mead107 Posted April 27, 2015 Posted April 27, 2015 How much is enough? Do you have a pension? Only your 401k? Will you retire anyway ? At what age?
Alaska Darin Posted April 27, 2015 Posted April 27, 2015 I think most of those questions are pretty much moving targets. I don't have a pension but my wife has two. We'll both have social security and we've saved money in various avenues (Traditional and Roth IRAs, 401ks, etc). I'm not sure what the future holds for the country but we're doing the best we can.
/dev/null Posted April 27, 2015 Posted April 27, 2015 How much is enough? More than most people anticipate Do I have a pension? A previous employer had a pension plan. The limited time I was there I am entitled to a pittence, like less than $100 month by the time I reach retirement age. But still $100 a month more than I would have had otherwise 401k with current employer and multiple previous employers and a bank run 401k that I had rolled over from another employer. I've always been wary of Roth IRAs. They're a sound investment right now but I have always been fearful that by the time I'm eligible to draw the Government will have enacted a way to double tax them. I have also become kind of worried that the Federalies might have their eye on traditional 401ks as well. Got a few dividend yielding stocks. Exxon Mobil pays me more than I pay them
ExiledInIllinois Posted April 27, 2015 Posted April 27, 2015 If you move to the Phillipines or Belize... Not much. Bag of rice (or lentil since this TBD) and a place to rest your head. ...That should get you six to eight months.
plenzmd1 Posted April 27, 2015 Posted April 27, 2015 How much is enough? Do you have a pension? Only your 401k? Will you retire anyway ? At what age? So, a really basic rule is the 4% rule. Could not find a great explanation, but this seems okay. http://perspective.schwab.com/mobile/article/7272/Is-the-4-Percent-Rule-Still-Appropriate Problem is now rates are so low this may no longer hold water. How much is enough is never going to be the same from one person to the next. I want to travel like a mofo, that takes a boatload more money than I got now, so I keep working and saving. I also want to leave as much as possible. I have lived without a doubt the next generation has it better than the previous , and if I can give my kids the comfort of knowing they have a cushion for retirement so do what they love instead of working for money( as I have) that would make me very happy as they spread my ashes at the Ralph. I don't think it is all about money either. Do you have things to do, interests , volunteering aspirations etc I think all factor in to it.
WotAGuy Posted April 27, 2015 Posted April 27, 2015 (edited) I have an ESOP, a 401k, an IRA and some mutual funds. I had a nice savings account until I bought a house in March. My retirement statement says I'll be at about 68% of where I need to be (they say I need to be at 80% - of current income). I plan on the lottery getting me over the hump. Edited April 27, 2015 by WotAGuy
ExiledInIllinois Posted April 27, 2015 Posted April 27, 2015 I am indifferent about money. Who gives a hoot? Except I do want my $14.45 back!
4merper4mer Posted April 28, 2015 Posted April 28, 2015 I think for a couple expecting a relatively modest retirement, with a few indulgences per year, a retirement starting at 65 and a life expectancy of say 92, a combined savings total of about $3-4B is a reasonable goal. $10B or more and you probably don't really have to watch what you spend.
Clippers of Nfl Posted April 28, 2015 Posted April 28, 2015 How much is enough? Do you have a pension? Only your 401k? Will you retire anyway ? At what age? I have a pension and 401k. But why so nosy?
Doc Posted April 28, 2015 Posted April 28, 2015 I think for a couple expecting a relatively modest retirement, with a few indulgences per year, a retirement starting at 65 and a life expectancy of say 92, a combined savings total of about $3-4B is a reasonable goal. $10B or more and you probably don't really have to watch what you spend. Maybe for the peasants.
mead107 Posted April 28, 2015 Author Posted April 28, 2015 I have a pension and 401k. But why so nosy? Read the other day most people have very little saved.
boyst Posted April 28, 2015 Posted April 28, 2015 For as little as I bring in I have quite a bit, actually. A Roth, some stocks, mutual funds, 401k and I will eventually set up a trust which will use my farm to pay out. I started the Roth and all when I was 24, contributed maximum amounts every year but a few. The matyh should be easy to figure.
Buffalo Barbarian Posted April 28, 2015 Posted April 28, 2015 How much is enough? Do you have a pension? Only your 401k? Will you retire anyway ? At what age? Probably wont retire, can't afford it anyway, besides will need something to do, don't want to be one of those dudes who croaks after three yrs. We have a guy at our shop who has been working here for 64 yrs , started in1951, he's 83 now, figures he will die if he retires.
dbmu1977 Posted April 28, 2015 Posted April 28, 2015 Retired last year, I have a defined retirement after 31 years with the state and teaching. I also have have some funds in 403B and mutual funds. My wife is the same boat. We are both doing good, wish I had invested more. We don't live extravagantly but never did. Going golfing today, if I was still working I would be putting up with the **** at my school where they are not replacing 7 retirees. The district is raising taxes but not replacing 7 teachers. The new super says enrollment is down, but the football coach tells me they are getting bumped into a larger class, something is fishy. I have no plan on dying yet, walking 3 miles a day and got season tickets for our team 1st time in my life.
Garion Posted April 28, 2015 Posted April 28, 2015 And social security and Medicare mind you. No one gets what they put in. We get what someone else is currently putting in - but that doesn't play as well on a bumper sticker.
ExiledInIllinois Posted April 28, 2015 Posted April 28, 2015 And social security and Medicare mind you. No one gets what they put in. We get what someone else is currently putting in - but that doesn't play as well on a bumper sticker. Besides... Who really works hard, especially on this board. ;-)
Guffalo Posted April 28, 2015 Posted April 28, 2015 We have leftovers from previous jobs, 401K and 403B at current jobs. Wife has a modest pension from a hospital from years ago.As for the original question, How much is enough? It depends on the life and location that you are in. I think if I move out of New York state we will be fine. By lowering our overhead, I hope to improve our future. To that end we bought a house last year on a golf course situated on a lake in South Carolina. Property taxes go from 14,000 to 1,300 per year. If we move from Long Island to SC as primary residence, I could rent/buy a simple place in Buffalo for June-October/November and then head south for the winters.
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