- Jun 12, 2014
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- 25,585
Founding Member
So, obviously the real question is: how much do I need to save?
Usually whenever I see an article with this title, I will stop and read it. They are always entertaining.
I will say that I am counting on $0 from social security. I also dont have a pension. I also dont own a business or real estate besides my home. So my only income will be from my investments.
Obviously when I retire, I will not need to save from retirement. And the plan would be to have zero debt of any kind. Obviously once you retire, and the few years leading up to it, most of the investment would be a pretty conservative portfolio. So many unknowns in life, but you have to start the equation somewhere.
Anyway, my goal has been to have 12x times my current salary in today's dollars. Which I am happy to say that I am track to hit when I am 63, with a 6% assumed return, current savings amount remains fixed over the next 20 years. Which I know will not be the case as I increase it every opportunity I can.
It's always interesting to watch these calculators in the last few years. Delaying retirement even just 2 or 3 years would have dramatic change in the final value.
Anyway, too much? Too little? Scrap this plan/approach and start on a new one?
Love him or hate him, Dave Ramsey has a nice, simple calculator:
Investment and Retirement Calculator
Usually whenever I see an article with this title, I will stop and read it. They are always entertaining.
I will say that I am counting on $0 from social security. I also dont have a pension. I also dont own a business or real estate besides my home. So my only income will be from my investments.
Obviously when I retire, I will not need to save from retirement. And the plan would be to have zero debt of any kind. Obviously once you retire, and the few years leading up to it, most of the investment would be a pretty conservative portfolio. So many unknowns in life, but you have to start the equation somewhere.
Anyway, my goal has been to have 12x times my current salary in today's dollars. Which I am happy to say that I am track to hit when I am 63, with a 6% assumed return, current savings amount remains fixed over the next 20 years. Which I know will not be the case as I increase it every opportunity I can.
It's always interesting to watch these calculators in the last few years. Delaying retirement even just 2 or 3 years would have dramatic change in the final value.
Anyway, too much? Too little? Scrap this plan/approach and start on a new one?
Love him or hate him, Dave Ramsey has a nice, simple calculator:
Investment and Retirement Calculator