So I followed a link just to see what my retirement saving should be, I know it isn't where it should be right now, but I was just curious how far off it was...
you ready for this?
According to the calculator I should be saving 139% of my yearly income (well of my husbands, since I don't make any)
err yeah, I read it again, not a typo of mine, they said 139%! Exactly how am I supposed to do that?
I also looked at the graph and it says I would make the exact same salary for the next 40 some years, at which point I will switch to withdrawing my retirement, which goes up every year....err somehow that seems backwards, wouldn't I make more as I work, and need less as I grow old? (to a point)
I am not sure what a real retirement calculations would be, but I can understand why so many don't even bother if we are supposed to save more than we make, we might as well give up and enjoy the loot while it is here!
This is not to say I don't want to save for retirement, just that calculators may do more harm than good!
139% retirement savings!
January 23rd, 2007 at 06:56 pm
January 23rd, 2007 at 07:43 pm 1169581415
January 23rd, 2007 at 07:45 pm 1169581528
January 23rd, 2007 at 08:10 pm 1169583024
January 23rd, 2007 at 08:56 pm 1169585792
What did you say you needed per month in retirement, and when did you say you wanted to start collecting your retirement income? How much did you say you could put away per month?
(No need to really answer. These are just questions that come to mind in thinking about the results the calculator gave you.)
January 23rd, 2007 at 09:45 pm 1169588752
and as for how many years...not all certain, I put in his age and his current income, left the rest standard, might be my trouble. Thanks for the thoughts.
January 23rd, 2007 at 09:48 pm 1169588909
I think that's what they meant when you said you didn't understand why you'd take out more and more each year.
January 23rd, 2007 at 11:50 pm 1169596241
February 8th, 2007 at 02:16 pm 1170944175
There's an economics columnist in Texas that wrote a book with another author, and they did a lot of calculations to figure out that based on ebb/flow of interest one earns on investments to figure out the above percentages. His name is Scott .
February 8th, 2007 at 08:20 pm 1170966023