The Scary State of Retirement Savings (relocate, acquaintance, relatives, friend)
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I know I have to figure the actual amount myself. But I am interested in what other people have done, and why, and how it worked out for them. I think that talking to others who are wondering the same thing could help me figure it out. I have not been able to really figure it out on my own, after having read several books and lots of web sites. I know that in the end it's up to me and I have to live with the decision. I suspect that the answer will come to me at the right time. But meanwhile, I am very curious what others think about this, and how much they have saved.
I realize that some think you need millions, and some think no amount is enough. But as I said, I have been living on under $30k. Also, I think I could probably get various kinds of part time work if necessary.
I know I have to figure the actual amount myself. But I am interested in what other people have done, and why, and how it worked out for them. I think that talking to others who are wondering the same thing could help me figure it out. I have not been able to really figure it out on my own, after having read several books and lots of web sites. I know that in the end it's up to me and I have to live with the decision. I suspect that the answer will come to me at the right time. But meanwhile, I am very curious what others think about this, and how much they have saved.
I realize that some think you need millions, and some think no amount is enough. But as I said, I have been living on under $30k. Also, I think I could probably get various kinds of part time work if necessary.
Yup!
I'm just a big fan of spreadsheets, since it helped me finally realize I'll be OK in retirement plus it helped figure out when I could
And it's no where near the "80%" that the big financial companies say I'll need.
Ok Gandalara, what did your number turn out to be? Is it for both you and your spouse, or just yourself. I am not married, so I figure my number can be a lot less than for a married couple. Although probably more than half. If a married couple needs a million, lets say, then a single person might be ok with $600k, for example. And, again, I have much less luxury than the average American seems to require. I don't even have air conditioning.
Ok Gandalara, what did your number turn out to be? Is it for both you and your spouse, or just yourself. I am not married, so I figure my number can be a lot less than for a married couple. Although probably more than half. If a married couple needs a million, lets say, then a single person might be ok with $600k, for example. And, again, I have much less luxury than the average American seems to require. I don't even have air conditioning.
I would say in retirement two can live for about 110-120% of one. Much more economical in retirement. The difference for food, clothing, second car and insurance is about it. If you have your second or both cars paid for it is the same except for insurance and other operating cost. However that being said it depends on your retirement income with the higher it is lowering the percentage increase it costs for two.
Ok Gandalara, what did your number turn out to be? Is it for both you and your spouse, or just yourself. I am not married, so I figure my number can be a lot less than for a married couple. Although probably more than half. If a married couple needs a million, lets say, then a single person might be ok with $600k, for example. And, again, I have much less luxury than the average American seems to require. I don't even have air conditioning.
Oh, you want a straight-out number?
My numbers won't mean anything to you.
I'll have at least $400K in a safe conservative place.
I'll have a pension and SS totaling $32K.
I'll have a paid-off house that I'll sell, and move to a lower cost state.
I'll be receiving a family trust worth a minimum of $300K
Not married, no kids, and I plan on retiring at 62 - earlier if I receive the inheritance (before I want it ).
If everything went 'Poof!' and I lost the savings and trust, I could still sell the house and move. Or sell the house and travel/live in an RV
I've planned my retirement around living only on the SS and pension - my expenses are far below my income. I live a very boring happy life, not into buying the latest and greatest toy - but I do have AC!
Some people will think my numbers are more than enough, and others will think I'll be poor. What counts is that they work for me.
I'll have at least $400K in a safe conservative place.
I'll have a pension and SS totaling $32K.
I'll have a paid-off house that I'll sell, and move to a lower cost state.
I'll be receiving a family trust worth a minimum of $300K
Not married, no kids, and I plan on retiring at 62 - earlier if I receive the inheritance (before I want it ).
If everything went 'Poof!' and I lost the savings and trust, I could still sell the house and move. Or sell the house and travel/live in an RV
I've planned my retirement around living only on the SS and pension - my expenses are far below my income. I live a very boring happy life, not into buying the latest and greatest toy - but I do have AC!
Some people will think my numbers are more than enough, and others will think I'll be poor. What counts is that they work for me.
That is a plan that works because it meets your retirement goals and is well thought out with margin for error. Because of the cash cushion you have a tremendous advantage in making it work. Because you are in a more expensive area you have the luxury to cash out and have even more flexibility. So much of retirement potential is where you lived while working and your willingness to transplant.
Yes they do. They mean that you have a lot more than me. We are all part of the same world and cannot evaluate our own situation without comparing to others. I think you have a lot more than the average American retiree, and unless your life gets less boring, you may have trouble spending it all.
But thank you for sharing the data, it helps me to figure out how I am doing. I started saving very late, so I am doing pretty well considering.
Yes they do. They mean that you have a lot more than me. We are all part of the same world and cannot evaluate our own situation without comparing to others. I think you have a lot more than the average American retiree, and unless your life gets less boring, you may have trouble spending it all.
But thank you for sharing the data, it helps me to figure out how I am doing. I started saving very late, so I am doing pretty well considering.
She would have no less trouble spending it retired than if she was working. Interests and wants are still the same with more time to want them in. We are living better retired than when we were working because we have more leisure/free time and the resources to do what we want.
She would have no less trouble spending it retired than if she was working. Interests and wants are still the same with more time to want them in. We are living better retired than when we were working because we have more leisure/free time and the resources to do what we want.
Of course more money is always better. That goes without saying. But I have always lived simply and the things I love doing are not expensive.
If you look at tax deferred savings ofr retirement ;the governamnt has actully discourage svings for retirement by putting lower than needed limits on saving. One of the worse they did ws change the deducutio on the amountof teh 2000 dollars on IRAs that a person got by saving. This greatly reduced what mnany contribute and some even qauite because they don't thni its worth the trouble. The government has never really encourage plai old sving accounts or CD's really.Clearly some are just not going to unless they see some clear cut advanatge on their taxes that year.
Last edited by texdav; 07-28-2010 at 09:24 PM..
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