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Thank you, everyone, for the replies! It gives me a lot of insight as to what we should and should not be doing when it comes to our retirement. If we continued to save at the same exact rates that we are doing now then we will be close to the 2 million mark; with inflation and whatever I'm going to contribute when I go back into the workforce I think that we'll be fine. We have always contributed the max amount allowed and live frugally and within our means. Saving money has become paramount to us and it feels good to know that we are debt free. When we buy a house, though....gonna owe our souls there....LOL.
We are concerned about my FIL and MIL not having enough to retire with (actually, my MIL isn't going to retire from anything, she hasn't worked in over 6 years) and then their care will end up being our responsibility, which we DON'T want to happen. Neither of them live lavishly but they are both used to certain comforts and, living in California, the COL here is already very high. Soooo.....my DH is going to be sitting them both down in the near future and talking seriously about their plans because whatever they do affects us to some degree. Luckily, my parents are taken care of- I thank my dad almost every day for setting himself and my mother up for the rest of their lives! I can't imagine having to shoulder the costs of 2 sets of elderly parents in the years to come, let alone one. Hence, the conversations my DH will be having with his parents.
Thank you, everyone, for the replies! It gives me a lot of insight as to what we should and should not be doing when it comes to our retirement. If we continued to save at the same exact rates that we are doing now then we will be close to the 2 million mark; with inflation and whatever I'm going to contribute when I go back into the workforce I think that we'll be fine. We have always contributed the max amount allowed and live frugally and within our means. Saving money has become paramount to us and it feels good to know that we are debt free. When we buy a house, though....gonna owe our souls there....LOL.
We are concerned about my FIL and MIL not having enough to retire with (actually, my MIL isn't going to retire from anything, she hasn't worked in over 6 years) and then their care will end up being our responsibility, which we DON'T want to happen. Neither of them live lavishly but they are both used to certain comforts and, living in California, the COL here is already very high. Soooo.....my DH is going to be sitting them both down in the near future and talking seriously about their plans because whatever they do affects us to some degree. Luckily, my parents are taken care of- I thank my dad almost every day for setting himself and my mother up for the rest of their lives! I can't imagine having to shoulder the costs of 2 sets of elderly parents in the years to come, let alone one. Hence, the conversations my DH will be having with his parents.
Why do you think you're responsible for your inlaws and why do you think they expect you to care for them? They live their way and you and your husband live your way, are they really going to change their lifestyle because it neither of you approve? Kind of reeks of selfishness.
Why do you think you're responsible for your inlaws and why do you think they expect you to care for them? They live their way and you and your husband live your way, are they really going to change their lifestyle because it neither of you approve? Kind of reeks of selfishness.
Or a family that sees a shared responsibility for each other from cradle to grave. It is all a collective personal family relationship and that varies from person to person and family to family. I would hope each of us in life is able to embrace and be embraced by a family with mutual values to our own what ever they are.
Or a family that sees a shared responsibility for each other from cradle to grave. It is all a collective personal family relationship and that varies from person to person and family to family. I would hope each of us in life is able to embrace and be embraced by a family with mutual values to our own what ever they are.
You may want to reread HER post. Her tone and the "DON'T" in caps gives me the impression this is not something she would embrace, lol.
You may want to reread HER post. Her tone and the "DON'T" in caps gives me the impression this is not something she would embrace, lol.
I was responding to snow tired and included her Quote . Simply we are all individuals with different values and we all hopefully belong to a family that shares ours independent of others thinking.
The first step is education and allowing yourself and children to acquire the academic skills so you/they have the widest range of well paying careers to choose from.
It's really more about income rather than savings. Determine what portion of annual expenses (all expenses) are not covered by guaranteed sources of income such as Social Security and/or pension. The amount that's not covered is called your residual expenses. Many experts agree one should have 20-25 X residual expenses accumulated and held in extremely safe assets.
For example, if your annual expenses are $40,000, but only receive $20,000/year in SS, your residual expenses (expenses not covered by a guaranteed source of income) are $20,000. Thus 25 X $20,000 residual expenses = $500,000.
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