- Jun 23, 2001
- 27,730
- 8
- 0
http://money.cnn.com/2010/12/08/retirement/savings_nest_egg/index.htm?hpt=T2
This is an interesting read.
Honestly, I've always targeted 1M+ for my retirement 'nest egg'. My psuedo-personal finance instructor in High School related something similar to this CNN/Money article, where people vastly underestimate the amount of retirement money they'll need. He believed that people think that because their home is paid off, their car is paid off, etc, they'll need less money. Obviously not the case.
Can't speak for everyone, but when I retire, I don't plan to spend it as a complete shut-in living on Ramen and PBJs. I'd prefer to travel some, cruises, nice toys, etc. That's going to require more than 190 a month.
So, ATOT, I know you're all millionaires already, so you're targeting multi-billion dollar nest eggs, right?
This is an interesting read.
The survey, which polled nearly 2,000 middle-class Americans ranging from 20 to 60 years old, found that Americans aren't saving enough, they are underestimating the amount of money they will need in retirement, and they are more likely to end up working through retirement.
While most Americans predict they will need a nest egg of $300,000 to live on for 19 years in retirement, the average savings of 50-somethings is only $29,000, which comes out to an income of $190 a month over 20 years assuming a 5% rate of return.
Honestly, I've always targeted 1M+ for my retirement 'nest egg'. My psuedo-personal finance instructor in High School related something similar to this CNN/Money article, where people vastly underestimate the amount of retirement money they'll need. He believed that people think that because their home is paid off, their car is paid off, etc, they'll need less money. Obviously not the case.
Can't speak for everyone, but when I retire, I don't plan to spend it as a complete shut-in living on Ramen and PBJs. I'd prefer to travel some, cruises, nice toys, etc. That's going to require more than 190 a month.
So, ATOT, I know you're all millionaires already, so you're targeting multi-billion dollar nest eggs, right?