Posted on 04/22/2017 11:01:48 AM PDT by SeekAndFind
By age 50, your golden years are just around the corner.
To be financially ready to retire by 67, retirement-plan provider Fidelity Investments says you should aim to have eight times your salary saved by age 60.
Are Americans on track?
According to a report from the Economic Policy Institute (EPI), many Americans have some catching up to do. The mean retirement savings of a family between 50 and 55 years old is $124,831. For families with members between 56 and 61, the mean retirement savings is $163,577.
But those numbers aren't representative of the state of American retirement. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge than the mean.
The median for families between 50 and 55 is only $8,000. For families between 56 and 61, it's $17,000.
(Excerpt) Read more at cnbc.com ...
“I figure I should be able to retire when I’m 80”. That is exactly my plan too, in 3 years. Then I plan to spend it all in the next ten years. Getting all joints replaced now for the last lap.
Bumperoonie
I’m not a financial adviser, just a career engineer whose husband is an economist and a very good amateur financial planner. We’ve always done only term life insurance. It has lower premiums and we were both able to get good deals on the premiums through our employers. Now that hubby has retired he has term life for only $100k benefit, trying to keep the premiums ftom going too high. I still have a $250k benefit for term life through my employer,will cut back to $100k when retire at the end of 2018. With $2 mill in liquid assets, we are basically self-insured at this point.
One thing we have that I would strongly recommend: before you get too old and start having chronic health problems, sign up for long term care/nursing home insurance. We’ve been enrolled since our early 40’s, currently pay $200 per month for both of us. Benefit right now is $200 per day (per person) through Prudential. You can have a nice nest egg quickly wiped out with the cost of nursing home care. The vast majority of workers do not sign up for this kind of insurance and mistakenly think Medicare pays for nursing home care. Medicare does NOT pay for this.
I have a good job that kicks in 10% and I kick in 5%. I fell into Boomer over 300K range. I have been blessed. Our house is paid off as well.
That's a good payout. My wife's mom is in assisted living for dementia, costing just under $6000/month. That's in line with your $200/day benefit. Mom-in-law has savings which covers the care, my wife has power-of-attorney and takes care of everything. Mom-in-law is now 92, physically strong but her mind is a mess. I'm relatively healthy, never need doctors but don't think I'll live that long. But one never knows what the future holds, I could have a stroke and need nursing care. Thanks for the tip.
Not gonna happen with me, but it's sentimentally nice.
I’m 50 and hoping to retire at age 70 and a half, when I’m supposed to start withdrawing from my 401(k). So I want to pay my mortgage off early, so I’m putting in extra principal payments. The more mortgage I can pay off now, the more I can save later after I own the house free and clear.
(Don’t worry, I am still contributing to my 401(k).)
When I retire, my income will double. I am worth more as a mercenary than I am worth working for the state but I will get a state pension. My Social Security gets pushed until I am 70.
Unfortunately, I am close to a million in assets and we will be living in a very cheap area. The best part about retirement savings is you have an epic amount of money and you can’t touch any of it.
That’s another reason I’m shooting for 70 and a half: to max out my SS payment, however small that might turn out to be. #collapse
You can start withdrawing from your 401K without penalty at 59 1/2.
/SARC
Not gonna happen. I can’t retire at that time, barring some injury or illness. Don’t have enough yet. However, at age 70.5, I will HAVE to start taking payments. Therefore, that’s the retirement age I’m shooting for.
The last offer I got was $60 an hour when I retire. If I can work 3 years, that’s clearing $300k in 3 years with no expenses and I can work from anywhere.
I had breakfast today with a kid graduating from college in May who has a job making $86k a year writing bash scripts, something I do when I don’t have real work to do. I was astounded.
Prayers for your job! Keep us posted.
62 yo. Have not worked in 6 years. Play golf 5 times a week read 4 books a week watch 3 movies a day save 3k a month. I love obama made a fortune off that @$$#!#×.
Not blessed. Be honest you have just made a ton of good decisions. Be proud
Come on you are a bloody genius. Ifeveryobe lived like you thete wouldnt be a democrat on the planet and i would not be so hateful.
LOL Ghengis I was a Democrat for 20 years, family tradition. My husband and Rush showed me the light, I’ve been a conservative Republican since 1993. Lately I really despise all the GOP worthless piles in Congress, they need to be working 16 hours per day getting Trump’s agenda passed. Flake and McCain are my senators, I despise them as much as any member of the Rat party.
I’m counting on Publisher’s Clearinghouse to come through for me to retire.
You're doing it right. Savings are nice to have, but they aren't collecting interest. Better to pay of the house, car and other loans and avoid paying interest to the banks. When that's done, put what used to go to paying off those debts into savings.
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