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Posted on 4/25/14 at 5:17 pm to That's BS
Of course you can save too much. Financial system collapses at retirement age and you'll wish you went nuts when you were younger. 
Posted on 4/25/14 at 5:19 pm to That's BS
OP is aptly named That's BS
Posted on 4/25/14 at 5:44 pm to That's BS
When I started my career as a young single guy, I was saving around 25% per year. The plan was always to taper down the savings rate over time and let compound interest do the work for me.
So now with three kids and in my mid-30's I don't worry too much about saving, probably closer to 10%, but "oversaving" early on put me in a position to be on cruise control now.
So now with three kids and in my mid-30's I don't worry too much about saving, probably closer to 10%, but "oversaving" early on put me in a position to be on cruise control now.
Posted on 4/25/14 at 5:56 pm to Bayou Tiger
I started off putting 25% into retirement accounts, specifically. I'm currently down to 20% into retirement and the other 5% into more liquid savings. As my income increases, I'll likely shift a higher percentage into savings, allowing the opportunity to make investments into real estate, etc.
Posted on 4/25/14 at 6:02 pm to GoCrazyAuburn
quote:
Don't think this is possible unless you are eating ramen every night
If you're eating ramen every night then you're definitely saving too much for retirement b/c you'll die before you retire.
Beans and rice though are plenty good for you, and dirt cheap.
Posted on 4/25/14 at 6:12 pm to Bayou Tiger
quote:
When I started my career as a young single guy, I was saving around 25% per year. The plan was always to taper down the savings rate over time and let compound interest do the work for me.
So now with three kids and in my mid-30's I don't worry too much about saving, probably closer to 10%, but "oversaving" early on put me in a position to be on cruise control now.
Smart. My goal has always been to not reduce my contributions if at all possible. But if I contribute more now knowing it's only a temporary increase, I think I wouldn't mind dropping back to the 20% range. Posted on 4/25/14 at 6:13 pm to That's BS
quote:
I'm 32, recently married, no kids (yet) and already on pace for a very comfortable retirement.
says the man who just got married. and no kids yea if you have some that will all change.
the only reason you have a big savings is because u havent been married till now and not having kids will always save you alot.
Posted on 4/25/14 at 6:18 pm to Bayou Tiger
quote:
When I started my career as a young single guy, I was saving around 25% per year. The plan was always to taper down the savings rate over time and let compound interest do the work for me. So now with three kids and in my mid-30's I don't worry too much about saving, probably closer to 10%, but "oversaving" early on put me in a position to be on cruise control now.
This is my plan. I saved well over 25% of my income into various retirement accounts (including company match, which makes up a fair chunk) but didn't feel like I was making that many sacrifices. I bring my lunch to work maybe 3 days a week, go out whenever i want, took a few good trips but didn't buy anything frivolous for the most part. If I can keep this up until I have kids i feel like I'll be in a great spot and have a lot more freedom in my 30s and 40s.
Posted on 4/25/14 at 6:27 pm to Chris Farley
quote:
Are you saving TOO MUCH for retirement?
Certainly possible. You gotta seize the day sometimes. Can't take the money with you.
Posted on 4/25/14 at 10:37 pm to urinetrouble
quote:
she is the one that said hey let's not buy a new couch.
Sounds like my wife haha. I have to remind her that she works really hard and should enjoy spending money on things she wants. Still she is pissed every month at our credit card bill and the 'low' amount we moved to savings!
Posted on 4/25/14 at 11:22 pm to That's BS
What are you considering enough? Give us the amount of $$ you have thus far. Too much for you may be not for others.
Posted on 4/26/14 at 12:00 am to That's BS
My parents were approaching close to 1 million is retirement savings at approaching age 60. My mom was diagnosed with early onset Alzheimer's. We had to put her in a nursing home at age 59. Her care cost about 60k a year that my step dad pays out of his pocket. You never know how much is going to be enough. I am just grateful he can provide for my mom and not have to depend on the government.
Posted on 4/26/14 at 12:16 am to lsufan1971
quote:
1 million is retirement savings at approaching age 60
not nearly enough
Posted on 4/26/14 at 12:23 am to lsufan1971
quote::(
My mom was diagnosed with early onset Alzheimer's
Posted on 4/26/14 at 7:13 am to Hawkeye95
quote:
I am currently savings just a tab above 30% of my income.
quote:
the upside of this is I am set to retire 50ish.
I'm about to turn 50 and 55 is my goal
Posted on 4/26/14 at 8:17 am to That's BS
quote:The answer to that question is actually very simple . . . understand your goals.
Are you saving TOO MUCH for retirement?
Are you saving in amounts likely to exceed those targets?
If so, you are probably saving too much.
Caveat being, you have to know what your goals are, and what your risk tolerances are in attaining them.
i.e., I am counting on a 2.5% ROI in retirement. That return would support current SOL unfettered. If my ROI turns out to be 10% in retirement, I guess one could retrospectively argue I oversaved. OTOH, if unable to navigate a negative return market akin to 2008 or worse, and ROI is <2.0%, one might claim the account was underfunded.
I'm not a big believer in financial retrospectives.
You analyze your position, set your goals prospectively, set them reasonably, and attain them.
quote:This quote from the piece illustrates that while the answer to the OP is actually very simple . . . understand your goals . . . that understanding is often inexplicably elusive.
75 percent said they currently do not live beyond their means. Even then, 51 percent said they still find it hard to save for retirement, and 44 percent reported worrying that they aren't doing enough financially to prepare for retirement.
Posted on 4/26/14 at 12:04 pm to That's BS
I wonder this sometimes. We save/invest more than we spend every year. Probably 60% at least of after tax dollars. I'm paranoid about the future of medicine and figure at least I'll be used to living at a lower standard and won't have to save in addition to what I have. Or I can retire early if nothing big happens. I enjoy the security of it more than I would some materialistic bullshite I don't need. Don't get me wrong, we still get and do what we want. I just don't see a need in spending for the sake of spending. If I wanna piss away a chuck, we'd just rather give it to St.Jude's or Make a Wish. I just hate giving it to the f$%kig gov't. 
Posted on 4/27/14 at 10:29 am to That's BS
quote:
I'm 32, recently married, no kids (yet)
Ahh...once you have kids don't worry...the problem with you thinking you are saving too much for retirement will change. Quickly.
Oh and while I'm thinking about it...when you think you're getting close to having kids...not sure what kind of insurance coverage you have...but MAKE CERTAIN you've elected the maternity coverage option. While it might be available ....will be costly out of pocket if you don't "flip" the switch.
Posted on 4/27/14 at 5:05 pm to Kreg Jennings
All you need to save is $1.25 million.
This will allow $50,000 income during retirement years.
This will allow $50,000 income during retirement years.
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