Posted on 08/02/2023 11:43:36 AM PDT by ChicagoConservative27
Workers in the United States believe they will need to save around $1.8 million for retirement, as inflation continues to fuel anxieties over savings, according to a survey from Charles Schwab.
This estimate is up from last year’s $1.7 million, with 37 percent of respondents stating they think it’s very likely they will reach this number, down 10 percentage points from last year, according to the survey.
The survey of 401(k) participants found 62 percent of workers think of inflation as a challenge to saving for a “comfortable retirement,” up from last year’s 45 percent, while 42 percent said stock market volatility is an obstacle, compared to last year’s 33 percent. Around 78 percent said both inflation and stock market volatility is influencing their spending and saving habits, while 36 percent said they plan to delay retirement in light of these conditions.
(Excerpt) Read more at thehill.com ...
So... No retirement.
That is going to leave a mark
($1.8 million)
Excellent.
I’m only short about $1.799,999.60 million right now.
At least I’ve got a target 🎯 now!
No, not THAT place!
The same folks who have been cheerleading dopey Joe on, and by extension WEF, will not happy when they find out that nothing really means nothing.
I’ll give you a dime.
I retired a few years ago, and one of the pleasant surprises is that my expenses are well below my projections.
If you pay off your mortgage and vehicles your monthly expenses to go down in a hurry...
It's amazing how many people don't know that.
Also, don't retire in a tax-heavy state (like Connecticut, New Jersey, or just about any Blue State, for that matter).
Only 99 4% left to go and 2 years to do it!
$90k/year for 20 years.
I guess i will retire when they bury me.
I recommend working until death, and leave the $10k to help clean up your belongings.
That’s my plan... lol
Nice!
I just need 20 million more people to sign up!
Or, work for the government and get a defined benefit pension plan that pays the equivalent of a 4 million dollar 401k. Yes, that's the fuzzy math that puts these pension plans in deep doo doo. But not to worry, the states will have taxpayers make them solvent.
Positive thoughts…
” according to a survey from Charles Schwab.”
Sure.
Just hand over the accounts and they will take care of everything.
.
I say good. Now go out and get it.
My retirement plan is to keep playing the lottery. But the government will probably steal that too.
I live in CT—I was getting ready to bail at retirement when the state legislature got rid of the state income tax on social security.
I redid my Excel spreadsheet and the numbers convinced me to stay.
The details matter.
I would encourage anyone considering retirement to do the Excel spreadsheet with detailed before and after income and expenses including a column for a new location if that is under consideration.
That was our plan. I calculated my post-retirement income and expenses in advance of retiring. Both of us retired in our mid-50's. Home mortgage got paid off ahead of schedule by paying extra into the principal, all loans paid off, and cash in the bank. Many work-related expenses such as commuting and clothing disappeared.
That’s about right.
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