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 ...
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.
This shows you what you would expect under a free and open capitalist free marketsystem. It does not include increase government taxes and penalties you’ll bet under Social Security, nor does it include plans of every socialist Democrat politician to relieve you of the well-funded retirement.
Harken back to Hillary’s pre 1994 attempts by her lessor ghouls to advocate ‘assessment’ of retirement accounts.
That, and worse, continues today.
bookmark for later
My retirement plan: “Paper or plastic?”
LOL! Being into my 4th year of retirement, I can without a doubt say........ A WHOLE LOT MORE THAN I DID. But we’re comfy.
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.
Because, presumably, most of the money represents investment returns. If you invested more when you were young, compounding will have done a lot for you.
‘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.
Good to see you again. No fear, I’ll hire you as a gaffer on one of our films :)
You are absolutely correct. It all centers around discipline. As Will Rogers, the cowboy humorist said, that he was more interested in keeping his principal than any interest he might earn.
That makes sense when one considers that one can loose in an investment far faster than one can make the money for the investment.
The important thing is to ignore the idea that money loses value because if one doesn't save and accumulate principal, that is a wad of the stuff, one has nothing anyway.
So is it better to have a wad that may or may not decrease in value, or to have nothing to begin with and be proverty stricken in one's old age.
35 making 100k? For how long?
How many 35 year olds make that money?
I could sock away 50k every year if I made that money.
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