mebden
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What was the amount in a retirement account and age did everyone start retirement? And once you did retire did you add more to your retirement accounts or just let it keep compound?
When you retired did you just let compounding to have your account go up
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Lawrencewendall
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ERD50
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People on this forum retired with different amounts, and at different ages.
What is it you are trying to get to, this really doesn't make sense?
Adding vs compounding isn't an either/or question. It could be both, one or the other, or neither. Again, why are you asking?
-ERD50
What is it you are trying to get to, this really doesn't make sense?
Adding vs compounding isn't an either/or question. It could be both, one or the other, or neither. Again, why are you asking?
-ERD50
CardsFan
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I retired end of 2015. Since then we have spent about 20% of the original sum. We now have more than 145% of the original sum. We are now both taking SS. WR is now less than 2%. Retired at 60.
RunningBum
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How do you add more to your retirement account after you retire? Assuming "retire" means to stop working.
Right I don't get "adding". You need earned income to "add".
Also the amount in my retirement account is of no use to you because you are not me. I have a (small) pension to go with it so needs are different than someone who doesn't.
Also the amount in my retirement account is of no use to you because you are not me. I have a (small) pension to go with it so needs are different than someone who doesn't.
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CardsFan
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The stock market was very kind for several of those year. All earnings.
Car-Guy
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I wasn't allowed to add more to my 7 digit 401k once I retired and it's been compounding for over a decade now. Looks like I will need to start withdrawals soon because of dang RMD's.
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We actually did add a little to the portfolio when we couldn't travel during Covid, because our pensions and SS more than cover our ordinary expenses (including modest domestic travel). Now that we're back to first class travel overseas, our withdrawal rate from the portfolio is expected to be about 0.2% this year. It will be covered by dividends and fund distributions that we won't reinvest (as we always did prior to retirement). We have not sold assets.
In a larger sense, I would ask what you are hoping to learn? Given the variations in pension and social security income and spending patterns, knowing the age and a portfolio amount of someone else would seem to be of limited use to you. If you want to see how you compare, just keep in mind that "comparison is the thief of joy." The only thing that really matters is whether you have enough for you.
In a larger sense, I would ask what you are hoping to learn? Given the variations in pension and social security income and spending patterns, knowing the age and a portfolio amount of someone else would seem to be of limited use to you. If you want to see how you compare, just keep in mind that "comparison is the thief of joy." The only thing that really matters is whether you have enough for you.
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Montecfo
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No pension here. No add.. just invest.
RetireAge50
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We only withdraw (no deposits) but the balance keeps rising (almost 6 years retired).
38Chevy454
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Compounding is one of the pillars of retirement saving. Live below your means (LBYM), pay yourself first, and let compounding do its thing over time. Follow these rules and you should have successful retirement. Assuming you save a reasonable amount and invest appropriate allocation.
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mebden
Recycles dryer sheets
Did you add when you started collecting SS? also some may have cash on hand where you add to a Retirement account, Interest made off of a savings accounts. You received an inheritance.
Unless this is a survey/poll, not certain what you are attempting to understand. Have you looked at FIREcalc, possibly talked to a financial advisor?
When I retired, my NW, and what my finances have been since is likely to be of very little help to your situation.
Can I buy a vowel?
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mebden
Recycles dryer sheets
what vowel you want?
Just a simple question as you retired what did you have to start with in a retirement account and did you add to it or just withdraw from it and let it compound?
At retirement, my spouse and I had a variety of stocks, accounts, and savings sufficient for us both to stop working, permanently. As retirees, we have no "work" income, so we are not adding anything to our net worth other than the income that our investments provide.
Dash man
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We have about three times more than when I retired. Twice more than when DW retired. 2022 was the only year the balance decreased. Inflation is only noticeable with food, insurance and scotch. We still buy all three.
RunningBum
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Isn't that compounding, not adding?
W2R
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I've been retired for about 14 years, since age 61.
My retirement income comes from four sources:
1. Social Security (claimed at age 70),
2. my mini-pension,
3. my RMDs from the TSP, and
4. dividends from my investments.
Now that the first three income streams have kicked in, almost every month I live off those only and leave my dividends at Vanguard, unspent. So, as I receive them, I add my dividends to my retirement accounts.
I feel pretty guilty because last month I had to use some of my dividends to pay for a new roof. I don't usually do that but I guess that's what emergency funds are for. My intent now is to save more and replace what I used.
There have been -0- additions since I stopped working. Mr. Market has been very overall good in the last 8 years, with drops along the way.
What I started with:
-compared to my family - A sh!tload
-compared to the security guard I talked to recently rebuilding his finances after an immigration scam marriage and divorce - triple sh!tload.
-compared to *most* of my friends and neighbors - sh!tload+
-compared to *some* of my friends and neighbors - quarter to half a sh!tload
-For the life I am *willing* to live - sh!tload+
-For the life I *want* to live - enough
As said more than once already, anyone else's number isn't helpful. COL in Houma is a lot different than Destin or Ft. Lauderdale. Figure out what it takes to support the life you want to live, what would be "enough" and go from there. Bracket the cost of the range of life/lifestyle preferences first.
Sunset
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I invested for decades (stocks mostly, some interest earning CD's, rental) and after the decades I realized I could live off what it all generated, so I retired.
Realize that to live off a retirement account for 30 years, means the 4% rule, so $1 Million = $40,000 per year of income. More means more, and less means less.
This does not include house/car/etc, it is just actual money in stocks & bonds.
It compounds each year , sometimes it goes up and sometimes it goes down, so far for the past 8 years over time the average is up.
scrabbler1
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When I ERed in late 2008, I did a direct rollover from the savings part of my 401k into a tIRA. The amount back then was $234k. As of the end of April, 2023, without adding a single dollar to the account the entire time, the tIRA is worth $768k, more than triple its late 2008 (which was low because of the market downturn back them) value. And this is with an AA which began at 55/45 and is now 40/60, a somewhat conservative AA.
CardsFan
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Yes. I don't think ever mentioned adding to the portfolio.
target2019
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For you it's a simple question. But the reality is that there is more to the puzzle than just the retirement account (not defined BTW).
For the "invested wealth" one accumulates (that might define what you are talking about), the balance can rise or decline after retirement. There are variables that affect this: expenses, income (pension, annuity, SSA), marital status, interest rates, and taxes.
For us, because one went back to work part-time, and we have SSA monthly, as well as pension, we are adding to "invested wealth."
At some time you will be required to take RMD's from certain accounts (Like IRA, 401(k), 403(b).
Andre1969
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I think it might be worded a bit awkward, but I'm wondering if the original poster is simply asking, did your invested assets keep going up in value, or did you spend them down?
With retirement-specific accounts, like an IRA or 401k, you HAVE to start spending them down, as required by law, eventually. But if you don't need to spend the money, you're probably just saving it, or investing it back into stocks/mutual funds or whatever. This would be especially likely, if you have a good pension plan.
My Mom and stepdad, for instance, retired back in 2011, and are still accumulating. My Mom did have to start getting into her IRA, or whatever the federal gov't version of an IRA is, at 70.5 because she just missed the cutoff when they raised the age to 72. But they don't have much in the way of expenses, so their pensions cover that and then some. So the overage just gets put back into savings/investments. And when Mom started tapping her IRA, she simply moved that money into something else, rather than spend it.
I guess I look at the phrase "retirement account" as a bit of a loose term. To me, if it's something that I'm going to depend on to keep me from having to work, it's a retirement account. Some people may only think of a 401k/IRA/Roth etc as a "retirement" account, but I'm looking at it more as a total picture, including any after-tax accounts that can be easily accessed without penalties for early withdrawal and all that fun stuff.
Anyway, I'm still working, so I can't actually answer the question. Hopefully one day soon though!
With retirement-specific accounts, like an IRA or 401k, you HAVE to start spending them down, as required by law, eventually. But if you don't need to spend the money, you're probably just saving it, or investing it back into stocks/mutual funds or whatever. This would be especially likely, if you have a good pension plan.
My Mom and stepdad, for instance, retired back in 2011, and are still accumulating. My Mom did have to start getting into her IRA, or whatever the federal gov't version of an IRA is, at 70.5 because she just missed the cutoff when they raised the age to 72. But they don't have much in the way of expenses, so their pensions cover that and then some. So the overage just gets put back into savings/investments. And when Mom started tapping her IRA, she simply moved that money into something else, rather than spend it.
I guess I look at the phrase "retirement account" as a bit of a loose term. To me, if it's something that I'm going to depend on to keep me from having to work, it's a retirement account. Some people may only think of a 401k/IRA/Roth etc as a "retirement" account, but I'm looking at it more as a total picture, including any after-tax accounts that can be easily accessed without penalties for early withdrawal and all that fun stuff.
Anyway, I'm still working, so I can't actually answer the question. Hopefully one day soon though!
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