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Old 12-12-2018, 01:03 PM
 
Location: California
41 posts, read 15,372 times
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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.
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Old 12-12-2018, 04:50 PM
 
Location: Florida
4,356 posts, read 3,692,049 times
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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.
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Old 12-12-2018, 05:01 PM
 
6,533 posts, read 1,339,947 times
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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..
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Old 12-12-2018, 05:09 PM
 
25,971 posts, read 32,970,649 times
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Quote:
Originally Posted by Nae5150 View Post
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.
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Old 12-12-2018, 05:45 PM
 
Location: Sierra Nevada Land, CA
8,388 posts, read 9,134,430 times
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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
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Old 12-12-2018, 06:24 PM
 
Location: Scottsdale, AZ
7,605 posts, read 4,680,291 times
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FYI, OP, no harm in asking but many in this forum don't like talking about their finances.


What do you intend to do with the information you do get?
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Old 12-12-2018, 07:01 PM
Status: "Loving life, wife and job!" (set 5 days ago)
 
Location: USA
992 posts, read 380,928 times
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Quote:
Originally Posted by ChessieMom View Post
I have been contributing 20% of my salary for about 17 years. Also contribute another 5% to my pension. I am single.
Well hello there.


(I keed....I keed....)
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Old 12-12-2018, 07:08 PM
 
25,971 posts, read 32,970,649 times
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Quote:
Originally Posted by k7baixo View Post
Well hello there.


(I keed....I keed....)
LOL. I wasn't advertising. I am in a longstanding relationship. But not married, and financially responsible for myself only.
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Old 12-12-2018, 07:24 PM
 
Location: Albuquerque, NM
1,427 posts, read 2,568,510 times
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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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Old 12-12-2018, 07:30 PM
 
Location: Tennessee
23,554 posts, read 17,535,380 times
Reputation: 27596
It's been 10%-20% at various points this year.
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