conversation: User (snapshot_thrwy_06261): "I am looking for some feedback on my retirement situation since recently hitting the backside of my 30's, and doing some reflection. My monthly budget is under control (i.e. running a small surplus,) but I have run a few retirement planners and they all seem to agree I am going to come up short at age 67:\n\nAge 36, $60k/yr, Single Income/No Dependents\n\n* [Savings 1] $10K (E-fund, negligible interest)\n* [Savings 2] $2K (Fun Money, negligible interest)\n* [Checking 1] $500 (E-fund, no interest)\n* [Checking 2] $550 (Direct Deposit/Bill Pay account only, no interest)\n* [$500 cash] (In a safe)\n\n* [401k 1] $30k (Past employer, expenses of $98/yr regardless of balance. Target fund)\n* [401k 2] $2k (Current, employer contributes $2k/yr. Low-expense mutual fund)\n* [ESOP] $4k (Currently 40% vested, employer contributes $4k/yr)\n\n* [Auto Loan] $13k (2.9%, vehicle worth $23k)\n* [Mortgage] $155k (4.5%, property worth $190k)\n\nI do not carry credit card balances or have student loan debt. Since my employer is already contributing 10% of gross pay towards retirement, I haven't been making contributions for a few years now in lieu of rebuilding my E-fund after a series of setbacks.\n\nIt's a little intimidating to see some of the figures being thrown around this sub, and while I am happy to see so many people doing well (and I am aware of the selection bias,) it's scary to see where I am in comparison! Without Social Security I will never retire, and the prevailing attitude seems to be “Don't Count On It.” Even with it, I am looking at employment well into my seventies (assuming The Man still wants me at that age.) So...how screwed am I?"
  Self: "You are not screwed. You make more than the median household income while single. \n\nExercise fiscal discipline and start saving 15% of your gross for retirement. You will catch up. \n\nIt really is about that simple. If you can afford a car worth 23k which is about 18k more than you need to buy a reliable vehicle, you can afford to save more for retirement."
  User (snapshot_thrwy_06261): "When you say 15% of gross, do you mean in addition to the employer contribution or including it?\n\nFinancially the car is irresponsible, although I did purchase/pay most of it down at a higher pay scale. At this point it is my only recreation, and will be paid off in a couple of years at which time I will turn those payments towards retirement. I put low miles on it (&lt;5k/yr) and can perform all maintenance myself, so I plan on owning it for a very long time."
  Self: "I mean in addition. The amount that you save.\n\nIf the car is your only recreation, then you should be easily able to save much more than 15% on a 60k income. My point was not that you necessarily need to get rid of the car, but that if you can afford to blow money on a toy as an adult you can afford to save for your future needs."
  