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Message
re: Americans say they 1.3 million to have a comfy retirement
Posted on 6/29/23 at 9:02 am to ronricks
Posted on 6/29/23 at 9:02 am to ronricks
set your goals early if your still young. When i see in-laws and parents not saving enough and struggle on limited income now, there was no way i was going to do that even if i had to sacrifice vacations, nice car, etc.
I set goals at 40 and 50 and 60 to make sure I didn't have this problem. I have 3 accounts, short term, mid term before retirement and retirement.
I've hit my first 2 and shouldn't have an issue hitting the 3rd. It's all discipline. In saying that, 1.3M could be enough per person but really depends on where you live and your lifestyle. Not sure if i read the real figure, but i doubt 10% of america is on pace to save 1.3m
I set goals at 40 and 50 and 60 to make sure I didn't have this problem. I have 3 accounts, short term, mid term before retirement and retirement.
I've hit my first 2 and shouldn't have an issue hitting the 3rd. It's all discipline. In saying that, 1.3M could be enough per person but really depends on where you live and your lifestyle. Not sure if i read the real figure, but i doubt 10% of america is on pace to save 1.3m
0
Posted on 6/29/23 at 9:09 am to grsharky
quote:
about 1.3 million
You should be able to retire on that.
Posted on 6/29/23 at 9:23 am to kywildcatfanone
I’ve been retired for 5.5 years. After reading all of these responses, I have a few questions.
When calculating how much you need to retire, is this per person or per couple? I think most are thinking per couple.
What is debt free except the house? Either you are debt free or you are not debt free.
A couple things I’ve learned from experience is that if you are debt free, yes no house payment either, daily everyday living is fairly inexpensive. I am debt free and have not touched a penny of my investments yet. Granted, I’m not wanting to travel the world but I live in an upscale neighborhood and drive a nice car which is only a year old. I live on my SS payment which for me is 2,905 monthly. I am able to do what I want to do when I want to. I am able to see the world if I choose to. I considered taking a part time job years ago but decided not to because I don’t want any obligations.
What I know is that being totally debt free is as equally important as having money in the bank.
This million dollar amount had better be per person if you are not.
When calculating how much you need to retire, is this per person or per couple? I think most are thinking per couple.
What is debt free except the house? Either you are debt free or you are not debt free.
A couple things I’ve learned from experience is that if you are debt free, yes no house payment either, daily everyday living is fairly inexpensive. I am debt free and have not touched a penny of my investments yet. Granted, I’m not wanting to travel the world but I live in an upscale neighborhood and drive a nice car which is only a year old. I live on my SS payment which for me is 2,905 monthly. I am able to do what I want to do when I want to. I am able to see the world if I choose to. I considered taking a part time job years ago but decided not to because I don’t want any obligations.
What I know is that being totally debt free is as equally important as having money in the bank.
This million dollar amount had better be per person if you are not.
Posted on 6/29/23 at 11:06 am to slackster
quote:Very conservative as it assumes 35 years in retirment. I know many investment consultants use that rule of thumb as well, but realistically, how many will live to 100?
I’ve posted this before, but JPMorgan’s Guide To Retirement is an excellent resource for retirement planning, and it’s free to the public. You may disagree with the conclusions or assumptions, but it’s in relatively plain English and lays out the assumptions and resources it uses.
LINK to the Guide
Posted on 6/29/23 at 11:30 am to NOSHAU
Wife has a really nice pension and insurance so we're good. End of December is the date
Posted on 6/29/23 at 12:50 pm to ronricks
quote:
Unless they do a major overhaul of system anyone born after 1972/1973 has very little chance of seeing a penny of SS. Of course those people will continue to pay into the Ponzi scheme until it is completely gone.
There's nothing really to be "gone." It's all coming out of the same pot of phantom printed money as everything else our government has been operating on for 50+ years. It's not going anywhere for anyone alive today unless our whole country goes belly-up. I'm not saying this as someone who would care much if it all went poof today, I'm just saying.
Posted on 6/29/23 at 2:51 pm to grsharky
This magic number for retirement makes no sense to me. The number I use is how much money per year do I need. As of right now the number is high because I plan on living a long time.
Posted on 6/30/23 at 6:49 am to Y.A. Tittle
You folks wishcasting for SS to still be around in current form are delusional. At minimum age will be raised and payout will be significantly less. Anyone in their 40’s planning on receiving SS is preparing for failure.
Posted on 6/30/23 at 7:20 am to ronricks
In the history of SS changes, has the dollar amount benefit ever been reduced?
Posted on 6/30/23 at 7:24 am to meansonny
I can't recall that happening. Raising the age does pretty much the same thing I guess which is what I suspect they'll do again at some point. I also think they'll eventually remove the income cap on SS taxes.
Posted on 6/30/23 at 8:54 am to grsharky
I am 43 and plan to retire at 65 with about 3.5 million.
401k- 2 million
IRA - 500k
Taxable Investment Acct - 1 million
This will gross me about 140-150k/yr before taxes
This does not include SS. That will be lagniappe. I'd be nervous as hell retiring with only 1.3 million
401k- 2 million
IRA - 500k
Taxable Investment Acct - 1 million
This will gross me about 140-150k/yr before taxes
This does not include SS. That will be lagniappe. I'd be nervous as hell retiring with only 1.3 million
Posted on 6/30/23 at 3:07 pm to fallguy_1978
Lol so like 2/3 of people below the age 40 will probably never be able to retire comfortably
Posted on 6/30/23 at 3:49 pm to ronricks
quote:
You folks wishcasting for SS to still be around in current form
It's like you didn't read anything I said, did you?
Posted on 6/30/23 at 7:41 pm to ThatsAFactJack
Most people are idiots and bad at math, it's depressing. I hope they come to accept that they will "retire" living a very simple life, because that's what their actions result in. I'm way ahead of pace in terms of retirement savings, but we've switched gears where that isn't even the goal. The goal is establishing a steady side hustle that generates a similar income as working so I can quit the day job in the next 10 years. That will be the true win. If I'm still working a corporate job in my 60s, we failed. The side hustle is something we would enjoy together, not what I consider work.
Posted on 6/30/23 at 7:57 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.
Gen X is used to getting a raw deal. Alas; I agree with you. There’s legit concern about anything being left. If being honest; they haven’t been able to save shite and many won’t be able to retire at all.
Posted on 6/30/23 at 8:04 pm to wiltznucs
quote:
Gen X is used to getting a raw deal. Alas; I agree with you. There’s legit concern about anything being left. If being honest; they haven’t been able to save shite and many won’t be able to retire at all.
I've long given up on viewing SS as a retirement plan. It's a social service, me giving to others. It is what it is and I'll plan my family on my own.
Posted on 6/30/23 at 9:29 pm to grsharky
(no message)
This post was edited on 7/16/23 at 12:09 pm
Posted on 6/30/23 at 10:08 pm to lsuconnman
quote:
Is this really “fairly attainable”? The median household income is $70k. What’s the likelihood the median wage earner can commit $650/mo for the entire 480 months of their working life? This calculation can only succeed with three considerations: 1. Only 1 child, and it must be later in life 2. No educational expense 3. Zero divorces
A) the median household doesn’t need anywhere close to $1.3MM to replace their lifestyle
B) saving 11% of your gross income over a 40 year stretch should be fairly attainable for most.
Posted on 6/30/23 at 10:11 pm to NOSHAU
quote:
Very conservative as it assumes 35 years in retirment. I know many investment consultants use that rule of thumb as well, but realistically, how many will live to 100?
Yeah I get that, but if you’re trying to build a retirement plan, you don’t necessarily want to shoot for death at 85 just so you can save less along the way.
Posted on 7/1/23 at 12:29 pm to USMCguy121
Looking at this chart showing typical retirement balances shows that nobody should give much credit to their opinions about financial matters!
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