Are you planning for retirement or do you have your head buried in the sand? Do you think you are too young to have to think about this sort of thing, or are you older but certain it is not going to be an issue for you? Is there any chance you are telling yourself some of these retirement lies? I’ll be honest, I’m telling myself some different retirement lies and relying on some wishful thinking about the future, but I am also increasing our retirement savings every year, doing my best not to bury my head in the sand.
Posts Tagged ‘retirement’
Start Saving Now
08
Nov
Since I stopped doing Your Money Fridays, and started my personal finance blog (now titled The Dog Ate My Wallet), I haven’t written much here about personal finance. But I thought this was interesting:
It’s estimated that Gen Y will need around $2 million in savings in order to retire comfortably. And this is assuming they don’t retire until 70.
In slightly less general terms, it’s estimated that Gen Yers will need 18.7 times their final salary saved up and Gen Xers will need 16.1.
Pensions are almost non-existent and government assistance is declining. Guess it’s time to start saving.
Retirement Articles
03
Jun
There are a million retirement articles out there that tell you what milestones you should be hitting to retire a millionaire, or at least have a comfortable retirement. The thing is, a lot of us aren’t going to meet these milestones, though some people will.
Others, due to time spent in college, may not meet early milestones but will be able to have a comfortable retirement due to increased earnings later.
It can all be very confusing, and it’s nice to have people to talk to about whether or not by 35 you should have 1.4 times your salary saved.