Comments about ‘How much money do you need to retire comfortably?’

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Published: Friday, March 29 2013 12:20 p.m. MDT

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Badger55
Nibley, Ut

I'd say....as much as you can get.

Third try screen name
Mapleton, UT

That 80% figure sounds like it's coming from a portfolio manager.
That is far higher than people are actually living on.
That would be nice, but it isn't happening.
People are lucky to have half of their last paycheck.

pocyUte
Pocatello, ID

Social security and other government programs are on such secure footing (tic) that it makes it easy figure out how much I need to save.

Aggielove
Cache county, USA

2-3 million at least.

county mom
Monroe, UT

I would say it doesn't matter how much you have saved in your retirement.
We had nearly a million between savings and investments.
IT IS ALL GONE!
Between caring for our elderly parents, helping children in college, and now young adults with no prospects of income, a very very poor economy, the stock market crash, and higher government thieft, our retirement is gone.

imustbebored
sandy, UT

Pretty generic article, I would think that retirement planning would be more specific to the family/individual. The 80% thing I have heard before, but my when my parents retired, with the cost of health care and property tax and utilities and all the other expenses that never go away, it seems like they really needed closer to 100% of their pre retirement income. Glad I am not paying for this kind of advice.

Zona Zone
Mesa, AZ

Get it in gold

loveless
center valley, pa

Hmmm......lets' see, should I save more and put my money in a bank? I hear Cyprus banks have done well for their depositors.....

heidi ho
Fort Collins, CO

We use to have all our money going out the window, and then about 5 years ago we started listening to Dave Ramsey (Financial Peace University) and now 5 years later our home is paid off, and we have over $400,000 in savings for retirement. My husband has 2 pensions as well. It is about being frugal and having financial boundaries around loved ones. I have seen others make really poor decisions, based on bad advice. I listen to Dave Ramsey on the internet, click Radio and there is many radio shows in the archives. He follows the biblical principles for staying out of debt. In a nutshell, do not borrow money EVER except for a house and then in that situation, only get a 15 year loan and pay it off as quickly as possible. There is nothing like having FINANCIAL PEACE.

Silent Lurker
Cottonwood Heights, UT

Being retired for the last 12 years--I would say that the 20% reduction might be a bit skewed realistically a person cannot expect to take a reduction from a monthly income of say 2k as well as another with an income of say 6-20k per month. I have found that you can live quite comfortably with a 35-40 reduction from your last pay check. For example you don't need anywhere near the same clothing, gasoline, lunch/break money, spending money donation or tax money when retired. Most of the retired people I know have found this to be true. I am able to travel, go out to dinner/lunch, spoil my grand children, even help my children get into homes, all with a 35% reduction in income. It really depends on your starting point of income and what you have become accustomed to.

DN Subscriber
Cottonwood Heights, UT

Save all you can. Then Obama will declare war on you as one of the evil "rich' people who needs to "pay their fair share" to support Obama's "taker" voter base who reject the concepts of work and saving, but prefer the easy life of dependency.

So, you will never have enough and if you do, it will be taken away one way (taxes) or another (inflation) until the savers are forced into poverty.

one old man
Ogden, UT

As long as you don't trust a Republican for advice (like turning Social Security over to the stock market), you'll be okay.

Unless, of course, you plan to actually grow old.

Max
Charlotte, NC

The most pressing problem these days is that people are retiring FAR too young. With the high cost of health care (and rising fast with the new "affordable" health care law)and vastly increased life expectancy, we shouldn't even think the words retirement (except to prepare for it, of course) until our mid 70s. Also, Social Security is merely a supplement, it was NEVER a retirement plan. They key is to spend less than you make (a foreign concept to so many -- especially our economically illiterate politicians). DO NOT RELY ON GOVERNMENT FOR YOUR RETIREMENT. You will live in poverty if you do.

first2third
Elmo, UT

Two important definitions in this article that are different for each individual. "How much money do you need to retire comfortably.

1.Need- Some people consider what I want as a need and others consider what I need as a want. You need to first I identify what are going to be needs in your retirement.

2. Comfortably- Again that means different things for different people. Comfortably means I can golf three times a week. My wife can go visit and spoil grandkids whenever she wants. And we can afford a new car every 8 years. You need to evaluate what a comfortable retirement is. For some, It my be just a quite time at home with walks and gardening. If so you probably wont need as much for your level of comfort.

We need to evaluate what we want, what our health is and is likely to be, what you are going to be doing in retirement, and if that will pay a little something in retirement. Don't worry about the bottom line until you know the expectations.

Gregorio
Norco, CA

Retirement is our own individual boat so it is our responsibility not government. Saving 16% of my income from paycheck to paycheck over 30 years with compound interest is a sure way to plan for a time when I will no longer be employed from no light to no light. 10 to 12 hour days is what it takes and when you rest you rust or watch too much TV. I never have met a poor retired worker who works from no light to no light. Funny that life works that way.

sally
Kearns, UT

You need enough to pay for your needs to the end of life without being a burden on your family. If you have too much money, they will count the days until you are dead to collect the money or they will avoid you if you don't have enough.

george of the jungle
goshen, UT

When a can opener was $5.00 3 years ago and $20.00 today, I think It's not going to happen.

Harley Rider
Small Town, CT

In my opinion, Social Security is not an ENTITLEMENT, but rather an INSURANCE POLICY we've been forced to pay the premiums on all our working lives.Remember, not only did you and I contribute to Social Security but your employer did, too. It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500.

Read that again. Did you see where the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement check from the money we put in, not the Government.
Now they are calling the money we put in an entitlement.Entitlement my foot, I paid cash for my social security insurance! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Part 1

Harley Rider
Small Town, CT

Remember Congressional benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days.

Now that's welfare, and they have the nerve to call my social security retirement payments entitlements. And by the way what happens to all the money paid in that never got collected ? ie the poor worker who died before collecting

part 2

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