thanks for posting show me...
as I was watching the vids, I had a few thoughts regarding their "general" recommendations (age 30 half your annual income save, age 40 twice your income saved, etc)... Realizing that retirement needs are different for everybody (some will need minimal amount, others will need much much more), I figure that they are providing these guidelines for those who will not be receiving pensions, as most Americans will not, and wondered:
- if the general recommendation would be lower for those with a retirement plan, for example age 40, twice your annual income, minus 33%, (annuity for 30 years in FERS).
- How substantial increase in pay between ages 30 and 40 would come into play... I for one have trippled my annual income from age 30 to 40, I have more than twice the income I was making at 30 saved, but do not have twice my current annual income saved (won't be 40 until end of the year, so if we have a really really good year, could get there)....
- How unfortunate it is that although my parents (mom especially) always told me how important it was to put money away for retirement, but never walked me into a bank when I got my first job, and helped me open a account to put the money in. I for one will make sure that the day my son gets his first paycheck, he will have a savings account and a retirement account, for which to put a percentage of his check into. we got him his first savings account when he was 9, and he now (at 12) will take any money he gets from b-days, allowance, or whatever, and gives about 30% to us to put in his bank account, and the rest he puts in his piggybank.