Posted on 03/12/2015 7:52:29 AM PDT by SeekAndFind
You probably want to retire at some point. But before you can get there, you have to be able to answer a few questions.
For example, how much money should you have already saved up if you want to retire by age 65?
JPMorgan Asset Management's 2015 "Guide to Retirement" has a handy retirement savings checkpoint guide to help you with that one.
To get a crude idea of how much you should have saved, find the age nearest to your age and then go across to the column with the salary nearest to your current salary. Then multiply the number you land on by that salary.
(Excerpt) Read more at businessinsider.com ...
WHO is getting a five percent investment return, and HOW ON EARTH are they doing it?????
At&T is paying 5.67% dividend on their regular stock.
Thanks, I’m gonna check that out.
I’m a bit of a financial duffer, unfortunately.
My retirement plan: “Paper or plastic?”
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Mine: Buy more lottery tickets.
While we do not have to, my wife and I could live on our Social Security.
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Same here. Nice position to be in.
Retire..that’s a funny concept the way our government is currently administering finances. Here is where I see myself “retiring” in 25 years;
Home paid off; but not really, property taxes will haunt me till my death bed and my state trying to take what I worked for.
401k? Confiscated (and there is already more and more rumblings about this as I type)
Social Security? Nope. My money went to pay the last generation after government spent that money and is now trying to fund 6 million+ illegals in this country. There will be nothing left as the U.S. dollar will not be the world reserve.
Anything I saved on my own? It will have to be in such a way that the government CANNOT get to it.
I’ll be facing death panels and if it is found I have any wealth I will be denied service as at that point it will be single payer and the “new” federal agency on the block will be the War on Black Market Health Care.
There is no “retirement” for me. There is the cold hard truth that this country will be third world, corrupt to the core and my only chances are on a good defense and being able to provide for myself off the land. In other words, I won’t be lasting long as my bones get old.
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Interesting. I made my number however!
People in large cities [LA for example] make a lot more money .... it’s the only way you can buy a home out here. You have to make $$$.
She wants to take away the 401K and replace it with a mandatory retirement savings account.
It’s amazing the difference between starting to save in your 20s vs. starting saving in your 30s.
My net worth spreadsheet only goes back to 1988, when I was 34. I had a little less than $50K then. I didn’t really accumulate any substantial money until I was nearly 50.
So you can start late, if you are determined.
Sure you can, but starting earlier certainly does make the task easier, I will try to get that pounded into my kids’ heads.
That chart isn’t even close. It doesn’t assume growth rate post-retirement that will be needed to keep up with inflation. We also cannot see what the chart assumes, such as the house is paid off, etc.
Someone making $100,000 had better have more than $2 million by the time they retire if they want to keep their lifestyle. I found retiring makes a person spend more money, so I added quite a bit more to the amount I think I need to retire.
“WHO is getting a five percent investment return, and HOW ON EARTH are they doing it?????”
Piece o’ cake, really. If you aren’t making that then talk to a professional. If you have one then change to a better one. You should be getting at least 10%+ on annuity funds right now and 30+% on growth funds.
Ditto that....... BTTT !!
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