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Retirement Egg

Panic57

Panic57

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Have you started saving for your retirement?  I read an article a couple years ago that basically said my generations ( Y but you can include Millennials) needs about two to three million dollars to retire depending on how nice you want to retire. http://money.usnews.com/money/retirement/articles/2011/09/15/gen-ys-2-million-retirement-price-tag This is stressing me out but there isn't a real way to avoid it.  I've been so busy trying to pay back my college loans that I haven't even started.  Have you?  If it's not to much to ask, how much do you save annually?
 
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Pat

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Life moves so fast one minute you are just getting started in life and before you know it time says you need to look at what are you going to do with yourself after your work years.  With people living so much longer these days which is a good thing, you want to start looking at providing for that time in your life as soon as possible.  My suggestion is to get an life insurance policy that can be used like an investment.  It will grow in value and give you the security you need for your family when you pass.  The policy can also be used as income when you reach a certain age, it is not just a death benefit program, it will also give you the ability to have long term care if you became seriously ill.  AIG I know has a program like this but I think TransAmerican may also have this type of program.  This will allow you to start putting money aside for your retirement.


I am a licensed Insurance Agent working with these types of programs.
 
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WorkAtHomeGal

WorkAtHomeGal

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I am going to be 30 November 1st. And I do think of retirement mainly because I have nothing together for it yet. Which maybe that doesn't matter but it kinda of does. I don't think I need in the millions to retire though, that seems absurd to me. If I was going to travel then maybe but jeez. Then again though I am very frugal so it could be my frugal me talking too. My parents are retiring in a few years or less. My dad is trying to make that last big push to get money together for it.
 
kelden

kelden

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That's true, but there are a lot of people out there that could handle themselves without even a million $$, it might depends where do you live and which kind of expenses you're thinking in. Of course, nobody want to end up eating only a meal per day, unable to afford anything and live in a small flat for the rest of their senior years. I'm interested in some  commercial retirement plans too.
 
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kgord

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My main nest egg is my house that is why I have to be very careful, and need a certain dollar amount when I sell it. It is important to me to get as much money as possible when I sell it. I do not like living with no money, and if I can invest the money  Imake from  this, it would be a good thing. It is certainly one of the items to take into consideration when you think about your retirement options. THink about them carefully, and you can never plan to early.
 
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clair02

clair02

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I was encouraged by my mentor and life coach to start saving 10% of everything that I earn. Apparently the ancient Babylonians used to do that and they were one of the richest societies around. If you invest just a tenth of your total earnings every month then you're surely on your way to financial freedom that we all crave and desire. 
 
Panic57

Panic57

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kelden said:
That's true, but there are a lot of people out there that could handle themselves without even a million $$, it might depends where do you live and which kind of expenses you're thinking in. Of course, nobody want to end up eating only a meal per day, unable to afford anything and live in a small flat for the rest of their senior years. I'm interested in some  commercial retirement plans too.
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I think the millions is taking into consideration that our generation lives much longer after we retire.  It used to be in my great grandparent's generation that most people retired at sixty-five and died a couple years after if not by their early seventies.   Now with our advance medicine we live well into out eighties and nineties.  So the number is taking into account a twenty to thirty years of slowly declining health and living expenses. A couple million is basically a $100,000 (20 years) to $66,667 (30 years) per year for living and medical expenses.  Not only that the older you get the more expensive you health problems become.  You could probably save less if you were willing to retire later.  I'm working on creating multiple streams of passive income that won't require me to do more than collect when I'm older.  But it makes me nervous because the initial chunk of money is a lot to try to save up by the time you're sixty-five or even seventy-five.  And I'm trying to do this on top of paying back my college loans. 
 
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