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You mean income too right? One can have very little in the way of assets yet have a good salary and live a comfortable life. It wouldn't be wise but plenty do it.
Also: One person or a family? New York or Alabama? Tenderloin or sirloin? "Comfortably" is a very open ended term.
You mean income too right? One can have very little in the way of assets yet have a good salary and live a comfortable life. It wouldn't be wise but plenty do it.
Also: One person or a family? New York or Alabama? Tenderloin or sirloin? "Comfortably" is a very open ended term.
No, not income. Just Assets (Cash, Stocks/Bonds, Gold, Real Estate, etc).
Healthy Single person with no debt and kids and no one to support.
Impossible to say..its as different as asking what we need in income ....... investments run thru cycles as well...you may have had no growth for a decade and then double digit growth
to catch up the following decade so even assets are tough to say....odds are no number is enough unless you are very wealthy....
there is always to much month at the end of the money no matter how much that sum is. .....
and i feel that falls short for what i should have and want by retirement...i could never retire on that amount. thats why there is no way to really answere that question..we are each so different.......
my retirement goal is to be able to draw forever my salary inflation adjusted every year..... why? because we all pretty much spend what we earn....... money like water always seeks its own level.....
yeah i know when we retire we are supposed to spend less but im not counting on it... if we happen to spend less we will probley just spend more on the kids and grand kids.
Last edited by mathjak107; 06-23-2010 at 12:53 PM..
Multiply your annual income by your age and divide by 10. Example, age 40:
If you make 50,000 at forty, 50,000 x 40 = 2,000,000.00 divided by 10 = 200,000 is what you should have.
Is this for real?
My wife and I are 28, she has averaged $20,000/yr and I have averaged $32,000 per year since graduating 7 years ago.
$52,000 x 28 / 10 = $145,000.
We scrimp and save but we only have about 85% of that in total assets, and I thought we were doing OK.
Yet someone who is 40 on our wages is only supposed to have $208,000? Just $60k more for another 12 years? That is only $5k/yr in savings. That doesn't seem right.
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