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Planning for your retirement: tips to help you stay afloat
- Thread starter Show-me
- Start date
Bquat
Well-known member
Now you come out with this!
I used the 85 year retirement chart but now that I half way know how to make over 5% a year I'll be fine and if I continue to make double that I can give myself a 2 1/2 percent raise at 62 when my 5 year retirement anaversary comes up.
Also I get a higher SS check that my SS supliment because my 8 years of service wasn't covered in the calculation.I love the wealth of information that come up on this site. Thanks Show-me your helping others.
daze823
Member
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.
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.
Great story...although I think it'll just make most people realize how far behind they really are.
One thing that's not widely advertised is the fact you can establish a ROTH IRA for a child once they have a taxable income. If you have a home business, and your kids work a few hours a week in that business, they can invest that money into the ROTH and start learning first hand about the miracle of compounding from a really early age. The sooner the habit of saving and investing (more than the U.S. average of < 5% of income) is learned, the better prepared they'll be to hit the targets in this story.
One thing that's not widely advertised is the fact you can establish a ROTH IRA for a child once they have a taxable income. If you have a home business, and your kids work a few hours a week in that business, they can invest that money into the ROTH and start learning first hand about the miracle of compounding from a really early age. The sooner the habit of saving and investing (more than the U.S. average of < 5% of income) is learned, the better prepared they'll be to hit the targets in this story.
2moryrs
Member
This is a great thread. I wish someone had started me out saving for the future when I got my first job. Now, I am retired (and thankful for everything I worked for and earned) and still able to put money into savings. Probably could have had more saved up for this time of my life, but I enjoyed myself quite a bit while I was working.
You young whipper snappers out there listen to these good learned folk here on the tsptalk forum. Save as much as you can while you are working so your retirement years can be less stressful. It helps alot if you can practice good healthy habits and avoid serious health issues as well. (smile)
You young whipper snappers out there listen to these good learned folk here on the tsptalk forum. Save as much as you can while you are working so your retirement years can be less stressful. It helps alot if you can practice good healthy habits and avoid serious health issues as well. (smile)
WorkFE
Well-known member
Got to be at the top of the list for the biggest destroyer of a well thought out savings/investment plan.
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