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Discussion Starter · #1 ·
<a href="http://www.bankrate.com/calculators/retirement/retirement-calculator.aspx" target="_blank">http://www.bankrate.com/calculators/...alculator.aspx</a>
 

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Well, wasn't that interesting? <img alt="" class="inlineimg" src="/images/smilies/laugh.gif" style="border:0px solid;" title=":lol:">
 

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Well I am not in a horrible position since I saved a bunch when I was working... However, I'm back in school and not putting much of anything towards retirement... Screwed indeed!
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>karenlovessnow</strong> <a href="/forum/post/3100819"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
I am so screwed <img alt="" class="inlineimg" src="/images/smilies/sad.gif" style="border:0px solid;" title=":("> lol</div>
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<br><img alt="" class="inlineimg" src="/images/smilies/grin.gif" style="border:0px solid;" title=":D">
 

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The calculator says I need over a million to retire. I have 401K, but it's not all the much (if I can keep it for 30 more years, it might be decent). I will be spending about the next 8-15 years paying off my house. Then I have about 15-23 more years to save for retirement. If I can save $20,000 per year at that point, then I will have about $300,000-$460,000. This is all assuming I will be making about what I make now, with no breaks in employment or any huge problems arises. Overall, not looking too great or too horrible.
 

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meh, I'm not worried in the slightest. If I end up being screwed during retirement everybody will be screwed worse than me.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>Forster</strong> <a href="/forum/post/3101994"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
If I end up being screwed during retirement everybody will be screwed worse than me.</div>
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Would that really be a comfort to you? Lol.<img alt="" class="inlineimg" src="/images/smilies/tongue3.gif" style="border:0px solid;" title=":p"><br><br>
I did a pension calculator when I was about 25 years old and the results showed me that I was supposed to be saving about £1000 a month towards my retirement!<img alt="" class="inlineimg" src="/images/smilies/shocked.gif" style="border:0px solid;" title=":eek:">
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>Pixie</strong> <a href="/forum/post/3102033"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
Would that really be a comfort to you? Lol.<img alt="" class="inlineimg" src="/images/smilies/tongue3.gif" style="border:0px solid;" title=":p"><br><br>
I did a pension calculator when I was about 25 years old and the results showed me that I was supposed to be saving about £1000 a month towards my retirement!<img alt="" class="inlineimg" src="/images/smilies/shocked.gif" style="border:0px solid;" title=":eek:"></div>
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lol, no comfort at all. Seriously I've been putting $ away since I started working. 10% for most of the years, last couple I've upped our PS contribution for myself and everyone that works for me to 15%. I'm also fully funding both the mrs's and I's Roth IRA's. I own my office building so there is another asset that will generate rents or a sale when I get ready to retire, house will be fully paid off in the not too distant future (my only debt) between those, SS (keeping fingers crossed on this one), the mrs teachers retirement, minimal living expenses we <i>ought</i> to be fairly comfortable. I'm trying to do everything right that I have control over. It's the stuff I have no control over that could screw me.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>sleepydvdr</strong> <a href="/forum/post/3101958"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
The calculator says I need over a million to retire. I have 401K, but it's not all the much (if I can keep it for 30 more years, it might be decent). I will be spending about the next 8-15 years paying off my house. Then I have about 15-23 more years to save for retirement. If I can save $20,000 per year at that point, then I will have about $300,000-$460,000. This is all assuming I will be making about what I make now, with no breaks in employment or any huge problems arises. Overall, not looking too great or too horrible.</div>
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How much did you put in for annual inflation?
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>Forster</strong> <a href="/forum/post/3102048"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
lol, no comfort at all. Seriously I've been putting $ away since I started working. 10% for most of the years, last couple I've upped our PS contribution for myself and everyone that works for me to 15%. I'm also fully funding both the mrs's and I's Roth IRA's. I own my office building so there is another asset that will generate rents or a sale when I get ready to retire, house will be fully paid off in the not too distant future (my only debt) between those, SS (keeping fingers crossed on this one), the mrs teachers retirement, minimal living expenses we <i>ought</i> to be fairly comfortable. I'm trying to do everything right that I have control over. It's the stuff I have no control over that could screw me.</div>
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You sound very organised.<img alt="" class="inlineimg" src="/images/smilies/smiley.gif" style="border:0px solid;" title=":)">
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>dividedsky</strong> <a href="/forum/post/3102114"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
How much did you put in for annual inflation?</div>
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I didn't account for inflation. As my salary increases (hopefully), so will the price of goods. If figure it's a wash.<br><br>
When I retire, in today's money, I will need about $400/month for the bills (tax on the house, insurance, and utilites). Then I will need about $100 per week for food. Let's round it up to $1000 per month. Again, that's today's money. Everything will probably cost 3 times as much in 30 years, so if I save up $500,000, that should last about 14 years. If the economy doesn't tank between now and then, I should have more than that, with the 401K being invested for 30 years.<br><br>
All this is just guessing anyways. There are so many things that could happen to make things better or worse. There's no way of guaranteeing anything. I'm just going to save as much as I can and hope it will be enough.<br><br>
Oh, and I don't think I will ever see much of my Social Security money. The government is just stealing that money. I bet I will get a $75 check every month.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>sleepydvdr</strong> <a href="/forum/post/3102134"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
Oh, and I don't think I will ever see much of my Social Security money. The government is just stealing that money. I bet I will get a $75 check every month.</div>
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Yeah... I hear you on the SS I have my doubts too, I become eligible just after the boomers wipe it out. I'm hoping for some reduced rate though.
 

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I'm really not worried about SS. All they have to do is lift the ceiling, so that millionaires and billionaires pay into SS at the same rate as everyone else. Hopefully, people will demand that happen in the near future.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>delicioso</strong> <a href="/forum/post/3102146"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
I'm really not worried about SS. All they have to do is lift the ceiling, so that millionaires and billionaires pay into SS at the same rate as everyone else. Hopefully, people will demand that happen in the near future.</div>
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I only recently found out that there was a cap on income, effectively making rich people pay a lot less percentage into SS than lower income people. Just another example of how rich people who write the laws look out for themselves. They won't ever lift the ceiling.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>delicioso</strong> <a href="/forum/post/3102146"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
I'm really not worried about SS. All they have to do is lift the ceiling, so that millionaires and billionaires pay into SS at the same rate as everyone else. Hopefully, people will demand that happen in the near future.</div>
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Millionaires and especially billionaires make most of their bucks from sources other than earned income, so it's a mute point unless one makes interest, dividends, capital gains etc. subject to SS tax... that ain't gonna happen as we can't even get them to pay the same income tax rate on their income as the rest of us.
 

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I put that I would retire in 3 years and be retired for 50, but I only needed 6,000 per year.<br><br>
Didn't seem to bad...
 
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