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Old 09-24-2012, 09:02 PM   #1
JanetRose
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How much you should have saved for retirement at the following ages:

I read somewhere recently....

•At age 35, you should have saved an amount equal to your annual salary.

•At age 45, you should have saved three times your annual salary.

•At 55, you should have five times your salary.

•When you retire at age 67, you should have eight times your annual pay.
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Old 09-24-2012, 09:11 PM   #2
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Well, between my DH and myself, we are probably close to being on track. If on my salary alone, not so much. Unfortunately for me, my employer kept getting changed when the company would sell off my division time and time and yet again! Hard to earn anything in a 401K when you only have it 2-4 years.
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Old 09-24-2012, 09:14 PM   #3
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Interesting, but doesn't seem realistic. Eight times DH & my salaries (and DH is 67) is only $600,000. Do you really think that is enough money for retirement? Seems pretty low to me.
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Old 09-24-2012, 09:16 PM   #4
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Interesting, but doesn't seem realistic. Eight times DH & my salaries (and DH is 67) is only $600,000. Do you really think that is enough money for retirement? Seems pretty low to me.
My bet is it's way more than most people have!
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Old 09-24-2012, 09:21 PM   #5
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My bet is it's way more than most people have!
Thankfully, our house is paid off and we no debt whatsoever.
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Old 09-24-2012, 09:26 PM   #6
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We're ahead of the game according to the OP's post, but I agree it seems low.
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Old 09-24-2012, 09:28 PM   #7
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Originally Posted by JanetRose View Post
I read somewhere recently....

•At age 35, you should have saved an amount equal to your annual salary.

•At age 45, you should have saved three times your annual salary.

•At 55, you should have five times your salary.

•When you retire at age 67, you should have eight times your annual pay.
That's real low. With the average life expectancy being as high as it is, I would imagine that it would take far more than eight times your annual pay.
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Old 09-24-2012, 09:30 PM   #8
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Does that mean specifically in a retirement account (RRSP here in Canada - I think in the US it is a 401K or IRA?)? Or does it mean total savings?
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Old 09-24-2012, 09:50 PM   #9
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Does that mean specifically in a retirement account (RRSP here in Canada - I think in the US it is a 401K or IRA?)? Or does it mean total savings?
That would be in an IRA or 401k or combination of the 2. I'm 55 and am on track according to this, wish I had more. However, looking at my moms finances, she's 89, her cost of living is next to nothing. About $500 a month, with the biggest chunk being her supplemental health insurance. Her $1250 social security check more than covers that, throw in a $400 a month pension she gets, $150 in investment income, and the $1,000 a month she is required to take out of her IRA, she has more disposable income now than when she was working.
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Old 09-24-2012, 09:58 PM   #10
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I've seen similar numbers. Unfortunately, Mrs. Tex has had several extended sessions of minimal or non- employment, even though she's a nurse. With that, plus each of us getting a master's degree, plus putting Tex Jr. through private schools (not an extravagance when the public schools he'd have gone to have police reputations as gang recruiting offices) and now through Baylor -- without scholarships -- well... We're sort of behind the power curve. As in way behind the power curve. WAAAAAAYYYYYY behind the power curve.
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Old 09-24-2012, 10:01 PM   #11
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I've seen similar numbers. Unfortunately, Mrs. Tex has had several extended sessions of minimal or non- employment, even though she's a nurse. With that, plus each of us getting a master's degree, plus putting Tex Jr. through private schools (not an extravagance when the public schools he'd have gone to have police reputations as gang recruiting offices) and now through Baylor -- without scholarships -- well... We're sort of behind the power curve. As in way behind the power curve. WAAAAAAYYYYYY behind the power curve.
I've got my kids college loans down to $29,000. About what the new car that I WON'T be buying would cost.
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Old 09-24-2012, 10:06 PM   #12
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We're ahead of the game according to the OP's post, but I agree it seems low.
Same here and I agree.
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Old 09-24-2012, 10:19 PM   #13
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DH is 47 and Im 44. We have nearly the amount for age 67 saved now. We will be withdrawing to put 3 kids through school...Public Universities. I think the more you can save the better! My parents are both 87, I might live a LONG time!
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Old 09-24-2012, 10:37 PM   #14
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My Dh is 44 and I'm 40. We got started saving late plus we're saving for 3 college educations. We have a little over one year's combined income. But we are on track (according to our FP) to have more than 8 times our pay by the time we retire (aiming for 60)
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Old 09-24-2012, 11:59 PM   #15
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I've seen similar numbers. Unfortunately, Mrs. Tex has had several extended sessions of minimal or non- employment, even though she's a nurse. With that, plus each of us getting a master's degree, plus putting Tex Jr. through private schools (not an extravagance when the public schools he'd have gone to have police reputations as gang recruiting offices) and now through Baylor -- without scholarships -- well... We're sort of behind the power curve. As in way behind the power curve. WAAAAAAYYYYYY behind the power curve.
I can't even SEE the curve! More like a 3-way fork in the road..do I pay to keep ill parents going, or college or retirement? So far trying to keep all 3 above water, but it's rising...FAST!(misery loves company, eh?)
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