Ask the Expert: Where should I be financially at my age? - May. 26, 2011
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Ugh, I am never going to be able to retire.
I don't want to know. The amount taken now hurts enough. I'll just keep hoping, isn't that the American way?
I think the ratios in the article are way too low.Quote:
Originally Posted by brianhos
I am waiting to win the lottery.
I threw in my numbers and it said I need to save 15.9% until I retire in 25 years. With employer match, I should be ok. This also doesn't take into account that a large percentage of my savings is going into roth 401K. Of course this also doesn't take into account that both the wife and I have a pension. I always kind of throw my pension and SS out the window because who knows what will happen in in 25 years.
What's screwed up about calculators like this is that they miss a lot of things. What if you have a $500K house that's paid for?
Too late now, I'm already retired since February. Yay for me!
I am eligible to retire but not doing it yet. I could survive off of what I would get for retirement (I am under the old, and since replaced, federal retirement system that has a fairly decent pension) but am not hanging it up yet so I can keep adding funds in the 401k portion of the federal plan. Too many unknowns out there related to property taxes, utilities and medical costs to make me comfortable retiring right now, well, that and the fact I would miss things associated with work. Not so sure I would like not having anything to accomplish each day and pretty sure I could not hit the 80% of income they cite as a goal. That 80% might make more sense if it is noted as net income and not gross income.
I do remember attending a mid-career retirement planning class a whole bunch of years ago. At the class they were really pushing savings and several of the lower paid folks in the class were adamant that they could not afford it. Truth was they could not afford not to. They were under the newer federal retirement program with reduced pension but would get a federal match up to 5% of 401k contributions. Some of the folks were not even doing the 5% and losing that match because they “couldn’t afford it”. That match is almost as good as Dire Strait’s “money for nothing” lyrics and these folks were leaving it on the table! Under the old program I get no match but put in the max each year (which for years was legislatively restricted to less, at 5%, than everyone else could do) that they would allow and still wish I had more in that 401k.
I have recently heard if you're a married couple around 40 years old ---$2 million is the appropriate figure for retirement. (25 years from now)
Many people are completely f-d up. My experience with other people I have noticed more credit card debt, and being buried in a mortgage with no way out. Then if your neighbors in suburbanville take their entire family to Disneyworld, with a followup vacation for the parents to Las Vegas----you have to plan the same thing asap
It's unreal the people I have seen who live on credit continue to spend money to 'keep-up-with-the-Jones'"
On pace!!!! Guess me and the mrs. Not having kids is paying off!
Quote:
Originally Posted by erikbj
Listing my kids on Craigslist right now.
Quote:
Originally Posted by MeanDean
Shenanigans!!
As a point of reference, that number would probably generate about $48,000 a year in income assuming you live to about 90.Quote:
Originally Posted by Jambalaya
As someone who works in the retirement plan industry, the basic and most important fact in saving for retirement is that you can never save too much.
Max out your contributions now. I'm not going to promote my companies website, but look out on the web for a paycheck analyzer and a better calculator than what the OP linked.