Retirement

blessed81 · March 2015

Happy Friday Nesties!!

How much do you save monthly for retirement?

What age would you like to retire?

How much Money would you like to have in retirement by that age?

What would you do when you retire?

vlagrl29 · March 2015

It varies, probably around $200 per month. DH would like to retire early and I always assume that when we retire we will still be doing our passions to an extent. I kinda think we will wait till mid 60s to retire but who knows. It would be nice to have a couple million in retirement when we are of age. We would travel a lot when we retire.

bmo88 · March 2015

How much do you save monthly for retirement?

I currently save 18% of my monthly income in retirement and DH saves 8% (we are looking to increase that this summer). 8% is required by our jobs because we are state employees and it goes into a self-funded retirement account (PERA).

What age would you like to retire?

At this point, we really aren't sure. I think it will be contingent on a lot of things related to health, child rearing status and job satisfaction. I will say, our goal is to have financial freedom by the time we are 40. Which means no debt, large savings/investment account and not feel obligated to work a particular job/earn a particular income. So for us, by our mid-50's, we would want to have the option of not working if we so desire.

How much Money would you like to have in retirement by that age?

Enough to cover our monthly expenses, take a few trips a year and maintain a healthy emergency fund account.

What would you do when you retire?

Probably volunteer, work a part-time job and travel.

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als1982 · March 2015

About $2,500 a month. We're shooting for 55. And we'd love to travel, and I'd like to have a small farm.

ETA: I'm not sure about the amount we'd like to have, but at this point I don't think we'll feel comfortable with any less than $3 million.

hoffse · March 2015

We max out both Roth IRAs, which is $11,000/year. I just sort of save throughout the year and do this once a year. I don't really keep a line-item in our monthly budget for it.

We also each contribute around $1,200/month to our Roth 401(k)s. This one kind of hurts because we don't get a current tax deduction for it, but they've been growing, so we're going to save ourselves a huge tax bill in retirement.

My employer has a 3% safe harbor match (which is fully vested), and then a ~5-6% match that vests over time. I'm currently 25% vested and will be 100% vested in 3 years. H's employer has a 3% match that vests over 4 years and increases to 4% on your 5-year anniversary and 5% on your 10-year anniversary. Hopefully we'll both be able to take advantage of these enhanced match programs.

We'd like to retire at the normal age of 65-67 or so. We both enjoy working and will probably work at least part time in retirement. We'll hopefully travel the rest of the time.

I don't really care how much we have in retirement once we retire. I just want enough to live on. The AARP retirement calculator is pretty great for projecting what you should have. I do know that H and I are on track to hit $100K (vested) before we turn 30. We're both excited about that. I think that first $100K is probably the hardest, and then it just kind of rolls along and starts to grow like mad from there. We're already to the point where we pretty often gain/lose a thousand bucks a day in the market. I have a pretty good tolerance for those shifts, but I am finding it harder and harder to watch as our accounts grow and those gains/loses also get larger.

simplyelise · March 2015

H has a 4% required state contribution and I am hoping to vest on my pension, but right now we're in debt-payoff, so that's all we're doing.

Next year, we'll start funding Roths and then get up to 15% of our income going towards retirement. We will be on target to have a retirement income of around 90k a year if we retire in our 60s.

It's so hard to know what retirement will look like when it's so far in the future, but hopefully it will involve a lot of family and travelling.

dragonstarjk · March 2015

How much do you save monthly for retirement?

H saves $100/month in his 401K which is not NEARLY enough. I keep nagging him to increase his contribution. I save 10% plus a 5% match from my employer in my 401K, plus $120/month in my Roth IRA and $100/month in my HSA. I consider my HSA an additional retirement account.

What age would you like to retire?

H wants to retire at 60 because our house will be paid off and I will still be working. I want to retire at 55. H is 14 years older than me, so that really puts us in a unique situation when it comes to making retirement plans. I don't want to spend his whole retirement working and then have him die before we are able to enjoy retirement together. So I would like to retire early and then I would be willing to go back to work part-time in my 60's after we've had some time together.

How much Money would you like to have in retirement by that age?

Enough to pay our monthly bills (which will be very minimal at that point) and to pay for a lot of traveling. We would also like to relocate someplace warm after we are both retired, because realistically I may be a widow for several years and I would like to live someplace warm and with more activities.

What would you do when you retire?

We have sooooo many travel plans, we would do as much traveling as possible. I also want to buy one or two rental properties once I'm in my forties that will serve as a source of income in retirement. H could manage those when he's retired and I'm still working.

jessica490 · March 2015

Between the both of us we save about $500/month...we both contribute 7-8% each but we keep adding a percent or 2 every year when payraises come out.

Next year we will also starting funding ROTH IRAS's so that will help too.

I'm not even sure how much we'd like to have dollar wise but just enough to keep living decently. We live in HCOL now so our hope is when we retire or maybe even sooner we will pack up and move south so that our $ will go father down there.

We have no kids, just a dog, and like to travel so we hope to keep doing just that

I'd like to retire around 60...then maybe something part-time if I felt like it.

lifeonthehill · March 2015

How much do you save monthly for retirement? I am almost embarrassed but we only but away about $260/month. Or 10%.

What age would you like to retire? 60's.

How much Money would you like to have in retirement by that age? I think our reach is 2 million but mostly we just want to live comfortably in a small home somewhere. I come from a family where the women live well into their 100's. H has no male relatives that have made it past 80.

What would you do when you retire? Relax. Road trip like my grandparents have. Visit as much family as we can. H wants to do one international trip before he dies.

vlagrl29 · March 2015

hoffse said:
We max out both Roth IRAs, which is $11,000/year. I just sort of save throughout the year and do this once a year. I don't really keep a line-item in our monthly budget for it.

We also each contribute around $1,200/month to our Roth 401(k)s. This one kind of hurts because we don't get a current tax deduction for it, but they've been growing, so we're going to save ourselves a huge tax bill in retirement.

My employer has a 3% safe harbor match (which is fully vested), and then a ~5-6% match that vests over time. I'm currently 25% vested and will be 100% vested in 3 years. H's employer has a 3% match that vests over 4 years and increases to 4% on your 5-year anniversary and 5% on your 10-year anniversary. Hopefully we'll both be able to take advantage of these enhanced match programs.

We'd like to retire at the normal age of 65-67 or so. We both enjoy working and will probably work at least part time in retirement. We'll hopefully travel the rest of the time.

I don't really care how much we have in retirement once we retire. I just want enough to live on. The AARP retirement calculator is pretty great for projecting what you should have. I do know that H and I are on track to hit $100K (vested) before we turn 30. We're both excited about that. I think that first $100K is probably the hardest, and then it just kind of rolls along and starts to grow like mad from there. We're already to the point where we pretty often gain/lose a thousand bucks a day in the market. I have a pretty good tolerance for those shifts, but I am finding it harder and harder to watch as our accounts grow and those gains/loses also get larger.

I just tried it out because I've never messed with those calculators. It says we should have 1.5 million by retirement age, but I know in a year or so we will probably be doubling retirement contributions so that will help us get more. That makes me feel better

JoanE2012 · March 2015

The skeptic in me is curious why you're always asking questions but rarely answering them. It comes off as very interview-ish. Usually, when someone posts questions like these, they also provide their answers. Are you doing some kind of research? If not, would love to see your answers! It makes it a bit more personal.

JoanE2012 · March 2015

hoffse said:
We max out both Roth IRAs, which is $11,000/year. I just sort of save throughout the year and do this once a year. I don't really keep a line-item in our monthly budget for it.

We also each contribute around $1,200/month to our Roth 401(k)s. This one kind of hurts because we don't get a current tax deduction for it, but they've been growing, so we're going to save ourselves a huge tax bill in retirement.

My employer has a 3% safe harbor match (which is fully vested), and then a ~5-6% match that vests over time. I'm currently 25% vested and will be 100% vested in 3 years. H's employer has a 3% match that vests over 4 years and increases to 4% on your 5-year anniversary and 5% on your 10-year anniversary. Hopefully we'll both be able to take advantage of these enhanced match programs.

We'd like to retire at the normal age of 65-67 or so. We both enjoy working and will probably work at least part time in retirement. We'll hopefully travel the rest of the time.

I don't really care how much we have in retirement once we retire. I just want enough to live on. The AARP retirement calculator is pretty great for projecting what you should have. I do know that H and I are on track to hit $100K (vested) before we turn 30. We're both excited about that. I think that first $100K is probably the hardest, and then it just kind of rolls along and starts to grow like mad from there. We're already to the point where we pretty often gain/lose a thousand bucks a day in the market. I have a pretty good tolerance for those shifts, but I am finding it harder and harder to watch as our accounts grow and those gains/loses also get larger.

As someone that is a bit older than you, haha, I can say yes, this is so true! The first 100k felt like forever, and then it just seems to snowball. Patience, it'll happen!

AprilZ81 · March 2015

JoanE2012 said:
The skeptic in me is curious why you're always asking questions but rarely answering them. It comes off as very interview-ish. Usually, when someone posts questions like these, they also provide their answers. Are you doing some kind of research? If not, would love to see your answers! It makes it a bit more personal.

I've had the same thought. I'm giving her a chance since she may just be trying to get a guage of what they need to be doing but it has been a lot of threads with very specific questions wanting to know exact dollar amounts for various things.

andkatiesays · March 2015

How much do you save monthly for retirement?
I put 25% pretax into my 401k. My H is currently in school so no 401k, but we both do max our Roth IRAs each year.

What age would you like to retire?
I want to be financially independent by 40 and retire by 45. My H will likely work past that, but we'll be financially independent so he can do what he wants without worry.

How much Money would you like to have in retirement by that age?
I hope we have at least one million by then.

What would you do when you retire?
Travel, garden, run, volunteer. I can find things to do to fill my time for sure.

KAdams767 · March 2015

vlagrl29 said:

hoffse said:
We max out both Roth IRAs, which is $11,000/year. I just sort of save throughout the year and do this once a year. I don't really keep a line-item in our monthly budget for it.

We also each contribute around $1,200/month to our Roth 401(k)s. This one kind of hurts because we don't get a current tax deduction for it, but they've been growing, so we're going to save ourselves a huge tax bill in retirement.

My employer has a 3% safe harbor match (which is fully vested), and then a ~5-6% match that vests over time. I'm currently 25% vested and will be 100% vested in 3 years. H's employer has a 3% match that vests over 4 years and increases to 4% on your 5-year anniversary and 5% on your 10-year anniversary. Hopefully we'll both be able to take advantage of these enhanced match programs.

We'd like to retire at the normal age of 65-67 or so. We both enjoy working and will probably work at least part time in retirement. We'll hopefully travel the rest of the time.

I don't really care how much we have in retirement once we retire. I just want enough to live on. The AARP retirement calculator is pretty great for projecting what you should have. I do know that H and I are on track to hit $100K (vested) before we turn 30. We're both excited about that. I think that first $100K is probably the hardest, and then it just kind of rolls along and starts to grow like mad from there. We're already to the point where we pretty often gain/lose a thousand bucks a day in the market. I have a pretty good tolerance for those shifts, but I am finding it harder and harder to watch as our accounts grow and those gains/loses also get larger.
I just tried it out because I've never messed with those calculators. It says we should have 1.5 million by retirement age, but I know in a year or so we will probably be doubling retirement contributions so that will help us get more. That makes me feel better

What assumptions are you using that claim $200/month will get you to $1.5m in retirement? Unless you already have a laugh amount saved now, that doesn't sound right at all.

Wulfgar · March 2015

How much do you save monthly for retirement? I save about 8% in retirement and MW saves about 6% of our income.

What age would you like to retire? I am hoping around my full retirement age of 68 (unless it gets increased).

How much Money would you like to have in retirement by that age? I would like to have about $1000 more than our monthly expenses so we can travel.

What would you do when you retire? Travel, gardening, reading, hanging out.

kmurphy2131 · March 2015

How much do you save monthly for retirement?

Right now, I don't have a 401K offered at my job so I just put money into an IRA (it will be maxed out). H is eligible for railroad retirement so he will get 100% of the average of his 3 highest earning years, plus we will get another 30% on top of that for me. He automatically has money taken out of his paychecks for that and I budget off of take home pay so I don't even think about it. Since I don't have many options for retirement, we will max out his IRA as well. He has a 401K option as well but because of his new companies rules he won't be eligible until next January - we will probably only do it to get the match. I don't love that I'm not more independent in my retirement savings, but I am definitely setting things up to get him a lot more money in retirement since I am so limited in my options and he has more.

What age would you like to retire?

H is eligible for his railroad retirement "pension" at age 60. I would hope that I can retire around then as well.

How much Money would you like to have in retirement by that age?

Based on my most recent calculations $3million.

What would you do when you retire?

Hopefully travel more, cook more. We will likely both still work and/or volunteer in a part-time capacity even in retirement. I can't see us not "working" (paid or unpaid) I think we would go crazy.

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