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  1. #1
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    Re: See if you're saving enough for retirement

    Ugh, I am never going to be able to retire.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: See if you're saving enough for retirement

    I don't want to know. The amount taken now hurts enough. I'll just keep hoping, isn't that the American way?


    Nothing to see here mods. Keep moving.

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    Re: See if you're saving enough for retirement

    Quote Originally Posted by brianhos View Post
    Ugh, I am never going to be able to retire.
    I think the ratios in the article are way too low.



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    Re: See if you're saving enough for retirement

    I am waiting to win the lottery.


    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

  6. #6
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    Re: See if you're saving enough for retirement

    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.


    Last edited by dmclone; 05-29-2011 at 10:32 AM.

  7. #7
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    Re: See if you're saving enough for retirement

    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?



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    Re: See if you're saving enough for retirement

    Too late now, I'm already retired since February. Yay for me!


    No matter what, I could NEVER cheer for Dirt and Urine.

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    Re: See if you're saving enough for retirement

    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.



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    Re: See if you're saving enough for retirement

    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'"



  11. #11
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    Re: See if you're saving enough for retirement

    On pace!!!! Guess me and the mrs. Not having kids is paying off!



  12. #12
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    Re: See if you're saving enough for retirement

    Quote Originally Posted by erikbj View Post
    On pace!!!! Guess me and the mrs. Not having kids is paying off!

    Listing my kids on Craigslist right now.



  13. #13
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    Re: See if you're saving enough for retirement

    Quote Originally Posted by MeanDean View Post
    Too late now, I'm already retired since February. Yay for me!

    Shenanigans!!



  14. #14
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    Re: See if you're saving enough for retirement

    Quote Originally Posted by Jambalaya View Post
    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)
    As a point of reference, that number would probably generate about $48,000 a year in income assuming you live to about 90.

    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.



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