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This site makes me depressed...
Old 04-24-2013, 08:43 PM   #1
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This site makes me depressed...

Lots of good information, but this site has destroyed any illusions that I may have had about doing better than average in my retirement financial planning.

I used to pat myself on the back for putting 15%+ away each year, but on this site it seems like most sock away 25% +.....there is just no way to do that on just over $100,000 a year, with a wife that likes horses, among other things.

I also used to think that getting out at 62, maybe 60, with money to live at or above my current means was great, but then I read all these posts from 30 somethings that will be retired long before I am (49 at present).

Guess I am just jealous:-) I just need to save those articles that are periodically published showing how much the AVERAGE 50 year old has saved for retirement, to remind myself that I am doing OK.
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Old 04-24-2013, 08:46 PM   #2
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Old 04-24-2013, 09:00 PM   #3
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The average person here is probably ahead of 95% of the general population when it comes to retirement planning. Keep that in perspective and keep the faith!
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Old 04-24-2013, 09:05 PM   #4
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yea these folks are crazy, according to the US Census bureau the average american has 3,800 in savings.
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Old 04-24-2013, 09:07 PM   #5
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It's not about being better than average, it is about achieving an objective. Don't blame DW, develop an objective you both can live with and then go after it!
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Old 04-24-2013, 09:13 PM   #6
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If you are putting 15%+ away each year, I'd say you are doing very well. And I agree with what Ziggy and MichaelB say.
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Old 04-24-2013, 09:17 PM   #7
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It's not about being better than average, it is about achieving an objective. Don't blame DW, develop an objective you both can live with and then go after it!
+ 1

It's not about averages or outliers - it's about you, your life and your ambitions and getting on with achieving them.
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Old 04-24-2013, 09:25 PM   #8
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Saving 15+% puts you WAY ahead of the ave American. And that 'ave American' might think you are nuts for saving that much & not immediately spending it. Doesn't everyone NEED $200+/mo for smartphone service & apps
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Old 04-24-2013, 09:34 PM   #9
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Yeah, you're doing great. Don't compare yourselves to the knuckleheads here (and even if you do, you sound like you're in the average range). Like ziggy said, we are a bunch of outliers. I read somewhere that the average person entering retirement age has about $10,000 in savings.
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Old 04-24-2013, 10:06 PM   #10
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I don't see this as some sort of race. It's more like perfecting my golf swing - just me, working on making improvements in my own life.
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Old 04-24-2013, 10:13 PM   #11
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"Don’t waste your time on jealousy; sometimes you’re ahead, sometimes
you’re behind…the race is long, and in the end, it’s only with
yourself."
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Old 04-24-2013, 11:15 PM   #12
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My husband and I are more like you are. I read here because everyone has great advice and knowledge. We also will need to work till 62-3 to meet our goals of not having to worry about money, but at the same time we won't be wealthy even then. However, we are so much better off than most people we know our age, that I do feel alot of satisfaction.
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Old 04-24-2013, 11:28 PM   #13
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My husband and I are more like you are. I read here because everyone has great advice and knowledge. We also will need to work till 62-3 to meet our goals of not having to worry about money, but at the same time we won't be wealthy even then. However, we are so much better off than most people we know our age, that I do feel alot of satisfaction.
+1
It's about knowing what your situation is that is important, and being able to prioritize about what you can spend comfortably, not blindly assuming everything will be happy, happy, happy in some vague way. Facts and information are important.

My now departed FIL once made the statement, when DW and I were asking about how he would get by, he said "someone will take care of me". If I weren't driving a car at the time, I might have fallen out of my seat.
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Old 04-24-2013, 11:52 PM   #14
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Slow and steady really does win the race. Keep plugging along. It WILL get there.
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Old 04-25-2013, 01:03 AM   #15
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Originally Posted by Sniggle View Post
I used to pat myself on the back for putting 15%+ away each year, but on this site it seems like most sock away 25% +.....there is just no way to do that on just over $100,000 a year, with a wife that likes horses, among other things.
Oh yes there is. Although society may have programmed you otherwise, money, and the materiel things that it buys, doesn't have to be the primary fuel for happiness.
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Old 04-25-2013, 01:15 AM   #16
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Originally Posted by Gumby View Post
I don't see this as some sort of race. It's more like perfecting my golf swing - just me, working on making improvements in my own life.
+1
We are here to share and support each other toward our goals, not compare and compete. And it sounds like you have good habits and are well on your way to achieving your goals. Talk to your wife and see if it's time to update those goals and habits.
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Old 04-25-2013, 05:21 AM   #17
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Choices to make - no right or wrong. Spend it now or save it to spend it later. There may be no 'later'. Life's funny that way. There can be a balance, it just takes planning and discipline.
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Old 04-25-2013, 07:47 AM   #18
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With time it will seem as if some lost relative is adding money to your accounts. Naw it is just compounded growth. At some point 5% of a bunch of money is a lot of months in early retirement.
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Old 04-25-2013, 07:54 AM   #19
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Gosh, when I began w*orking, the rule of thumb (or so I was told and so I did) was to save 10%. It worked for me.
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Old 04-25-2013, 08:06 AM   #20
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If you started young, saving and investing 15% will serve you very well, and it puts you out in front of 95% of the population. No reason to beat yourself up. And it's normal to save an increasingly higher % as you get older, try to work that into your plans. You're doing very well, but watch those equestrian expenses.
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