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I think there will be many planning for retirement during this age. I'm in similar age, but better situation in 401k. The question is
Is it enough ?
Work the number, they don't lie. e.g. if you save 10k/year (850/month) in 401k it will be 200k by age 65 and with market growth you will be able hit some markers.
Look for other opportunity to save and grow. Even small amount in long run makes difference.
You are probably doing well to have realized the problem now.
Did you include SS in your analysis? The million would probably give you 30,000 to 40,000 a year.
You have a number of years before retirement and then maybe another 30 or 40 years in retirement. Thus you need to invest in equities. I think the growth of investments is going to be less than in the past so you might want to start a part time business or look to a second job.
You are probably doing well to have realized the problem now.
Did you include SS in your analysis? The million would probably give you 30,000 to 40,000 a year.
You have a number of years before retirement and then maybe another 30 or 40 years in retirement. Thus you need to invest in equities. I think the growth of investments is going to be less than in the past so you might want to start a part time business or look to a second job.
LOL..everyone thinking they are going to live to 90-95 years old. 40 years AFTER retirement??????????
Most industries that aren't menial service jobs won't keep/hire 65+ people.
I'm fortunate as an Engineer that when the economy is decent to good there are lots o 65-75 year old workers still making in the low 6 figures AND getting heath benefits.
same here , i too find in our industry which is technical i can work very easily .
i get calls from competitors all the time to work full or part time now that i retired .
in fact i teach motor controls and vfd's 2 days a month at my old company .
I am single, 42, and have some, but not much, money in retirement funds (about $50K). I am in an uncertain place in terms of career and location, and I have some money in savings (about $40K) but anticipate needing it if/when I change careers and/or move. I live simply and well below my means. I have done the online retirement calculators and find the results to be completely overwhelming. Even with my frugal spending habits, I apparently need close to $1 million to retire. There is no way that is going to happen. What do people do - work until they die? Are there retirement communities that have lower rent? I have a very reasonable mortgage that I could definitely have paid off by the time I retire, but the thought of retiring where I live now is crushingly depressing. I want to move, but when looking at the reality of my financial future, I feel stuck.
What do people do? Just save what you can? I have no kids, no debt (except for mortgage). It seems like I am missing something to be in what feels like such a desperate situation.
A friend of mine refuses to save anything, I expect him to be in your situation in 10-15 years' time.
Thanks for the replies. I'm sure I'm missing some things but here goes for a few more points - I didn't include SS because of the uncertainty of whether it will be there. I am only putting $ in savings now because I have some uncertainty in my job and might need it, but as I build up more savings for immediate possible expenses I will invest more. I'm still investing some but not a lot. My employer doesn't match. Second job is impossible because I am an attorney and work a lot of hours already. I make 6 figures now but only spend about $2000/month. You have all pretty much confirmed what I was thinking, which is basically the answer to the question I needed answered - is this the reality or am I missing something. Turns out nope this is it. I definitely can continue working and saving/investing - but I feel stuck, like I can't make any other life choices like change to a career that might be lower paying but more satisfying or move out of this town. How depressing.
I am single, 42, and have some, but not much, money in retirement funds (about $50K). I am in an uncertain place in terms of career and location, and I have some money in savings (about $40K) but anticipate needing it if/when I change careers and/or move. I live simply and well below my means. I have done the online retirement calculators and find the results to be completely overwhelming. Even with my frugal spending habits, I apparently need close to $1 million to retire. There is no way that is going to happen. What do people do - work until they die? Are there retirement communities that have lower rent? I have a very reasonable mortgage that I could definitely have paid off by the time I retire, but the thought of retiring where I live now is crushingly depressing. I want to move, but when looking at the reality of my financial future, I feel stuck.
What do people do? Just save what you can? I have no kids, no debt (except for mortgage). It seems like I am missing something to be in what feels like such a desperate situation.
If its any consolation, there are likely millions of others who feel the same way, including myself. Don't forget that you can retire in another country and live comfortably, provided you have enough money or some kind of pension. To retire where I presently live would also be "crushingly depressing", just the thought of it makes me feel bad. So you are young and now is the time to start planning. Don't put it off for tomorrow, start today. Save and invest your money, let it work for you, instead of the other way around. If you have no children and you live frugally you do not need 1 million to retire on, plain and simple.
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