So basically I'm trying to get a census or feel for the average median age that "real" people (including low income) started saving, or plan to start saving by? I know that the most important step on ANY journey is the first one. So tell us about your first steps, and if your still learning to crawl, that is okay too. We want to hear about not just what you have done ready, but what you were planning to do to kick start your retirement
@Jesse - I'm still a bit rocky (and older now), but I first started saving for retirement when I was 21. I had a full-time job that offered a 401(k) account, and I took the company up on it. I started saving 12% of my income. I was living with family, so that helped with expenses. Things look a little different now, but I'm glad that I started when I could. I also understand that I was in a very fortunate position when I got that full-time job.
I'm still trying to figure out how to apply for retirement benefits I have 401k from my previous employer and I'm new to this
I'm still trying to figure out how to apply for retirement benefits I have 401k from my previous employer and I'm new to this
What do you mean by "apply" for retirement benefits? Do you mean when do you have access the money in your retirement accounts?
At 30, I worked for a company that offered a Simple IRA and a very small match for up to maybe 1-2%? I almost passed on the opportunity because I was living paycheck to paycheck (or not even making that). I sucked it up and did it. I didn't earn much over my years with them but I earned something. 5 years ago, at 45, I started working for a new company with an amazing 401k program. I was finally in a decent position (not great but decent) making a decent salary to be able to sock much more into my retirement. I also rolled over that old Simple IRA into my 401k and, now, after 5 years, it's grown by leaps and bounds. Long story short, I didn't really start saving seriously until 45. I simply didn't have the means or the obvious opportunity to do so before that. I'm now playing a serious game of catch up. And my current trick? I go in and add a few dollars to my retirement whenever I have a few dollars to spend. Even $20. But it's adding up as that money gains interest. Every little bit counts!
I had the benefit of my parents establishing an IRA for me when I started working at age 16. And while I didn't give much thought to saving for retirement in all my various jobs from my teens through college, I credit the example that my parents set as the reason why I always contributed the annual maximum to that IRA. After college, my expenses were low and my pay was decent, so I made a conscious effort from day one to contribute the annual maximum to my IRA and TSP (at that time, TSP contributions were limited to a percentage of income, so the maximum, in my case, was short of the IRS limit). As my pay has increased, I continued to make those retirement account contributions to the annual IRS maximum and expanded my retirement savings to include taxable investment accounts and an HSA. I'm a prime example of the power of starting early and making saving a habit.
I’m 48 and don’t know how to save for retirement. I have a part time job without an employee retirement savings plan. I have been saving money for an emergency fund.
I'm 32 and looking into starting saving now. The nonprofit I work for does not offer a match, unfortunately.
I started saving for retirement at the age of 20 with a Roth IRA. I was in college at the time and only had a few dollars to spare every month. So my account would only get anywhere from $300 to $500 in contributions per year. After graduation my first employer offered a 403b and 457b which I started off contributing 2.5 percent to each and raising a percentage point every year or with each raise/promotion until I had both at 7.5 percent or 15% pretax. When I changed jobs my new employer did not have the same 457b providers so I ended up championing for a better selection. The selection when I was hired was mainly insurance companies that had high account maintenance fees. Now I contribute 10% to the new 457b I was able to get added, 5% to the 403b, and anywhere from $600 to $1200 to my Roth IRA. My next goal is to up my Roth to the maximum which I should be able to do by my 36th birthday. I am currently 34.
I’m 48 and don’t know how to save for retirement. I have a part time job without an employee retirement savings plan. I have been saving money for an emergency fund.
Have you looked at any of the Money 101 posts on saverlife?
I’m 48 and don’t know how to save for retirement. I have a part time job without an employee retirement savings plan. I have been saving money for an emergency fund.
Good for you on contributing to an emergency fund. Beyond that, your options for retirement savings will probably depend on your time horizon, your risk tolerance, and your investing goals. While your employer may not provide a retirement savings plan, do they offer any other retirement benefits for which you may qualify? If you have earned income, you should be able to open a traditional or Roth IRA. You can also save for retirement in a regular taxable investment account.
Started at 16 with a ROTH IRA and a part time job.
Started at 16 with a ROTH IRA and a part time job.
Likewise, Micky H. What were you doing for work? I was a lifeguard at a local YMCA a long, long, LONG time ago.
Started at 16 with a ROTH IRA and a part time job.
Likewise, Micky H. What were you doing for work? I was a lifeguard at a local YMCA a long, long, LONG time ago.
Well Aaron G. I worked various functions through my church at the time. Ex. Babysitting, lawn care, etc
25 with my first "real job" out of graduate school. I wish I had the knowledge to do a ROTH IRA at 16 when I began working.
I don’t think your ever to old to try and save. A lot of companies offer to match your contribution to your 401K. I did 4% because that was what they matched. Once it set up I actually kind of forgot bout it and it build up quite nice. It was great to have auto deduction, one less thing to have to think about. I’m all for it :) can’t wait to start with my 401k again.
Thank you for the guidance, I enjoyed reading the posts.
At the age of 25 years old I got my first full-time job which offered both a 403 (b) and 457. When I first stated working I was only making $18,000.00/yr so I started off saving $10.00/paycheck. I now contribute $130.00/paycheck and by 2021 I will be maxing out my Roth IRA.
15 when I stated working for a landscaping company.
Unfortunately, I am just getting started and I was forced into retirement due to COVID-19. Yes, it's never too late to start saving, but please folks start as early as possible. It's stressful to be at my age and not have any money saved. The blessing that came from COVID-19 is I now have a couple dollars saved. Unfortunately if things don't turn around I will have to use it to pay rent so that I won't get evicted. So start saving now people! 
deal
I started since I began my first job out of college. Making small savings to build my retirement.
401k small savings
I started when I was about 27 and then I had some personal issues I had to attend to and withdrew the 16K I had vested in my retirement fund. It took me another 17 years before I started again and now I'm slowly building some back up at 49 years old. Looking back I should have found another way besides withdrawing my 401K.
I started at 25. I open an IRA and contributed $100 per month. I slowly over the years upped my contribution to where I have been able to max out for the past 6 years.
