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Started By
Message
re: what is your ideal 401 K balance at retirement?
Posted on 5/1/18 at 9:52 am to Eric Nies Grind Time
Posted on 5/1/18 at 9:52 am to Eric Nies Grind Time
Nothing to do with being a boomer. Railroad Retirement is the shite. It is still available to all who want to put up with their crap for 30 years.
0
Posted on 5/1/18 at 10:08 am to Cool Hand Luke
quote:
I will hopefully have 500k when I retire in 3 years. My pension will be 90k per year. I should be able to make it on that. But won't be living extravagantly.
So... you’ll have the equivalent of a $2.75M portfolio in basically today’s dollars. Yea, you should be able to make it on that.
Posted on 5/1/18 at 10:10 am to Decisions
(no message)
This post was edited on 5/1/18 at 10:11 am
Posted on 5/1/18 at 12:43 pm to PhiTiger1764
Don't know how you are coming to that figure but I wish it would be true.
Posted on 5/1/18 at 1:02 pm to bayou choupique
I invested and planned for retirement since the day I left college, now I am 63, been retired 8 years. Its been better than I imagined, the only problem is retirement years pass three times as fast as working years. My advice is take financial calculator projections with a grain of salt, you may achieve that or more, the odds are you will have less. There will be recessions, the markets will crash, something will happen over the 30 years you work that will cause you to tap your retirement savings. All you can do is invest consistently as much as you can into quality financial products, hope and pray.
Posted on 5/1/18 at 1:26 pm to windshieldman
quote:
Oh I know, I didn't really mean I was truly sad about it I'm perfectly happy with the numbers I put in that post. I love my job, and I realize how fortunate I am to be able to retire at least from full time work that young
I’m 45 and 22 years into a 30 year pension plan. 53 is my goal, surprising similar numbers to yours. I plan on working full time though and drawing that pension as well. For about 5 years.
Posted on 5/1/18 at 1:31 pm to Dawgfanman
I don’t really have a number per se but I do track my net worth change closely. As long as I am saving at my current rate for the next 10-15 years, then retirement will take care of itself.
Posted on 5/1/18 at 2:18 pm to Cool Hand Luke
quote:
Don't know how you are coming to that figure but I wish it would be true.
4% is widely considered the safe withdrawal rate that one can spend in retirement and not worry about ever running out of money.
$90k is 4% of $2.25M.
Add your $500k (which 4% yields you $20k/yr)
$2.25M + $500k = $2.75M
Total benefit: $110k/yr
Really it’s a much safer benefit than a 401k as $90k is guaranteed and you only need to worry about market fluctuations on the other $20k.
Posted on 5/1/18 at 2:40 pm to PhiTiger1764
A big key to retirement savings is making sure you retire debt free. Once that is achieved, it doesn't take much money to retire. Lots of people think they need a million dollars to retire. Most people can do it comfortably with 500K. Your spending years will mostly be between 60 and 70. Afterwards, you'll be doing what most older people do ie sit around the house, watch TV and go to the grocery and doctor's offices. I hope to be retired in 1.5 years. My broker says I'm in good shape. I'll take his word for it. I hope to live off the interest.
Posted on 5/1/18 at 2:48 pm to Popths
quote:Are you not counting what's needed for medical costs?
Most people can do it comfortably with 500K.
Posted on 5/1/18 at 3:14 pm to bayou choupique
I absolutely think $500K is more than sufficient for a married couple assuming several conditions:
1. Debt-free
2. Both receiving SS payments
3. Medicare coverage including all prescriptions
4. Lower COL region (i.e. not California/NYC/S. Florida)
Personally, I am shooting for $2MM, but I have only $90K now with ~25 years left to work.
1. Debt-free
2. Both receiving SS payments
3. Medicare coverage including all prescriptions
4. Lower COL region (i.e. not California/NYC/S. Florida)
Personally, I am shooting for $2MM, but I have only $90K now with ~25 years left to work.
Posted on 5/1/18 at 5:25 pm to Cool Hand Luke
quote:
I will hopefully have 500k when I retire in 3 years. My pension will be 90k per year. I should be able to make it on that. But won't be living extravagantly.
That's a serious pension! Do you mind if I ask what industry? The lump sum cash value of that must be up there!
Edited: RR Pension... got it. Can you take a lump sum?
This post was edited on 5/1/18 at 5:29 pm
Posted on 5/1/18 at 7:15 pm to bayou choupique
about
tree fiddy
tree fiddy
Posted on 5/1/18 at 7:21 pm to PhiTiger1764
quote:
4% is widely considered the safe withdrawal rate that one can spend in retirement and not worry about ever running out of money.
while it is nice to even have that IF you must draw down, but frick that nonsense. I am not busting my arse putting money away to draw down. invest in cash flowing vehicles so you do not need to draw down.
Posted on 5/1/18 at 7:24 pm to windshieldman
quote:
at most I could do is 33 years, after that you aren't doing anything for retirement anyways.
maybe it is different with you pension, but I know someone who did 40 years (2.5% a year) and retired at 62 with 100% of his salary for life
Posted on 5/1/18 at 7:30 pm to TigerintheNO
Yeah, those aren’t going to exist for the vast majority of the working population under the age of 35.
I’m not even expecting social security to exist by the time I reach retirement. A pension would be a miracle
I’m not even expecting social security to exist by the time I reach retirement. A pension would be a miracle
Posted on 5/1/18 at 7:44 pm to lynxcat
quote:
Yeah, those aren’t going to exist for the vast majority of the working population under the age of 35.
I'm aware, I was responding to a poster who is going to retire at 52, @75% of his salary.
Posted on 5/1/18 at 7:50 pm to bayou choupique
What % rate of return are y’all using for the estimated retirement nest egg? 6% or so? Hopefully not Dave Ramsey’s 10-12%.
Posted on 5/1/18 at 7:59 pm to TigerintheNO
quote:
maybe it is different with you pension, but I know someone who did 40 years (2.5% a year) and retired at 62 with 100% of his salary for life
30 years would get me 90%, at 52 that would put me at 30 years. I could do 3 more and get 99% I’ve still got over a decade to go till that time comes to truly decide.
Posted on 5/1/18 at 8:00 pm to TigerintheNO
quote:
I'm aware, I was responding to a poster who is going to retire at 52, @75% of his salary.
I never said 75% lol, it would be 90%
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