How much money is in your 401 (k) or similar DC plan?

[Malthus]

I'm 41 and have $600,000 in my 401 (k).

Woah. You must have been lucky with your investments. Isn't there like a $15K per year contribution limit in the US?

I've been employed as an engineer since I was 22 and always contributed a fairly high percentage, plus I've always had employers who matched a percentage of my investment.

It didn't occur to me that was unusual or even a large amount until today.

It's unusual in one sense, that is, many with that kind of cash to save tend to sink a large fraction of it in real estate equity rather than saving it all in a retirement vehicle.

Here in Canada, lacking matching employer contributions, it wouldn't be possible to put that much into an RRSP so young - you'd have to grow it within the fund through lucky investments. 

[The Brain]

When I get old I plan to be a dashing masked highwayman.

[ulmont]

I'm going with the "suicide after I can no longer work" plan.  It's simplified things tremendously.

[Malthus]

RRSPs that are kinda-sorta like 401 (k)s except no employer contributions

So do Canadian employers typically make no contribution to employee retirement?  Jacob in another thread said defined benefit plans were atypical, like the US.

My understanding is that the Canadian retirement system is seriously disfunctional. The idea was to use voluntary savings through RRSPs to fuel it, but participation and savings rates are abysmal, meaning that elderly Canadians had better enjoy the taste of dog food, because that's what they are going to be able to afford ...

http://business.financialpost.com/2013/02/20/business-leaders-offer-solutions-to-chronic-pension-shortfalls/

Only a third of Candian workers have some sort of workplace-assisted pension scheme:

http://business.financialpost.com/2012/11/16/no-saving-grace-are-our-best-savings-intentions-hitting-the-wall/

[Barrister]

RRSPs that are kinda-sorta like 401 (k)s except no employer contributions

So do Canadian employers typically make no contribution to employee retirement?  Jacob in another thread said defined benefit plans were atypical, like the US.

No.  Plenty of employers will make contributions to your RRSP.  Not sure how they get taxed.

I have a very negligible amount in my RRSP.  The assessed value of my pensionable time is $200k or so.

[Malthus]

RRSPs that are kinda-sorta like 401 (k)s except no employer contributions

So do Canadian employers typically make no contribution to employee retirement?  Jacob in another thread said defined benefit plans were atypical, like the US.

No.  Plenty of employers will make contributions to your RRSP.  Not sure how they get taxed.

I have a very negligible amount in my RRSP.  The assessed value of my pensionable time is $200k or so.

Certainly there can be a plan where employers put the money into your RRSP by way of payroll dedictions, but this doesn't increase your personal contribution limit, or so I understand.

http://www.ancasterfinancial.ca/link.php?link=investments:group-RRSPs

[Admiral Yi]

Canuckleheadim: I assume y'all have a Social Security equivalent?  How much does that typically pay out a month?

[Malthus]

Canuckleheadim: I assume y'all have a Social Security equivalent?  How much does that typically pay out a month?

We do. It's the CPP. It pays enough to keep you ... if you don't mind the aforementioned taste of dog food.

http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml

Average monthly retirement payment: a princely $596.66. The high life awaits! 

Edit: that's the mandatory scheme you have to pay into (paymend deducted every paycheque). There is also an amount you get regardless, called the Old Age Security.

http://www.servicecanada.gc.ca/eng/isp/oas/oasrates.shtml

It pays an average of $515.97.

So a working person gets on average $1,112 or so.

[Admiral Yi]

   My goodness.  The Baldwins are totally fucked.

[Darth Wagtaros]

In a state pension system. SHould be around 40k-50k in it right now.

[merithyn]

$0.00



I'm going with the lottery winnings plan.

[lustindarkness]

$0.00



I'm going with the lottery winnings plan.

[Maximus]

Canuckleheadim: I assume y'all have a Social Security equivalent?  How much does that typically pay out a month?

We do. It's the CPP. It pays enough to keep you ... if you don't mind the aforementioned taste of dog food.

http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml

Average monthly retirement payment: a princely $596.66. The high life awaits! 

There is also Old Age Pension which pays to everyone independently of contributions, is there not ?

When my Dad retired, he was getting about $600 in CPP benefits, my Mom, who had only worked a couple of years for pay, got about $1. Howver both got OAP which iirc was about $500-$600 each. Together this allowed them to live comfortably and even travel a bit given that their home was paid for.

[Malthus]

Canuckleheadim: I assume y'all have a Social Security equivalent?  How much does that typically pay out a month?

We do. It's the CPP. It pays enough to keep you ... if you don't mind the aforementioned taste of dog food.

http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml

Average monthly retirement payment: a princely $596.66. The high life awaits! 

There is also Old Age Pension which pays to everyone independently of contributions, is there not ?

When my Dad retired, he was getting about $600 in CPP benefits, my Mom, who had only worked a couple of years for pay, got about $1. Howver both got OAP which iirc was about $500-$600 each. Together this allowed them to live comfortably and even travel a bit given that their home was paid for.

You are correct - I added that to my post, but you must have missed my edit. 

[CountDeMoney]

I'm going with the "suicide after I can no longer work" plan.  It's simplified things tremendously.

That's the spirit.  Don't feed the machine.  Control your own destiny.