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re: What is your target savings and age for retirement?
Posted on 12/31/16 at 9:07 am to HailToTheChiz
Posted on 12/31/16 at 9:07 am to HailToTheChiz
quote:
Those stats make me feel better.
Its freaking scary.... I get worried when my accounts drop and I still have enough to pay for months and months of expenditures.
The really scary part is for the people that are saving and doing it right. At some point, the govt is going to come for a percentage of that money to help those that were too stupid to save.
1
Posted on 12/31/16 at 9:37 am to Lsut81
Say you have $4 mm in retirement. At 4%, that's $160k per year. After taxes, that's about $125,000 to live on in retirement. With insurance, cars, etc. etc. is that enough?
Plus, if the market drops off, we are screwed. I suppose there is no safe plan.
Plus, if the market drops off, we are screwed. I suppose there is no safe plan.
This post was edited on 12/31/16 at 9:38 am
Posted on 12/31/16 at 9:40 am to Halftrack
quote:
$125,000 to live on in retirement. With insurance, cars, etc. etc. is that enough?
For most people, I would fricking hope so... When you retire, you're house should be paid off, which is likely your biggest expenditure.
The wildcard will be insurance with how things currently are, but IMO, if you are spending 125k a year without a house note, you are doing something wrong.
Posted on 12/31/16 at 9:56 am to Halftrack
quote:screwed? No. You just eat into the principal until it eventually recovers like it always does. Plus at that point you shouldn't have that much market exposure.
Plus, if the market drops off, we are screwed. I suppose there is no safe plan.
Posted on 12/31/16 at 2:02 pm to Halftrack
I could live off 30k at retirement....125k a yr at retirement? What Jones you trying to keep up with?
Posted on 12/31/16 at 2:04 pm to Junky
I don't have that. I was just extrapolating from what the others said their goals are. Reality is scary.
Posted on 12/31/16 at 2:09 pm to Halftrack
I think I'll just work until I die or near-about. Two days or more stuck at the house and I'm bored to tears.
Posted on 12/31/16 at 2:14 pm to Decisions
Do you have a job you can work at old, or will you just keep changing jobs to fit your age?
Posted on 12/31/16 at 2:29 pm to Halftrack
As I got older I would transition into a more exclusively office/management role. We farm, so I certainly couldn't pull wrenches and load barrels after about 60 or 70.
This post was edited on 12/31/16 at 2:37 pm
Posted on 12/31/16 at 2:53 pm to Decisions
Assisted living can be 4-5k a month
Nursing homes can run 11-12k a month depending on level of care
10 years in a nursing home for a husband and wife would be pretty expensive
Nursing homes can run 11-12k a month depending on level of care
10 years in a nursing home for a husband and wife would be pretty expensive
Posted on 12/31/16 at 3:04 pm to Serraneaux
No doubt. I've seen the drain it was on the finances of my grandparents and great grandparents.
I was honestly being mildly facetious. I'm a habitual saver and certainly plan to put back a fair bit for that last stretch of rainy days, I just can't see myself putting around tending a garden or whatnot as long as my mind is still sharp.
A couple mill would likely do. I intend to have income producing assets to live off of moreso.
I was honestly being mildly facetious. I'm a habitual saver and certainly plan to put back a fair bit for that last stretch of rainy days, I just can't see myself putting around tending a garden or whatnot as long as my mind is still sharp.
A couple mill would likely do. I intend to have income producing assets to live off of moreso.
Posted on 12/31/16 at 3:14 pm to Junky
quote:
I could live off 30k at retirement....125k a yr at retirement? What Jones you trying to keep up with?
I'd like to be able to spend like a drug dealer in retirement. Just travel, pay for the best experiences, and pay to never have to wait in any kind of line ever
Posted on 12/31/16 at 3:41 pm to I Love Bama
What sort of web business?
Posted on 1/1/17 at 8:41 am to OneMoreTime
I'm investing a bunch annually since 1998 and it doesn't seem to be growing as people in this thread suggest it should. Well into five figures annually with the company match and other personal accounts. I thought I could hit over 5 MIL at retirement but have yet to hit one, and not that close. Invested in about 12 blue chips with dividends, index funds, Contra, and some other sector funds that seemingly have done well. I'm 45 and don't see it happening.
Posted on 1/1/17 at 9:46 am to Jake88
Everything works out on paper. Then, when it's time, there's always something to be said.
Posted on 1/1/17 at 10:00 am to Halftrack
(no message)
This post was edited on 9/17/23 at 11:58 pm
Posted on 1/1/17 at 12:34 pm to HailToTheChiz
Yup I'm screwed too. I'll retire in the next life.
Posted on 1/1/17 at 1:52 pm to Halftrack
Yeah, I've been through the housing and tech crash.
Posted on 1/1/17 at 3:07 pm to HailToTheChiz
quote:
We are just surrounded by Allstars in this thread
Nothing beats compounding interest and time. It definitely helps if you're making good money and can save alot.
quote:
So what is the average amount of household y'all are putting back a year and total investment a year based on any company match?
I've been saving at least 20% of gross since I started working. I've been maxing both 401k and Roth since early 30s. Throw in company match and taxable account and it's 30k.
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