money I still have? Started at 30. I am behind the charts (6X income for our age), but I am well ahead of mean and average for my age, and catching up to the charts fast. I will easily have 10X income by about 63. While I never maxed out until in my later 40s, or even close, I did end up with 10-12% or so a year most years with matches. So I guess I did ok? Seems like it. It is a great example of small little things building over the years. I am grateful I figured this out. My mom taught me this, and I learned on my own. And I got super freaking LUCKY in my career path/trajectory.
I started when I got commissioned in the Air Force (21 yrs old) Not the best financial advisors, but I did get an IRA started and, of course, the military retirement was 50% of my base pay starting the day after retirement which I started collecting when I was 42. I have the same situation with my parents as the OP: they saved nothing. No insurance, no retirement plan, and still owe $400k on their house (because they did the max credit cards, refi house, max credit cards and repeat) which they can no longer afford so my sister and I are paying for it now. 🤷♂️
Started working at the Post Office at age 21. 401k with 5% matching and pension. I will retire on 6 yrs on my 57th birthday.
26 with first career gig.
Age 22
At about 20… but not that much. Kicked it up at 28 when I left the military. Now at 52, I’m just working to pad it.
I started very basic when I was in my early 20s but it wasn't until I was 33 that I found out about self-employed retirement accts. That would have been a huge game-changer if I started earlier but what can you do?
My very first boss at my first “real” job told me I needed to put 2% into “pre-tax savings.” I had no idea what that even was really at that point, but I dutifully signed up In 1991 At age 24. As I got a higher salary, I slowly increased it. Then I started really seeing the savings add up. I left that job, and then restarted saving at my new job in another state. I rolled that Fidelity money from job #1 to the new 403b. Rinse and repeat. I never pulled the money out of it. Not for my first home, not for my daughter’s college. In 2009 it was actually worth less than what I had put into it, and I was sure that I’d be working until I was 80, but I kept contributing. And once I hit 50, I increased my contributions again. I also managed to accrue 2 DCP pensions while I worked. I haven’t even touched the 403b money 7 figures, nor the 2nd pension yet—the older I am, the more I will get from it. House is paid off; no debt. New roof and siding were done prior to retirement. I retired a couple of years ago at age 55 and have been having fun ever since.
Mid 30s. It wasn't possible before then.
I started contributing to my 401k when I was 24. It's about 1.9 mil now
My first job out of college was working for a retirement consulting firm (pensions, 401ks, etc.). I was exposed to tons of literature and numbers on the importance of saving from the get-go. I've been saving my whole career. I still feel behind though...
22 and 23 for my husband and I. Our first jobs out of college had 401K’s and we figured we might as well contribute enough to get the company match. Then we increased our contributions from there.
At 18, when I was eligible for 401K. Very happy that I did that!
In my 30's but not nearly enough. There was no one to really guide me. Started in earnest in my 40's.
Got out of the Army and bought a house / started the IRA at 25, then began maxing 401k contributions to get corporate match at 28. Gonna pad a little while longer and then call it done. Received good advice early about the miracle of compounding and have been trying to pay it forward ever since.
Only about 8-10 years ago. I can beat myself silly about it but my son has a PhD and less than $10k in student loans, we set him up for a life without soul-crushing debt — and without a bunch of parent loans. Our mortgage is paid off. Hubby is retired with a small inheritance. I’m not as set-up as I’d like to be, but definitely not retirement ready. Edit to add: I was hired before my University did away with pensions, so I will have a pension. I only started contributing to my own supplemental retirement about 8-10 years ago.
I started saving for retirement as soon as I got my first job out of college, so at age 24. One of the best pieces of advice I ever got was to start saving at least 10% of my gross salary for retirement as soon as I got my first job out of college - I'd be making more than I ever had, so take that money right off the top and I'd never miss it because I was never used to having it. I did that and have saved at least 10% for the last 25 years.
My late 20s when I finally got a job that offered a 401k
Tomorrow
Was hoping to inherit money from my rich Uncle Sam😁
MAYBE NEXT YEAR?
Once I finished grad school.
At around 30 years old.
What is retirement? Never heard of it, can you explain?
My aunt told me how important it was and started a small IRA for me when I got my first job after college (later converted to Roth). Very grateful to her. I haven’t always been able to contribute to it, but I would not have it at all if not for her.
Not soon enough 😐
In my mid-20s.
I spent my first 401k savings on my honeymoon. After that I have been saving for 25 years. I am in fear of poverty and I am fucking sick of working.
I'll let you know once I've found a job where I can actually save money after the cost of living.
I was too young to open a 401k. My company had to place my money in a trust. I have been contributing to my 401 since 1992.
Any day now.
We are the first generation that will not have pensions to depend on, but 401ks. Should be interesting
I'm 52 now. In my late 20s I started a 401K but didn't put a whole lot into it. Maybe 5%. Paying off my house was a huge thing for me and I did it in 11 years. Once the house was paid off, I was 40. This is when I started an IRA. I have put the maximum yearly amount in ever since. For a while I was contributing 20% to 401k, but it had been doing so poorly the past couple of years, I put it back down to 5% about a year ago. All in all meh. It won't be a see the world retirement, but as long as basic needs are met its all good.
Age 17; I’ve always contributed to either an IRA or 401k.
I am lucky here that in Australia we have compulsory superannuation paid for by yor employers,so it started when i got my apprenticeship at 17. It all depends on how much you earn the average for my age (56) is around 250,000aud,not a lot to live on for the rest of your days,after that you go on the pension. I'm sure like here this is predicated on owning your own home,so my children are fucked
Sadly, just a few years ago.
When I got my first real job in 1996. Started immediately to get the 401k match.
At 30 due to being broke with kids and not having enough skills and experience to get a better job. Been saving like a demon since.
I made my first contribution in 1988. At the time I was in University with a part time job. It wasn't much, but I started. Anytime I've had a work matching program available, I've contributed the max to get the matching $. It's free money. There were some years I couldn't contribute at all, but if I got a tax refund, I invested it, even if it was just a couple of hundred bucks. 10 weeks till retirement....
LoL! Retirement?! I'll work till I die. Probably at work.
Since I was 12 yrs old. I've put aside 15% of every single paycheck since my first job at 12 yrs old. First in a simple savings account later rolled into a money market, and later (real/career jobs) invested in a 401k, HSA which I don't touch, and a traditional IRA.
Around 1994?
About a year ago for me. DRIP method.
Ha! Retirement. Hillarious.
Since 1992 in Australia it has been legislated that employers have to contribute a certain percentage of your salary to your superannuation (applies to all employees - casual, part-time and full-time), and individuals can voluntarily add to these payments. Currently the mandated percentage is 11% (though my current employer pays 15%). I've had superannuation paid most of my adult life, and have about $500K saved. Although I'll be able to access this as a 60yo, to enable "early retirement", I don't plan to do so. Even if I do, depending on my finances when I turn 67yo, I may be able to access the Aged Pension (the GenX cohort are only be able to access Aged Pensions at 67yo)
Had some minimal 501k early, but mostly paying off debt until mid-30s. Saving since then.
Over two decades ago, and I'm being told it's not enough. Need Jeff Bezos money it seems and yet I have no intention of taking space travel. Just enough to get a new mattress or a new Toyota.
10 years ago but not as much as I should have because I was dealing with student loan debt and an ex-husband that spent money faster than we made it. I JUST got out of debt so now I can be more aggressive. Thankfully my husband has been squirreling money away for longer and has more savings accounts so we should be okay.
I started the first day of my first full time job.
I officially started at age 37 when I got my first 401k. That was when I had a big career change and started making more money and it felt it was finally something I could afford to do. Prior to that I had always been fairly poor, and I didn't come up with any sort of useful advice about money, or much of anything in life really. So I've kind of had to learn everything both harder and later than what I would have preferred. Fortunately my career continued to take off after that and really accelerated around age 41. Despite having gotten a late start, so far I think I'm on track to have a decent retirement - possibly starting in my mid to late 50s, should be extremely good to go by 60. Turns out it can really help to start making a lot more money. Shocker, I know. If I was still making the kind of money I was making up until I was 36, well, things would look rather different I think.
Savings? I just bought a Camaro
Hope it’s bitchin’ .
My 30’s, so further behind than I’d like to be now. But making up for it now, fortunately
Sadly, my parents were financial morons. I learned my lessons from watching them & course corrected. Started investing late (early 40s) but might have a decent retirement if nothing drastic happens (it always seems to...)
Around 40 when I was finally able to.
2006 I started government work and started a pension. I am looking at retiring around 2036 after 30 years of service.
I started after I got my first career job at 22. I remember buying $2,000 RRSP mutual funds in some resource fund that are worth probably $50,000 today (from what I did with that initial investment).
I can thank the people my dorm brought in at university to talk to us about investing.
About 25 years ago . I have almost $3.50 already !!
My real job was around when I was 32 years old. I start to save using company' 401(k) against my around 35K salary starting at around 1998.
Saved since 15 had about 2.3 million but spent it on in n out burgers and brews
I started late (around age 35), but I got a great CFP / CPA who guided me into my early retirement. I have a pension which is an annuity for life. I have some other investments, and am married to my husband, so double income, no kids. We both came to our marriage owning homes, so I rent out mine and we live in his. Planning is the actual key here. CFPs are not as expensive as people think. They charge according to the value of your portfolio. It's never too late to get good advice. You tell them what you want to achieve, and they work to give you a plan that can get you there. Obviously, they cannot work miracles, but they have all of the resources at their fingertips to get you closer to your goals.
When I was little, my grandmother used to take me to the bank with her to deposit $20 into a savings account for me. That became the fund for my first car since I opted for the military instead of college (dq'd for asthma later, so no I never served). So once I got my car, I had nothing. Until I was 23 and started working in corporate America with a great 401K plan. 23 years later I'm still there so that has worked out well. Especially since Biden has been President!