maraqxa
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Post by maraqxa on May 1, 2011 19:22:04 GMT -5
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SVT
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Post by SVT on May 1, 2011 19:32:34 GMT -5
One thing I wonder is what they are using for annual returns.
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resolution
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Post by resolution on May 1, 2011 19:48:09 GMT -5
I would like it better if it had a place for you to input other retirement income and if it explained how it was making the calculation. It worked ok for me once I figured out the other income I expect and then subtracted it from the income I thought I would need. It isn't clear to me if it included inflation in there or if it just figured out what would be needed to generate the specific dollar amount that I said I needed.
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Deleted
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Post by Deleted on May 1, 2011 20:10:27 GMT -5
Apparently, my number is $3.8 million. Now I need the calculator that convinces me I am on track to get there. Anybody have that link handy? Because "my number" just makes me want to stress eat.
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dancinmama
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LIVIN' THE DREAM!!
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Post by dancinmama on May 1, 2011 20:18:59 GMT -5
Is there anyone else that thinks their number is a little bit low?
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Deleted
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Post by Deleted on May 1, 2011 20:22:58 GMT -5
Too much of a black box. As mentioned earlier, what % return in retirement? Are they assuming that you will need more retirement income each year due to inflation? What's the assumed inflation rate? What will happen to tax rates? I said I'd need $100K/year and $100K is 4.3% of the $2.8 million they said I'd need. That's high- 3 to 4% is better.
I'm planning on having $4 million.
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phil5185
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Post by phil5185 on May 1, 2011 20:52:36 GMT -5
They are using an annuity with a 5% return in a 3% inflation environment. Your current household income isn't a part of the calculation - I tried $100k, $10k, and 0, the answer is always the same. It uses the difference between age & retirement age to correct for inflation for that number of years. And it uses your age of death to spread the annuity.
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whoisjohngalt
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Post by whoisjohngalt on May 1, 2011 21:16:12 GMT -5
OK, I REALLY need to stop doing any "calculations", read any and all "statistical" data, finding out what the rest of the population is doing, etc etc etc
All I can do is make sure we do what we can and that's about it, otherwise, I will die from a heart attack well before I am going to need any retirement income
Lena
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on May 1, 2011 21:27:57 GMT -5
After playing with that calculator for a while, I find that I feel less panicky about our retirement planning/savings when I plan on living cheaply in retirement and kicking off in my mid-to-late 70s.
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ameiko
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Post by ameiko on May 1, 2011 21:37:59 GMT -5
From Wall Street 2:
"More."
Right now, my plan A is to become a hugely successful writer and thus stinkin' filthy rich!
Plan B is to keep doing what I am doing for the next 19 or so years and retire at 55 with about 2.5 million in today's dollars, a pension, and a paid off house.
2.5 million generates about 100K using the 4% rule; the pension and SS (yeah right, they will means test it to heck and back, ahh... to expat) is just extra.
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Deleted
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Post by Deleted on May 1, 2011 21:39:55 GMT -5
Working 26 more years to age 62 and then living large off my SS check.
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Deleted
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Post by Deleted on May 1, 2011 22:48:14 GMT -5
I entered: age : 25 Household income 90,000 We want to retire at 65 We want to have the same 90,000 at retirement and it should last us till we are 100
I got $7,550,492
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TD2K
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Post by TD2K on May 1, 2011 23:44:47 GMT -5
They are using an annuity with a 5% return in a 3% inflation environment. Your current household income isn't a part of the calculation - I tried $100k, $10k, and 0, the answer is always the same. It uses the difference between age & retirement age to correct for inflation for that number of years. And it uses your age of death to spread the annuity.
Sneaky Phil
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Tired Tess
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I'm so ready to wrap it up.
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Post by Tired Tess on May 2, 2011 0:05:29 GMT -5
Is this number suppose to be the total of my 401K + pension + SS. Dancin, I agree, I think the number is a bit low.
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lurkyloo
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Post by lurkyloo on May 2, 2011 0:10:06 GMT -5
Well, that was depressing.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on May 2, 2011 0:20:53 GMT -5
How much annual salary are y'all using to figure out your number?
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Post by ty on May 2, 2011 0:23:02 GMT -5
If government have it their way, it will either be 71 or 73, so much in winning the lottery.
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SVT
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Post by SVT on May 2, 2011 1:38:00 GMT -5
How much annual salary are y'all using to figure out your number? I used the same salary as it is now; $60k. My number was $5,033,661 by the way.
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SVT
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Post by SVT on May 2, 2011 7:13:06 GMT -5
I've always had $1.4M in my head as our retirement number. ING says $1.7M. I was close! Now ... how to get there?? Live below your means, save, and invest year in and year out. But you probably already knew that?
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jd2005
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Post by jd2005 on May 2, 2011 8:13:29 GMT -5
4,451,314....ouch! I'm going to make sure my kids start in their 20s, not in their 30s like I did.
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Deleted
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Post by Deleted on May 2, 2011 8:44:48 GMT -5
If government have it their way, it will either be 71 or 73, so much in winning the lottery. I try to play once a week, got to be in it to win it
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Wisconsin Beth
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Post by Wisconsin Beth on May 2, 2011 8:53:26 GMT -5
Ours is 2,983,333. Sigh.
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Deleted
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Post by Deleted on May 2, 2011 8:55:49 GMT -5
How come mine is so much higher than everyone else? What retirement income did you guys put? Are you single?
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Waffle
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Post by Waffle on May 2, 2011 9:01:12 GMT -5
I put in 55 as retirement age and then tried 60 without changing anything else. If I waited until 60, I needed to save $11,000 more dollars - doesn't make sense.
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Waffle
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Post by Waffle on May 2, 2011 9:02:38 GMT -5
How come mine is so much higher than everyone else? What retirement income did you guys put? Are you single? Maybe we all assumed we're going to die at a younger age? I think I put in 85.
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Deleted
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Post by Deleted on May 2, 2011 9:07:05 GMT -5
$4,089,886
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Deleted
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Post by Deleted on May 2, 2011 9:09:10 GMT -5
How come mine is so much higher than everyone else? What retirement income did you guys put? Are you single? Maybe we all assumed we're going to die at a younger age? I think I put in 85. Oh yeah... when I change it to 85 I only need $4,921,345 Pheewww; now I can breathe a bit better; even if 4 million dolloars is still scary But less scary than 7 Millions
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Post by pig on May 2, 2011 9:11:12 GMT -5
kicking off in my mid-to-late 70s. Me too!
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SVT
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Post by SVT on May 2, 2011 9:11:47 GMT -5
How come mine is so much higher than everyone else? What retirement income did you guys put? Are you single? Age 25, income $60k, retire at 65, $60k/year retirement income, die at 100. $5,033,661
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Deleted
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Post by Deleted on May 2, 2011 9:12:47 GMT -5
$2,150,000 I agree this seems a little low. They must assume depletion of the money by your age of death. I prefer this website because it gives you the Monte Carlo scenario www.firecalc.com
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