Retirement: what age? how long?

[FreshPrince]

link

give it a shot, and let us know when you can expect to retire and for how long?

Right now, it looks like @ age 65 for 25 years living off 90% of my current salary...that's if all variables are optimal.

 

[Gunslinger08]

Text

 

[mcvickj]

WTF. I clicked on your link and it takes me to http://en.wikipedia.org/wiki/HTTPS.


Here is the correct link.

 

[Cal166]

Link needs to be fix.

 

[FreshPrince]

bah! that website sux, someone provide a better link

 

[vi edit]

According to that, and with my assumptions(10% appreciation, 4% inflation, 3% salary increase per year), I'll have 9.5mil in the bank at 65.

 

[shadow9d9]

I'm hoping to retire in my mid 40s...

 

[FreshPrince]

Originally posted by: vi_edit
According to that, and with my assumptions(10% appreciation, 4% inflation, 3% salary increase per year), I'll have 9.5mil in the bank at 65.

good lord!

I tried the cnn money link and this is what I got:

"To save $xxxxxx, your investments need to gain an average of 9.79% from now until retirement. We estimate that there is a 39% chance of this happening. "

ya..um even the most aggressive growth funds you'd be lucky to see 9.79% average growth. So I guess I'm screwed!

 

[Rudee]

I'll be able to retire quite comfortably in 15 years when I turn 55.

 

[Kaieye]

62 because of SS...

 

[jupiter57]

Originally posted by: Rudee
I'll be able to retire quite comfortably in 15 years when I turn 55.

Only 5 years for me.
Had my pension paid in full and all needed work credits in the union in '99.
I could draw 45% now, but I'm holding out just in case I live that long.

 

[FreshPrince]

this depresses me...

based on the calculator I originally posted (from work)

I would need to defer an additional 7% (bringing the total to 12%) to my 401K if I want to retire by 65. That an additional $120/month from my paycheck

this is based on moderate 401k investments and very moderate cost of living after I retire.

I don't really trust the aggressive growth numbers they give me because you'd never know how the market is going to do. It may be that I could retire much sooner if I go the high risk, high gain route...but that requires some courage

 

[ponyo]

I don't plan on retiring.

 

[Scarpozzi]

To save $414,020, your investments need to gain an average of 20.08% from now until retirement. We estimate that there is a 0.00% chance of this happening.

 

[Scarpozzi]

Originally posted by: Naustica
I don't plan on retiring.

I guess I don't anymore.

 

[FreshPrince]

ok, I plugged my numbers into their optimal conditions and it says I can retire at 59 with the current 5% contributions

that's with the following questions answered this way:

• What rate of return do you expect your investments to earn prior to your retirement? 9%
  What rate of return do you expect your investments to earn after your retirement? 7%
  What rate of inflation would you like to use in your projections? 4%
  
  no SS benefits

the 12% contribution was with:

7%
4%
4%
no SS

variables.

Let's hope the market stays up and let's move all my 401K funds into international stocks now!!!

 

[NanoStuff]

Don't intend to retire.

 

[FreshPrince]

oh snap! :Q

this is what I get if I max out the contributions @ 18%

401k.gif

only downside to this is that you work like a dog and save every little penny to pass on to your kids and grand children? is it worth it? probably not....they won't appreciate it.