- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Americans say they 1.3 million to have a comfy retirement
Posted on 6/27/23 at 6:13 pm to grsharky
Posted on 6/27/23 at 6:13 pm to grsharky
20 and 30 somethings don't seem aware of inflation at all. Those their estimated need of just over 1 million won't go to far in 30-40 years. I felt bad a few years back when my college freshman nephew asked if $1m was a good target and I scoffed. I worry that took the wind out of his sails and now I can't even get him to open a Roth despite offering to match fislrst $1500. 
He is relatively frugal and saves but won't invest systematically.
He is relatively frugal and saves but won't invest systematically. This post was edited on 6/27/23 at 6:15 pm
0
Posted on 6/27/23 at 6:30 pm to BamaCoaster
quote:
Will work odd jobs and ends
Just curious what your plan is for health insurance for 25 years?
I know several people who would love to retire who are in their 60’s, but keep saying that insurance makes it not feasible
Posted on 6/27/23 at 7:08 pm to notiger1997
quote:
Just curious what your plan is for health insurance for 25 years?
Budgeting $1550/month initially
$2k in a couple years
Posted on 6/27/23 at 7:25 pm to FLObserver
Raise hell? Maybe write a strongly worded letter? How much good do you think that’ll do? Not trying to be contentious, but we really have no control other than with our votes. That’s not enough control for me to take credit for it.
This post was edited on 6/27/23 at 7:28 pm
Posted on 6/27/23 at 8:06 pm to grsharky
quote:
What does the Money Board think, is this too low or high?
Too low.
Try to plan to save more or start earlier if you’re young.
Shoot for 2.5-3M if possible.
Posted on 6/27/23 at 8:11 pm to notiger1997
quote:
Just curious what your plan is for health insurance for 25 years?
I know several people who would love to retire who are in their 60’s, but keep saying that insurance makes it not feasible
ACA provides the ability to get affordable (even cheap) health insurance before 65. The key is the ability to control your taxable income.
Without ACA, I wouldn't be planning for my early retirement within the next 6-8 years.
This post was edited on 6/27/23 at 8:12 pm
Posted on 6/27/23 at 8:16 pm to grsharky
I’m set to get a pension of 60k a year in approximately 2.5 years. I will also have around 250k in a 457b. My house is paid for in 2 years. I’ll only be 53. I’m thinking about calling it quits but not sure I’ll have enough to do so. Might need to work a part time job til 62. Neither of my parents lived past 63, mom died getting dressed to go to her nursing job. Just don’t want to work til I’m dead.
This post was edited on 6/27/23 at 8:20 pm
Posted on 6/27/23 at 8:22 pm to grsharky
I’ve always thought it’d be way higher than that, I guess unless you retire at 65.
I remember hearing you needed like $10m to retire by 30, so extrapolating from there I’d have guessed you’d need 3ish million if you want to retire by 60
I remember hearing you needed like $10m to retire by 30, so extrapolating from there I’d have guessed you’d need 3ish million if you want to retire by 60
Posted on 6/27/23 at 9:02 pm to Dawgfanman
quote:
I’m set to get a pension of 60k a year in approximately 2.5 years. I will also have around 250k in a 457b. My house is paid for in 2 years. I’ll only be 53.
Inflation will whittle down the 60,000. You might want to work a little longer.
Posted on 6/27/23 at 9:06 pm to La Place Mike
quote:
Inflation will whittle down the 60,000. You might want to work a little longer.
It has a COLA but that is certainly a concern, especially recently.
Posted on 6/27/23 at 9:15 pm to fallguy_1978
quote:
Got damn
Posted on 6/27/23 at 9:20 pm to JohnnyKilroy
The average is bad enough and probably being skewed by big accounts. That median is scary. I pulled that from a Forbes article.
This post was edited on 6/27/23 at 9:21 pm
Posted on 6/27/23 at 9:29 pm to fallguy_1978
I'm saving approx 3.5x my age brackets average balance per year.
Posted on 6/28/23 at 2:42 am to StringedInstruments
quote:
my wife and I are on state pension plans along with the promise of social security.
Social security benefits are drastically reduced for most people with a decent state pension due to the Windfall Elimination Provision. It depends if you have paid into the social security system while working for the state or paid into the social security system long enough (usually with a full time job) outside of working for the state.
Posted on 6/28/23 at 6:38 am to Zzyzx
quote:
remember hearing you needed like $10m to retire by 30, so extrapolating from there I’d have guessed you’d need 3ish million if you want to retire by 60
The $10MM to retire at 30 is based on range of outcomes being extremely large compared to people retiring at 60 or 65. Inflation could run rampant while you’re on a fixed income, or it could stay flat. They always give you the safest number. I wouldn’t stray from it though, can’t imagine being broke at 85 and having to ask my kids for money or something
Posted on 6/28/23 at 6:38 am to FLObserver
quote:
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.
I believe I'll get SS in some shape or form, it may just be reduced or later. I figure it's best not to plan on it right now, helps keep me motivated to invest more. I will get less because of the pension. I think the last time I looked it was around $1300 a month if I took it at 62.
Like I said earlier, I don't know if I'll want to teach the full 30 years and if I leave before hand it will obviously impact how much I make on the pension. By investing a bunch now I figure I'll have that option if I want to do something else to make up the difference and then some. So many of the people I work with never invest a dime and just roll with the pension. If you work long enough you can retire with a 100% salary, plus SS. However, a lot of these people start to burn out after 20 years or so and want to go do something else but can't because of the pension. Golden handcuffs indeed.
Posted on 6/28/23 at 6:50 am to JohnnyKilroy
quote:
I'm saving approx 3.5x my age brackets average balance per year.
$18k is a good start bud
Posted on 6/28/23 at 7:05 am to grsharky
quote:
I believe I'll get SS in some shape or form, it may just be reduced or later. I figure it's best not to plan on it right now, helps keep me motivated to invest more.
This is the correct approach for everyone. Can’t rely on big govt not to take that money back for something else, probably disproportionately pay it out to people who didn’t save for retirement
Posted on 6/28/23 at 8:25 am to TulaneLSU
quote:
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.
I’d say my goal is to have the freedom to choose what I want to do.
I work for money so that in a short time, I can choose to work only if I want to do whatever it is that someone is willing to pay me to do.
If people value some skill or knowledge I possess, then I will choose whether I want to “work” or not.
Money can allow for this freedom.
Posted on 6/28/23 at 9:39 am to makersmark1
exactly right.. sufficient savings gives you freedom. it's valid to argue that we all need to stay productive members of society. but, that doesn't have to be a paying job. it can also be volunteering, mentoring, etc. debt is a form of slavery.
Page 2 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News