Posted by MarkB_MI on May 07, 2014 at 03:21:50 from (75.219.163.214):
In Reply to: OT TV commercial posted by gtractorfan on May 06, 2014 at 12:43:29:
It is not unrealistic for a couple in their twenties to save 2 million in an IRA/401k by the time they retire. And they're going to need it. On the other hand, if you're over forty and have less than $100K socked away you'd better not plan on retiring.
It's really not difficult to come up with a number. You know what it costs you annually to live today. Cut that number in half, making the assumption that your mortgage will be paid off and you won't be spending as much in retirement as you do now. Then multiply that number times twenty, since you can't expect to draw more than five percent annually without eating into the principal. (In other words, take your annual income less what you're putting into retirement and multiply that times ten.) Now that number is pretty much a minimum if you want to retire in your early sixties. If you don't think you can sock that much money away by the date you want to retire, then you need to adjust your expectations for when and how you'll retire.
Unanticipated medical expenses aren't the biggest unknown for retirement. Medicare covers most of those expenses, and if you get really sick there's a good chance your retirement will come to an abrupt end. Two much bigger unknowns are how long you will live and when you will start your retirement. These days, if you make it to sixty you stand a pretty good chance of making it to ninety. But early retirement is a much more serious concern: a lot of folks have had to "retire" in their fifties because they became disabled or lost their jobs and found themselves unemployable.
Retirement planning is simple if you start early. If you are over 25 and don't already have an IRA or 401k, you've already waited too long. Start now.
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