Amount of money in your Retirement Fund

[newholiday]

its gonna take me another 8yrs to become a millionaire

 

[DVC-Don]

Originally posted by jvas
You will need approx 80% of your annual income to live the same lifestyle as you live when working full time.....

(so they say)

So this times 8 = $1,280,000. Maybe if we sell one car and one DVC contract, we can lower the 80% part.

 

[Dan Murphy]

This calculaltor is a bit of a help. It takes a few (not all) of the variables into account. http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

Many variables need to be considered...current income, future income, years till retirement, anticipated years of distribution (most often an unknown and one of the toughest pieces of the puzzle), amount currently saved, rate of return during accumulation, rate of return during distribution, desired outcome of assets left (if any) at death, risk tolerances, taxation, both during accumulation and during distribution, desired life style, health considerations, family responsibilities, both now and later. Lots of variables. In any case, you need a LOT.

(Not to be taken as investment advise)

 

[Pin Wizard]

Originally posted by aprilgail2
Not enough right now LOL....it has finally climbed back up to where it was pre-0/11 but I want it to be at least 300,000 by the time I retire in 9 years....I have an excellent pension plus railroad retirement and paid medical when I retire but I still would like to have 300,000 on the side just in case.

Geeeeeeeeeeeeeeeeez...this rubs it in more. I need to move to a state where they have PENSION PLANS! In my 15 years working in FL, not one company I've worked for has it! Strictly 401Ks. Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr! Of course, when I move I'll have to work until I'm 70 years old or older.

 

[Pin Wizard]

Originally posted by Dan Murphy
This calculaltor is a bit of a help. It takes a few (not all) of the variables into account. http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

Many variables need to be considered...current income, future income, years till retirement, anticipated years of distribution (most often an unknown and one of the toughest pieces of the puzzle), amount currently saved, rate of return during accumulation, rate of return during distribution, desired outcome of assets left (if any) at death, risk tolerances, taxation, both during accumulation and during distribution, desired life style, health considerations, family responsibilities, both now and later. Lots of variables. In any case, you need a LOT.

(Not to be taken as investment advise)

Aauughh! This is frightening!

 

[joeokw]

Both DW and I have a defined benefit pensions. We are trying to save for college for both DS's. After there is enough we will plow huge amounts into a retirement vehicle. I am 45 and Dw is 43 and we can retire at 60 with full pensions and 55 at reduced pensions.. If we decide to move to a lower house cost state ie. Fl we may retire sooner before 60; and work part time to pay for medical benefits.

 

[aprilgail2]

Originally posted by Pin Wizard
Geeeeeeeeeeeeeeeeez...this rubs it in more. I need to move to a state where they have PENSION PLANS! In my 15 years working in FL, not one company I've worked for has it! Strictly 401Ks. Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr! Of course, when I move I'll have to work until I'm 70 years old or older.

Sorry! wow, 70 years old....I would have been on the same job for 50 years if I had to work until 70 LOL.....FIFTY years! Oh geez!
Our retirement age is 50 years old so I will have 30 years there and be 50 years old.