Saving for retirement - how much $$ will you need?

  • Posted by a hidden member.
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    Nov 09, 2010 4:53 PM GMT
    Just curious what other people are shooting for in terms of retirement savings? I've been told so many different things by financial advisors that I don't know what to believe.

    I'm working toward having $2.0M in 401ks, IRAs and other investments and to retire by age 60. I'm hoping that will give me a retirement income of around $90k per year, including the little bit I expect to get from Social Security.

    What about you?
  • Posted by a hidden member.
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    Nov 09, 2010 5:12 PM GMT
    How much you need will be determined by what kind of lifestyle you're accustomed to. Fortunately I will have access to other resources of income besides my retirement investment so I should be fine.
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    Nov 09, 2010 6:21 PM GMT
    It's tough to say. The big variables are cost of living and inflation. If you're going to stay in So Cal, then $90K might be sufficient. Or it might barely get you by.

    Also, assuming you maintain a healthy lifestyle, you'll most likely live longer. Will you have enough money to last when you're in your 90's? 100's?
  • Posted by a hidden member.
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    Nov 09, 2010 6:58 PM GMT
    Saving for retirement? You could die tomorrow. Money is mean't to be spent.
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    Nov 09, 2010 10:19 PM GMT
    It's tough to say how long we Gen-Yers should plan for, but I'm aiming for 100!
  • allatonce

    Posts: 904

    Nov 10, 2010 3:24 AM GMT
    Well I plan on saving less and retiring in a country with a cheaper standard of living. I've traveled to other countries and spent a lot less than I would in Canada, and realized I could get by pretty well in many places.
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    Nov 10, 2010 3:28 AM GMT
    We don't speak about these things were I am...
    icon_cry.gif Must of us take more money out of our savings than we put in.
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    Nov 10, 2010 3:41 AM GMT
    Great question. I'm actually talking to our HR folks in a couple of weeks to answer this question. I'm 36. University professor. The salary is ok, but the retirement is usually pretty good, all things considered. Unfortunately I have a hefty sized school loan that I'll need to destroy as quickly as I can. So, that's on my target board right now.