Posted on 07/29/2023 2:21:16 PM PDT by nickcarraway
Do you have enough cash saved to successfully leave the workforce? If your answer is no, then you’re likely not alone. As many as one in three workers say they don’t think they’ll have enough to retire, while another one in 12 suggest they may never stop working at all, a Retirement Industry Trust Association (RITA) report found. So how much do you really need? Is there really a magic number?
Since we’ve asked the professionals this very question numerous times before, we decided to consult one of the latest advancements in artificial intelligence (AI) — ChatGPT — and ask the platform to reflect this often complex topic and see how detailed it can really get. Then, we also asked a financial adviser to respond. (Looking for a new financial adviser? This tool can match you to an adviser who meets your needs.)
How much money should you save for retirement at every age? ChatGPT-4 response It should be noted that much of this response from ChatGPT was nearly directly pulled from various stories on the topic from places like Bankrate, NerdWallet and Fidelity, to name a few.
“The amount one should save for retirement at every age can vary based on individual circumstances, goals, and lifestyle. However, here is a general guideline for how much you should aim to save based on your age:
1. In your 20s: Experts recommend saving at least 10-15% of your annual income for retirement. Take advantage of employer-sponsored retirement plans like 401(k) and contribute enough to receive the full employer match if available.
2. In your 30s: Continue saving 10-15% of your income for retirement. If you haven’t already, increase your contributions to maximize employer matches and consider opening an individual retirement account (IRA) for additional saving.
3. In your 40s: Aim to
(Excerpt) Read more at marketwatch.com ...
Nobody should ask that stupid ChatGPT any kind of serious questions. It’s artificial, all right, but it’s certainly not intelligent.
Ideally, you have a career that you enjoy; that work isn’t drudgery. I could retire; but choose to work. I take vacation when I want, how I want, and as long as I want. But, I enjoy my job and what I do matters.
Save, sacrifice when you are young so you have this choice. Small sacrifices when you enter the workforce add up. Start off by meeting just what the company matches. When you get a promotion, split it 50/50. Half towards future and half for a reward.
If you want to make God laugh; tell him your plans. Life will throw you curveballs. But, persevering and faith will be rewarded. Or, what you have on earth won’t matter. But as we are told in the Good Book; plan for the famine; so you may prosper
I retired at age 54 when O has “enough” saved and invested.
My “enough” and your “enough” will certainly differ.
I’ve been enjoying my retirement for 24 years now and have never regretted my decision.
I stay as active as I want to be, not an ounce more nor an ounce less. My only remorse is highly personal, my wife passed away Oct. 27, 2018 and I can no longer fully enjoy anything the way I used to.
Do nee3d new glasses dammit. The “O” should have been “I”.
WAY, WAY, WAY more than you ever thought.
The problem with all these how much is enough to retire is this: the answers are too generic to be useful. They never ask what alternative sources of income. They assume you will only have your 401k and social security. They never ask about your proposed life style. IOW, they’re useless.
American strategies:
1. if ever you develop any equity in your home, open a line of credit and spend it
2. take the penalty for earlier withdrawal
3. borrow more money than you earn per year to finance your over-the-top marriage
4. borrow to attend an expensive school and major in navel-grazing
5. hope somebody in your family is shot by the police and you get a big payout
6. buys lots of drugs and alcohol to fill in the empty places of your life
7. have another baby to increase your EIB
8. score extra money by pimping yourself out
9. if you strike it rich as a pro athlete, develop an entourage and spend money like there’s no tomorrow
10. remember to invest in “can’t lose” financial schemes that only people like you are told about
11. Vote for Democrats, so you can get the money from the suckers who did all the right things.
I’m skeptical your strategy will work.
For it to give you an answer it probably asks questions. The answer to those questions will be used against you in the future. It’s just a more sophisticated version of those Facebook posts about what year did you graduate high school, what year were you born, what was your first car, etc. It’s all about gathering data about you.
Each year when I got raises I would add more to my savings percentage by essentially cutting my annual raise increase in half with half going to savings. Thus I grew the savings percentage each year from 10% to 12% to 14% etc. By retirement I was saving 25% or more.
To me this was the key that allowed me to retire at 62 at the same lifestyle I had before and not have to worry so much about money. Bob Brinker called it “critical mass”. Tough but doable.
I don’t know where you got #7, because the U.S. birth rate is very small. U.S. couples would be better off having more children. And men make more money the more children they have.
^^^*. This
Back when I got my first PC and got Quicken to manage my bank account, the biggest shock I ever got was the retirement planner. I was in my mid 30’s and wish I realized what the math showed when I first graduated college
I have been blessed, and I know it. My grandkids won’t have to sacrifice like I did; providing they keep their covenants (college, isn’t optional if they want help). They work, Gramps will provide assistance to provide many of the basics. They want to party; then this is a choice. Life will be much like mine
Work, self-reliance, and perseverance.
It depends on how long you plan to live
Yeah I would add that I had setbacks along the way. Getting transferred and losing money on selling a house, spending more than I should when I was young etc.
However it worked out and I thank the Lord for the jobs, family and guidance from others and above.
“ I don’t know where you got #7, because the U.S. birth rate is very small. U.S. couples would be better off having more children. And men make more money the more children they have.
”
Well I know exactly where he got #7. The more kids you pump out the more welfare you can suck off the government as a welfare queen
12. Invest heavily in lottery tickets for every drawing. Sooner or later you have to hit it big.
I wonder if traditional retirement planning makes sense any more. For example, if you work to build up a significant 401K, or simply save or invest, mightn’t the Government just “wealth tax” it or even confiscate it in the future, in the name of “equity”, “reparations” or whatever?
Our smartphones of today have more computing power than all that NASA had at their disposal in the 1960s. So technology moves fast and these days even faster.
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