Retirement

[bogey]

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

[BigRedChief]

Originally Posted by bogey

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

how many people have enough for retirement? I’d bet it’s a small %.

Unless your a multi millionaire it’s not going to be enough to cover 20 years. Who knows what’s going to happen with medical insurance, the economy etc. you can only control so little of your expenses that could rise on you.

[cooper barrett]

You can only have too little, never to much.

Get your investments making money, not going up in value. Both if you can.

[lewdog]

They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning.

Those looking to retire 20-30 years from now will likely need 1.5m+.

And no, most Americans don’t have these savings.

[bogey]

I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!

[LoneWolf]

Originally Posted by bogey

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

I’ll be 55 in ten years and plan on retiring then. By that time I’ll have everything I own paid for. I should have enough saved up by that time to live like I want in retirement, including living in Maui for 6 months of the year.

Of course, everything could go to shit between now and then and I’ll end up having to work until I’m 70. Nothing in life is guaranteed.

[BigRedChief]

Originally Posted by BigRedChief

how many people have enough for retirement? I’d bet it’s a small %.

and here ya go

Around half of American households have no retirement accounts at all. No 401(k)s, no IRAs, nothing. You might think that’s because they’re all expecting pension income in retirement. In fact, according to the Government Accountability Office (GAO), around 29% of households age 55 and older have neither retirement savings nor a pension. It doesn’t paint a pretty picture.

[All In]

My plan is to retire at 62. I'm currently 58 1/2. I'm retired AF so i have my pension and I've been investing small amounts my whole life. I'm currently civil service for the past 9 years so every time I get an increase or a promotion, i take that and invest. I figured that I never had it so i got accustomed to not having it. I think I will be ready to retire at this time but who knows what life will deal me by then. It may be more like 65.

[BigRedChief]

Originally Posted by bogey

I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

[bogey]

I'll probably move back to MO when I retire, only because I won't likely be able to afford CA cost of living. I have a house that's paid for in MO, but it's in a very small town. It's gonna take some brain reprogramming to move back home.

[LoneWolf]

Originally Posted by BigRedChief

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

That’s a pretty simplistic, linear way of looking at saving money. Compound interest is a wonderful thing.

[bdj23]

I'm 33 and have just a hair under 40k in my 401k. Work sucks balls, i might retire for like 10 months.

[Hammock Parties]

Originally Posted by BigRedChief

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

simple, don't have kids

shitting, pissing, moneysucking little devils

[Rain Man]

Originally Posted by lewdog

They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning.

Those looking to retire 20-30 years from now will likely need 1.5m+.

And no, most Americans don’t have these savings.

A 4% drawdown on $1 million is $40,000 a year. And with inflation, it'll have the buying power of $20,000 in 20 years. I think people need a heck of a lot more than $1 million these days.

I'm quite envious of my friends who are in government or military jobs. They're retiring early with no uncertainty while the rest of us have to save like crazy and also plan for the worst case scenario. I should've joined the military when I got out of college.

The biggest change in society over the past 30 years has been the elimination of pension programs. We're all going to learn a hard lesson about that during the next 30 years.

[MOhillbilly]

Kill all the boomers now.