Will you have enough to retire?

[Deeko]

This calculator is mo better.

The first calculator said I would be about 30% short. This one says I'll have over 2x as much as necessary.

I like this one better too.

 

[Hayabusa Rider]

Nope, not a chance but other people will pay for me.

 

[brianmanahan]

lol, this only goes up to a savings rate of %25? i am saving about %50 after tax.

and it adjusts what you need in retirement based on what you make now?

this thing is a fail.

 

[JulesMaximus]

I fully expect to die before I retire.

 

[brianmanahan]

I fully expect to die before I retire.

whatever floats your boat i guess

i want to retire by the time i am 45 or 50

with medical complications i am guessing i will live to 60 or so (just a hunch), so i want at least a little bit of retirement time

 

[Exterous]

If you sacrifice free time and work too hard during your younger years, you'd miss out on more than you would at 55.

At 55 I would be able to afford a nicer car (to go nowhere) and have no mortgage (more money to travel with just 1 person).

I completely agree but I hear this a lot yet the numbers being reported show that people are erring far too much on the side of "Fun now because I might be dead later (YOLO)" than saving too much. There is a fine line and most of the country isn't anywhere near it

And I think traveling is overrated. Even during the 2nd week of our Maui honeymoon I missed being home with the familiars. Same goes for 7-day cruises. You can only live out of a hotel or out at sea for so long. Have you actually spent a week in other countries so much that you'd want to spend a month?

Traveling is different things to different people - the most important thing is to find something you want to do when you retire and plan for it.

 

[Juddog]

I fully expect to die before I retire.

Same here; if I get to retirement age, and am broke but don't have the mind to work anymore, I'll most likely just end my life via suicide method rather than live on as a drain to society.

 

[atotnine]

You're falling short
You will need:
$17.8 million

 

[KIAman]

This calculator is mo better.

So according to the OP calc, I need 4.6M and fall over a million short.

According to this one linked in the quote, I need $2,708,163 with an 96% chance I will meet this.

How could these be so far off from each other?

 

[OverVolt]

Financial illiteracy is kind of rampant apparently. Save in your 401k if you get employer contributions. Its all you can really do.

I really hate extrapolations.

 

[sze5003]

According to my company's advice system, which I code for, haha it says I'll have about 2 million at retirement which in the system is set to 65 or older. I would save more but I'm paying student loans and other bills every month so I really could not afford to put more than 4% of every paycheck in there. My company also matches it 100% after some time so that helps. If I get my promotion I'll bump it up to 6% every check.

 

[Naeeldar]

SS will be fine. Quit with the paranoia.

I've got a good 40 years until I retire more than likely. me planning for no social security or a much reduced pay out ( this is likely not so much no ss) is smart no paranoia.

 

[Train]

SS will be fine. Quit with the paranoia.

SS is fine if you count the IOU's it holds as actual money.

 

[Fingolfin269]

And I think traveling is overrated. Even during the 2nd week of our Maui honeymoon I missed being home with the familiars. Same goes for 7-day cruises.

I had a different experience in Maui. When we were there for our 2nd week we realized we loved it so went back the next year. Probably going back again next year. One day I'll figure out how to just stay there...

 

[goog40]

So according to that calculator if you are a 20 year old making a million per year and saving 25% of your income, you should plan on working until you're 62. Seems legit.

 

[Mixolydian]

I don't plan to live to retirement age. Who the hell wants to be old?

 

[brianmanahan]

I don't plan to live to retirement age. Who the hell wants to be old?

you will want to be when you get old, i guarantee it. you will do everything you can to stay alive. trust me.

 

[Xcobra]

Pfft, I save 120% of my income. Negative five and a half years till I can retire assuming 2.5% deflation and that the Social Secuirty Administration is dismantled, absorbed into the Department of Homeland Security, and its staff dispatched to "silence" anyone demanding payments.

Don't know why but I lol'd

 

[FallenHero]

Yes. Pension + 457 (10% every paycheck), + Roth (maxing out starting next year) + wife 401k (10% again) = Win.

And if that is not enough for a couple with no debt by the time we retire, there is something wrong with the system and I'll gladly be homeless and shit on government property.

 

[iCyborg]

So according to that calculator if you are a 20 year old making a million per year and saving 25% of your income, you should plan on working until you're 62. Seems legit.

Yeah, the calculator uses this "You'll need X% of your working years income" in a very naive way. So naive that it's actually stupid: I'm falling short, so I thought I'd look at what kind of raise would I need to catch up. And leaving everything else the same, this actually made it worse. In fact, according to the calculator, I should ask my manager for a ~60% pay cut, and I'll be on track :\

 

[cuafpr]

I don't plan to live to retirement age. Who the hell wants to be old?

same.. .figure i'll work till i get bored and just say they hell with it.. less life changes drastically.. that said was set to retire at 42-45 before things went to shit :/ Now i don't care... but i am saving again just starting over drains ya.

 

[Via]

Nope.

Dicking around for years in undergrad and grad school probably cost me my retirement. I'll work in some capacity until I keel over (I don't count my inheritance in this equation; I have no idea what it will be).

I wouldn't trade it for anything, though. I'm positive having fun while you're young beats playing shuffle board when you get old.

 

[Mixolydian]

you will want to be when you get old, i guarantee it. you will do everything you can to stay alive. trust me.

As long as I make it to 40, I'm good. After that, kill me.

 

[Engineer]

SS is fine if you count the IOU's it holds as actual money.

As long as the US can borrow money, that's true (IOU's = actual money).

 

[cavemanmoron]

I hope so, I retired last week, after 35+ years at the same place.

They had a 30 years age 55 option when I started, just had to wait till I turned 55
about a month ago.



I had my last day at work Friday October 18 2013, I am on vacation till the close of the day Oct. 23rd and my First day "Officially" Retired will be the 24th of October.

I Turned 55 about 3 weeks ago.

35+ years at the same place, and since June 1980 I walked in and out of the same doors
at the same exact Building.

Who else here is already or about to be Retired??