Are Your Retirement Savings on Target?

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When I started working in the '79, I had my retirement strategy in order by 1981...14 years later my plans drastically changed, retirement at 58 years went out of the window...investments had to be liquidated, had to rethink life direction and income. Two years later was back on track...7 years later the same thing, out of my control, but had some great experiences, with much less financial stability. Now 4 years later, I'm figuring out my retirement life with a different more aggressive path, keeping in mind the impact of wall street and political greed that has played out by the party who wishes to create a divide between the haves and have-nots/rich and middle class, completely expunging the poor. $2200 a month is/will surely not be enough to retire on as individual income. My home will be paid for, per my plan, in 5 years, complete equity...which will go back into investments, roth, downsized home in possibly a retirement community or similar,
in a different state, and a few other ideas. Plan to work pt doing something I "enjoy", leaving my options open for fun and travel. Want to enjoy my mature years and not have to think about the stresses I've experienced in the past. Will watch out for and lay low on many tax intrusive moves, until in a lower/lowest bracket. If my business ideas take off, which I want to concentrate on...still plan to be smart about the flow and management of funds. It's not about paying taxes, but self-survival because there won't be a surplus of funds, but a comfortable existence that allows me to live life and give to those in need that I can.

Mbe of SC 12:00PM November 04, 2010

I had been hoping to retire early...but at 46 the Union pension plan evaporated...so the money I was counting on is gone. Will work at least until 59 now...maybe 62...or even 65 if I have to...will depend on the market. I preferred the old system, with a regular pension I could count on. Now, my financial future is in the hands of Wall Street schemers and Washington spenders. Little stability remains...the lack of which will have a profound and long lasting impact on the American psyche...we are not going to retire in the same Country we were born in...too much has changed for the worse...too little for the better. Hate to be one of the doomsayers...but the future is looking mighty grim from where I sit. Hope the rest of you are better off.

Knotty Wood of TN 1:01PM May 12, 2010

I am currently making $100k per year and saving $20k per year. I have $350k in a company pension fund which I can put into an annuity or roll into my 401k. I have $300k in my 401k. I have $50k in cash but owe $50k and will eventually pay that off. I own my home free and clear. I feel I can make it on $60k per year, but everyone tells me I will need most of what I make today. I will not take social security till age 66 if I can make it which will be $2200 per month...I am not concerned so much about the first five years, but suppose we live to be 80? Inflation could make my requirements $200k per year some financial sites say.....

Ramone of NC 8:01AM April 04, 2010

I'M 61 MY WIFE IS 59, SHE IS A RETIRED POSTMASTER AND I'M SELF EMPLOYED. I CURRENTLY OWN THREE SMALLER RESIDENTIAL RENTAL PROPERTIES. OUR HOME IS FREE AND CLEAR. WE HAVE A TOTAL OF APPROX. $175,000 IN STOCKS AND CD'S. WE BOTH ALSO HAVE PARTTIME JOBS. WE BOTH LIKE OUT JOBS AND INTEND ON WORKING INDEFINITELY.
ONE OF MY PROPERTIES IS FREE AND CLEAR AND THE OTHER TWO WILL BE IN LESS THAN THREE YEARS. OUR PLAN IS TO SELL OUR HOME (APPROX.VALUE IS $85000- $100,000)IN FOUR OR FIVE YEARS AND MOVE INTO AN APARTMENT. PLUS I PLAN TO SELL MY RENTAL PROPERTIES IN THIS TIME FRAME ON A ONE TO THREE YEAR APART TIME FRAME OF EACH SALE. WE HAVE QUALITY LARGE CAP,BLUE CHIP STOCKS THAT PAY NICE DIVIDENDS IN OUR PORTFOLIO. MOST OF OUR DEBTS SHOULD ALSO BE PAID OFF IN TWO TO THREE YEARS.WE FEEL THEN WE WILL BASICALLY PUT MOST OF OUR ASSESTS IN CD'S OR OTHER LIQUID INVESTMENTS. OUR MEDICAL PLAN THRU THE GOVERNMENT IS VERY GOOD AND A VERY MANAGABLE MONTHLY COST. ALSO BY THE TIME WE DO RETIRE WE BOTH WILL BE ELIGIBLE FOR SOCIAL SECURITY. WE NEVER REALLY COUNTED ON SOCIAL SECURITY FOR ANYTHING MORE THAN A MONTHLY BONUS TO OUR TOTAL RETIREMENT INCOME. WE FEEL THAT WE SHOULD BE IN PRETTY GOOD SHAPE FINANCIALLY WHEN OUR RETIREMENT TIME COMES AROUND. PLUS OUR WAGES FROM OUR PARTTIME JOBS WILL BE AVAILABLE FOR THE EXTRAS WE WOULD LIKE TO DO SUCH AS TRAVEL. ALSO, NOT OWNING A HOME SHOULD GIVE US LESS RESPONSIBILITY AND WORRIES.
WE ARE HOPING AFTER OUR HOME IS SOLD WE WILL TRAVEL IN EUROPE. RENT AN APARTMENT FOR THREE OR FOUR MONTHS EACH YEAR IN A DIFFERENT COUNTRY. THEN RETURN HOME TO OUR LITTLE APARTMENT.

DANIEL of NY 12:04PM September 01, 2009

I am a 54 year old widow with about $25,000 left in my 403 after the crash. My social security will be about $720 if I retire at 65. I could take my husband's at age 60 if I become disabled and have no alternative. That would be about $620.
My pension from my nursing job will be about $380.00. I own my home clear of debt though it's value has crashed to $80,000.My husband was self employed and left me without insurance or pension. I need to buy a car soon and will have to withdraw from my 401 to do it. I'm currently on short term disability due to extensive foot surgery. Living carefully, I'm able to invest12% in the 403Ihave less than $1,000 in savings. Presciption costs are $240/mo in co-pays. The Catholic health system for which I have worked for 11 years will cut off all healthcare benefits upon retirement. Any suggestions for improving this scenario would be appreciated.women in my family tend to live to age 90 or more.

D. Wilson of MI 11:05AM August 15, 2009

Husband retired at age 54 with pension of $3,100/mo and paid medical insurance. I want to retire in 2.5 yrs when he can roll over his 401k at age 59.5. He has $140,000 now in very conservative investments. I work, make $55,000/yr, save $25,000/yr in 401k and have $90,000 as of today. I'll get $400/mo in pension at age 65 plus $1,300/mo in SS. We have house pymt and no other debt; no kids in house. The Fidelity formulas are positive for my plan and we'll have enough to be comfortable. Most of our monthly income will come from pensions and SS (we'll both take SS at age 62). It will be nice to retire young! And if I have to work a couple of days a week at a law office, that's fine.

Debbie of NY 12:16AM August 01, 2009

I have income from pensions after taxes and insurance of $940.00. My SS after Medicare is $1,067. I own my home free and clear. I have no debt and enough in savings to take a trip to family each year and to buy another used car if this one fails. My 503b has a total of $74k, + or -. In the last 3 years I have withdrawn about $14,5k and my total is only down by about $4k. Pretty comfy for a 72 y/o. I only withdraw money from the 503b for work on my home now. When I first retired I took enough to pay our car off and we were debt free. I live alone and have my SS and 2 small retirements (mine & late husband's). The smart move we made at retirement, although our pensions were smaller, was to take an even smaller retirement payment and set it up as 100% for surviving spouse.
I know times can and will get harder, so I am saving one of the retirements each month now. Our highest joint income over the years was probably about $45k. So I am comfortable and set for all but the worst case scenario. I do have good health insurance and life insurance from my state job. I thank God regularly for the comfortable place I am in right now.

Georgia of MO 10:27PM July 29, 2009

Currently our household income is 145K annually. I save 20% in a 401K and 5K in an IRA annually.
We have about 325k left after the big fall. I own clear my home (300K) and a farm and rental house (500K). No payments and no excessive life style.
If Social Security stays in tack I should receive about 2.5K per month. That leaves about 4K short of my current spendable income per month.
Assuming the market comes back in the next 8 years, I would expect to have about 750K by are 65.
I can not figure out what return I can expect. Is 6% realistic?

JerryR of Tennessee of TN 5:03PM July 29, 2009

I am 56 - make $120,000/yr. I have $500,000 in my 401K, 75% bonds, 15% stock, 10% my company stock. I am investing 20% of my income in the 401K - plus 5% in a personal savings account for fun and emergencies.. I don't own my home - but the payments are only $505.00/mo.....I own one car, year 1995. My wife doesn't work. We are still helping adult children - hey - their time is coming....I don't want to work until i am 66 - I want to retire - buy 1 more motorcyle, 1 more nice car - play golf and take care of my house and yard. Maybe a little travel. I'm healthy - but you never know....My target date to retire is February, 2016......and I still feel like what I am doing is not enough - it's the fear of a big medical hit that keeps my wallet closed tight for now.

darryl of IN 6:03AM July 29, 2009

I have 430.000 in IRA and 200,000 in C.D.I have 1 year to be 64 and should save 25,000 more. I own my home and have no other payments.I make 70,000 a year and save half what I clear.I bargin shop and mostley buy my food on sale I do think I could live on 30,000 clear a year.But I am very afraid to retire. I would love to let my three sons something to help them in thier retirement.WHAT CAN I DO AND WHEN?

Harold Haire of PA 1:08PM March 05, 2009