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Old 09-16-2012, 12:37 PM   #21
Thinks s/he gets paid by the post
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Originally Posted by WestLake View Post
Say you make $50K, so you'll need $400K. No thanks!
Assuming that is the household income at age 67, the social security would be probably in the area of 24K for the worker and 12K for the spouse leaving 14K as the withdrawal from retirement savings or just under 4% per year of 400K. And that would be assuming all 50K was spent.

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Old 12-07-2012, 05:03 PM   #22
Recycles dryer sheets
Join Date: Oct 2012
Location: Houston
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Originally Posted by Khufu View Post
8 times salary?? Retirement requirement estimates based on salary levels seem completely idiotic to me. That would mean the more you make the less likely you can retire. How could that possibly be true?
fidelity outlines age-based savings guidelines

It's a hypothetical rule of thumb number based on expenses 85% of salary, and Social Security reduces that 85 more. It's also based on the worker working until full retirement age.
I think this is intended for younger and mid-career workers to focus on a benchmark to encourage early retirement savings, since there are also benchmarks for various stages.
Fidelity's retirement planning worksheets are pretty good.

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