Comments on: Average Retirement Savings–All Measurements Lead to the Same Conclusion http://www.retirement-income.net/blog/2008/08/14/average-retirement-savings-all-measurements-lead-to-the-same-conclusion/ Retirement Income, Retirement Investing and Retirement Planning Done Right Sat, 21 Nov 2009 00:46:24 +0000 http://wordpress.org/?v=2.6 By: Jill http://www.retirement-income.net/blog/2008/08/14/average-retirement-savings-all-measurements-lead-to-the-same-conclusion/#comment-3210 Jill Mon, 09 Nov 2009 02:26:12 +0000 http://www.retirement-income.net/blog/?p=82#comment-3210 I didn't even begin to start to save for retirement until about 3 years ago when ING offered to put $40.00 in an account if I opened one. I was 48 and now almost 51. I have managed with bascially scrimping to put away close to $20,000.00. I have gotten some refunds be it taxes, stimulus checks, on insurances etc that were larger chunks of money but most of it is a litlte by little. I opened up two other bank accounts and received $250.00 for that. I save $5,00 everyday and a $100.00 every month. I estimate my utilities bills and whatever I over estimate goes in the pot. I got $15.00 for doing a survey. Any extra unplanned money goes in the pot. Any work I do on a Saturday goes into retirement. A little at a time seems almost silly but I think it will matter when I retire. Of course I plan to work until 70, have my house close to being paid off as well as student loan etc. I'm suppose to get almost 1,600 on SSI which I could probably live off of if house and student loan paid. Any extra I save will supplement. So basically get creative on whereever you can save. It seems hopeless to start late with nothing but any amount helps. I would like to share ideas from others on how they may be saving for retirement. I didn’t even begin to start to save for retirement until about 3 years ago when ING offered to put $40.00 in an account if I opened one. I was 48 and now almost 51. I have managed with bascially scrimping to put away close to $20,000.00. I have gotten some refunds be it taxes, stimulus checks, on insurances etc that were larger chunks of money but most of it is a litlte by little. I opened up two other bank accounts and received $250.00 for that. I save $5,00 everyday and a $100.00 every month. I estimate my utilities bills and whatever I over estimate goes in the pot. I got $15.00 for doing a survey. Any extra unplanned money goes in the pot. Any work I do on a Saturday goes into retirement. A little at a time seems almost silly but I think it will matter when I retire. Of course I plan to work until 70, have my house close to being paid off as well as student loan etc. I’m suppose to get almost 1,600 on SSI which I could probably live off of if house and student loan paid. Any extra I save will supplement. So basically get creative on whereever you can save. It seems hopeless to start late with nothing but any amount helps. I would like to share ideas from others on how they may be saving for retirement.

]]> By: Producing $2,500 of Monthly Income with a $100,000 Portfolio | Understanding The Stock Market http://www.retirement-income.net/blog/2008/08/14/average-retirement-savings-all-measurements-lead-to-the-same-conclusion/#comment-2701 Producing $2,500 of Monthly Income with a $100,000 Portfolio | Understanding The Stock Market Sun, 23 Aug 2009 20:37:56 +0000 http://www.retirement-income.net/blog/?p=82#comment-2701 [...] average American has just $88,000 when they retire but we’re not talking about them - we are talking about the retirees we aspire to be - the [...] [...] average American has just $88,000 when they retire but we’re not talking about them - we are talking about the retirees we aspire to be - the [...]

]]> By: Healthcare the clinker for retirement plans | Funny about Money http://www.retirement-income.net/blog/2008/08/14/average-retirement-savings-all-measurements-lead-to-the-same-conclusion/#comment-2600 Healthcare the clinker for retirement plans | Funny about Money Fri, 07 Aug 2009 15:01:57 +0000 http://www.retirement-income.net/blog/?p=82#comment-2600 [...] doesn’t it? Especially when you realize that studies show average Baby Boomer retirement savings range from $38,000 to $88,000, with a mean amount (in 2005, before the economic collapse!) of $49,944. That would put my savings, [...] [...] doesn’t it? Especially when you realize that studies show average Baby Boomer retirement savings range from $38,000 to $88,000, with a mean amount (in 2005, before the economic collapse!) of $49,944. That would put my savings, [...]

]]> By: Dowdee Thomas http://www.retirement-income.net/blog/2008/08/14/average-retirement-savings-all-measurements-lead-to-the-same-conclusion/#comment-680 Dowdee Thomas Fri, 10 Oct 2008 05:19:05 +0000 http://www.retirement-income.net/blog/?p=82#comment-680 I question your stated estimates for post retirement income of 126%. Most retirees spend less in retirement - Mortgage paid off, clothing and transportation costs have dropped, they no longer contribute to a 401(k) lower tax bracket. Most financial professionals estimate the average retiree can get by without much sacrifice on about 75% to 80% of their post retirement income. That would significantly alter your required savings figures. I question your stated estimates for post retirement income of 126%.
Most retirees spend less in retirement - Mortgage paid off, clothing and transportation costs have dropped, they no longer contribute to a 401(k)
lower tax bracket.

Most financial professionals estimate the average retiree can get by without much sacrifice on about 75% to 80% of their post retirement income.

That would significantly alter your required savings figures.

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