[QUOTE=billscamaros;393156]
Quote:
Originally Posted by Sieg
Just ran a conservative scenario in the Schwab's retirement planner without my wifes current income or retirement, factoring retirement age of 65, life expectancy of 80..........it's projecting a surplus of $439,000. ......QUOTE]
Out of curiousity, what's your thought process to determine the "surplus"? This is the way that I've looked at it ....
I'm 52, have a mortgage, one kid in college and two more to go.
I"ll work until at least 65.
I don't believe that anything in my current lifestyle will change drastically .... yeah, I'll get the kids thru college, but something else will come up.
So, my goal for my retirement income is to have it equal to my current income. That retirement income will be a combination of SS, pensions and interest/dividends from my retirement accounts.
Is that essentially the way you guys calculate your needs?
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There are MANY websites that you can simply plug numbers in and they'll show you what you need to have to retire on - how long it will last - and what you need to save between now and then etc... and they'll factor in inflation etc. So you can play with the numbers as much as you like. Ignore them at your own peril!
If you need to "make" 100 grand in retirement -- be prepared to see a gut wrenching number that you need to have to do that - and live until you're 80 or 90.
An old saying comes to mind... Liars figure and figures lie.
When 'playing' with these numbers you must be really honest with yourself about how you see yourself living in retirement...
