ST Alpha - "It feels like that time of year where I check if my retirement savings are on track or not. -- (edited)" (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 155

It feels like that time of year where I check if my retirement savings are on track or not. -- (edited)

Posted by ty97 Dec 23 '20, 07:55

Other experts, including co-founder of AE Wealth Management David Bach, say that if you set aside at least 10 percent of your income, you’ll set yourself up to be fine. Of course, more is better: Bach adds that if you want to retire “rich,” save 15 to 20 percent.

Another rule of thumb, according to Fidelity, is to have 10 times your final salary in savings if you want to retire by age 67. It suggests a timeline in order to get to that magic number:

By age 30: Have the equivalent of your starting salary saved
By age 35: Have two times your salary saved
By age 40: Have three times your salary saved
By age 45: Have four times your salary saved
By age 50: Have six times your salary saved
By age 55: Have seven times your salary saved
By age 60: Have eight times your salary saved
By age 67: Have 10 times your salary saved

https://www.cnbc.com/2018/09/20/how-much-money-americans-in-their-40s-have-in-their-401ks.html (www.cnbc.com)

Responses:

Hmm. Close, but not quite I think. -- nm - kilbowl full of jelly 🎅 Dec 23, 09:05
Wait, I'm not supposed to be living paycheck to paycheck at age 50? -- nm - JaxSean Dec 23, 08:17
never heard that - I like thar rule of thumb -- nm - 🦌sleighformojo🛷 Dec 23, 07:59 10
- but not retire until 67? ugh. -- nm - ty97 Dec 23, 08:02 9
  - Retire? -- nm - Krusty - Diamond Dog Dec 23, 08:12 1
    - I hear you. -- nm - 🎅Spawnta🎅 Dec 23, 08:45
  - I just assumed I’d have to work until 70, at least. -- nm - znufrii Dec 23, 08:11 2
    - nmb -- (link) - 🦌sleighformojo🛷 Dec 23, 08:15 [yarn] 1
      - Yeah....*increases his contributions to A’s 529 acct.* - znufrii Dec 23, 08:32
  - That's when full Soc Sec benefits begin now -- nm - Baron the Bluenose Reinbear🐻 Dec 23, 08:05 2
    - And if you can wait until 70 all the better. Or has that been pushed out too? -- nm - Mistletoe Meg 🎄🎅 Dec 23, 08:20 1
      - Still 70, I think. -- nm - znufrii Dec 23, 09:00
  - c'mon, you're not that far from it - 🦌sleighformojo🛷 Dec 23, 08:05
*pulls up his spreadsheet* - znufrii Dec 23, 07:58

Post a message top

It feels like that time of year where I check if my retirement savings are on track or not. -- (edited)

Replies are disabled on threads older than 7 days.