Bikerdude
Thinks s/he gets paid by the post
- Joined
- Jul 4, 2006
- Messages
- 1,901
I would be comfortable with $72,000/.03 = 2.4 million. More is always better.
How to much to save for retirement?
- Thread starter darly2004
- Start date
Thanks so much for the replies and the guesstimates. Well I am currently 34, so about 10-15 years away from being able to retire (hopefully). I am hoping closer to 10 since I am getting tired of the daily grind. I am female and working the hours I do is so hard on our family. I feel like there is not enough time left for the kids.
We currently have nowhere close to $2.5 to $3 million. Our net worth is probably at $450-$500k because of my student loans and underwater rental. We currently put in about $52k a year (total for 2012) for retirement. I got a $109k bonus after taxes this year and plan on putting most of it (minus $20k) into investments. Hope is that the bonus will continue yearly. The $20k each year will be used to make extra payment for current mortgage. Hope to be mortgage-free in 10. Not sure if I will pay off student loan early since interest is so low.
Expenses in retirement will be for property taxes, utilities, food, health insurance (for us and kids), and some extras. Currently saving for college for both kids, who will be teens when I want to retire. I guess I can work for another 5 years and have a lot more money or have hubby work until kids go to college. I am getting sort of burned out now though.
Life expectancy... dad's side is about mid 70s and mom's side late 80s and 90's. Life expectancy for my profession seems to be lower in some studies for men. Not sure about women.
I know that we still have many years to go and definitely do not want to run out of money when we are at the end of our lives. If our earning potential changes, we'll definitely have to adjust accordingly. It's nice to know what to aim for though.
We currently have nowhere close to $2.5 to $3 million. Our net worth is probably at $450-$500k because of my student loans and underwater rental. We currently put in about $52k a year (total for 2012) for retirement. I got a $109k bonus after taxes this year and plan on putting most of it (minus $20k) into investments. Hope is that the bonus will continue yearly. The $20k each year will be used to make extra payment for current mortgage. Hope to be mortgage-free in 10. Not sure if I will pay off student loan early since interest is so low.
Expenses in retirement will be for property taxes, utilities, food, health insurance (for us and kids), and some extras. Currently saving for college for both kids, who will be teens when I want to retire. I guess I can work for another 5 years and have a lot more money or have hubby work until kids go to college. I am getting sort of burned out now though.
Life expectancy... dad's side is about mid 70s and mom's side late 80s and 90's. Life expectancy for my profession seems to be lower in some studies for men. Not sure about women.
I know that we still have many years to go and definitely do not want to run out of money when we are at the end of our lives. If our earning potential changes, we'll definitely have to adjust accordingly. It's nice to know what to aim for though.
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