Retirement Savings - How much is enough? 2.1M according to Blackrock CEO

[Relaxed Chaos]

Thats the part I am most confused about, all the different tax implications.

Amazon.com: Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success: 9781945640179: Pfau, Wade: Books

Amazon.com: Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success: 9781945640179: Pfau, Wade: Books

a.co

 

[*Jay*]

Amazon.com: Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success: 9781945640179: Pfau, Wade: Books

Amazon.com: Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success: 9781945640179: Pfau, Wade: Books

a.co

Does it include military pensions and benefits? Thanks for the recommendation, its on the list.

 

[Relaxed Chaos]

Does it include military pensions and benefits? Thanks for the recommendation, its on the list.

I haven't read anything in this book regarding specifics of having military benefits and didn't see anything specific scanning the contents.

 

[Stanger00]

My retirement picture is looking bleak. I’m 42 with a 8 year old and 5 year old with less than $50k in a 401k.

If I want to have $2.1 million by 65 I would need a company 6% match up to $4500 a year and contribute max to 401k for 23 years. That’s if I get an annual 8% return.

2025 max is $24,500. If I max the wife would need to max and that is nearly $50k of our combined income.

That is crazy to think of all the things I won’t be able to do or build memories with the kids because my wife and I need over 100k a year in retirement pay from a 401k.

I do need to save tho, just need to find a good balance of living well now and comfortable in the future.

 

[1 Alibi 2]

I don't rely on my nest egg to live, only money that comes out each year is the RMD.
........................I posed this question to several people I retired with:
What if your nest egg went away, how would you live ?
For me, nothing would change..
.

 

[q6543]

I didn’t get serious until my 30s, now in my early 40s I still feel and think that I’m playing catch up, but we’re very much on track and exceeding all averages for our age bracket.

Biggest thing was moving to a low cost of living area and living life waaaay below our means.

Now I’m letting off the gas a little bit and trying to let myself enjoy more that the bulk of the work is in motion.

 

[03cobra#694]

Your body will definitely tell you when to quit alcohol. No one loves beer more than me but I just can’t do it anymore. I wish I could.

Same, I still love the stuff, but I probably dropped consumption down 80%.

Does it include military pensions and benefits? Thanks for the recommendation, its on the list.

Do you have anyone who specializes in that stuff?

 

[andymarkv]

I don't rely on my nest egg to live, only money that comes out each year is the RMD.
........................I posed this question to several people I retired with:
What if your nest egg went away, how would you live ?
For me, nothing would change..
.

Not being a jerk, serious question...then what was the point of your nest egg? Inheritance for someone else, funding for nursing home care?

 

[andymarkv]

I didn’t get serious until my 30s, now in my early 40s I still feel and think that I’m playing catch up, but we’re very much on track and exceeding all averages for our age bracket.

Biggest thing was moving to a low cost of living area and living life waaaay below our means.

Now I’m letting off the gas a little bit and trying to let myself enjoy more that the bulk of the work is in motion.

I did the same, but in my early 40's. I have a friend (he also got me into my '07 GT500) who is 10 years older and retired early. Those conversations made me realize I wasn't doing enough IF I wanted to retire early. So I maxed our savings while still living a decent life. The biggest change was only buying things we needed, or really wanted and would be used on a regular basis. (I'd love to have a sub-compact tractor and a SXS...but I'd hardly use them to justify the purchase)

On the other hand...I'm starting to know quite a few people that dropped dead in their 50's...so saving hard for a uncertain future is always a gamble.

 

[cobracide]

My retirement picture is looking bleak. I’m 42 with a 8 year old and 5 year old with less than $50k in a 401k.

If I want to have $2.1 million by 65 I would need a company 6% match up to $4500 a year and contribute max to 401k for 23 years. That’s if I get an annual 8% return.

2025 max is $24,500. If I max the wife would need to max and that is nearly $50k of our combined income.

That is crazy to think of all the things I won’t be able to do or build memories with the kids because my wife and I need over 100k a year in retirement pay from a 401k.

I do need to save tho, just need to find a good balance of living well now and comfortable in the future.

S&P500 will get you 15% a year for the past 10 years (avg) and 10% over the past 100 years (avg). If you do research and can pick some hot stocks, you can easily surpass this by multiples. Get your money to work FOR you. My sister was talking about wanting to get into doing something with her retirement and she had six figures sitting in a savings account doing NOTHING. We are fixing that ASAP. She knows nothing about investing but I told her to get her butt down to FIdelity (her 401k holder) and tell them she has six figures to invest for retirement on top of her 401k. Then she will get back to me on how they steer her. Live below your means and invest as much as you can and do it smart with common sense.

 

[*Jay*]

Do you have anyone who specializes in that stuff?

Nope, I need to find somebody for sure.

Biggest thing was moving to a low cost of living area and living life waaaay below our means.

This is probably the most impactful thing that the wife and I do.

 

[Velo2]

I'd love to have a sub-compact tractor and a SXS...but I'd hardly use them to justify the purchase)

On the other hand...I'm starting to know quite a few people that dropped dead in their 50's...so saving hard for a uncertain future is always a gamble.

I decided to go the SxS and tractor route. I don't use them a ton but they sure are fun when I do. The tractor will last as long as I do. The SxS will get many years as well.

Smiles at 40 onward or a little extra money at 65?

I went with smiles.

 

[03cobra#694]

S&P500 will get you 15% a year for the past 10 years (avg) and 10% over the past 100 years (avg). If you do research and can pick some hot stocks, you can easily surpass this by multiples. Get your money to work FOR you. My sister was talking about wanting to get into doing something with her retirement and she had six figures sitting in a savings account doing NOTHING. We are fixing that ASAP. She knows nothing about investing but I told her to get her butt down to FIdelity (her 401k holder) and tell them she has six figures to invest for retirement on top of her 401k. Then she will get back to me on how they steer her. Live below your means and invest as much as you can and do it smart with common sense.

I make a crap load because of this yearly. We invested all our 401K stuff into funds instead of just sitting there in "Cash." We also opened a separate account with money from savings in Fidelity Funds, and transfer money from savings as it grew. 10-15% is way better than 2-3% in a bank. I don't remember when we started this, but it's been quite a while.

 

[Detroit Iron]

S&P500 will get you 15% a year for the past 10 years (avg) and 10% over the past 100 years (avg). If you do research and can pick some hot stocks, you can easily surpass this by multiples. Get your money to work FOR you. My sister was talking about wanting to get into doing something with her retirement and she had six figures sitting in a savings account doing NOTHING. We are fixing that ASAP. She knows nothing about investing but I told her to get her butt down to FIdelity (her 401k holder) and tell them she has six figures to invest for retirement on top of her 401k. Then she will get back to me on how they steer her. Live below your means and invest as much as you can and do it smart with common sense.

Investing in an S&P 500 index fund for the long term is an absolute no brainer. Sure you could potentially make more by chasing individual stocks or the latest momentum play. For long term and being able to sleep at night, the S&P 500 is the easiest way to go. You don't need to know anything about investing or pay anybody for advice. Just buy SPY or VOO and reinvest the dividends. There will be ups and downs short term, but the long term trend will always be up. Inflation will eat you alive sitting in cash.

 

[cobracide]

Investing in an S&P 500 index fund for the long term is an absolute no brainer. Sure you could potentially make more by chasing individual stocks or the latest momentum play. For long term and being able to sleep at night, the S&P 500 is the easiest way to go. You don't need to know anything about investing or pay anybody for advice. Just buy SPY or VOO and reinvest the dividends. There will be ups and downs short term, but the long term trend will always be up. Inflation will eat you alive sitting in cash.

Yep - zero load s&p500 (FXAIX) if you know nothing about investing.

 

[cobracide]

np

 

[2KBlackGT]

If I still drank. I'd do it in a heart beat.

The bars are great. Great views. Bar scene is nice. Good food. Close to a lot of outdoor activities. Love that place


As a sober person. Not much to do there

You're taking about Hot Springs.....not Hot Springs Village. These are two vastly different places.

 

[4GTNSVT]

So I'm 39 and have about 300k in my 401k. I plan to retire at 60. Don't plan on getting SS so its not factored into anything. I also have an HSA that's invested with about 50k. I plan to use that to float my medical when I retire before I can sign up for Medicare. I am hoping to have 150k or so in just that account. My house will be paid off by the time I'm 54. Currently I'm on track to have almost 2 million in my 401 when I retire. But that's just dependent on what the market does. A really good friend started me on this path 11 years ago and so far its been good.

 

[Bullitt1448]

Wife and I are both in our 70’s. House is paid off and no car payments, no debt, only the monthly stuff like utilities and taxes. Wife still works part time because she wants to and I have been retired 8 years. I also have cancer. We have no where near 2.1 in the bank but we both have pensions so we have not touched any of our savings. I dabble in the market more for something to do but I am making a little money at it. Since I have retired we have done a couple trips to Australia and a Panama cruise so it not like we will be eating cat food soon. I also buy what I want for my car and the wife has her garden to play in. I suspect the the 2.1 figure they toss around is for those that retire at 65, live till 90ish and have no other source of income. Hell, with 2.1 in the bank, even just basic interest you could have a damn good retirement.

 

[supercharged91m]

Is anyone here good with annuities??
I have john Hancock and have 2 things allocates but I know yall poebaky know which funds are the best investments ⁹