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Started By
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What retirement savings balance is your goal, and by what age?
Posted on 1/1/21 at 8:19 pm
Posted on 1/1/21 at 8:19 pm
I’m trying to gauge my own expectations for my savings.
24
Posted on 1/1/21 at 8:19 pm to Grinder
3.50 mil
Posted on 1/1/21 at 8:22 pm to Grinder
As much as possible as young as possible 
This post was edited on 1/1/21 at 8:22 pm
Posted on 1/1/21 at 8:25 pm to Grinder
33x gross expenses by as soon as possible
Posted on 1/1/21 at 8:51 pm to Grinder
350,000,000
Posted on 1/1/21 at 8:59 pm to jimbeam
Is 33x an actual formula or just something you made up? Actually sounds about right
Posted on 1/1/21 at 9:10 pm to Grinder
I’ll be honest. I’m hoping I can have 2M in total retirement by 62. Pretty sure I can adjust my lifestyle to suit what would be sustainable expenses. Basically I’m saving as much as I can afford at this point in life.
Posted on 1/1/21 at 9:19 pm to tygerfan1
It’s a more conservative spinoff of the well touted 4% rule. Theoretically, a 3% withdrawal will never run out with a 50/50 stock/bond split.
Posted on 1/1/21 at 9:20 pm to Grinder
1.75m at 55 with another couple hundred thousand in a taxable account/cash to draw from until I reach 59.5. I think my biggest hurdle will be bridging the gap between when I want to retire and access to my money without penalty. That assumes mortgage is paid off.
Posted on 1/2/21 at 12:18 am to Grinder
I am on pace for 3.8 MM in 401k plus my pension by 59.5. Then I dump 5k a year in apple stock and I dab in crypto.
Posted on 1/2/21 at 12:38 am to AUCE05
$17.5 million by 59.5, but this year really jumped things up. Will hit it sooner, especially if I can get fair market value for the wife and I's business. Have offers pending. Don't know if they'll move the needle. Won't sell mine for less than $6-7.5million depending on what the want to pay me for the 3-5 years they'll want me to stay on. Hers worth about $900k-1.3million depending on how it's valued. Have about $5million in "retirement", $1.2 million real estate and timber. $1.3million in market and other investments.
So, depending on how a few stocks break over the next year or so and if we sell...I'll be done.
So, depending on how a few stocks break over the next year or so and if we sell...I'll be done.
Posted on 1/2/21 at 12:40 am to jimbeam
quote:
It’s a more conservative spinoff of the well touted 4% rule. Theoretically, a 3% withdrawal will never run out with a 50/50 stock/bond split.
I like the 3% rule. I'm going with that, even though I still plan to work and earn. I just want the freedom to walk away if need be...soon.
Posted on 1/2/21 at 2:00 am to Grinder
1.6 million by 47
It all depends on Bitcoin
It all depends on Bitcoin
Posted on 1/2/21 at 2:09 am to SmackoverHawg
Between the two of us (48/52), we max out our 401K's and IRA's (about 60K) as well as put probably another $20K into a trading account annually for about an $80K / yr investment.
I already receive about $4600/ month from my military retirement now. The plan is to work another 7 / 10 yrs at current savings rate, putting me at 55ish.
We have been and will continue to be very aggressive with out accounts; it has paid off handsomely thus far.
My end numbers put us north of 5M in cash NOT including my current retirement or real estate (1.1M) I own.
I already receive about $4600/ month from my military retirement now. The plan is to work another 7 / 10 yrs at current savings rate, putting me at 55ish.
We have been and will continue to be very aggressive with out accounts; it has paid off handsomely thus far.
My end numbers put us north of 5M in cash NOT including my current retirement or real estate (1.1M) I own.
Posted on 1/2/21 at 2:57 am to Grinder
500k by 25. Currently at 300k and 24. Guess I got lots of work to do this year.
This post was edited on 1/2/21 at 2:58 am
Posted on 1/2/21 at 4:55 am to Grinder
Anybody else think they are doing good, just to come read the MT and get depressed?
Posted on 1/2/21 at 5:03 am to Grinder
I'm retiring at 40 regardless of my "savings balance"
Posted on 1/2/21 at 6:53 am to Grinder
$2.6M to retire at 45 in ~18 months. Plus $70k military retirement and medical coverage.
Currently $2.38M investments/cash. No home equity, we will buy a house at retirement location.
Currently $2.38M investments/cash. No home equity, we will buy a house at retirement location.
This post was edited on 1/2/21 at 7:54 am
Posted on 1/2/21 at 7:11 am to Grinder
My goal is 3 mil by 55 then I’m out of the rat race
Posted on 1/2/21 at 7:12 am to TorchtheFlyingTiger
We currently put just under $70,000/year into 401k, 403b, 457, and her pension. We also max our backdoor Roth IRAs. That alone is $1,68mm in contributions for the next 24 years. If that doubled once I would be happy but I've got 24 years to go, so I'm hoping for it to at least double twice. Who knows?!? Calculators say we will have $5.8-$6.2mm, if I recall correctly. Maybe it was $6.8mm.
I'll also get a "raise" when we pay off med school and don't have a nanny. That will be an extra $5,000 a month to dump into taxable which is not part of the above calculation.
I'll also get a "raise" when we pay off med school and don't have a nanny. That will be an extra $5,000 a month to dump into taxable which is not part of the above calculation.
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