How u Doing? Retirement savings.

[ma96782]

YES, I'm old and have saved over my entire lifetime.
But, that being said.....
I fear that.....
For some young people (like my son).....
They have their retirement planning centered around our death. Cough, cough.....

But maybe, there is some hope? With the advent of fractional shares investing.....he finds it somewhat fun, to watch/track his investments.

Aloha, Mark

PS.....then he calls me and tells me about his latest purchase or his WANTING an Ak74 (or whatever). But at least he never mentioned a Hi-Point. LOL.

 

[arakboss]

IPhone 37 comes out next week. Got one reserved for 50% off with a 17 year contract at $250.00 a month is all! YAY!

Worth it? Heck yeah, it's way "Smarter", fer shure, than the IPhone 36 I bought 4 months ago. Edit:...and only still owe $965.37 on.

I am thinking about picking up the iPhone 37+ , it comes with everything the 37 has plus rain-x coated camera lens.

 

[Mikej]

I am thinking about picking up the iPhone 37+ , it comes with everything the 37 has plus rain-x coated camera lens.

!?!?! OMG!!

 

[Medic!]

If those numbers in the OP article are accurate, that's a tragic commentary on the ability for people to save.

Well it never dose any good to start saving after you really need it.

 

[GWS]

You guys don't get it.
Credit is simply saving up for that purchase after you buy it

 

[Medic!]

You guys don't get it.
Credit is simply saving up for that purchase after you buy it

No.
It's borrowing from money you hope to make in the future.

 

[WAW44]

So, if you look at the numbers, what would you consider good. 2,3,4,5,6 7 ..10..15 times the average balance stated in the op article? The article also talks only of 401k balance, but not other assets.

 

[The Heretic]

So, if you look at the numbers, what would you consider good. 2,3,4,5,6 7 ..10..15 times the average balance stated in the op article? The article also talks only of 401k balance, but not other assets.

I don't put much credence in magic numbers that I read in articles, but I figure out what my budget is and then I double it, to be really safe, I would double that, again.

I don't go by what my income was because it was about 3 times what I spent on necessities. For one thing, I put about a third of that into retirement savings, and another third into cash savings and paying down debt or buying assets I don't really need to live day to day (e.g., guns/ammo and SHTF preps).

So many of those articles make a huge assumption that your income is what you need after retirement. When you make a lot more than what your spend, that isn't true, plus what you spend while you are employed isn't necessarily how much you spend when your full income goes away.

They also assume that your SS income is not going to be adequate for your budget when you retire. If you make enough, for long enough, your SS income can be adequate by itself (if you are careful and you include the fact that medicare will cost you about $2K per year in premiums) - at least initially, if you are in decent health when you retire. Later, when your health declines, that is when you may need to start pulling $ from your 401K/IRAs and other savings - as your healthcare costs go up, especially if you need to go into a care facility, more so if you get really sick (cancer, memory care, etc.).

Then there is the fact that some people will be single when they retire, others won't.

Point is, it varies by each person's situation is quite different and those articles make huge sweeping assumptions that often do not come close to what each person's situation is. They have to because otherwise they would need to read more like a long complicated discussion and plan than the simplistic blurb that they are and nobody would read them.

 

[The Heretic]