Free Trial Ad
Why Subscribe?
  • Player/Prospect News
  • Exclusive Insider Info
  • Members-Only Forums
  • Exclusive Videos
  • Subscribe Now!
Inbox
Reply to TopicPost New Topic
  Page of 7  Next >

Planning for Retirement

Avatar

Posted: 8/22/2012 8:44 AM

Planning for Retirement 


Is there an accepted formula for calculating how much you'll need for your retirement?

If you know how much you need per month and you know at what age you want to retire, can you calculate from that how much you'll need?
Reply | Quote
Avatar

Posted: 8/22/2012 8:45 AM

Re: Planning for Retirement 


a lot
and yes this is a signature line
Reply | Quote
Avatar

Posted: 8/22/2012 8:59 AM

Re: Planning for Retirement 


Just remember, you'll have time to spend more money when you aren't working.  And you'll be doing all those projects around the house, etc. that you've put off all these year.

A good place to start is a budget.  It will take a few hours, but list all of your personal expenses for the past twelve months.  If you are like me the highest category will be medical, which includes your health ins.  Adjust for inflation, expenses of anticipated travel, and those home projects and you should have a good ballpark idea of where you stand.  I would estimate your expenses on the high side just to be safe.
Reply | Quote
Avatar

Posted: 8/22/2012 9:02 AM

Re: Planning for Retirement 


yes.  studies show expenses actually increase in the first few years of retirement
unosee wrote: Just remember, you'll have time to spend more money when you aren't working.  And you'll be doing all those projects around the house, etc. that you've put off all these year.

A good place to start is a budget.  It will take a few hours, but list all of your personal expenses for the past twelve months.  If you are like me the highest category will be medical, which includes your health ins.  Adjust for inflation, expenses of anticipated travel, and those home projects and you should have a good ballpark idea of where you stand.  I would estimate your expenses on the high side just to be safe.
and yes this is a signature line
Reply | Quote
Avatar

Posted: 8/22/2012 9:03 AM

RE: Planning for Retirement 


Our organization uses One America. When we switched over to them earlier this year, they provided us w/ a retirement needs worksheet - found on page 11 here:

www.oneamerica.com/wps/wcm/con...pdf?MOD=AJPERES
Reply | Quote

Posted: 8/22/2012 9:36 AM

RE: Planning for Retirement 


I'm with Principal in Winston-Salem.  Here's ours

http://www.principal.com/retir...entplanning.htm
Reply | Quote
Avatar

Posted: 8/22/2012 9:43 AM

Re: Planning for Retirement 


get some quotes for health insurance ... it's staggering how high premiums are after you leave the work force ...
Reply | Quote

Posted: 8/22/2012 9:51 AM

RE: Planning for Retirement 


You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
"I am patient with stupidity, but not with those who are proud of it."

Last edited 8/22/2012 9:52 AM by scooter6d

Reply | Quote
Avatar

Posted: 8/22/2012 9:54 AM

RE: Planning for Retirement 



scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
Reply | Quote
Avatar

Posted: 8/22/2012 10:00 AM

RE: Planning for Retirement 


thats a neat ad campaign 
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
and yes this is a signature line
Reply | Quote

Posted: 8/22/2012 10:01 AM

RE: Planning for Retirement 



YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote

Posted: 8/22/2012 10:04 AM

RE: Planning for Retirement 


If it helps you any, the average american in my age range ( 54 ) has 50,000 dollars in a 401K.
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote
Avatar

Posted: 8/22/2012 10:06 AM

Re: Planning for Retirement 


good news is your retirement doesn't have anything to do with someone else's #

its all about your lifestyle

and yes this is a signature line
Reply | Quote

Posted: 8/22/2012 10:12 AM

Re: Planning for Retirement 



larosiaddw wrote: good news is your retirement doesn't have anything to do with someone else's #

its all about your lifestyle

True. I'll never be this GUY, but, I enjoy life much better now. biggrin
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote

Posted: 8/22/2012 10:39 AM

RE: Planning for Retirement 



scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.

altmin wrote: randman banned for incendiary comments towards other posters and minorities
Reply | Quote

Posted: 8/22/2012 11:03 AM

RE: Planning for Retirement 



LesterBurnam wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.
You may be right, but , right now, I'm kicked back in a lazyboy and I'm guessing you are at work.
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote
Avatar

Posted: 8/22/2012 11:36 AM

Re: Planning for Retirement 


I guess who is president and what they do with capital gains is a pretty big factor too. Those worksheets are cool. Thanks for that. I wonder how realistic an 8% return is though. I don't think I've been getting that recently.
Reply | Quote

Posted: 8/22/2012 11:55 AM

Re: Planning for Retirement 



SomeBeach1 wrote: I guess who is president and what they do with capital gains is a pretty big factor too. Those worksheets are cool. Thanks for that. I wonder how realistic an 8% return is though. I don't think I've been getting that recently.

Right now, I'm riding the AGNC train. 14% dividend. I get a really nice check every 3 months.
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote
Avatar

Posted: 8/22/2012 12:02 PM

RE: Planning for Retirement 


Wow. That's awesome.
Reply | Quote
Avatar

Posted: 8/22/2012 12:29 PM

RE: Planning for Retirement 



Go to Ecuador.  Live  like a king.
If the lessons of history teach us anything it is that nobody learns the lessons that history teaches us.  Anon
Reply | Quote

Posted: 8/22/2012 2:56 PM

RE: Planning for Retirement 



Tyler King wrote:
Go to Ecuador.  Live  like a king.

A guy I use to work with is from Panama. When I retired he told me I should move there.
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote
Avatar

Posted: 8/22/2012 2:59 PM

RE: Planning for Retirement 



scooter6d wrote:
LesterBurnam wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.
You may be right, but , right now, I'm kicked back in a lazyboy and I'm guessing you are at work.
Retired people die early. Just FYI.
_________________________________
I'm no Heifetz, but I get by. 
Reply | Quote
Avatar

Posted: 8/22/2012 3:26 PM

RE: Planning for Retirement 



p5mmr9 wrote:

Retired people die early. Just FYI.

Yet working stiffs die a thousand tiny deaths each weekday.
Reply | Quote
Avatar

Posted: 8/22/2012 3:26 PM

RE: Planning for Retirement 




---------------------------------------------
--- scooter6d wrote:

If it helps you any, the average american in my age range ( 54 ) has 50,000 dollars in a 401K.

---------------------------------------------

Holy crap! Is that true? I actually wouldn't be surprised if my mom's 401k is in that range. Hell, I feel absolutely outstanding with what my wife and i are putting away then!
Reply | Quote
Avatar

Posted: 8/22/2012 3:30 PM

RE: Planning for Retirement 



p5mmr9 wrote:
scooter6d wrote:
LesterBurnam wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.
You may be right, but , right now, I'm kicked back in a lazyboy and I'm guessing you are at work.
Retired people die early. Just FYI.
Link?
 
Reply | Quote
Avatar

Posted: 8/22/2012 3:50 PM

RE: Planning for Retirement 


I just went online and checked my Fidelity 401k and found realized that I'm not even maxing out my 401k contributions. That's probably pretty stupid. You can put up to $17k/year.
Reply | Quote
Avatar

Posted: 8/22/2012 3:59 PM

RE: Planning for Retirement 



scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
You have more than a Gazillion Bazillion?  eek
Reply | Quote
Avatar

Posted: 8/22/2012 4:08 PM

Re: Planning for Retirement 


Guess that is possible.  If you have paid off your mortgage and no longer have to contribute to retirement savings, you'd be having a damn good time if that is the case.
larosiaddw wrote: yes.  studies show expenses actually increase in the first few years of retirement
unosee wrote: Just remember, you'll have time to spend more money when you aren't working.  And you'll be doing all those projects around the house, etc. that you've put off all these year.

A good place to start is a budget.  It will take a few hours, but list all of your personal expenses for the past twelve months.  If you are like me the highest category will be medical, which includes your health ins.  Adjust for inflation, expenses of anticipated travel, and those home projects and you should have a good ballpark idea of where you stand.  I would estimate your expenses on the high side just to be safe.
Reply | Quote

Posted: 8/22/2012 6:31 PM

RE: Planning for Retirement 



awilhelm wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
You have more than a Gazillion Bazillion?  eek
My bad. That is what he says he has. I forgot about that.  lol.gif
"I am patient with stupidity, but not with those who are proud of it."
Reply | Quote
Avatar

Posted: 8/22/2012 6:54 PM

RE: Planning for Retirement 


I contribute 17k to a 457, 17k to a Roth 401k, and contributions from me and my employer to the 403b total 5-6k. Add 5k to the Roth IRA and 3k to the HSA, and I think that I'm doing pretty well.

I hate working and don't want to have to work a minute more than absolutely necessary.
Reply | Quote

Posted: 8/22/2012 8:23 PM

RE: Planning for Retirement 



SomeBeach1 wrote: I just went online and checked my Fidelity 401k and found realized that I'm not even maxing out my 401k contributions. That's probably pretty stupid. You can put up to $17k/year.

why would you want to put more into a 401k than your company matches?

if your company matches .50/1.00 up to six percent of contribution, i'd consider six percent "maxed out."

the first thing you should max out is your roth.
Reply | Quote
Avatar

Posted: 8/22/2012 8:29 PM

RE: Planning for Retirement 


Because I can do it pretax.
Reply | Quote

Posted: 8/22/2012 9:19 PM

RE: Planning for Retirement 



LesterBurnam wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.

Agreed unless there is a big pension there as well.  You cant have much of a lifestyle and retire at 54 with only a mil saved up.
Reply | Quote
Avatar

Posted: 8/22/2012 10:04 PM

RE: Planning for Retirement 



dollarnight wrote:
LesterBurnam wrote:
scooter6d wrote:
YolkiZelyoni wrote:
scooter6d wrote: You guys are just way to technical for me. Just play it by ear. Save as much as you can,401K, stocks, bonds what ever, for as long as you can. You never know when retirement may present itself. I had planned on working until at least 65, now, here I sit at 54, because of an early retirement offer, happy as a hog in slop. I'm in pretty good shape as far as money is concerned. My son's college is paid for. we have less than 5 years to pay on our home. My wife is still working. We do about what we want too.Waiting for football to get started. Only thing I worry about, is the sun coming up in the morning and I'm pretty sure that it will. Just relax.

Good Luck  ! !
ING
biggrin I'm better off than the guy on the ladder, not as good as the guy with the dog.  lol.gif
IMHO if you're not as good as the guy with the dog you have no business retiring early.

Agreed unless there is a big pension there as well.  You cant have much of a lifestyle and retire at 54 with only a mil saved up.
He said his wife is still working, so they still have income and may not even be tapping retirement savings or at least minimally. 

I'm trying to go the route of having rental properties that will provide passive income in early retirement and extend the time before needing to tap into savings.
Reply | Quote
Avatar

Posted: 8/22/2012 11:17 PM

RE: Planning for Retirement 


It seems like the big expense that I forgot to plan for was weddings. I had no idea they were so expensive.
Reply | Quote

Posted: 8/23/2012 12:03 AM

RE: Planning for Retirement 



DickJones wrote: I contribute 17k to a 457, 17k to a Roth 401k, and contributions from me and my employer to the 403b total 5-6k. Add 5k to the Roth IRA and 3k to the HSA, and I think that I'm doing pretty well.

I hate working and don't want to have to work a minute more than absolutely necessary.
be very careful, looks like you may owe tax on excess contributions.......consult a professional
Reply | Quote
Avatar

Posted: 8/23/2012 1:37 AM

Re: Planning for Retirement 


i'm impressed so many people have or think they will retire.  i'm putting money in my 401K and have some other money socked away elsewhere, but i'm pretty much just expecting to work until death honestly.  there definitely won't be any social security when i get there, probably no medicare either, so it will be all on me.  hopefully i'm wrong.
Reply | Quote
Avatar

Posted: 8/23/2012 4:00 AM

Re: Planning for Retirement 


Reply | Quote

Posted: 8/23/2012 9:10 AM

Re: Planning for Retirement 


For you young folks, what you should learn is that your biggest asset is not money, its......TIME.  The difference in lifetime earnings between starting at age 23 vs age 37 is astounding.

If you don't have much to sock away, its OK, but its important to start a retirement account ASAP after school.  Don't wait until you are 30 or 40. Start NOW, even if you only have a little bit each month to add, and add more/month as you are able.  Also, set it up for automatic deposit into your account each month, so you don't have to think about it and it will happen.

Otherwise, the lottery is a good retirement plan (sadly, that is the plan for millions of Americans).
Reply | Quote

Posted: 8/24/2012 2:20 AM

Re: Planning for Retirement 



rotawa68 wrote:
might as well do this if you're gonna rely on a 401.
Reply | Quote
Reply to TopicPost New Topic
  Page of 7  Next >