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re: What is your target savings and age for retirement?
Posted on 12/30/16 at 9:20 pm to Ramblin Wreck
Posted on 12/30/16 at 9:20 pm to Ramblin Wreck
My number is 2 million not counting the house. My plan is to hit this by 55; I'll be turning 41 next month. I may not retire at 55, but I want to have the option to do that or try something new and not worry.
Assuming my savings per year stays the same, if I average a 6% return; I'll hit 2 million in early 50s. If I worked to 60 then I'd have over 3 million. I'm hoping that I'll average even better than 6%. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
At the end of the day, what really matters are your expenses in retirement. I could be significantly over or under saving depending on what my what spending is during retirement.
This is the retirement calculator I like to use
https://www.marketwatch.com/retirement/tools/retirement-planning-calculator
Assuming my savings per year stays the same, if I average a 6% return; I'll hit 2 million in early 50s. If I worked to 60 then I'd have over 3 million. I'm hoping that I'll average even better than 6%. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
At the end of the day, what really matters are your expenses in retirement. I could be significantly over or under saving depending on what my what spending is during retirement.
This is the retirement calculator I like to use
https://www.marketwatch.com/retirement/tools/retirement-planning-calculator
3
Posted on 12/30/16 at 9:34 pm to gpburdell
quote:
. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
You saved yourself a lot of stress if you started tracking gains after the crash in 2008. I lost more than 20% that year. The recovery the following years are a bit deceiving on my portfolio.
Posted on 1/6/17 at 12:38 pm to gpburdell
I'm 49 and would like to retire at 62 which would give me 30 years with my company. I currently have $375K in my 401K. I contribute 12% of my salary which is six figures but just barely. Company matches only 3% so I add 15% yearly to the 401K that consistantly earns 8% a year. I will have a pension that will pay in the $4000 a month range at 30 years service at 62 years. Social security should be near $2000 a month and I'll be on paid health insurance from the company until Medicare kicks in at 65. My home is mortgage free now and is valued at $250,000 in Ascension Parish. The property was high and dry during the August floods so that appraisal might be higher now. So to answer the question to me if I have 1MM in my 401 plus my pension and my SS and draw the interest made each year off of my 401K to supplement my other incomes I think i'll be fine and comfortable. Plus I have my wife's smaller 401K and her SS coming in as well four years behind me. I think i'll be happy with that and be able to travel some and hunt and fish.
edit: Retirement calculator shows i'll have 1.3MM in my 401 in 12.5 years (62 yrs old).
edit: Retirement calculator shows i'll have 1.3MM in my 401 in 12.5 years (62 yrs old).
This post was edited on 1/6/17 at 12:54 pm
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