What is your projected 401(k) + pension monthly income?

[brainhulk]

The other thread got me looking into my account. I got pissed off at the negative growth. But then I saw the final projections and said ok ok not baaad. But I wanna compare to ATballers

 

[MustISO]

No idea. I'm just waiting until I can cash it out and hope there's something good in it. I'm really not relying on my 401K as my retirement, just trying to save and invest on my own as much as possible.

 

[KB]

There are a lot of calculators out there for this. Heres one https://www.calcxml.com/do/ret09

I have done several of these calculators and have gotten numbers ranging from 1600 to 11000 monthly payouts depending on estimated return rates, estimated salary increases and estimated inflation. I expect low salary increases, low inflation and higher taxes in the future so i believe the lower number over the higher ones.

 

[s0me0nesmind1]

No idea. I'm just waiting until I can cash it out and hope there's something good in it. I'm really not relying on my 401K as my retirement, just trying to save and invest on my own as much as possible.

This. My feelings are that I can't save too much. Given the inevitable collapse of Social Security, inflation, and programs that seem to want to always stick it to the responsible Americans, I'm just stashing away as much as possible between now and when I choose to retire.

I'm hoping for an early retirement, around late 50's or so.

 

[Genx87]

With my current contribution rates that are indexed to increase with inflation of ~3% and an expected rated of return of 6.5%. When I retire upwards of 25k\month + SS benefits.

Of course a lot can change in 30 years.

 

[overst33r]

I project my retirement income based on my current spending levels. Disregarding SS, that puts me around 30k per year or 2500 per month.

At the rate I'm saving now, assuming a 4% SWR and a 5% real return, I hope to be retired within 15 years.

In order to project retirement, I find the spending part of the equation a much more critical component than income. After all, you need to know how much you will need based on the lifestyle you need to maintain.

 

[sourceninja]

...

 

[brianmanahan]

current estimates with %4 real stock returns, %0 real bond returns, %2 inflation, %3.5 safe withdrawal rate and %25 reduction in current social security payouts.

if i work till 45:

pension = 2250$ per month in real dollars (but can't start taking payments till 55)
401k/IRA/taxable = 3500$ per month in real dollars
SS: 1000$ per month in real dollars (but won't start taking payments till 65)

if i work till 55:

pension = 4000$ per month in real dollars
401k = 5000$ per month in real dollars
SS: 1500$ per month in real dollars (but won't start taking payments till 65)

 

[cliftonite]

Retiring at 62, maxing out my contrib 18k and employer chips in another 10k:

Conservative (3%) $3,750
Moderate (5%) $5,562
Aggressive (10%)$16,989

 

[IronWing]

$3.50

Right now, my best guess is about 45% salary replacement from the 401k. Add in SS and a modest defined benefit pension plan and I'm close to 100% salary replacement. Healthcare cost is the great unknown.

 

[Homerboy]

Just so I got this straight, OP asks everyone to divulge some private financial information as he wants to "compare" but doesn't provide his? Gotcha...

 

[s0me0nesmind1]

Just so I got this straight, OP asks everyone to divulge some private financial information as he wants to "compare" but doesn't provide his? Gotcha...

Because estimated payouts in 40 years from protected retirement account assets is really really really sensitive information over the internets.

Just like I have 3 Billion in cash assets hidden under my mattress.

 

[brianmanahan]

Just so I got this straight, OP asks everyone to divulge some private financial information as he wants to "compare" but doesn't provide his? Gotcha...

that's so he can make sure his number is higher than all of ours

threads like this are handy though, because they remind me to update my estimates spreadsheet

 

[purbeast0]

There are a lot of calculators out there for this. Heres one https://www.calcxml.com/do/ret09

I have done several of these calculators and have gotten numbers ranging from 1600 to 11000 monthly payouts depending on estimated return rates, estimated salary increases and estimated inflation. I expect low salary increases, low inflation and higher taxes in the future so i believe the lower number over the higher ones.

based on that, the conservative was $6k, the aggressive one was $22k.

damn $22k/month would be pretty baller. and that's without my roth ira and SS (lol).

but i'm hoping that this project i'm about to start working on will make me A LOT more than all of that.

 

[Xonim]

Using projected 3% inflation to adjust downward to today's dollars, I'm on pace to replace 97-98% of my income before accounting for any social security distributions.

 

[s0me0nesmind1]

that's so he can make sure his number is higher than all of ours

threads like this are handy though, because they remind me to update my estimates spreadsheet

I wouldn't mind a nice estimate calculation... Any chance you can share the spreadsheet?

Clear your personal information though... Not that I give two shits what someone else's retirement plans are :awe:

 

[Jumpem]

I have no idea. What calculators are all of you using? Are the results being calculated in today's dollars or estimated dollars after inflation at your retirement date?

As for saving, I am saving 15% (including match) and starting two Roth IRAs this year. My pension is going to be ~$7xx starting at 65. I have no idea about SS benefits.

I would like to retire in my mid-fifties with an income of say $4,000 per month after taxes.

 

[Homerboy]

All I know is I am going to be flat fucking broke and living off my children.

 

[IronWing]

I have no idea about SS benefits.

You can estimate SS benefits using the anypia calculator from the SSA. There is a steep learning curve to using it. The best bet is to first try to reproduce the official estimates from your SS benefits statement before trying different scenarios.

 

[Xonim]

I have no idea. What calculators are all of you using? Are the results being calculated in today's dollars or estimated dollars after inflation at your retirement date?

I added a tab in my budget/account/investments spreadsheet to project growth based on various rates of return. I then have a variable inflation field to work that back to today's dollars and then compare that to my expenses sheet. Then there's a big box that either tells me to save more or that I'm on track for retirement, as well as telling me approximately how long my money will last assuming a relatively constant rate of withdrawal during retirement.

 

[jlee]

If I work til 65 and do nothing but 401k/IRA I should be in the millions in net...I don't factor in social security at all, and monthly income would be whatever I needed until I hit the mandatory distribution age. I'm not going to wait that long, though.

 

[overst33r]

I have no idea. What calculators are all of you using? Are the results being calculated in today's dollars or estimated dollars after inflation at your retirement date?

As for saving, I am saving 15% (including match) and starting two Roth IRAs this year. My pension is going to be ~$7xx starting at 65. I have no idea about SS benefits.

I would like to retire in my mid-fifties with an income of say $4,000 per month after taxes.

Simple: http://networthify.com/calculator/earlyretirement?

More variables: http://www.cfiresim.com/

 

[jlee]

No idea. I'm just waiting until I can cash it out and hope there's something good in it. I'm really not relying on my 401K as my retirement, just trying to save and invest on my own as much as possible.

You're throwing away $18k/yr in tax-advantaged money by doing this - I would strongly suggest you reconsider your strategy.

 

[child of wonder]

No clue. Max out 401k every year and the rest of my savings depends on how stock options play out, employee stock purchase plan, and commission checks.

My goal is to have no debt going into retirement so we don't need a massive income aside from plenty of money to travel.

 

[brianmanahan]

I wouldn't mind a nice estimate calculation... Any chance you can share the spreadsheet?

well i just calculate the numbers first and put them into a spreadsheet

for 401k/IRA i just use a compound interest calculator given my current amount saved, expected yearly contribution, and expected real return rate, and how many years till possible retirement. then i take the estimated total, multiple times %3.5 annual safe withdrawal rate, and divide by 12 to get a monthly estimate.

for pension we just have a simple formula, but i estimate getting %3 in raises/promitions per year to come up with final salary

for social security, there is online quick estimates on the social security site. i discount those by %25 though because of the uncertainty of what will happen to it in the 2030's.