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Americans say they 1.3 million to have a comfy retirement
Posted on 6/27/23 at 3:27 pm
Posted on 6/27/23 at 3:27 pm
Americans think they will need nearly $1.3 million to retire comfortably, study says. How to calculate your own ‘magic number’
According to this article, Americans believe they need about 1.3 million to have a good retirement. What does the Money Board think, is this too low or high? To get that number over a 40 year career you'd need to invest about $650 a month with a 6% return. Seems fairly attainable especially if you start early in your career.
According to this article, Americans believe they need about 1.3 million to have a good retirement. What does the Money Board think, is this too low or high? To get that number over a 40 year career you'd need to invest about $650 a month with a 6% return. Seems fairly attainable especially if you start early in your career.
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Posted on 6/27/23 at 3:31 pm to grsharky
That's not enough to pay for Big Scrub's jet fuel in retirement, so I'm gonna go with too low.
Posted on 6/27/23 at 3:40 pm to grsharky
The takeaway on this one is the chart showing actually saved......goodness we are headed toward doomsday. This will certainly effect everyone not a multimillionaire.
Posted on 6/27/23 at 3:42 pm to grsharky
If you consider average life expectancy of 76 and retiring at 65, then yeah you could easily make that work and be comfortable.
If you’re like me and want to retire at 50, then hell no. Now that I think about it, I’d probably die early from stressing so much about running out of money so I guess $1.3MM could work
If you’re like me and want to retire at 50, then hell no. Now that I think about it, I’d probably die early from stressing so much about running out of money so I guess $1.3MM could work
Posted on 6/27/23 at 3:50 pm to Tifway419
If everything else is paid off… maybe, but I wouldn’t feel good about it with the current pace of inflation.
Posted on 6/27/23 at 4:00 pm to grsharky
Friend,
If you do not have a trust fund, I was always taught you needed $3 million, your house and car paid off, and no outstanding debt to retire at age 65. What I have learned, though, is that there are so many variables that a rounded number makes no sense.
Focusing on retiring is a failed life goal. Keep costs low, donate at least 10% of your income to church, and be generous with your money is a much better way to approach money in your life than a magical retirement number. The goal of life is not retirement, and if your goal is to retire, it is time to reevaluate how you are currently living your life.
Yours,
TulaneLSU
If you do not have a trust fund, I was always taught you needed $3 million, your house and car paid off, and no outstanding debt to retire at age 65. What I have learned, though, is that there are so many variables that a rounded number makes no sense.
Focusing on retiring is a failed life goal. Keep costs low, donate at least 10% of your income to church, and be generous with your money is a much better way to approach money in your life than a magical retirement number. The goal of life is not retirement, and if your goal is to retire, it is time to reevaluate how you are currently living your life.
Yours,
TulaneLSU
Posted on 6/27/23 at 4:06 pm to grsharky
I'm hoping for 1.5-2 but we'll see how it goes. This is the average retirement savings by age in the US. Most aren't saving nearly enough.
Posted on 6/27/23 at 4:07 pm to grsharky
What’s a good retirement?
I’ve always struggled with defining an amount since my wife and I are on state pension plans along with the promise of social security.
RSA calculator + social security calculator says we’ll have ~$9000/month using todays numbers when we’re 65. Seems pretty good to me, and that’s not considering our Roth, which should be worth around $300k by then.
I’ve always struggled with defining an amount since my wife and I are on state pension plans along with the promise of social security.
RSA calculator + social security calculator says we’ll have ~$9000/month using todays numbers when we’re 65. Seems pretty good to me, and that’s not considering our Roth, which should be worth around $300k by then.
Posted on 6/27/23 at 4:09 pm to StringedInstruments
quote:
What’s a good retirement?
If you are depending on 401k, IRA, ROTH etc than nobody knows because you don't know how long you'll live.
My grandfather retired at 59 and lived until 99. Imagine trying to navigate that without a pension like most of us will have to.
This post was edited on 6/27/23 at 4:14 pm
Posted on 6/27/23 at 4:41 pm to fallguy_1978
quote:
My grandfather retired at 59 and lived until 99. Imagine trying to navigate that without a pension like most of us will have to.
I plan on retiring around 68 so still got around 20 years too keep stashing money away. I have been out of the military for near 25 years and have never used the VA for
any type of medical but the closer i get to retirement plan on heading back there to use them if needed. Mostly for medications.
Dont know how many people plan on having enough saved to live comfortably until 99 though. The thing that worries me is how much us Gen X'ers will be getting back from SS when we get to retirement age. We have paid a boat load in. Would suck to get screwed.
This post was edited on 6/27/23 at 4:43 pm
Posted on 6/27/23 at 4:47 pm to fallguy_1978
Wow that chart is eye opening.
You still have to pay for two weddings, my man
You still have to pay for two weddings, my man
This post was edited on 6/27/23 at 4:53 pm
Posted on 6/27/23 at 4:57 pm to Breauxsif
quote:
You still have to pay for two weddings, my man
They will have to go cheap. Their parents eloped in Vegas
Posted on 6/27/23 at 5:05 pm to FLObserver
quote:
The thing that worries me is how much us Gen X'ers will be getting back from SS when we get to retirement age. We have paid a boat load in. Would suck to get screwed.
I'm shooting for 62 but I guess we'll see how that works out for me.
My wife is a couple years older than me so she can work until 65-66 and me 62 and we can retire around the same time. I just haven't mentioned that to her yet
Posted on 6/27/23 at 5:07 pm to fallguy_1978
quote:
If you are depending on 401k, IRA, ROTH etc than nobody knows because you don't know how long you'll live.
My grandfather retired at 59 and lived until 99. Imagine trying to navigate that without a pension like most of us will have to.
I'll have a pension and if I work 30 years, my payout will be right at $52,000 a year as of now. I've been fairly aggressive saving in my 403b and Roth because I don't know if I want to stay the full 30 and may bow out earlier with a reduced payout. My wife is also pretty aggressive in the savings department with her accounts, but we really don't know what we'll need in retirement yet. I've always thought about shooting for 2.5 million between the two of us and then add in my pension as well. If we stay in our current house, we'll have that paid off in 2035 when I'm 51 and she's 46, but that's not a certainty. If we move we'll have a mortgage closer to or even in retirement. We have kids who will be graduating high school in 2035 and 2040 so paying for college will also be a factor. as well and who knows what that will cost by then (I shudder to think).
I never factor in SS because who knows what it will look like in 20+ years, if we get anything I figure it will be a bonus.
Posted on 6/27/23 at 5:39 pm to grsharky
quote:
I never factor in SS because who knows what it will look like in 20+ years, if we get anything I figure it will be a bonus.
Dang so all that money you paid in every paycheck you are expecting none of that ? I will raise hell if i dont get at least 50% of that back for SS. I saw you have a pension you probably dont pay much into SS anyway.
Posted on 6/27/23 at 5:50 pm to FLObserver
We are probably old enough where we'll get something. Who knows what it'll be though. They'll probably just keep bumping the age up.
Posted on 6/27/23 at 5:53 pm to grsharky
Plan on “retiring” at age 40, debt free, with $1.6 in the bank.
Will work odd jobs and ends to bring in roughly $3k/month, plus interest and rentals bringing in $7k/month.
$10k/month with no debt should be very manageable.
Wife and one child, with possibly one more on the way.
Will work odd jobs and ends to bring in roughly $3k/month, plus interest and rentals bringing in $7k/month.
$10k/month with no debt should be very manageable.
Wife and one child, with possibly one more on the way.
Posted on 6/27/23 at 5:56 pm to grsharky
Everything I’ve looked at points to needing north of $2M in inflated 2033 dollars.
Theres a magic point where your income is lower than your earnings…so the value continues to rise. If you don’t get to that moment, you run the risk of running out of money.
Theres a magic point where your income is lower than your earnings…so the value continues to rise. If you don’t get to that moment, you run the risk of running out of money.
This post was edited on 6/27/23 at 6:01 pm
Posted on 6/27/23 at 5:58 pm to TulaneLSU
@TulaneLSU,
I thought you were basically retired. What do you do? Somehow I always imagined you just living a life of leisure and traveling w Mother, Uncle and occasional cousins. This adds a whole different layer to your persona. I'm intrigued, tell us more. I want to see you financial tips top 10 etc...
p.s. Wasn't there a po-boy tour venture at one point?
I thought you were basically retired. What do you do? Somehow I always imagined you just living a life of leisure and traveling w Mother, Uncle and occasional cousins. This adds a whole different layer to your persona. I'm intrigued, tell us more. I want to see you financial tips top 10 etc...
p.s. Wasn't there a po-boy tour venture at one point?
This post was edited on 6/27/23 at 6:08 pm
Posted on 6/27/23 at 6:00 pm to StringedInstruments
quote:
$9000/month using todays numbers when we’re 65.
Keep in mind that is not tax free money.
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