Thats why I said savings equivalent. if you think that you are going to get social security for that 20 year period you can subtract the present value of those future payments from the savings equivalent at 65. One can assume that in year 66 when you start drawing down your 401K retirement savings that you will still be receiving investment income after taxes (declining every year as you draw down your principal to zero) so you can subtract the present value of those future payments as well. Bottom line in the second example is if you are 25 you are going to have to have a 2.2 million average gross income a year at a 7% assumed inflation rate to live a 2014 $60,000 a year lifestyle in your "golden years" from 65-85.
Last edited by CosmicCowboy; 01-19-2014 at 02:52 PM.
Booooring toooopic....all this i learned when I was 12. Yawl act like saving is some sort of revelation. Only those like Cosmic care about how much a Denny's grand slam will cost in 20 yrs. Lol.
Cosmic will be older than dirt anyway. Why does he care so much? Life is too short to be so wrapped up in governt. Affairs ...live , drink, be merry, ho's , laugh and chill...you caring wont make a difference anyway especially since you're going to anyways. Lol
LOL
40 years from now with that at ude Kool is gonna be one fat, bitter, broke ass with his hand out cussin whitey while beggin for his handouts.
I just turned 36 and I should probably be doing more, but I put 8% into a 401k and my employer matches it 100% plus tosses in another 5%.
So, I think I am probably doing ok.
Sounds like a plan. Thats 21% of your annul income. You should be golden. Don't forget to throw Kool a ten when you see him standing on the street corner holding a sign.
Those are daunting numbers CC…I just know that in my field retirement annuities follow an employee from job to job and that throws standard retirement calculations off…Two co workers recently retired after they sat down with experts and learned that they had more wealth than they thought…
In any case I plan to remain in the workforce and be a burden to the lazy and self-en led Gen X & Y…
The numbers are oversimplified but are a lot smaller for those of us in our 50's. I figure I'll only need about 3.5 million after tax at 66 to maintain current lifestyle.
I'm hoping to set up my 401k soon, like this month. Growing up I was somewhat negligent about investments, but from studying up on IRAs it's best for the LT obviously. I did manage to save about $32K thanks to being a cheapskate.
I was late starting to save too. , it's fun to blow money having fun. I kept a second home in Crested Butte for years past when I should have gotten rid of it but it was just too much fun. If I had invested all the money I blew on me and my family snow skiing and playing in the mountains in the summertime I could retire today...
blkroadrunners-Having 30k in the bank is no small feat…Congratulations...The majority of the people I work with make a decent salary but they still live paycheck to paycheck…When the slow season hits and they only work two to three days a week their lives are chaotic…
I read a book many years ago “Swim with the sharks without being eaten alive” and learned to buy used cars, inexpensive clothing and to only make expensive purchases when things are on sale…
Bought a new car one time.
Never again.
^ who you kidding...Naaah bruh you don't need nowhere close to $3.5M for your current lifestyle...with Shishkabob's like this you gone be good with 100k flat...
Meh. I could live frugally at the ranch and be happy if I had to. It's paid for and taxes are only $1200 a year. I don't have to live rich like you do.^ who you kidding...
cuz you can't
Or won't. I'm puttin back half of what I make every year. I'm not living off daddy and acting like I'm hot . You have bragged about the six figure car you drive, the fancy clothes you style, The incredible bachelor pad you have, the expensive perfume you use to cover your smell, all the white es you that are wowed by your rich lifestyle. We get it.cuz you can't
Last edited by CosmicCowboy; 01-19-2014 at 05:04 PM.
grow up old man
Cosmic would you like a sneak peak at me?
Oh . Now he wants PM e-sex with ME.
BTW Kool, CF looks nothing like you imagined. Think a taller Betty Page.
just thought it would make you feel better about yourself
That you wanted to have e-sex with me?
I only wanted to her..because she's claimed to be a sex crazed good looking lezbo with some nasty lezbo friends...nothing else matters
Well, clearly she didn't want to you and you crashed in flames in the clear view of the whole Spurstalk community and made a total ass of yourself in the process. Own it .
And no, I'm not interested in having e-sex with you either.
I'm 24 and blow all my money,lol.
I wanna enjoy life now, not when I'm 65+
I just turned 23 and have been pretty much blowing up all my money. But the last 4 months or so have been brutal for me financially, and it's only now i realize how important saving is for the future. Thanks for the heads up.
I think If I put in 500 Dollars every month from now on in my retirement savings. I'd have about 200k when I turn 52 year olds. That's not bad IMO, considering most Canadians gets a decent amount of retirment money every month from the government.
CC speaks the truth imho, as much as I dislike that affluent parvenu. The best way to get prepared for retirement is invest your money in bonds/stocks so you'll live a comfortable life collecting dividends. Or you may pursue a doctorate's degree like DMC did, so you don't have to work like a dog, and so you can continue working until you die.
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