Tough Retirement Questions: How much should I save for retirement?

Here is the deal-marry for love-make sure there is no child support- your mate must be conservative as you are-if there is previous children, stay single and bugg the x for child support- nobaby drama. Stay fit - you will need it to work up well into your 70s. When its all over, who gives a damm about the quality of life when heavan is your retirement village, Live well and work, not retire. After all, it take a lot of work to stay retired

LEARN MORE EARN MORE
The Future Is Knowledge
HOW2E-BOOKSTORE.COM. OVER 10,000 E-BOOK AVAILABLE ON MULTIPLE SUBJECTS. LEARN HOW TO FROM EXPERTS.
IF YOU NEED OR WANT TO LEARN, HOW TO? LEARN HOW FROM THE EXPERTS. THEY INSTRUCT SO YOU CAN LEARN FAST.
VISIT HOW2E-BOOKSTORE.COM. YOU WILL RECEIVE INTERNET LEARNING AT ITS FINEST. PICK UP YOUR FREE GIFTS WHILE BROWSING. LEARNING CANNOT GET ANY EASIER THAN THIS.
YOU GET IMMEDIATE PRODUCT ACCESS WITH INSTANT DOWNLOAD SO YOU CAN GET STARTED NOW. WELCOME TO HOW2E-BOOKSTORE.COM

I am 78 years old and an ex sailor on shore leave. I have very little savings or money but do volunteer work almost every day and enjoy life.I agree I'm lucky to be healthy but I drive an old car that get's me where I want to go and go out for meals with friends I enjoy being with. I have been married four times so two of them have my money. Be happy and live carefully but enjoyably.

This is BULL, none of us can save enough to make up with how they are inflating our currency.

These dollars that we work so hard for won't buy
one bag of depends when we are old.

It's all polititcs...........

I am always amused to hear so-called "financial advisors" recommend that you should expect to get "market returns" on your investment. The market is only an average, and not a very good one at that. If you really want average, then index funds are for you. Successful investors try to beat market returns without taking undue risk. Real estate investments can do that sometimes. Conservative mutal funds can do that often. In early years, when your budget is tight, save as much as you can and invest something for retirement on a regular basis. Developing a habit of investing is a key stategy for success. And, don't think you have to provide your children with everything they ask for . It is also very important that you learn to limit your expenses whenever possible and provide for your own retirement.

My retirement plan is death. I will be working until I die.

My wife and I both have a good Pensions and investments And I have a Roth IRA so with that and social security I think we should be in good shape if the Gov. doesn't renig and cut my SS after I have paid in all these years. Another reason I Don't vote for Republicans.

70%?
I do not agree.
I think you can live very well on a lot less.
You just need to live a simpler lifestyle.
No debt and relocate to an area with
a lower cost of living did the trick for me.
Check out the book:
Retire on Less than you think, NY. Times guide to your financial future.
by Fred Brock

My father died when I was 15 so everything I have I earned myself. Yet, in 1963 my father told me two things - What steals the most of your money (taxes) and how do you make the most money (the stock market). He didn't know thses two items at all but he knew they were very important. I am a 13 year old at that time and I began to study both those things. Now at 58, I am an expert in both.
I have been retired for 8 years - 7 heart attacks, 19 angioplasties, 4 bypasses, and a caroted artery surgery.
Have yet to touch any principal and make way more than 10% yearly on my investments. This year with the market down about 1500 points, I have already achieved a 12% return. That's real low for me.
Fortunately, most people in the market have no clue including the so-called experts. I have a tremendous advantage over most investors.
My point is - learn the market inside and out. Then, you will also have an advantage. It isn't luck or a fluke. It is hard work.
I do not invest for others. What I know will die with me. Have that same advantage.

each person is different . i am 53 , single , and retired . i sold my home [mortgage free] in southern california 2 years ago and used 15% of the sales price to rebuy in texas . i'm living quite comfortably on $18,000 / year . at 62 pension and ss kick in giving me another $2200 / month to mostly save . i watch the yankees , dodgers and angels daily ; life is good . and as a truck driver , if i ever get bored i can always go back to work part time .

People advise you to live within your means. What they really are saying is to live below your means. Just because the bank will loan you a huge amount for a house or a car, doesn't mean that is what you should spend. Rainy days and emergencies happen all the time and they don't quit coming just because you've had one bad circumstance. Trying to live debt free is the best way to save. It is hard for many Americans but the difference between a necessity, a need, and a want are huge. Shopping is one of America's largest past times. It is easier to live below your means and splurge sometimes than to live above your means and always have cash problems.

Wow! Reading everyone else's comments REALLY makes me think! I am soon to be 64 yrs. old, single & still working (doing something that I really love -- FINALLY)! I have investments totaling just over 350K & worry that I will not have enough in the future to live on. My work is PART-TIME, so when I need $$$, I take out of my principal. I sold my home 2 yrs. ago & did not reinvest in another, as I had not decided WHERE I wanted to live (plus the fact that working where I would LIKE to live & doing what I LOVE to do is/was not a possibility). I would like to buy another home soon and I have the cash to pay for it outright, but I need a tax write-off while I am making $$$$ on my investment account & continue to work. I worry, but then who knows how much time we have? I agree with whoever posted something to the effect of "Don't worry, Be happy" (not in those exact words). If we have our health, we have it all, don't we? Take care of YOU!

It all comes down to LIVE WITHIN YOUR MEANS. Don't borrow money...and that includes credit cards. Only use credit cards when you can pay the balance off each month and you get points or milage. Put all monthly bills on automatic payment from your checking or credit card. Save money using any plan that matches your payments, is tax free, or does nothing more than save money. Look for the best savings rates regardless of the banks rating as long as its FDIC insured. At this moment WaMu is paying 5% on a 4 year CD. They're FDIC insured; who cares if they go belly up. I'm a retired teacher in LA. My LA house has no motgage. My condo in Palm Springs has a mortgage of $51,000. I have a retirement income of $65,000 a year with inflation adjustments and savings of $80.000. I'm tired of people who say live for the moment. I saved and always lived within my income.

First, my condolences to Jean. I am so sorry about your daughter and the other difficulties you are facing.

Second, yes, inflation is the key. People complain that young Americans don't save enough, but what is the incentive to save, when the value of the currency is going down the tubes?

Third, I don't understand the advice to pay off your home, as if that is the magic key to security. Do you realize that you don't really own your property outright? You will always have to pay "rent" in the form of property taxes to the government. If you can't pay them, you will be evicted. To me, it makes more sense to rent in your older years, since your situation in regards to health can change rapidly and without warning. The flexibility that renting affords is important. Real estate has never been the great investment that realtors claim it is. But if owning a home is what makes you happy, then by all means, do it.

Fourth, everyone wants to stay healthy, but let's face it, aging, ill health of some kind, and death are inevitable. We have much less control over our physical condition than we think we do. Most of the advice we get about maintaining health in old age is wishful thinking. One thing that will help is to avoid unneccesary medical treatments and interventions.(Book to read - WORRIED SICK by Nortin Hadler)

Fifth, it's great for all of you have your debts paid off. For those who made mistakes along the way, it isn't quite that simple. Debt does not disappear overnight.

Sixth, I agree with the comments concerning financial advisors. They are trying to scare everyone into turning their money over to them to invest.

Finally, my husband always says, "Tell me how long you're going to live, and I'll tell you how much money you will need." Nobody can predict the future or plan for all risks. We all just have to do the best we can with what we've got, and cope with what comes. Not reassuring perhaps, but the truth.

Things that eat up your income whether or not you are retired:
Taxes:My income comes from tax exempt investments
Insurance: Don't over insure, carry high deductibles
Fees: avoid management fees. manage your own porfolio you will feel better about it and you will carry all the responsibilty for its performance
Inflation: it dose not have as big an effect on retired people as it dose for workers.
Most importantly live within your means, don't get into debt
dont' spend all your income put some aside to offset inflation and for emergancies. Just because your retired you don't have to stop saving.

calistud4fem........I agree with this person ,,,,,,read this for information .
Financial Advisors says much more , just so they can make money $$$$$$$$.
I say use good common sense too .

P.S. there are 9.4 million people who's unemployed (laid off ) and more to come weekly...... "Where are these people going to found a job , IF the companies keep moving overseas ??? ( TRAITORS ) .

There needs to be a change .

Over 47 million people with NO HEALTH INSURANCE .... FOREIGNERS will recieve mental faster than 'TRUE AMERICANS" who's been living in USA all there lives. Something to think about .......

let's not forget cost of living rise yearly.

I heard 4% but I would say 5 or 6% is safe to put away , if you can. yearly .

everything goes up except for your PAYCHECK , weekly , bi weekly , or monthly.

How much money is to much or not enough ?????

What makes me mad is this , Power Company just rised our rate up by 15% , they are going to rise it up again , and we're only talking 3 or 4 months apart , less than 2 times in 6 months .....

Then everyone says save money , heck a person tries to save , and something else is always coming up . Always something . believe me , people do want to save money , like myself .

We all better worry about Jobs ........

A person's standard of living is subjective.
Consider what you want your retirement to look like. Then, put the numbers on paper, listing the expenses that are necessities. i.e. food, clothing, shelter, insurance, medical care, etc. Total these.

Then list the catagories that are wants. Eating out, traveling, gifts, vacations, weekend get aways.

If the expenses exceed the income, then you have to make choices. Look before you leap. Plan your expenses first and then make major committments or purchases.
My wife and I started saving for retirement while in our mid forties. Our combined salaries have never been over
$80,000, but we never pay interest for anything. That was a decision we made early in our marriage. We put all extra cash into paying off the mortgage and have paid the mortgage off on the last three houses we owned. When we need a car, we pay cash for a low milage car that is one or two years old.
With soc. security and the interest on our investments, we will maintain the standard of living that we chose.