The Shockingly Low Amount of Retirement Savings per American
October 18-24 (this week) was recently designated as ‘National Save for Retirement’ week by Congress. Historically, the federal government has always promoted increased spending by consumers to drive us out of recessions. That’s why it’s incredibly interesting that during the largest recession since the Great Depression, Congress would approve of a ‘National Save for Retirement’ week.
Average Retirement Savings per American
It turns out that they have good reason. According to the Employee Benefits Research Institute’s 2009 Retirement Confidence Survey, 53% of workers in the U.S. have less than $25,000 in total savings and investments. The typical American household (headed by a 43 year old) has just over $18,000 in savings! That’s a scary number.
With pension plans being a thing of the past, saving for your own retirement is increasingly important. The government is starting to realize that if it doesn’t begin encouraging savings now, the expense of completely supporting tens of millions of retirees who have zero retirement savings will be catastrophic for the country. Now is the time for action.
These statistics get me absolutely fired up! My employer matches 50% of my 401(k) contributions up to the IRS maximum 401(k) contribution. That is an incredible benefit that I would never take for granted. However, a number of my colleagues don’t take advantage of this free cash while having no home, no kids, and no major expenses. If they aren’t taking advantage of this benefit, it’s easy to see why workers who aren’t getting a nice match are not saving at all. It kind of makes me sick on behalf of their future self looking back with regret.
I have the feeling that a good many of you are exceptions to these statistics. But why? How are most Americans not getting the message?
Retirement Savings Discussion:
- How much have you saved for retirement and what is your age?
- Why have you decided to save?
- If you could tell peers of yours why they should start saving, what would you say?
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Age: 26 w/ hefty mortgage
Roth: put in 13k, curr. bal.10k :-\
401k: put in 8k, curr. bal: 10k despite matching.
Wanted to max company match.
Planning now will save you distress in the future..
I’m 22, started working about 3 months ago, and have $1,200 in my unmatched Roth 401(k), with another $2,000 to be added to my retirement savings by the end of the year, split between that account and a Roth IRA.
Although I don’t get a match (I’m so jealous of you!), I have extra income now, and I’ve read too much about the power of compounding to ignore it, even if I only have a small amount to save.
Many of my friends have not started saving yet. The ones who are employed do, but for others, it is hard to save when their parents are helping pay rent. I realize that this puts them at a disadvantage for the future and am hoping they find jobs soon that encourage them to save a substantial amount.
On a separate note, what are the main differences between a Roth 401(k) and a Roth IRA, other than the withdrawal rules (hopefully I won’t be withdrawing at all)? For Roth IRAs, if I deposit $1,000 today, will I be able to withdraw all future contributions (not earnings) after 5 years from today? Or does the time period follow each investment?
I think the reason most people don’t save for retirement as much as they should is the same reason most Americans overspend and are in credit card debt: they prefer immediate gratification. You COULD save up until you can afford whatever you are purchasing on your credit card, but then you would have to WAIT FOR IT!!! God forbid you don’t get a new laptop this week! Same reason they aren’t saving for retirement, they would prefer money now than significantly more 40 years from now.
I just turned 22, and I have about $5,000 combined in both roth and 401(k) accounts. My employer matches my contributions up to 6%. I’ve been working full time since July, and since I currently have no real expenses (still living at home), I contribute about 25% of my income.
I don’t have much to say to my peers because I believe any educated person knows why they should save, and I shouldn’t have to convince them. Just like everyone knows cigarettes are harmful to your health, but some still smoke. Everyone can screw themselves over however they want.
I am 28 years old. Between my wife and I we have about 86,000 in retirement savings. My wife gets a decent match with her employer, but my employer offers no match. Fortunately both of us started saving when we had full time jobs out of college. With each raise we have gotten, we put more into retirement (and other savings). Since we didn’t have the money before, we didn’t really miss it.
I decided to save because I understand how much the money that I put in now can be worth by the time I retire. I know that if I were to wait until I was older, I would have to either put away more money each month, work longer, or have less during retirement. I didn’t like any of those options.
I’m 28. I have about $3k in my 401K. My employer matches 50%.
I’m not really sure how this all works, but it appears my 401K has gone up slightly in market value YTD.
Ah, after reviewing it, it appears I can contribute up to 6% of my paycheck with my employer matching it directly; any more and I’m on my own.
I’m not surprised to read this at all, and I’m sure the state of things here in the UK is similar. I contribute as much as possible every year to mine.
Until the proverbial hits the fan I don’t think most people will realise the problem. The national pension will probably not longer exist here in the UK by the time my generation retires. The baby boomers will (as usual) get the best of things and leave nothing for the rest of us.
It makes me worry when I hear my friends still saying things like, ‘we don’t need to worry about that yet’, when we’re nearly thirty. Because of the way compound interest works, you’re far better off saving a little over a longer period of time, than saving a lot later in life. If you haven’t already, start saving now, even if it’s only a little bit!
FruFal,
I never understood why people would say “we don’t need to worry about that YET”. So what? Eventually it will be a big concern, and it’s not that difficult to prevent it now. It just doesn’t make sense. Unless they plan to die an early death (before retirement), why WOULDN’T they worry?
After reading Nudge I have found that a lot of people’s behavior is based on the lack of interest or knowledge. What can be done by employers is to help making better defaults and choice architecture. With this work you can still give the control to the individual, but ensure that if no action is taken they would start saving something. For example, my company automatically enrolls you in the company 401k and starts contributing just a few % of each check. This is a great default to get people started. The next step is helping make the many decisions that go into choosing funds, bonds, etc comprehensible for someone who has no experience and little interest.
I am 27, I have $5500 in my 401(k). I had about that amount a year and a half ago before the market did it’s thing… That was just from profit sharing at my old company. I started a new job a year ago and they also do profit sharing (10% of my salary) which is really great. I started contributing 2% in January and with the good market plus my contributions my rollover amount has increased $2k in just about 10 months. Can’t complain about that. I am working on getting out of credit card debt (and getting close) once that is done hopefully by July 2010 I plan to up my contribution and have made my goal to have $30k in my 401k when I’m 30. I think this is a reasonable goal and am getting excited about retirement! Lol…
Age: 26
Total Retirement Funds between wife and I: 18k
Current Savings Per Year: 10k – 11k
The reason I’ve started saving now is easy – Compound Interest
https://www.networthiq.com/people/Broke_MBA
Lots of good comments here. It sounds like you all are putting forth a solid effort. At the very least, EVERYONE should get their employer’s free match. EVERYONE. There’s no excuse not to.
@ R S – not bad for 26.
@ Daniel – check out my Roth IRA post: http://20somethingfinance.com/blog/2009/01/25/roth-ira-basics-in-a-question-and-answer-format/
and my Roth 401k post: http://20somethingfinance.com/blog/2008/02/17/roth-401k-vs-traditional-401k/
@ Julie – angry, but hard to refute.
@ David – you’re rocking it, man. Keep up the good work. Paying yourself first is always a good strategy.
@ Adam – 6% of your paycheck is not bad. Hope you’re taking advantage of it.
@ Frugal – agreed.
@ Derek – maybe employer’s should make it mandatory for employee’s to watch documentary’s about 90 year olds working at Wal-Mart greeters b/c they didn’t save anything for retirement.
@ Stephv – sounds like you’re executing on your plan. Glad to hear that you’re excited about it. That’s a good step.
Julie,
I don’t get it either! Although I have a bad feeling that a lot of my female friends honestly believe their knight in shining armour will come along and save them from financial worries, so they won’t have to think about such things.. sad but true!
I just don’t believe these statistics. I truly believe a lot of people have much more than that. It’s just hidden and untraceable by the government.
$18K in savings…. at 43 is WAY too little. That’s only 13 months of savings in your 401K! What’s everybody doing?
I think there’s much more money out there than anybody thinks.
Lots of retirees saw their 401k accounts plummet by 40% or more when the recession struck. I’m sure this punt a huge dent in retirement savings.
Some persons does not save for Retirement because they were taught that owning a home and having children is their retirement pension. This uneducated stance allowed a lot of persons to depend on the government when they reach retirement age because they were not told to save towards it. It is wonderful that Governments in various countries are taken the time out to educate its citizenry about the importance of having his/her own Retirement Plan.
What we should remember is not what we earn but what we save.
I’m 23 and my employer matches 50% up to my first 6%. So, I’m contributing 6% to a Roth 401(k). Living within my means, saving 25% of pre-tax income, thanking lucky stars for managing to graduate debt-free from a good school, etc.
I’ve got a three-month emergency fund already set up, and have some extra savings accruing with no clear objective (not getting married or buying a house any time soon). Before taxes are due in April 2010, I’d like to decide whether to (1) open up a Roth IRA or (2) invest the money otherwise so I can get it back before 2053 rolls around. Decisions, decisions.
I’m 30 years old and have about $170,000 in my 401K, but also another $200,000 in CD’s. I don’t make a ton… just a steady 100-150,000/yr.
A lot more people have a lot more money than these statistics show.
The funny thing is that there are all these personal finance blogs written by pretty poor people. The irony is amazing.
Gregory,
It’s interesting you say you “don’t make a ton” and blogs are written by “poor” people. Statistically, you DO make a ton. In NYC, in 2007 the median income was a bit over 48k, and the mean was around 75k. So you do make a ton, congratulations!
@ Gregory – wow, what do you do for a living?
Australians have compulsory superannuation of 9%. Once it goes out of your pay you don’t miss it. The clever people add their own contributions in addition to the 9%. Although you need to wait for retirement to access the money it must be a godsent for people that have done this throughout thir working career.
I would love to be in a comfortable position at retirement to buy a caravan and travel Australia with my wife. My superannuation fund will ensure that I do this in style.
I am 50, just changed jobs (intentionally)I make 75,000 anually, I cashed out my 401K to help bail out my houshold, I have zero savings, $400,000 mortgage and 2 kids, I cannot save ANY MONEY!!, I don’t care how much my employermatches, you guys don’t get it average americans dont make enought to do it!!I am certain that when it is time to retire, It wont be possible, I am 100% depended on social security
Pat, at you’ll be able to receive Social Security checks. My generation will receive paltry amounts of Social Security, if at all. That’s also why Social Security withholding irritates me to no end.
As an accountant, at the tender age of 26, I’ve learned to trust only myself with money. I set up my contribution amounts and investment funds through my firm’s 401(k). I contribute only 12% to my 410(k), but only because my company matches 25% up to 12%. I contribute $50 every other week to my Roth IRA and another $25 every other week to an emergency savings account.
I know I’m not that old, but I feel like I’m already playing catch up with retirement because I’ve only been working for two years. My retirement savings right now is at around 9,200-401(k) and 4,100-Roth IRA. Fortunately, I’ve been feeding both as the market has rebounded. It hurt last year to see a declining balance even though I was contributing regularly, but now I feel pretty smart for sticking to dollar cost averaging. It’s not a glamorous way to save for retirement, and I know I stand to lose out on potentially bigger returns, but it’s still effective for my goals.
I prepared a tax return for a buddy of mine last year. He’s two years older than I am (28). No debt, no kids, no home mortgage, yet his W-2 didn’t show any 401(k) contributions. The maddening part? I know the company he works for matches 150% on the first 4% of contributions. Pretty sad.
I’m 27, income of ~$135k.
Currently $40k in my 401K, and another $10k in Roth IRAs.
Contribute $20k/yr to my 401K, 5k/yr to a non-deductible IRA (I can’t contribute to a Roth IRA directly due to income limits, so I’ll convert into a Roth IRA in 2010 when that is allowed for tax diversification).
There are plenty of exceptions to the stats, but the stats don’t lie. The whole recession was caused by people living beyond their means, and people still largely have an attitude of spending everything they make (and often more). This behavior isn’t limited by their income — my father is a CPA with clients that are typically small business owners or higher income people (say incomes of $200k – $1m) and he says its amazing to see how often people can make half a million a year and still spend all of it.
It is completely ridiculous that houses with average age of 43 have only $18k in savings. I am 26, wife is 24. We are closing in on $65k already.
I am 25, and I have $30k saved up. My company gives me 10% profit sharing, and I contribute another 10%.
The goal is to have $100k by the time im 30.
I’m 24, and I have $8,500 in my 401(k). I finally did the research about Roth IRAs and opened one last week. It only has $20 in it so far, but I’m working on it!
I’m 65,I have $705,443.00 for Retirement so far.Will get SS of $1932mo.starting 11/13/06.Retiring Apr.2010.I think I’ll be ok!
Jim
@ James – congrats on all of the hard work! Enjoy retirement.
I’m 25, $64K in my 401k and another ~$100K mostly in brokerage accounts, high percentage of it in stock. Guess I’m not doing bad
I’m 27. My husband and I have a combined balance of 170K in our 401K. He is 29.
Those numbers sound high, I doubt the average american has 18K saved in the bank
The numbers posted on finance blogs are going to be higher than the average American because these are people who take more interest in their finances (and tend to save more) than the clueless masses.
Do you think people would save more for retirement if Social Security didn’t exist? I really think that since everyone who works has it withdrawn from their paychecks, they feel like that money is owed to them later and therefore they will get it. Even though we all say we don’t expect the money to be there when we retire, I don’t think most people really believe that the government will let us “fail” – just like they bailed out the banks, auto industry, etc., everyone secretly believes that the government will bail them out too in their retirement. Because it is “owed” to them since they contributed in. I think most people don’t realize that just because it is “owed” to you doesn’t mean the money will be there!
I would be the first to say that I don’t think the government will have money when I retire (I’m 25). But if I think about it honestly, I do believe that the government will still send me a SS check, even if they have to keep getting further into debt to do it. That being said, I currently have about $11k in my retirement accounts and am continuing to contribute $200/month to my Roth even though I’m back to being a full-time student for grad school and only working part-time (so no more 401(k) contributions for a while).
Stephanie,
I just view the social security tax as another tax which I will never recover. I know I am paying for other people’s retirement, but there’s no guarantee that someone will be paying for mine. If the government does end up sending me a check, I doubt it will be for over $200 a month anyways. Or something really low so I won’t be able to depend on it anyways. Just another injustice in the world, coming out of my paycheck.
Also, I have direct deposit, and I never look at my pay stub, so I hardly remember that something is being deducted. If there was no social security tax, I would save more money simply because I’d have more money to save.
As for other people, I do agree that people assume the government will always be there for them. Which is interesting, since that means we all wish we were living in a socialist society–but this is America, you’re only supposed to look out for yourself here.
* How much have you saved for retirement and what is your age?
23, and I have about $18k in a 401(k) after a year of work with the last seven months at a 25% contribution level (plus varying quarterly contributions by my employer), the previous five at some de minimis amount. (I discovered a couple weeks ago that I maxed out on 401(k) contributions, boo hiss. Next year by mid-year I’ll certainly have 401(k) contributions to burn [or rather what would be contributions in a just world with a flat tax rather than the current distorting American system].) I’m uncertain where I’m best off putting further money (depending on tax/salary ramifications of the 401(k) bit I might be best off with either Roth or traditional IRAs) and need to discuss it with my dad, who’s always been actively engaged by personal finance matters. I’m not rushed because I’m behind on charitable giving and will spend most of the rest of the year’s extra money reconciling that (although I’ll open the IRA account this year to max out its contributions in the early part of next year).
* Why have you decided to save?
I make more money than I want to or am capable of bringing myself to spend, I have no family or liabilities (outside student loans that were ~$45k a year ago and ~$18k now; the extra kick once that liability’s payments are gone will help savings a lot next year, although some will go into somewhat more liquid form for nearer-term purchases like a house when I have a family), and I have nothing better to do with it.
* If you could tell peers of yours why they should start saving, what would you say?
Umm…I guess peace of mind in thirty-ish years. I know I’m basically oversaving by most rational analyses of my situation (perhaps hard to believe of anyone, but my 401(k) savings were likely comparable to all my expenses outside student loans the entire year, so odds are I’ll waste much of my retirement savings on inheritances for my heirs
), but if I have the flexibility to retire earlier, or be less stressed as I approach retirement, why not jump at it?
Here are some links for understanding banking:
7 Page article in The Times on Goldman Sachs
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece?token=null&offset=0&page=1
Article in Rolling Stone on Goldman Sachs
http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine
The great American bank robbery:
http://vodpod.com/watch/2040248-how-to-rob-a-bank
How banks gained control of America:
http://video.google.com/videoplay?docid=-515319560256183936#
How to fix bad commercial banks that take in money from depositors. Simple. People power. The Dutch brought an arrogant bank to its knees in twelve days:
http://news.bbc.co.uk/2/hi/business/8323991.stm
I put the maximum allowed in 18.5% and I’m over 50 years old so I also put 18.5% in the “catch-up”. The company matches 25 cents on the dollar for only the first 4%. The pay checks are very small when 37% of your pay is withheld and frugality is a must.
401K is a SCAM. Saving money? Why? What if you die tomorrow? All that money goes to what? Spend! Live! Don’t be such a Scrooooge.
Manski,
That’s completely true. Since we all have sugar daddy’s (or mommy’s) to support us just in case we become too old or no longer want to work, it seems obvious that we should spend each penny we have. I guess the only people who should save money are those without a support system of cash in case they are alive several decades from now….
I’m 46 and my husband is 50. We make about $160K per year and in the past couple of years became more serious about putting money into our 401Ks: we max out ($32K) our contributions plus have employer contributions totalling $13K and make non-deductible contributions to our Roth accounts. Currently, we have about $1.1M in retirement savings which is down from its peak but recovering.
We live in a high real estate market (boston) so only recently bought our small apartment for half a million with 50% downpayment and a 15 year fixed 4.5% mortgage that will be paid off before we retire. We also have a mortgage free beach cottage. Obviously we’re better than average savers – with no feelings of privation, I might add. What are all these people our age w steady middle class incomes w nothing to show for it doing with all their money? We have a nice car and travel well; we just don’t spend money on lots of toys or junk and rarely use credit cards. Other than the mortgage, we have no debt.
It sounds like we should be fine but we are also well aware that our elderly parents could need expensive care as they age, our kids (freshman and junior in top private colleges whose college accounts took a beating last year so what we thought would see them through grad school w/o loans will just get them through their undergrad institutions) might need our help or that our jobs, seemingly quite stable, could turn out not to be. For these reasons, we don’t feel like we can let up in terms of saving and are actually a bit nervous about outliving our savings (we both have excessive longevity genes.)
Saving for the future is a wise decision that every person should take in their life as it would secure your future. Every penny saved now is worth your hard work in future.
Julie, you are cute. Will you go out with me?
Sorry, manski, I’m in a monogamous relationship.
thnks admin
One of the problems is that your taking a survey during the recession. I would think the numbers would be a lot higher 5 years ago.
Not sure if anyone still reads this thread since I am a little late to the party, but I just found the site and I think it is great for feedback.
Im 29 and have 78k in 401k, 15k in a broad-based Vanguard mutual fund, 19k in a ING savings account and 116k was used a a down payment on a house last summer. I am not rocket-scientist smart but make just north of 130k a year, and have done my best to put myself in a good position, and want to do better.
I am saving so that (hopefully) I will have a greater amount of flexibily as I age. Right now I am happy as can be living below my means and appreciating non-material items. My dog and wife (not necessarily in that order) make me happier than any car ever would and it’s a heck of a lot cheaper (I have noticed the dog is much cheaper than the wife-ha).
If things ever don’t work out for Julie and her bf I am sure she could take her pick of a number of guys on this site. Reading her posts were more of a turn-on than a good playboy issue- her bf has a keeper. Good for her to empower herself financially and not be dependant on anyone else. I know plenty of guys that are financially wreckless, but the personal financial ignorance from the majority of otherwise well-educated women I know is astounding. Fathers- teach your daughters how to manage money.
Sorry I went off topic a bit there, I am happy to hear feedback/advice. does anyone recommend a good site for 30somethings?
Brad, thanks. My father is a financial advisor.
I get email alerts when people reply here, so yes, people still read this thread.
@ Brad – Keep it in your pants, man. =)
Genxfinance.com is the best site out there for 30-somethings that I know of. Also, if you stick around here, I think that you’ll find a lot of the content is truly not age specific and applicable to anyone. Thanks for stopping by. – GE
Brad’s such a womanizer. He must not be earning a lot of tips for earning only 130K a year for doing strip dancing at the gay bar.
Happy Holidays Everyone!
42 years old, make about 20-25 grand taxable income per year. Have roughly 130 grand in IRA’s, cd’s, savings bonds,cash,silver, and other precious metals(guns).
My only debt is my house and it is 2/3 paid off.
I still feel like I’m desperately behind because as a Country we are in deep, deep crap and our politicians will screw us. If we rely on our government for retirement or to do what is right for the people we will die digging ditches for China when we are 90.
Money can’t buy happiness, but with enoough of it you can pick your own misery.
I’m new to this site (high school teacher on winter break, whoop whoop!) But I have to say from my experience it seems that most of the 20somethings in this discussion seem like national outliers and the 40 and 50somethings are more representative of the national averages. When you grow up in an upper-middle class family (I did not) or attended a high-ranking university (I did) your perceptions of reality are really skewed.
That said, as a public school teacher in a wealthy suburban district I only make $60k right now but I am fortunate to have an amazing pension — the average of my last three years of salaries paid in full every year until I die (plus annual COAL). Not bad considering I can retire in full at 52…only 23 years to go! I realize, though, that I too am an outlier because a) I have a pension and b) I don’t teach for the average school system. On top of it all, I don’t work three months out of the year, so I get an annual mini-retirement.
@ Samantha – wow, teaching never looked so good!
Age 23, Roth IRA $4600 (self employed), first year saving for retirement
Saving for peace of mind. I live in a crappy apartment and it breaks my heart to see all of the old people that live there. I want to be comfortable in retirement, live in my own home, and have the money to travel and live life to the fullest.
Age 25 – annual income $118k
403b $11k, Roth IRA $5k, Savings (Liquid) $30k
I’ll probably get slapped for admitting this but I started my retirement savings late because I wanted to aggressively pay off my student loans ($50k) first. And to be completely honest, personal finance was (& still is) rather stressful and I couldn’t handle more on my plate. And I didn’t feel too bad because my employer did not have any matching 403b contributions.
But I feel ready to handle being a little more financially responsible now… Current goals: Max out 403b + Roth IRA, Saving towards downpayment on owning first property (looking at the $300k range)
Questions:
- Just curious, do you use the services of financial advisor? If you do, what is a reasonable rate for services?
- Do you have “umbrella insurance”?
- I read somewhere on this website – not to spend more than 30% of your take-home income (25% if you can help it) on your housing payment. Conservatively, that’s $15k per year or $1250 per month… that seems like very little house, no?
- And I paid about 22k in taxes last year, only to get 3k back… would it be in my advantage to just on owning property (I mean, putting little money down & stretching out the mortage)?
P.S. Thanks for your feedback! And great site!
yeah, I have not done a great job in the past saving and investing my money on a regular basis. I was always a penny-pincher growing up and was able to invest a little back in the day, but ever since I got married and had a ton of expenses i have not been responsible with that.
I’m getting back on track though. http://financialsecrets101.com is showing me how to automate my finances and save on an automatic basis so that I don’t have to remember to be disciplined every month. This has worked wonders for me.
I’m with you on how scary it is in regards to our generation saving so little. Most of us are not going to be prepared for retirement. And by then our government will probably be bankrupt or something ridiculous like that and wont be able to bail us out. I don’t want to be part of this majority!
Thanks for your insight.
I am 51 years old. Currently have $570,000 in 401k/IRA’s……and approximately pproximately $1 million in indiviual equities, mutual funds and cash……………..house worth about $375,000 paid off………I still feel behind!
@ Steve – You’re sitting pretty. If I had that kind of portfolio at your age, I don’t think I’d be too worried.
I find this board interesting. I did not realize that it is for 20 somethings………there are some very bright young people here. My advice to you 20 somethings……..have fun, live within your means……AND DON’T GET DIVORCED!
Good luck to you all in your careers and endeavors.
I’m a 23 year old 2008 college graduate making 50-55k a year with my first job. I started about 4 months ago and have $4,000 saved in a money market account. Any advice on how to proceed with saving/investing?
As the value of a 401k drops, the American savings for retirement will dwindle even further.
Feel like I’m at the low end here…I’m 26, have an income of about $30k, RothIRA of $2.5k, savings $3.5k and most of that is because I am one of those boomerang kids that recently came home to take care of my ill widowed mother and get her house in order.
Before, I lived a missionary life traveling and making enough to put a dent in my educational debt. It’s now down to $6.5k!
Thankfully I have no revolving credit debt either. But you that have gone before me in the comments certainly have your ducks in a row.
:O)
26 years old, Debt free, $60k in 401k, Make too much for Roth IRA. Not a bad problem to have and I wouldn’t invest in one anyways if I could since I would rather pay taxes on it later when I’m not withdrawing nearly as much from the retirement acct as I am making at my job now (especially when you factor inflation in).
I just recently got married and the hubby brought an additional $200k in retirement savings to the table. We’re on the same page when it comes to saving.
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