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Retirement with 401k


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Many of the advice i M reading claims by 55 you should have 5 times your annual salary and at 65 , 8 times your annual salary.  I realize this is a very general statement but lets keep the discussion basic.
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I'll make it on that- I am getting to that point in time.

With as little as I make I was certainly over the 55 bench mark- at 60 I am very close to the 65 bench mark- I have some rentals- as long as all your toys are bought and paid for before you retire and you have your debt under control you should be fine- I have a couple of toys still to get though. At least thats my take on it.  Health certainly plays a major factor in it though.

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Koldfront Kraig

That works for me.

However, the lovely Mrs. Koldfront Kraig is eight years younger than I am. She thinks she's going to retire a year after I do...

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I'm not quite sure why you would need more at 65? You should be at or near drawing SS by then.

There are a lot of variables to the equation...

Health insurance

Lifestyle

Debt

If you are close, and even if you are years away from retirement, you really need to sit down with a good financial planner.

They are not cheap, but a good one is worth every penny!

I got lucky and found a very good planner/investor all in one office.

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It's probably as good a rule-of-thumb as any but I sure wouldn't set a retirement date on it. Just too many variables. Obviously someone who doesn't have a house or car payment, or any other debt, and is able to put much of his earnings into savings or retirement, doesn't need as high a percentage as someone deep in debt and living payday to payday.

The method I've been using begins with making sure all transactions go through my checking account at one point or another. Online banking makes it easy to get a pretty good idea of what you spend. Once you know that, an inflation calculator and spreadsheet can give you a pretty good idea of where you stand.

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Divorce can wreck the best laid plans, retirement and otherwise, of both mice and men.
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I don't know how much I had at 55 and 65.

I think a million would still be adequate when you hang it up.  Any pension income and SS would fagure in.

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I'm not quite sure why you would need more at 65? You should be at or near drawing SS by then.

There are a lot of variables to the equation...

Social Security won't be there for some of the younger crowd.  I'm 49 and have already been informed by SSA that I'll only receive 75% of my promised benefits at FRA because the money won't be there.  I'm sure folks younger than me will receive even less, perhaps nothing.

When planning for my retirement in 2030's, I assume there will be no SSA for me.  If it's there, then I get a pleasant surprise.

As the SSA crisis deepens, look for Congress to be casting ever more lustful looks at your 401(k) balance.  There's been idle chatter on the Dem side of the aisle about appropriating it for a while now. Someday it might happen.

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I'm not quite sure why you would need more at 65? You should be at or near drawing SS by then.

There are a lot of variables to the equation...

Social Security won't be there for some of the younger crowd.  I'm 49 and have already been informed by SSA that I'll only receive 75% of my promised benefits at FRA because the money won't be there.  I'm sure folks younger than me will receive even less, perhaps nothing.

When planning for my retirement in 2030's, I assume there will be no SSA for me.  If it's there, then I get a pleasant surprise.

As the SSA crisis deepens, look for Congress to be casting ever more lustful looks at your 401(k) balance.  There's been idle chatter on the Dem side of the aisle about appropriating it for a while now. Someday it might happen.

Please explain. What is there to touch and who specifically is suggesting it? A 401k is simply tax deferred, not tax exempt. Once one starts withdrawing from it, it's treated as any other income, as long as you're over 59.5 or something like that, so I don't understand what there is to take prior to withdrawal. Not picking a fight, just want to know.

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The govt take of your 401K comes up every few years- more political posturing that anything but in a way it has happened in Europe to help pay govt debt ( more taxing it than taking it) but if the laws were changed and that would take all 3 branches and certainly time to do it- it could be done. Just don't see that happening that way directly here since we all are armed. But there are ways of getting it non-directly. Just pass a large a bill and don't read whats in it- certainly a possibility.
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Chris Raymond
The govt take of your 401K comes up every few years- more political posturing that anything but in a way it has happened in Europe to help pay govt debt ( more taxing it than taking it) but if the laws were changed and that would take all 3 branches and certainly time to do it- it could be done. Just don't see that happening that way directly here since we all are armed. But there are ways of getting it non-directly. Just pass a large a bill and don't read whats in it- certainly a possibility.

I think Argentina did something similar back in '07 or '08 with respect to private retirement account nationalization.

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If I only would have stopped buying guns boats and stopped driving around the countryside in 4x4 vehicles looking for places to hunt and fish I would have been a millionaire when I retired 4 years ago.
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My wife and I are doing OK. Both late 40's and have about 7 times our combined salaries.

I find it hard to believe that there wont be any sort of SS when we retire.

BTW - Those are pre tax numbers :(

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