The ones that show your target as a function of your salary at various ages. For example:

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Jan 26, 2020
7:10:55pm

Mike Honcho All-American

The ones that show your target as a function of your salary at various ages. For example:

How much do I need to retire? | Fidelity

Here's a simple rule of thumb for calculating how much money you need to retire: at least 1x your salary at 30, 3x at 40, 6x at 50, 8x at 60, and 10x at 67.

https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire

Investor's Business Daily

You Need This Much Retirement Savings At Your Age And Income

Are you saving enough for retirement? Many people don't know how to figure that out. But here's a practical, fast, easy way to tell if you're on track.

https://www.investors.com/etfs-and-funds/retirement/you-need-this-much-retirement-savings-at-your-age-and-income/

How Much Should You Have Saved By Age?

It’s clear that Americans feel unprepared for retirement. One in three have less than $5,000 in retirement savings, and one in five have no retirement savings at all, according to a Northwestern Mutual study.

https://www.forbes.com/advisor/personal-finance/how-much-should-you-have-saved-by-age/

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Mike Honcho

Previous username: BYUCoug11
Bio page: Mike Honcho
Joined: Feb 27, 2011
Last login: Apr 27, 2024
Total posts: 53,985 (10,325 FO)

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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?

1/26/20 4:44pm

Inflation

TNT

1/26/20 4:45pm

RE: Inflation

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

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.

1/26/20 6:52pm

No, you don’t. Unless that isn’t adjusting for inflation.

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.

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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