How much money are you planning to have saved when you decide to retire?

[sheikalana]

[Fireguy17]

I am there and way past the number I figured, but I still like what I do and enjoy the people that I work with, so I keep showing up for work.
For a lot of people, it can be more of what your pension, 401k, Roths and social security will be.
The other thing you have to figure in is what if something happens to my spouse?
You would lose their income and have to survive on just what you have.
There are many, mostly women because they live long are going through that, and now have to re-enter the workplace to help make ends meet.
Not a great position you want to be in.
It is never too early to consult an estate planner/financial planner that has your interests in mind.

[Kaneki05]

Why would I save for retirement? Seems a bit counterproductive to save for when I am old and dying not very useful is that.
Plus that's when the government just starts giving you free money even less reason to save.

[sheikalana]

Where I live the government doesn't give any money after you retire.

[DreamCrescent]

you might want to be careful. i wouldn’t rely on social security still being active when it comes your turn to retire. and check out how much income those on social security today are getting. it’s not enough to fully live off of

you’re 22 there’s time. but look into financial planning :)

[Kaneki05]

That's weird and don't make sense. How is one supposed to make income for living if they can't work due to age. There's a gotta be lots of people who don't have the luxury of having savings when they get to that age so it's not as if they can dip into that to cover their costs for the next 20 years.

Here you get money based on credit you've built up through your life. But even if you never worked a day in your life you still get double universal credit to live off basically.

[Kaneki05]

@DreamCrescent I live on universal credit right now just fine. Granted I also get pip due to disabilities but I had sometime before they eventually started to give me that and it's never really been issue.
Our country has pretty good social support.

I mean there might also not be any countries when I am older thanks to a Ww3 but I ain't gonna worry about it. If society carries on as normal which one has to assume otherwise we are all screwed anyway, I would imagine it will just stay mostly the same.

[DreamCrescent]

that’s true, there is. but government social security is going to run out in the united states before millennials retire. it’s unfortunate but there are lots of contributing factors

what country are you in?

[DreamCrescent]

okay. sorry. i didn’t realize you’re in the UK

my remarks were strictly about the states. apologies

[Kaneki05]

@DreamCrescent Like anything I think a government will just have a plan to get around that.
I am from England and we've been in high debt for years by quite a large amount yet our country just keeps going and there is always fear talk of stuff but talk is talk.

[DreamCrescent]

i think the standard is a million dollars in the US. it might become higher for young people retiring later because of inflation

[IslaTheWitch]

Enough to live comfortably but how much it will be at that time... and where I will live

No one knows :D

[BarryLiverstone]

I hear the standards are enough to live for 30 years. So that much and hopefully more in case things change.

[sheikalana]

What standards?

[BarryLiverstone]

The suggestion for planning for retirement are the standards. Aka best practices. At least that’s what I heard my grandparents talking about

[Miristheiss]

1.2 to 1.5 million. Maybe more if return rates are high like 9 or 10%

[OfDeath]

None. I’m here for a good time, not a long time.

[sheikalana]

How do you know?

[OfDeath]

It’s more of a statement of intent rather than a future prediction.

A once spoke to a very old man when our flight was delayed 6 hours. Someone who I would’ve ignored and tried to avoid became a conversation buddy to fight off boredom and anger. He had a lot of life experience and I asked him (I was in my 20’s at the time) for one piece of advice he could give me for the future that he wished someone had told him. He said “blow your head off in your 50’s” and then put his head back and laughed into a cough. I’ll never forget it.

[exitseven]

I used to think a million dollars would be enough but now maybe a million and a half.

[RedInnocent68]

Aspiring for $3-4m. Will be disappointed if it’s less than $2m.

[gorydetails]

I’d like 2 mil, but wil probably be closer to 1.

[Jennz6]

A million dollars

[Static_In_The_Attic]

$500,000 is the magic number.

[JacobJordan]

I already retired

[jamesgoldman]

Given I'll be long dead by then, nothing

[MissBoogus]

None we’ll be on a program

[WhiteBoyChill]

At least a million

[eagle1951]

zero and i made it lol

[OddBeMe]

As much as possible.

[serenalovesramen]

300 billion