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Retirement Savings?


Tiger MT's Carter

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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.
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Most comments here are about private insurance, for thos not yet eligible for Medicare.... Medicare is underwritten and subsidized by the US govt as well as the privaye insurance.  Reimbursement rat

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.
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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

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My daughter is in finance and she has ''quoted'' the three million mark also . A little out of my league . :down:
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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"....
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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....
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Damn, I do this for a living. Why in the hell did I look at it on my day off. Posthole me please.
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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...
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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.

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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.
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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.
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