what %%% of disposal income base on your last salary did you have to have to insure you have the same life style that you enjoyed while you were working!!!
folks keep asking me this and i keep telling that at least 75% (at least in my case) is that about right with the rest of you folks!!!
2007-12-08 11:50:05 · 13 answers · asked by Anonymous in Society & Culture ➔ Cultures & Groups ➔ Senior Citizens
when i make this statement scooter i am not bragging i am just stating a fact that folks in the work force better use that as a planning tool!!!
2007-12-08 12:16:49 · update #1
free bee you are very correct so your disposal income can be reduced by that amount but it still will be close to 75 if you figure it out!!!
2007-12-08 12:19:44 · update #2
i do not want to get in a debate but back to the question "to live on the same level as you live now" yes you have people living in 350k homes retired but that live in those house when they work -- same as folks who live in apts!!!
2007-12-08 12:34:29 · update #3
no violet i am saying right now you would have to have 6.57 x2080 = 13,655 in annual income to live as good as you are now!!! 8l
2007-12-08 13:03:19 · update #4
my total retirement income is very close to what my take home was , after all deductions , when I was working. figuring total deductions were about 30%, your figure of 75% sounds resonable
2007-12-08 12:00:40 · answer #1 · answered by Average Joe 5 · 2⤊ 0⤋
I have a small business but not counting that money.....From retire checks alone we do have 75% of our salaryfrom 2004...We are not 60 yet.....My husband is 58 and I am 53....We both will most likely get a job here or their soon.....We've been working are whole lifes like most and wanted to do a few things while we could(heath wish) so we both retires when my husband was 55.. We stiil have both have SS coming.... not counting that
Mr E, In twenty years is this going to be enough (our house is paid off) any ideas?? ...I do not want to be eating cat food.....I would like to buy presents for my grandchidren....but 75% in 20 years?
Abuela :).
2007-12-08 19:55:51 · answer #2 · answered by abuelamah 6 · 1⤊ 0⤋
Might work if you dont have children, people with children cannot follow this kind of savings/retirement plan unless they are making in excess of a million a year - which would leave approximately $150,000 AFTER taxes to feed, house and clothe a family on - with todays prices, thats barely making it.
A person can begin investing $100 a month at the age of 25 in a good solid mutual fund and even if they never up the amount they are investing will retire with considerably more than a million in their retirement fund.
The trick is to begin earlier rather than later -
2007-12-08 15:00:00 · answer #3 · answered by isotope2007 6 · 1⤊ 1⤋
I just calculated our income and it does come to about 75%, altho we probably have more disposable income now than when we were working as the house and cars are all paid off, and credit cards are paid off each month if they happened to be used, which isn't very often..we still add to our savings each month..old habits are hard to break..
2007-12-08 18:42:44 · answer #4 · answered by jst4pat 6 · 2⤊ 0⤋
Sorry Mister Ed, I retired over 10 years ago and do not remember the wise counselling of my financial broker - but I did do what he told me - - - - and it is still not enough! So to all of you out there working your little tails off, save every darn penny that you can because believe me prices go up everyday and the money goes out quicker than it comes in.
CJ
2007-12-08 14:42:28 · answer #5 · answered by CJ 6 · 2⤊ 0⤋
Mr. Ed. this depends a lot on a persons age and income level. Ideally 75% is great! However, I think you will find that a lot of people were not capable of investing on this scale. Good for you Dear! Have another one, you deserve it!
2007-12-08 11:59:50 · answer #6 · answered by Anonymous · 3⤊ 1⤋
It's good advise, but not everyone can follow that.
One thing for younger people to remember, and I wish I had known, always try to live about 5% to 10%, below your income, or inflation will eat away much more than you think.
2007-12-08 22:47:08 · answer #7 · answered by Anonymous · 1⤊ 1⤋
All I know is if they expect people to survive they better get off this "cheap wage" kick because you can't survive on it let alone plan for decades of no income to put away. Can't have it both ways.
2007-12-08 12:20:15 · answer #8 · answered by Anonymous · 3⤊ 0⤋
PLANNED FOR MY RETIREMENT AND HAVE 2 OF THEM PRESENTLY. MILITARY AND CORRECTIONS FOR STATE.
WORK PART TIME CORRECTIONS BECAUSE THEY DO NOT HAVE ENOUGH OFFICERS TO WORK(20) HOURS A WEEK.
WORK FOR A COOLEGE TEACHING 9 HRS A WEEK GED AND WORK FOR 5 ATTORNEYS DOING LAW RESEARCH--MAKE MORE IN RETIREMENT THEN I DID GOING TO WORK EVERYDAY.
HAVE TRI CARE HEALTH PLAN--HAD BC/BS
LIFE IS SO MUCH FUN RETIRED.
2007-12-08 14:26:54 · answer #9 · answered by ahsoasho2u2 7 · 1⤊ 0⤋
I always thought it was called welfare - a monthly check given to millions of people. Assistance in one form or another.
2016-04-08 02:20:08 · answer #10 · answered by ? 4 · 0⤊ 0⤋