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With increasing retirement/ healthcare costs, plus inflation, I am just wondering, what percentage of your monthly income have you set aside for savings? Also, how have you structured your retirement income? ie via SS, pension etc? I especially would like to know from those in their 50's above. Thanks.
It depends on your expected retirement budget but I would say 10 to 15% to retirement investments (stocks and bonds). If you are retired and your retirement income can not increase then you do have a problem as prices could double during retirement. One option would be to postpone SS as long as you can.
Right now, we are saving 50% and will retire in about two years. Saving is relatively recent for us, though -- we did have savings, but we lost all of it in 2008-10 (long story), and we could only start saving again after we no longer had kids living with us, starting about six years ago. Our saving since then was just a combination of my husband getting much better paying jobs in the past eight years combined with no longer having the expenses of kids.
As far as AFTER we retire, we will use our savings to have our home paid in full with quite a bit left over, and our monthly expenses will be less than our combined SS. (We do live VERY modestly in relation to our income, however.)
Last edited by katharsis; 12-12-2018 at 05:49 PM..
With increasing retirement/ healthcare costs, plus inflation, I am just wondering, what percentage of your monthly income have you set aside for savings? Also, how have you structured your retirement income? ie via SS, pension etc? I especially would like to know from those in their 50's above. Thanks.
I have been contributing 20% of my salary for about 17 years. Also contribute another 5% to my pension. I am single.
I guess I am fortunate to have two govenmet pensions plus SS. But when I entered public service in 1979 having a secure pension was part of the plan. I knew I would be trading a high salary for long term term benefits. I had decent pay. My plan has worked out. We do have a decent reserve, Saving for retirement was sort of done automatically by my government service
For retirement I have 10% going into a 403b and 6% going into a Roth. In addition I have a mandatory 11% that goes toward my pension.
I also have some amount going into regular savings each month, but that’s more of a sinking fund that gets spent on specific projects or goals. Once I have sufficient cash savings on hand, I’ll start putting additional toward my mortgage principal.
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I am in a longstanding relationship. But not married, and financially responsible for myself only. 
