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Forum
-> Household Management
-> Finances
amother
OP
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Tue, Jan 05 2021, 8:54 pm
Hitting 40 and just now starting to save for retirement. I am feeling very alone and scared compared to what I see others in the general population of my age bracket have already saved. I have 50k for savings and then 12k in IRA and 401k total. I am wondering if anyone is in my boat? I plan on automatic drafting 1500 a month now into my retirement accounts. Am I so behind everyone else? Any words of chizzuk?
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amother
Slateblue
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Tue, Jan 05 2021, 8:57 pm
You're getting started now and that's better than not starting at all. Putting aside $1500 a month is great.
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zaq
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Wed, Jan 06 2021, 12:31 pm
1500 a month is 18K a year--that's a lot! How far that will go in retirement depends less on how much you put away than in how well it does over the next 25 years. Choose your investments carefully, and sock away consistently.
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amother
Navy
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Wed, Jan 06 2021, 12:34 pm
It doesn’t matter what others do.
But one this is certain- people underestimate the huge need to save away for old age.
I repeat, you must include retirement as part of your savings plan.
So start now and save whatever you can.
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amother
Cerise
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Wed, Jan 06 2021, 1:05 pm
I put aside when I was single but used for a house. Then started after 40. Just started about 4 years ago .
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amother
Babypink
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Tue, Apr 20 2021, 7:23 am
I'm 40 and a half [lol sound like my kids]
and I didnt invest at all
I'm 60K in debt
do you feel better now?
[I wish this wasn't my reality]
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amother
Lemon
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Tue, Apr 20 2021, 7:28 am
amother [ OP ] wrote: | Hitting 40 and just now starting to save for retirement. I am feeling very alone and scared compared to what I see others in the general population of my age bracket have already saved. I have 50k for savings and then 12k in IRA and 401k total. I am wondering if anyone is in my boat? I plan on automatic drafting 1500 a month now into my retirement accounts. Am I so behind everyone else? Any words of chizzuk? |
Are you married? Do you know how much you will get in social security? Im not sure why no one mentions this
My mil worked a bit when she was newly married. When my FIL retired they realized that my mil can also claim social security benefits, based on FILs income. Its a percentage.
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amother
Khaki
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Tue, Apr 20 2021, 8:00 am
Op, not that this should make you feel better, but I think there are many (maybe half?) 40 year olds that have virtually no savings. Families need to make a small fortune just to survive month to month let alone save for retirement.
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amother
Goldenrod
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Fri, Apr 23 2021, 7:53 am
I didn’t have a penny to invest when I was 40. We were actually in tremendous debt at the time. The last few years my husband invested in real estate. Some of it we live off. Some real estate investments are more longer term investments which we will have for retirement.
I actually have no idea how to invest aside for real estate. I would love to invest a very small amount and see what happens but dh laughs at me and says all I would see from my investments is $500 a year. He thinks real estate is the only way to go. I’ve seen deals go bad too so I’m not convinced. I have $35,000 sitting in a savings account from a yerusha I got. It’s sitting for a few years and maybe only earned $25 interest! I really want to do small investments for the future. I’m 49 and I don’t even know what to do.
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mommish613
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Fri, Apr 23 2021, 8:04 am
Op,
Do you own a home? do you have assets?
I am close to 40 and have much less than you. Things are tight right now and my husband is starting a new business. I have to marry off children first so retirement is not number 1 right now.
But bh I own a home which I can iyh one day sell and downsize.
Both myself and my husband should get a nice amount in social security benefits.
Healthcare will be free.
Living expenses are much less when you are two people (hopefully no children to support)
Today people work till they are in their 70’s. With Hashems help we will work as long as we can.
Please don’t panic.
Hashem will take care of you. Just do your best
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