It should double every 7 years so not bad unless you have huge income requirements.
Retirement Targets
- Thread starter yowza
- Start date
It should double every 7 years so not bad unless you have huge income requirements.
All the so called experts say you need 60-70% of your current income in retirement...Well I make about 200k and I sure as heck won’t need $130 k a year in retirement.
No debt other than house payment..
I’m retirement at 60 and I’ll, prob have $1.5 mil...SS will be there but I’ll prob not take it until 67 to get full amount. SS will be about $3000 month or so..
I’ve figured my fixed monthly bills in retirement will be around $4k or so..includes food.
5% return on my $1.5 mil is 75 k a year or $6000 month or so. Interest alone will more than cover my monthly expenses..
Big question and risk is age gap between 60-65 and healthcare. I’ll need to buy insurance for that 5 year period.
If you see people who say they have $5-6 million in their company 401k they are probably full of it. If you max out your company. 401k for 30 years you will have about $3million at age 70 assuming a 7% return.
Mostly how much you need entirely depend upon how much you think you will spend. Some people want to buy a 2nd home in Maui...other are content with staying home all day never traveling..
No debt other than house payment..
I’m retirement at 60 and I’ll, prob have $1.5 mil...SS will be there but I’ll prob not take it until 67 to get full amount. SS will be about $3000 month or so..
I’ve figured my fixed monthly bills in retirement will be around $4k or so..includes food.
5% return on my $1.5 mil is 75 k a year or $6000 month or so. Interest alone will more than cover my monthly expenses..
Big question and risk is age gap between 60-65 and healthcare. I’ll need to buy insurance for that 5 year period.
If you see people who say they have $5-6 million in their company 401k they are probably full of it. If you max out your company. 401k for 30 years you will have about $3million at age 70 assuming a 7% return.
Mostly how much you need entirely depend upon how much you think you will spend. Some people want to buy a 2nd home in Maui...other are content with staying home all day never traveling..
I assume the 4% withdrawal rule so I don't have to worry about that on top of all the other unknowns, but I usually use the Social Security life expectancy numbers as a guide which means I should plan for ~100.
https://www.ssa.gov/oact/NOTES/as120/LifeTables_Body.html
You are far ahead of most. Average 50 year old has like $90k in their 401k with Fidelity..
I never understood how people can be investing but come age 45-50 or 55 not have enough in it? One word: DIVORCE...
my neighbor was only worker in his home..he’s. 55 and just got divorced..wife stayed home with kids. He had 600k...He now has 300k.
I'm going to reverse mortgage this house, get my boy into modeling, and have my younger wife keep working.
I love those retirement calculators. The potential return is calculated on a severely underperforming market..... Gen X will be fine or at least get a bailout.
Not trying to be boastful at all but my goal is to retire at 55 with around $20mil saved up. I've been investing since I was a teenager and have made some great investments as well as stupid ones along the way but overall I've done pretty well. Buying Apple in 2002 with a 10k inheritance from my grandpa was my best investment to date. I'm currently 35 and have mid seven figures saved up and invest around 100k per year depending on how my business performs. If I can average at least a 7% return per year, I should be able to hit my goal at 55. By the time I die, hopefully it will be a lot more and my kids and future generations will bet set for a long time.
I've never really carried any debt but this summer I took out a 375k mortgage on my house at 3% to invest in the stock market, which is an ill advised move by many people. Still have a big pile of it waiting for another drop if it ever happens. We will see how that plays out, but I feel confident I can make a better return in the long run. Wish I did it many years ago.
I've never really carried any debt but this summer I took out a 375k mortgage on my house at 3% to invest in the stock market, which is an ill advised move by many people. Still have a big pile of it waiting for another drop if it ever happens. We will see how that plays out, but I feel confident I can make a better return in the long run. Wish I did it many years ago.
Y'all keep mentioning Social Security and Stormin is going to show up.
I always enjoy these threads, you can really get a sense of how different everyone's upbringing was and how we prioritize because of it. Really interesting.
For me, I'm fully planning to work into my 70s and I'm in an industry where that's common. Thanks to a layoff in 2008 and being out of work for a little over a year, a major medical issue and, common theme, a divorce, I'm nowhere close to where I want to be but I've also decided that you have to live some too. I've simply prioritized making sure that my daughter's 529 is well funded and leaving myself 'the rest'.
My grandfather died with money but he never did anything and was a miserable SOB for most of the last 10 years of his life that resented anybody and everybody around him and chose not to have a relationship with any of his kids or grandkids. My dad has hammered into me that that isn't the way to live and that when the opportunity to do something comes along, you do it. That doesn't mean you go live beyond your means (I have zero debt beyond my house) but you can't take it with you.
I always enjoy these threads, you can really get a sense of how different everyone's upbringing was and how we prioritize because of it. Really interesting.
For me, I'm fully planning to work into my 70s and I'm in an industry where that's common. Thanks to a layoff in 2008 and being out of work for a little over a year, a major medical issue and, common theme, a divorce, I'm nowhere close to where I want to be but I've also decided that you have to live some too. I've simply prioritized making sure that my daughter's 529 is well funded and leaving myself 'the rest'.
My grandfather died with money but he never did anything and was a miserable SOB for most of the last 10 years of his life that resented anybody and everybody around him and chose not to have a relationship with any of his kids or grandkids. My dad has hammered into me that that isn't the way to live and that when the opportunity to do something comes along, you do it. That doesn't mean you go live beyond your means (I have zero debt beyond my house) but you can't take it with you.
No joke I said this. He's always wanted a 60-something Corvette. His response?
"Then I'd need to maintain it, and insure it, and I'd only drive it a few times per year. Seems like a headache and something else I don't want to manage."
I don't think I've ever seen someone say they have $5-$6 million in their 401k. TRhey may say they have a net worth of $5-$6 million.
People that have a net worth of $5-$6 million know that after matching their employers match (If they are not self employed), there are a lot better options than a company provided 401k plan.
Just say "Pops I will do all those things for you. Just get the damn thing. Let's get some speeding tickets"
Haha, does that ever once work for you when you say "that is not my job" back to her? I always get the "we need to do xyz" when in fact We means me.
Usually people don't stay with the same employer so stuff gets rolled into IRAs where you have a ton more options and more control over investments. I never leave mine in the old 401k plans. They are too restrictive and I can do better on my own. I am guessing something like mentioned they are thinking the rollover IRAs are 401ks.
She just ignores me when I bring stuff up. Her family is bad with money. An image group who wants to impress. My family is/was very frugal so it’s kind of a clash of worlds. I could clean public toilets if we needed the money, my wife would say it’s embarrassing to have a spouse doing that.
Oh yeah I know that type. Would rather starve than do "that job". Hell I would fish in the river every day to eat if I had to.
People like that are the YOLO'ers. Have some fun yes, but have a long term plan beyond tomorrow.
