Jump to content
REGISTERING FOR MEMBERSHIP ON UPLAND JOURNAL Read more... ×
Sign in to follow this  
Tiger MT's Carter

Retirement Savings?

Recommended Posts

Tiger MT's Carter
I read today that the median amount saved in all household retirement accounts by people in their 60’s is $172,000. That seems to be a very low number.

Share this post


Link to post
Share on other sites
Mike Connally
Yep. You can't retire on that. My goal was a million. My son is shooting for three million. He's about 30 years behind me.

Share this post


Link to post
Share on other sites
fuess

I would think that is the average not the median.  Bet you it much lower.

Rule of thumb is 20x annual income as a guide

Share this post


Link to post
Share on other sites
gunsrus
My daughter is in finance and she has ''quoted'' the three million mark also . A little out of my league . :down:

Share this post


Link to post
Share on other sites
Brad Eden
This is a depressing Topic.

Share this post


Link to post
Share on other sites
bennelli-banger
that means that half have more, half have less?  I believe that.  I have worked in the financial advice biz for 26 years and that doesn't seem shocking to me...lots of people just didn't save...or, they waited too darned long to start...maybe they struggled with college expenses and put it off until the kids were done with that.  Today, with defined benefit pensions being a thing of the past, and social security being a benefit of some help, but not a ton, one had better have a decent pile saved by the time they "pull the plug"....

Share this post


Link to post
Share on other sites
bennelli-banger
if you subscribe to the "4% rule" as far as a withdrawal rate from your portfolio that generally allows the principal to keep growing (assumes a 50/50 blend of stocks/bonds), $80,000 of income requires $2,000,000...and for many, 80k ain't enough in addition to social security....yeah, $3,000,000 is probably a good number.    30 years, $20k annually being invested, 8% annual return = about $2,500,000....35 years of that combo gets you to about $3,800,000....

Share this post


Link to post
Share on other sites
fuess
This is a depressing Topic.

POSTHOLE??

Share this post


Link to post
Share on other sites
dogrunner
8% return rarely happens from year to year.

Share this post


Link to post
Share on other sites
juneboy1
Damn, I do this for a living. Why in the hell did I look at it on my day off. Posthole me please.

Share this post


Link to post
Share on other sites
bennelli-banger
Actually, if you look at "average annual total returns" for the past 20, 30, 40 or more years, most equity funds returned more than that...

Share this post


Link to post
Share on other sites
Tiger MT's Carter
Damn, I do this for a living. Why in the hell did I look at it on my day off. Posthole me please.

I would think if you do this for a living you would have plenty to offer in this topic.

Share this post


Link to post
Share on other sites
MilRob
I give 10% save 10% and live off the 80%.   I am planning on downsizing and moving to northern MN or to MT when I retire.    Just glad my wife loves hunting and is willing to move wherever.

Share this post


Link to post
Share on other sites
2shot
Three of my five siblings are retired. None went into it with more than $300k. All are enjoying their retirement. Fact of the matter is that despite all the glorious plans 9 out of 10 retirees get up, watch TV and play cards at the seniors center between doctors appointments once they're over 70.

Share this post


Link to post
Share on other sites
Tiger MT's Carter
It is great to hear that retirement is working out for your siblings.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×