How much money should we have dor retirement at our ages?

My husband and I are 35 and 30, respectively. We just reached 100k for retirement in Roths and 403b. We gross 90k a year combined. My husband will receive a pension of about 70 percent of salary but I am only elligible for SS and at my age it may be gone by then

Other answer:

2013:
that is fantastic —- how much depends on how much you plan on spending in retirement and for how long………… once you have those two answers it is easy to use any number of retirement savings calculators to figure out how much you need
Wendy:
that is fantastic —- how much depends on how much you plan on spending in retirement and for how long………… once you have those two answers it is easy to use any number of retirement savings calculators to figure out how much you need
Tammy:
you can expect to need 80% of your current income, so you'll need a "nest egg" big enough to spin off $72,000 a year without shrinking…………

you can realistically achieve a 5-6% return on that nest-egg on average, regardless of the prevailing economic conditions, so that gives you a target goal of $1,440,000 in savings………

Sue:
firstly ss shall be there for you in one form or another……… don't listen to the doom sayers……… figure 50% roughly from that source for your retirement……… the form may be different but nothing shall be taken away………

your life style after retirement is the biggest determiner of your financial needs after retirement……… my wife and i spend 60% of our pre-retirement income and live comfortably with a second home in another climate and about 10k/yr travel budget………

so take 60% of your current income—-assume half of that is from ss and another 1/3 from pension and you shall need about 10-20% adder from your own investments……… my wife and i are at 20%……… so you need about 20k/yr from investments in todays dollars……… at 2% difference between inflation and returns (a 2% removal rate) you need 50*20k or $1 million in todays dollars at retirement or about 2………5 million 30 years from now at 3% inflation……… your current 100k at 5% rate of return is worth 430k in 30 years so you are well on your way……… you can use a savings rate and 5% growth to calculate your yearly savings to achieve that……… use the uniform series present worth factor or uniform payment compound amount factor for 5% growth – 3% inflation and 30 payments and you can calculate your yearly investments needed to be at either $1million present value or 2………5million future dollars………

i shall watch comments if you have any questions

Emily:
you plan on spending in retirement and for how long………… once you have those two answers it is easy to use any number of retirement savings calculators to figure out how much you need
Ann:
Don't bank on that 70% pension, consider these things: he could be fired or leave before retirement and not have as much to draw, the company could change the pension plan ( Mine did) what if he were to die, unless he chose a survivor benefit it stops when he is dead. If he choses a joint and survivor he gets much less per month. Keep saving, try to increase the amount by 1% per year until you max out.
tro:
look at your current living expenses, and reduce that slightly because you likely won't have some of the same expenses when you retire
let's say currently you spend $50K a year for lodging, food, clothes, medical etc, how long would $100k last you when you retire
of course if your husband will actually get 70% of his income in retirement that is an additional measure of comparison to what you will need for retirement
roderick_young:
Save aggressively. A 70% pension is fantastic, but I wouldn't rely on that, if you can avoid it. My pension was redefined away from me, and the monthly income would have been more like 10% of my final salary per month. Fortunately, I had a defined balance in savings plans like 401k and IRA's, so came out all right.
helping_people:
I expect that, on your salaries, you could be saving more for retirement. I encourage you to do so.
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