How much should one have saved up for Retirement?

[DTM Brian]

What would you say is a good number to have saved up for retirement? I realize this depends on the age at which one decides to retire. Also the number of years one might live after they retire. My goal is to retire doing tuning full time as early as 45 and as late as 50. I am imagine I will still be able to get work on side providing I am able to keep up on the latest and greatest coming from Ford and GM. Right now I am trying to figure out what I should have set aside by that time. Maybe I am off my rocker but I would think 500k would be a nice safe number. Should I be thinking more than 500k?

Single Male - No Children - No intentions of ever getting married.

Discuss.

[DTM Brian]

Also assume there is no debt by the time I retire.

[shittygsxr]

What would you say is a good number to have saved up for retirement? I realize this depends on the age at which one decides to retire. Also the number of years one might live after they retire. My goal is to retire doing tuning full time as early as 45 and as late as 50. I am imagine I will still be able to get work on side providing I am able to keep up on the latest and greatest coming from Ford and GM. Right now I am trying to figure out what I should have set aside by that time. Maybe I am off my rocker but I would think 500k would be a nice safe number. Should I be thinking more than 500k?

Single Male - No Children - No intentions of ever getting married.

Discuss.

How old are you now? If you invest well 500k would do it. If you can reach that by 45, and just do enough work to cover your bills, it should double by 55.

Once the wife gets done with school in about 4 months we will be putting away ~80k a year.

[gen3flygirl]

Depends on what you want to do when you retire. You will still have taxes and all that shit to anticipate inflation rates. I would say closer to a mil. Just to be safe. Pre plan your funeral and get those cost out of the way.

[DTM Brian]

Turning 37 next month.

[DTM Brian]

Depends on what you want to do when you retire. .

J/K

[redkow97]

Estimate your bare minimum yearly living expenses, and then double them.

Multiply that number by the number of years you plan to live beyond retirement.

That is your MINIMUM number. I would triple the expenses before multiplying to account for medical expenses in your later years, and general fun while you're 55-too tired for fun.

[ReconRat]

Optimal is living on the interest from the account(s), plus social security, plus any retirement income(s) and any mandatory disbursement(s) from an IRA account.

That's your retired income.

So if wanted 60k/yr (5k/mo), an example would be 2k from employment retirements, maybe 1k from social security, maybe 1k from an IRA.

You'd need another 1k from savings.

400,000 savings at a 3% annual yield would give maybe 1k a month.

Lots of variables, it's tricky to guess ahead into the future and make plans.

Earn too much in retirement and federal benefits get cut back. Most work up to the allowable amount and stop for the year. I forget how much that would be. edit: There is no limit after reaching actual retirement age of 65-70, only in early retirement.

Still pay taxes on a lot of it, but that's all relative anyway.

Edited January 20, 2013 by ReconRat

[shittygsxr]

Estimate your bare minimum yearly living expenses, and then double them.

Multiply that number by the number of years you plan to live beyond retirement.

That is your MINIMUM number. I would triple the expenses before multiplying to account for medical expenses in your later years, and general fun while you're 55-too tired for fun.

Where did you come up with that?

[2talltim]

Pre plan your funeral and get those cost out of the way.

if no wife and kids why would he need to worry about this...let the state deal with it:D

i told my wife to cremate me poke a hole in the bottom of her saddle bag, pour me in and go for a ride, she said "im not putting hole in a perfectly good saddle bag"..

Edited January 17, 2013 by 2talltim

[Gump]

Optimal is living on the interest from the account(s), plus social security, plus any retirement income(s) and any mandatory disbursement(s) from an IRA account.

That's your retired income.

So if wanted 60k/yr (5k/mo), an example would be 2k from employment retirements, maybe 1k from social security, maybe 1k from an IRA.

You'd need another 1k from savings.

400,000 savings at a 3% annual yield would give maybe 1k a month.

Lots of variables, it's tricky to guess ahead into the future and make plans.

Earn too much in retirement and federal benefits get cut back. Most work up to the allowable amount and stop for the year. I forget how much that would be.

Still pay taxes on a lot of it, but that's all relative anyway.

If you bought precious metals how would they know?

[quick6yamaha]

if no wife and kids why would he need to worry about this...let the state deal with it:D

i told my wife to cremate me poke a hole in the bottom of her saddle bag, pour me in and go for a ride, she said "im not putting hole in a perfectly good saddle bag"..

[Mykill]

Retire ?

[C-bus]

My plan: 12% of my income should be enough by 60 to retire well.

Wife's plan: fiery motorcycle crash and live off the life insurance.

[gen3flygirl]

No intentions of ever getting married.

.

my mom still calls me a home wrecker

[max power]

I thought you were gonna marry the mexican chick?

[ohiomike]

Whatever the amount saved, the way the economy is headed, it will not be enough.

[turnone]

Perpetual income. Don't plan to have a fixed sum of money to deplete. Way to easy to deplete it too fast or outlive it. Think of ways that you can make money or have money make money for you when you get too old to work.

Rental income, easy to run business, etc.

Biggie

[imaposer]

You'll need a hell of a lot more than 500k. That might be just enough to cover health insurance premiums.

I've been coming up with plans to retire in 20 years since high school. Every time I look back on my plan two years after I make it, I realize how much I didn't figure in to it. Now that I'm in my mid forties, a full five years after my first planned retirement age, I'm working on a twelve year plan. I'd be willing to bet this one will get bumped back again before I get there.

[swingset]

Perpetual income. Don't plan to have a fixed sum of money to deplete. Way to easy to deplete it too fast or outlive it. Think of ways that you can make money or have money make money for you when you get too old to work.

Rental income, easy to run business, etc.

Biggie

Yup, I plan on a meth operation well into my 90's.

[shittygsxr]

You'll need a hell of a lot more than 500k. That might be just enough to cover health insurance premiums.

I've been coming up with plans to retire in 20 years since high school. Every time I look back on my plan two years after I make it, I realize how much I didn't figure in to it. Now that I'm in my mid forties, a full five years after my first planned retirement age, I'm working on a twelve year plan. I'd be willing to bet this one will get bumped back again before I get there.

Between dividends and option sales I pull a consistent 1.5-2% a month. What kind of investments are you doing that you are not getting the return you need?

[Mojoe]

ReconRat pretty much said it.

How much money do you want a month? $5k? What age do you want to retire? 60 years old? How long do you think you'll live? 90 years old? Do you have insurance to cover you old ass failing? Let's just say yes and not calculate a nightmare.

$60k a year for 30 years = $1,800,000. That's no interest accumulation. No additional income. Just straight cash under the mattress. No one does that. But I like the big scary number.

Now live off $30K a year and hate yourself, probably fall behind on things, and you only need $900,000 in the mattress.

Depends on you quality of life you want and the reality of $..

[conn-e-rot]

I've seen reports saying any where from 3-7,000,000

If that's the case no one I know is retiring

[HeavyDuty]

No matter how much you save you will wish you had saved more. It’s very hard to put money aside when you are starting out (young new family kids) Start putting at least 10% of your pay away and any raises you get every other raise you will be surprised how much you will have saved 30 years from now. If you work for a company that matches a % of your 401k max it out that’s free money. Also if you can have the money taken out automatically every pay so you don’t see it you will get use to not having that money and not miss it. If you can it’s also good to have that money in a place that make you jump through a few hoops to get it out that makes it less tempting to take it when you really do not need it.

Edited January 17, 2013 by HeavyDuty

[Dubguy85]

I'm thinkning well over a million. It depends on where you work too. Some companies have pensions etc.. but Shoot If you retire at 60 and expect to live 30 more years.. Under a millon wouldn't last very long even if invested..

It depends what the dollar is worth in 30 -60 years too.. Who knows what that number will be then.. But ya, I'm hoping to have well over a million. I want to be able to live comfortably and travel, ride bikes, and do what I want to do.. Plus have some to leave to my kids.