Retirement account

How much do you feel like you'll need in your retirement account to comfortably retire in the future? I have no clue how much should be saved. Thanks!

Re: Retirement account

I think that depends heavily on your living situation.
Will your house be paid off?
Do you plan to travel?
Will you be paying for anyone's college or elderly parent?
Will you have no other debt?
Let's say you decide you can comfortably live on 60k or whatever per year, you still don't know how long you'll live to sustain that.
Obviously I don't really know the answer but those are some things to consider.
I just keep saving hopefully getting closer to those answers.

Retirement account

Depends on your age, living situation etc. my husband and I are both state employees with pensions that will give us roughly 67% of our average final salary. Ex: if we each make 100k a year at retirement, we will each have 67k a year in retirement. I will get social security, my husband will get a railroad retirement instead of social security this is in addition to his pension. We each also contribute to 401k and 403 accounts because... well it’s NY and you never know with the pension. These accounts don’t have a ton in it. We are 30 and maybe have 60k in one and 30k (I ended up rolling 25k from my old jobs act to my act with my current employer which I’m glad I did) in another so we aren’t making them out. We can’t, we need regular savings for ourselves if we need and I also have the kids 529 accounts coming from my check. We will be fully funding college for our children so I’m hoping that between their 529 and what we will pay each semester we will be ok! My house will be paid off at retirement so I don’t foresee our expenses being huge, we also both have state health benefits for life post retirement so I don’t think our expenses beside tax, insurance and if we need a car and travel will be terribly big but you never know we just try our best! We are trying to pay our house off within the next 15 years so we have no mortgage when the twins head to college

Message edited 2/3/2019 12:42:35 PM.

Re: Retirement account

How much do you spend today on an annual basis? Will your home be paid off? If yes, subtract the house payment (but not the taxes, and insurance) from your annual spending. Now you have your number. If you spend $40k a year, you would need a million dollars, if you spend $80k a year, you would need 2 million dollars. If you spend $120k a year, you would need 3 million dollars. Now, do you have health insurance for post retirement? If no, you would need to add in that cost. Will you have larger costs in some areas vs other later on? Will you travel, pay for college, pay for camp? Will you want to renovate your home? It will depend upon what you are budgeting for.

Retirement account

I plan to have at least 100k to supplement my pension. I believe I will still work part time because I will be very bored lol

Retirement account

Save as much as possible. I have a pension and fully fund my 403B and ROTH.

Re: Retirement account

"They" say you need at least $1m to retire minimum. More if you live in NY with high property taxes, higher cost of living.

We won't have pensions so the thought is scary. I have no idea how we're going to save $1.5-2m in the next 25-30 years! If I could do it all over again, I'd be a teacher to get a pension.

Re: Retirement account

Save as much as you can.

I could have saved more, but have a healthy enough amount to be comfortable and still retire early. Should something happen to DH, I get his pension for the rest of my life.

Retirement account

My 401k plan home page tells me how much I will get monthly if I continue to contribute the same way I am now and retire at 62. Right now im at about $8500/mo and hubby is at about $8100/mo. I dont know what our balances will look like at that point though.