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re: Do you think this is a good retirement savings rate
Posted on 1/31/13 at 1:18 pm to gatorsimz
Posted on 1/31/13 at 1:18 pm to gatorsimz
Article in USA Today 1/11 states: 75% of Americans nearing age 65 have less than $30,000 in retirement savings
Half of retirees will live in poverty and on food budget of $5 per day.
Only 50% of American adults have any retirement savings.
You are well on your way. If it doubles at a good rate according to the Rule of 72 (9% for 8 years, or 8% for 9 years, etc. etc.) and you keep adding more on the side - you should be OK for retirement at 67
Half of retirees will live in poverty and on food budget of $5 per day.
Only 50% of American adults have any retirement savings.
You are well on your way. If it doubles at a good rate according to the Rule of 72 (9% for 8 years, or 8% for 9 years, etc. etc.) and you keep adding more on the side - you should be OK for retirement at 67
1
Posted on 1/31/13 at 1:25 pm to matthew25
quote:
Only 50% of American adults have any retirement savings.
Hard to compare. Defined benefits were more common in those days.
Lets say this in 1975 and you are doing fairly well with a $12,000 per year salary...how prepared would you need to be if you were retiring in 2013 when it would take $50,000 per year to sustain that lifestyle?
That's a really big mountain to climb when you consider the hidden tax of inflation.
I'm afraid retirement for most people my age won't be in a coastal resort or in some posh retirement community where you have time and $$ for travel and hobbies. It's going to more closely resemble college life for some people, where you spent as little money as possible, rarely traveled, and eat crappy/cheap food. If you are lucky, you'll be able to afford to live near family.
This post was edited on 1/31/13 at 1:30 pm
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