I'd say....as much as you can get.
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
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.
2-3 million at least.
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
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.
Get it in gold
Hmmm......lets' see, should I save more and put my money in a bank? I hear
Cyprus banks have done well for their depositors.....
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.
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.
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.
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.
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.
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
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.
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
When a can opener was $5.00 3 years ago and $20.00 today, I think It's not
going to happen.
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
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 collectingpart 2