HOW TO VIEW THE CHART AND WHAT IT SAYS:
if you’re 35 years old and earn $100,000 a year, you should have saved $140,000 by now. Among other things, this assumes you continue to contribute 5% of your salary annually, you retire at age 65, and you die at age 95. (See box for other assumptions.). But if you stick to this plan, you are likely to retire comfortably.
Ouch.
Now go back and see how much you paid in taxes during your working life. Ask yourself what kind of return did you get on that investment.
Then the Big Government hacks can’t figure out why the Middle Class is disgusted with the way the country is run by the D.C. parasites.
pfft, I’ll be lucky to collect social security.
My retirement plan: “Paper or plastic?”
What will be worth more, US Dollars or Monopoly Dollars?
Maybe buy a couple dozen game boxes of Monopoly from Target and I’ll be High Clover!
or maybe, gather up some gold, some guns and some ammo, practice self-sufficient living with my family and community and then watch the feral mobs feed on themselves.
A commercial on the radio says I could live to be a 100 years old..
I wasn’t planning on that,, I’ll tell you what..
Or have a state pension in a state that is solvent.
Ridiculous. Just because someone who is 50 now, making $400,000, does not mean they need $3.12m saved right now.
‘Supersavers’ can do a lot better than this. Some of them retire with 50 or 60 times their final salary in financial assets.
Yes, a lot of it is investment gains, but you have to start early, and know how to invest.
I don’t think one size fit all when it comes to how much you “need” for retirement.
However, there are some things you can do that will help.
No debt. You should get out of debt and stay out of debt. Few calculate how much of their money goes to paying interest. Trust me, it is a lot. In our mid 30s we realized debt was eating us alive. It took a few years but we became debt free. The amazing things is by cutting back our spending (part of the getting out of debt process) Gave us more disposable income, which we put into savings.
Pay off your home. See above. We paid off a 30 year mortgage in 20 years. The saving of the mortgage payment went into savings.
With house paid for, and at 65 medicare, your two biggest expenses are covered.
While we do not have to, my wife and I could live on our Social Security.
Having noted that certain staples in life have roughly doubled in price over the last several years, I sincerely doubt that this model is at all valid today.
Specifically, Beef, Bread, Eggs and Milk have done this along with other produces as seen at the local grocery store(s).
I would have noted gasoline as well, but the price is currently fluctuating too much to say it is now double what is was -although I note that several States are looking to increase the taxes on it to gouge even more of our income.
If you are 65 you need to have saved $1.74M? That’s preposterous and not one on 10,000 will have been able to do that.
Notice state employees’ salary is so low it’s not even on the chart.
I am so screwed.
-PJ
Is this all assets or just fungible cash equivlents (savings/stocks/bonds)?
I am soooo screwed......
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.