How much do you Save for retirement?

Discussion in 'Financial Forum' started by Anonymous, Aug 8, 2007 at 5:39 PM.

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  1. anonymous

    anonymous Guest

    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?
     

  2. anonymous

    anonymous Guest

    How's life at 55? Still clearing 240k a year for the past 14 years? If so, you should be retired by now.
     
  3. anonymous

    anonymous Guest

    Age 65. No debt. $3.8M in 401Ks. $400K in other investments. Pension will be $48K year and SSi will be $38K year. Think I’m ok
     
  4. Rock Feller

    Rock Feller new user

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    As I am a beginner so I haven't saved any money for retirement. Pray for me I will save for my retirement.
     
  5. anonymous

    anonymous Guest

    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.
     
  6. anonymous

    anonymous Guest

    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-
     
  7. anonymous

    anonymous Guest


    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.
     
  8. anonymous

    anonymous Guest

    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.