Posted: 3/7/2005 7:30:43 PM EDT
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How much money do you think you will need for retirement? How are you preparing now to achieve that goal? |
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500k absolute minimum. 26 years old (27 on the 26th) Yes I'm preparing. 401k, savings account and stock trading account. i also have the added benefit of coming from a fairly well to do family. However, I plan on getting nothing from them just to play it safe, although realistically I could probably save NOTHING and still hit my minimum goals. But, i dont like to count my chickens before they hatch, and thats a shitty way to look at retirement anyways. |
thats a cyclical argument. 500k today wont cover my bills, but adjusted for inflation 500k today would be, oh, I'm not crunchin numebrs tonight but the fact is your money will grow with you. So, while I say 500k NOW, it will be an adjusted-for-inflation 500K when I retire. |
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I was very foolish in any retirement preparations on my part. My only saving grace is that I did retire from the Air Force a year ago and I'm only 44 years old now. So at least I have a retirement income already coming in at a relatively early age. Still time enough to follow through with a second career and really make the most of it. A million bucks would be really cool. I could have planned things differently but then I would have ate less steaks for lunch. 
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If you think of 500K inflated to 45year it might. I am working on a project right now. first you must decide how much you want per year when you retire and how long you will live after retirement. then use the following formula: Amt per year=G years to live=n inflation rate=r=.03 so the $=G((1-((1+.03)^-n))/.03) hope that makes sense. so for $60000/year for 30 years you need to have saved/earned via investments $1.2million!!!! |
My parents will probably leave something to me. For the past several years they have pretty much become world traveling jet setters. the way I see it, if they are smart they can spend and enjoy what they saved and if timed carefully it will last just up till the end. I'm not counting on anything and I wish them the best of fun traveling around the world. My parents paid much to raise me and I was not the best teenager by far. They deserve a vacation. They plan on moving from Philadelphia down to VA in a few years. Maybe I'll move up to VA. But then my Mom was always kinda cool. Way back in the 70's she bought a keg of beer for me and a bunch of my friends. I try not to think too much about what kind of money will be left behind to me. It's only money, and it's made to be spent. And don't ask me what country they are in right now, because they are always gone on vacation. 
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Well said. Thats how i think. *I* dont DESERVE any of it. THEy earned it, they busted their ASS for it. Let them enjoy life. But, i also cant deny the fact. They dont take elaborate vacations. Their pretty thrifty, although they do travel alot they always drive and are pretty frugal really. So, simple economics say I will get something. But, i dont plan on it and its a shitty way to get your own retirement. Let them enjoy it as they see fit. If I get anything, well thats good too, but I dont expect a dime. And for the record, i was hell on wheels. My parents were on a first name basis with the local law enforcement. And had talks with my parents more then once.... 
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