How much do you Save for retirement?

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anonymous said:
Yes. Or take whatever sum you currently have invested and multiply it by 4% and you should have a working number of what you could feasibly withdraw a year for 25 years without going broke. Add that to any SS or pensions you may have and that will let you know if you currently have the amount you need to retire. Knowing what you roughly spend each month/year is paramount as well. Never about what you make but what you will need for spending in retirement. Pay off your house and get debt free. I am 53 and already there. Still riding the pharma train though.
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Last 4 sentences nail it. Eliminate DEBT. #1 thing to do to ensure a higher comfort level in retirement. Going to some of these websites that discuss funding retirement scaring the crap out of people if they don't have 10x their income saved by 62. BS.

Yes, that would be great but pie in the sky for the vast majority of people out there. If you are on track to have saved 10X by 62-65, you are in very elite company. For wife and I, we will be getting about $4800/month just from SS. Pension pays $5500/month. I have no debt and can stop there. With no debt, having a yearly over $100K is easy. I live like that is all I make now and live comfortably.

Only caveat is, you live in NYC, San Fran, Chicago, Boston then disregard. But in retirement, why the hell would you live in these high tax, ever more dangerous areas?
 




Anonymous said:
I am 41, have about $ 650,000 saved for retirement plus another $ 200K for College, etc for the kids and own a house worth $ 1.1million on which I owe $ 750K. I am maxing out the 401 and saving an additional $ 12K a year. I make $ 240K a year. I also get some company stock and options that are appreciating slowly- the question is: how much is enough and HOW THE F do you know? I feel like I am doing everything I can to save, and all of the "advisors" say "do more!" - any thoughts?
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How's life at 55? Still clearing 240k a year for the past 14 years? If so, you should be retired by now.
 












Age 55. Have $3.5M saved, no debt other than my mortgage ($200k) and still working. Plan on working 3 more years. I can get insurance from my previous employee for $900 per month.
 




Original Poster here- haven't looked at this in a LONG time- A lot of haters out there. I am 57 now- I retired in 2021 with $ 16 million in the bank as I built and sold a health IT company from 2014- to exit into PE in 2021. My last two years as CEO for the company we did over $ 21 Million in revenue a year, produced 3.5 mm in EBITDA and sold for more than $ 150MM. There were a couple of years where I made nothing- lived off savings and ran my balance down until we made a huge turnaround in 2017, since then things have been very good. Travelled a lot, bought a vacation home and am actually consulting with a new start-up that I may take over. at 57 there's still too much life to live and I enjoy the work challenges. Now I do it because I want to - not for the money- but I do make good $$ consulting. I never mis-represented myself and I never lied about my income. Why so many people think this is a lie is beyond me-
 




anonymous said:
Original Poster here- haven't looked at this in a LONG time- A lot of haters out there. I am 57 now- I retired in 2021 with $ 16 million in the bank as I built and sold a health IT company from 2014- to exit into PE in 2021. My last two years as CEO for the company we did over $ 21 Million in revenue a year, produced 3.5 mm in EBITDA and sold for more than $ 150MM. There were a couple of years where I made nothing- lived off savings and ran my balance down until we made a huge turnaround in 2017, since then things have been very good. Travelled a lot, bought a vacation home and am actually consulting with a new start-up that I may take over. at 57 there's still too much life to live and I enjoy the work challenges. Now I do it because I want to - not for the money- but I do make good $$ consulting. I never mis-represented myself and I never lied about my income. Why so many people think this is a lie is beyond me-
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It is simple to tell that your posts are a lie. Put up some more realistic numbers when you make up stories. People do not pay a 42x multiple (EBITDA/Purchase price) for businesses like that. High end multiples are running 12 to 14x. Maybe you should take up fiction writing.
 




55, married, 2 kids that are both out of college and debt free. 600k house - mortgage is paid off.

1.8 million in retirement savings, 400k in other savings, no debt but no pension. I pulling in $260k/year currently excluding wife’s part time gig.

Maxing out 401k, adding to Roth after tax, maxing HSA and maxing espp. Goal is 5 million before I retire… wish me luck.
 




3.2 million in retirement pre and post tax accounts , with a net worth of 4 million if you include house Equity and whats still left on a 206,000 mortgage. , 33 years in pharma. Paid off my 2 kids education by starting a 529 plan when they were born…
I’m 62 years of age and took Medical Retirement Plan from my previous employer.
Question is , Can I retire ?
 




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