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Old 09-21-2012, 07:17 PM   #1
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Saving Enough for Retirement??

There are all sorts of retirement calculators, graphs, and charts out there telling us how much money we need to have when one retires, but the following formula I hadn't seen before:

"What You Should Save By 35, 45, and 55 To Be On Target"

Here are the guideposts:

•At age 35, you should have saved an amount equal to your annual salary.
•At age 45, you should have saved three times your annual salary.
•At 55, you should have five times your salary.
•When you retire at age 67, you should have eight times your annual pay.


I assume that the annual salary used at each age guide post is based on the salary at that time.

Link to article: http://moneyland.time.com/2012/09/21...get/?hpt=hp_t3

I keep searching for a retirement calculator that match's my savings..., haven't been to successful yet

Bob
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Old 09-21-2012, 08:27 PM   #2
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With the low yields on many investments today I`m not sure that would be nearly enough either, if you lived a long life.
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Old 09-21-2012, 08:57 PM   #3
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To have accomplished that by now, nearing retirement, I would have never been able to pursue hobbies, own a camper, or even own a home. I figured a long time ago that the Government would be broke by the time I retired, so I'd better take care of my own retirement, by working as long as possible, and then selling off most of the goodies acquired over the years, and eventually letting the kids take care of me, just like the old days when families took care of their own. The 5er will probably be the last major item to go, as we can live in it after the house is gone. So we will be campers to the end !
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Old 09-21-2012, 10:27 PM   #4
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I'm with Crabman, these numbers seem awfully low to me.

As a Gen X'er it has been clear to me and my generation that the days on defined benefit pensions are gone and that they baby boomers simply didn't have enough kids to support the system as it stands today's. I have been agressively saving for not only retirement, but the 3 kids I need to raise and get through college. It is a very daunting task and I never stop working on it.
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Old 09-22-2012, 06:38 AM   #5
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The only thing you will have for retirement is what you put away, and that will never be enough. I prefer to enjoy a portion of my earnings while I'm "young" and still able to get around. Seems like every year I'm worse off than the year before and I have no hope that our country will be restored to it's former glory. If things go like they are heading, in four more years we will be a solidly Socialist nation and I won't be able to travel freely, camp recreationally or retire. Enjoy today because you won't be able to enjoy tomorrow as much!!
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Old 09-22-2012, 07:41 AM   #6
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Maybe I have my head buried in the sand, but I find that we can live on whatever we have. There have been times when we made large incomes and times when we were looking for next week’s grocery money. My philosophy is that I will be determined to be happy and enjoy life reguardless of my financial condition. We saved when we could and now we are retired we are spending it. I guess what I am trying to say is I could never fit those “What you need to retire formulas.” We had to retire before we planned due to DW health, didn’t have the funds we thought we needed, but you know it really does not matter life is good. It is a nice cool Fall morning, firewood is cut for the year, Florida is only 2 months away, & I am going for a walk.
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Old 09-22-2012, 08:57 AM   #7
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I guess like any retirement formula, it all depends on one's needs/expectations while in retirement. The "experts" say one should figure retiring on 80% of their annual working income in order to maintain the same life style.., so I would assume if one could live on 50% to 60% of their prior working income retirement may be doable based on some of these formulas.

The biggest unknown for many is medical costs while in retirement, and it's darn difficult for someone that is 35 or 45 years old to project what those costs may be!

I'm a firm believer that to make the best of any retirement nest egg, going into retirement "debt free" is a must.

Bob
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Old 09-22-2012, 09:03 AM   #8
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Quote:
Originally Posted by Rustic Eagle View Post
I guess like any retirement formula, it all depends on one's needs/expectations while in retirement. The "experts" say one should figure retiring on 80% of their annual working income in order to maintain the same life style.., so I would assume if one could live on 50% to 60% of their prior working income retirement may be doable based on some of these formulas.

The biggest unknown for many is medical costs while in retirement, and it's darn difficult for someone that is 35 or 45 years old to project what those costs may be!

I'm a firm believer that to make the best of any retirement nest egg, going into retirement "debt free" is a must.

Bob

X2 From my own situation and watching friends, I would agree that being debt free is an absolute must.
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Old 09-22-2012, 09:38 AM   #9
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X3 on debt free

But I struggle to understand how one lives 80% of pre-retirement income. Maybe some of you retired folks can help me understand why this is. I would assume cost during retirement to increase. I am thinking retirement brings higher medical expenses, more opportunity to travel, and when not traveling more timespent at home increasing utility bills. Where is the cost reduction coming from?
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Old 09-22-2012, 10:03 AM   #10
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Most peoples retirement plans involve buying Mega lotto tickets... I'm changing my name to Clyde and looking for a GF named Bonnie.... ROTFLOL
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