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Jan 26, 2020
6:52
:14
pm
Idahofallsblue
All-American
This. I agree with this.
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Idahofallsblue
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Don Carlton
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Idahofallsblue
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Apr 10, 2011
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Jun 8, 2021
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Messages
Author
Time
I am 40, do I seriously need over 2 million saved up by retirement? Feels
viper
1/26/20 4:38pm
BM TNT.
777
1/26/20 4:39pm
He needs money please help
TNT
1/26/20 4:39pm
What happened to the $20,000 I sent him last week?
bluecougar1985
1/26/20 4:44pm
Inflation
TNT
1/26/20 4:45pm
RE: Inflation
bluecougar1985
1/26/20 4:47pm
Here on cougarboard the number I believe is around 5 mil,a lot of high rollers
franklyvulgar
1/26/20 4:40pm
You mean you don’t already have $2 million saved up?
CrimWalCoug
1/26/20 4:40pm
At a 4% withdrawal rate you’d have $80k per year to live on
PCCoug
1/26/20 4:41pm
Yep, literally just depends on what you want to live on.
BYUFootballisBack
1/26/20 5:14pm
I guess the tough thing is knowing what inflation will do, 80k might not be
viper
1/26/20 5:43pm
That’s supposed to be built into the 4% rule but you should be updating and
BYUFootballisBack
1/26/20 6:06pm
Oh, that 80k is in today's money, that is a lot
viper
1/26/20 8:50pm
Depends if you have a pension
idacoug
1/26/20 4:43pm
In thirty years, probably.
RC Vikings
1/26/20 4:43pm
I think 2 million is needed if nothing else is considered. I for one am counting
bluecougar1985
1/26/20 4:44pm
depends... is your house paid off and will you live in a place with high property/sales taxes?
HarlemCoug
1/26/20 4:45pm
4 mill
Mr. Belding
1/26/20 5:11pm
It all just depends on your lifestyle and expectations..
cougfanz
1/26/20 5:16pm
Good question. Answer is probably yes
Cougforgood
1/26/20 5:27pm
You need 4 million.
YSMACK
1/26/20 5:46pm
I’ve been working for 10 years, maxing my employer match and never putting less than 10% into a 401k. I contributed to
Mike Honcho
1/26/20 5:51pm
You should cash in the Pension if they allow it and roll that into your IRA or
VballDad
1/26/20 5:54pm
That’s what I plan to do, but there’s no lump sum payout until I either retire or resign
Mike Honcho
1/26/20 6:03pm
They don’t pay 10% tithing and got a jump 2 years earlier in the workforce
cougfanz
1/26/20 5:55pm
It’s So true!
Cougforgood
1/26/20 5:59pm
What targets are you basing this off of?
BYUFootballisBack
1/26/20 6:08pm
The ones that show your target as a function of your salary at various ages. For example:
Mike Honcho
1/26/20 7:10pm
Savings metrics that are based on income rather than expenses are kind of dumb..
BYUFootballisBack
1/26/20 7:21pm
You sound like you are well on track for a very comfortable above average
BYUFootballisBack
1/26/20 7:23pm
Also your salary should always be increasing so facing it off salary doesn't mak
Broda
1/27/20 10:20am
Sounds to me like you’re going fine... cause if you’re not I’m screwed...
Pretorian
1/26/20 6:35pm
I don’t know you NEED 2 million, but you can’t have too much
Lifi
1/26/20 6:03pm
This. I agree with this.
Idahofallsblue
1/26/20 6:52pm
No, you don’t. Unless that isn’t adjusting for inflation.
Junior Deputy
1/26/20 7:04pm
Very well said. This is how I project to see where I’m at
Cougforgood
1/26/20 8:28pm
I retired about 6 years ago with about a million and I feel like I have more
LiveY'r
1/26/20 7:10pm
Fantastic post, thanks for sharing.
Junior Deputy
1/26/20 7:14pm
Exactly this. It’s akin to a car salesman telling you that you need a different
BYUFootballisBack
1/26/20 7:27pm
FWIW, I also found that it was much easier to save over the last 10-15 years
LiveY'r
1/26/20 7:25pm
Thank you for sharing
Cougforgood
1/26/20 8:30pm
Obviously, waiting to start SS as long as you can is best for
LiveY'r
1/27/20 1:27am
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