State Retirement

The state automatically takes 6% out of my check for retirement. When people say you need to be saving 10-15%, can I include that 6%, or should I just include my own 401ks and Roths, etc?

 

I'd include it. Also, if you put in 6% into your 401(k) and it's matched 4% then that's 10%. Add it all up to see what you are saving.

 

State retirement plus social security is a good base for retirement. If you can be debt free at retirement they might be enough.

 

You think? I'm 35 now. Realistically, how much SS can I expect to get when I retire? 50-60% of what they're telling me now?

 

To be safe, I'd expect NOTHING.

 

That's what I'm doing. I was talking to another guy that I work with the other day. He has about $20 taken out of his check each month going into a 401k. He's pushing hard on 50 and dont have a clue. I dont know if he's lucky or unlucky.

 

Unlucky. Only $20? Unless he already has a nice nest egg that isn't going to be nearly enough. I basically do what my employer matches and then each month treat a savings deposit just like any other bill. I pay myself each month a fixed amount.

 

That's what I consider monthly payments to a Roth IRA for me and another for my wife. They take the money out of my checking account, but its still my money. 529 for my kids too.

 

I have state retirement and I throw in $100 a month to the 401k at work, which they do not match......

I think there will have to be some social security when we retire, I am 36, because the public uproar will be so strong when they try to pull it away that it will stop. The baby boomers will be age out before us so the older people in this country are going to have lot of power in the next thirty years.

 

The way I undertand it there isn't going to be enough going into the system to pay all ther upcoming retirees in the future. There may be a little left but your check probably won't even buy you a tank of gas then.