I want to see how good/bad off I am in being able to leave. Since this is anonymous, would you share your 401k bal and age. No snide comments, dont comment if you dont want to.
I am 55 with a current $610k bal. I saved diligently and think I might be able to retire with that get a lower stress job from here and then collect social sec at the appropriate age.
Yours?
Holy cr-p, 600k+ pensions? No wonder you boomers ain't leaving T and honestly I don't blame you.
Honestly depends on region. Southern/Region 3 guys don't have that much in their pensions. Old BellSouth guys have a straight cash balance pension. The upside is that it's guaranteed and not tied to interest rates. The downside is that they don't get the crazy multiplier that other groups did. Some have a 2x, some have a 3x, I don't remember if there are any greater than that. I had always wondered how some guys were saying they had 800,900k in pension. Southeast guys are more like 300-400k.
Holy cr-p, 600k+ pensions? No wonder you boomers ain't leaving T and honestly I don't blame you.
57 yrs old, 18 yrs at T. $940k in 401, 60k in HSA as I invested in HSA and it was good. 400k in chase brokerage. House is worth 550k but owe 218k. I started investing 12% and upped it every few years. I now invest 26% in 401. Salary and commission is 140k I on,y had 10k saved for retirement 18 hrs ago
For those of us who are getting surplussed and turn 55 (or older) this year, you can access your 401k funds without the 10% penalty. Research "Rule of 55." This may be helpful to bridge the money gap until your next job.
@3gpb that was my plan, then life happens, got seriously sick (twice), married, kids, etc. lived life without vacations, depressing.
“amazing amounts of savings. who are these guys and what jobs did they have. i guess
it pays to be a member of the stankey family”
If you make $60k and put in 15% you would have $1.5M after 30 years. That’s not even including the company match. That would put you over $2M
@3yvp those are good numbers
59 yo, 37 yr service. 1.4M 401K, 800K lump sum pension. Single income family during most of that time, so couldn't contribute more than 6% most years. Still, I don't think I did too badly.
It’s worth pointing out that one of the best benefit decisions AT&T had ever made is choosing Fidelity as a 401k administrator. Great funds, extremely low costs, and just enough choices has been a boon to informed employees. If you get your “knowledge” from Cramer, Ramsey, Suze Orman, Cathey Wood, etc…
GOOD LUCK! There’s tons of statistical and historical information that says you’ll lose in the long term over simply choosing the lowest fees and indexes. It’s boring and incredibly not se-y, but it’s the way to go over a lifetime.
"I think you have some fibbers here. Pretty sure you’re not going to amass $1.6m in 20 years of 401k savings."
Not me... To get to $1.7M, I used only the low cost index funds, contributed to the IRS pre-tax max every year, rebalanced annually on my birthday, and TURNED OFF THE NEWS, leave it alone, and stick to the plan. I've never bought a single stock, I prefer to own nearly all of them, including 30% of my money outside the US.
To get to the contribution level I wanted, I split every raise's take-home number with the 401(k). This easily got be to where I wanted to be, as well as a side benefit of controlling lifestyle creep.
Jim Cramer and many of the other famous money media guru's are hazardous to your wealth. There's a huge difference between investing and trading (speculating).
29 years, 1.2 in 401K, another 800K personally invested and Pension right now looks a lot sadder almost 600K if I take cash balance.
Just turned 60 and retired with 35 years. Sitting on 1.4M. Got super aggressive with my contributions in my last ten years of employment. Monies now invested in CD’s and bonds turning 5%.
I left end of 2021 at age 56; 35 years service; 401k $1.5 million; Pension: $600k
Yeah, the pensions are crazy . People who have comparable YOS (25+) have 3 times what I do. As someone said earlier, if you were coming from BellSouth, your pension is modest. A older time BellSouther has in the 200s where others are reporting almost 800. Yowzers.
“ Also those with 25+ years of service and age 50+ should have a greater pension than $200k.”
Not everyone has the same pension. I am management, mobility legacy Cingular. Under the Mobility Management cash balance plan. 29 years of service, cash value is 232K. Happy to have it but it’s clearly not as much as some of the other pension plans folks are under.
“ Speaking from the Midwest region with 30+ years in craft at 63 years old. Moderate 401k saver. $500k/$500k”
Respectfully, you likely were not aggressive enough to were you fully benefitted from the longest bull market in history after 2008. If the holdings inside your plan were super conservative, that’s likely the difference. I’m at 1 million after 29 years service, and I had periods of time where I wasn’t contributing at all in order to free up some cash flow. Had a loan or 2 as well during that time. I should have significantly more, but live and learn.
ReI - I think you have some fibbers here. Pretty sure you’re not going to amass $1.6m in 20 years of 401k savings.
Not true, look at the brokerage link option, many use that to self invest rather than take the standard stock & fund offers. I got into apple for 43/share right after the launch of the iPhone when the market tanked. Max out your contribution currently $22500 year then company match, also once you turn 50 you can add an additional catch up contribution - currently @ 7500 so 30k + company match + growth for 8 years = can add easily another 300-350k + to your portfolio on top of what you previously saved
The problem of only having 600k is the probability biden causes a market crash. If you cash out now you lose on returns , if you don’t you could lose it all.
57 w 21 years of service. 401K= $475K, lump pension = $285K, HSA = $11K, Bonds= $36K, liquid savings = $30K, home equity = $300K, stocks = $30K, Roth $50K, Traditional IRA $47K
"There's still a very large housing shortage. Keep saving and put down as much as you can so you're not house poor."
Yeah taking the time to learn the markets, understand valuing properties in certain neighborhoods, and aspects of deal structure while stacking cash right now. Fed has f**ked the average homebuyer for the next 7 to 12 years by choosing winners keeping rates so low for so long.
You can definitely get 1.6M over the last 20 years in of service. The market has been crazy good since the dot com bubble and if u contributed 10% and didn't take out loans that's likely around how much you'd have, if not more.
I think you have some fibbers here. Pretty sure you’re not going to amass $1.6m in 20 years of 401k savings. There are annual limits to contributions. Also those with 25+ years of service and age 50+ should have a greater pension than $200k. Speaking from the Midwest region with 30+ years in craft at 63 years old. Moderate 401k saver.
$500k/$500k
60yo, 40yrs svc….retired last year as a millionaire, and most of you will do the same…could have retired a year earlier per my financial advisor had I started researching advisors earlier…do yourself a favor and check out Smartasset.com and fill out the questionnaire…this matches you with 3 advisers who will contact you for an interview…gave everything to Charles Schwab and couldn’t be happier…get a monthly check for the same amount I was netting when I was working, and when I start soc sec I’ll be netting what I was GROSSING at work….imagine a 6 figure NET retirement income!!! Lesson here is start talking to advisors NOW, you might be in better financial shape than you think so you can kiss this soul-su-king-God forsaken he-l hole of a company goodbye sooner
Hey, I posted already and am doing ok at almost 54… this post has inspired me to share a few lessons with you younger folks.
Great post Thank You OP. This post has been very informative for those with years in T and those that are early on in their careers. This speaks to the family T once had. With all of the induced stressed I truly hope. To see the employee community back to where it once was, in the areas they choose to live not sentenced to live. You can drive us all out of AT&T, the AT&T family ties will live on. Good luck to everyone, I truly appreciate our AT&T family!
54 w 29 years of service. 401k= $460k, lump pension = $470k, Brokerage account = $440k, liquid savings = $120k, house paid off= $350k, other properties = $200k.
Still taxes and insurance are sharp knives that cut deep.
"What savings investment gives you close to 5%?"
Right now, freaking savings accounts. Look at Bask, Ally, Synchrony.
Post from TheLayoff.com
What savings investment gives you close to 5%?
Retired, 63 years old. At least $19M in retirement. Great decisions made by T has benefited me. Thank you - Randy S
Just a little off.... Currently his net worth is $150M
Long ways to go for me, 56 24yos, 401k $276k, pension $122k. Life happened with a disabled child.
"Damn I feel like the only younger person here..."
Dude, you're doing great at 25 yrs old! I wish I had been as far along when I was your age. Keep doing what you're doing.
50 with 23 years of service sitting at $1.6M 401k and $800k in pension.
Retired, 63 years old. At least $19M in retirement. Great decisions made by T has benefited me. Thank you - Randy S
want to buy a house in the next year if a deal pops up with demand slowing
There's still a very large housing shortage. Keep saving and put down as much as you can so you're not house poor.
Damn I feel like the only younger person here.
25, 3 years. Total 401k is 95k, Roth IRA 15k, HSA 4k, brokerage 90k (50k of which in cash collecting close to 5% interest - want to buy a house in the next year if a deal pops up with demand slowing).
`amazing amounts of savings. who are these guys and what jobs did they have. i guess
it pays to be a member of the stankey family`
Nah.
Craft and practicing good personal finance.
I buy used cars and drive them until 250K+ miles.
Stay clear of debt.
Pay off the house.
Put away 16% into retirement funds.
It's really that simple.
Not many stories are simple ones.
I agree that that “Stankey family” comment was just ignorant and that many who make a “professional salary” should be able to live below their means a save early and do well. Time is an investors best friend in those cases.
But there are many others that life dealt a tougher hand and just can’t save early or enough.
"amazing amounts of savings. who are these guys and what jobs did they have. i guess
it pays to be a member of the stankey family "
Not really, it pays more to NOT be in competition with the Jones'. Anyone who has contributed a fair amount of their pay is likely doing well with 401k after 25 years. It doesn't take a high salary to be doing OK if you have been contributing for 20-30 years. There is no excuse for your statement. It's all about life decisions, stop being jealous of those who chose the better path for their dollars. As much as I despise T, a professional salary of almost any company should provide the opportunity to make these types of contributions over decades of employment if you are disciplined enough to recognize the opportunity.
54 w/ 26 yrs
$950k in 401k (maxed out but put too much in T and conservative funds early on)
$525k lump sum pension
It will be a few more years before I feel comfortable.
45 years old. 25 years. $35K in 401K, $120K in pension. Single parent of 2, so unable to put in 410K until late.
Folks should really look at contributing more to Roth 401K (even if only a %). Company match still goes to traditional.
I started about 8 years ago and now ~25% of our retirement savings (including Roth IRAs) is in a Roth-based asset. Obviously tax friendly on withdrawals (not upfront) but no RMDs later and just another diversification dimension to your investments.