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hopefully 401k limit will increase as time goes on.
If you are hitting the max in both accounts for 30+ years 33k should be relatively no problem with limited returns even more so when you include ss which would cover more than half your need.
If you have 48k and save 1950 a month a 3% return for 30 years that ends with a balance of 1.25mm the 3% is assumed real return 6%-3% inflation. That's just over a 2.5% savings withdrawal rate without accounting for social security or any employer matching over 3 decades
At 40 years of savings it's nearly 2mm so why don't you think that's enough to support a 33k need?
Addiotnally you can save all you want in taxable accounts if you want more of a cushion. You can if your 401k allows it contribute to the after tax non Roth portion of your 401k/retirement plan.
If you are hitting the max in both accounts for 30+ years 33k should be relatively no problem with limited returns even more so when you include ss which would cover more than half your need.
If you have 48k and save 1950 a month a 3% return for 30 years that ends with a balance of 1.25mm the 3% is assumed real return 6%-3% inflation. That's just over a 2.5% savings withdrawal rate without accounting for social security or any employer matching over 3 decades
At 40 years of savings it's nearly 2mm so why don't you think that's enough to support a 33k need?
Addiotnally you can save all you want in taxable accounts if you want more of a cushion. You can if your 401k allows it contribute to the after tax non Roth portion of your 401k/retirement plan.
hmm. i've been using compound interest calculators and inflation calculators and it's been giving me 1 million estimate.
1mm would still be 3% swr without SS or employer contributions fwiw
30000 a year, correct? So to match current quality of life (believe 70000 a year) might need a little bit more than 2 million on today's dollars? She's well on her way given her age.
From 1976 to 2016 your calculator shows 1.00 had the buying power of 4.20 today
33,000.00 x 4.20 = 138,600
138,600 / 0.3 swr = 4.62mm
Starting savings 48k adding 23500 a year @ 6% interest for 40 years = 4.42mm
This is not accounting for SS, employer contributions or increases in retirement account limits
A 4% swr drops your nut to 3.465mm obtainable in 36 years
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