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Treasured Social Butterfly
Posts: 19,138
Registered: ‎12-25-2011

Re: How much do you need for a comfortable retirement?

Message 1 of 136 (1,448 Views)

@kleino - Thought I'd play with that link .. until they wanted contact information from me! Last thing I want is some financial advisor pestering me, just because I was curious about their calculations!


Registered on Online Community since 2007!
Bronze Conversationalist
Posts: 29
Registered: ‎03-14-2013

Re: How much do you need for a comfortable retirement?

Message 2 of 136 (1,449 Views)

I know this is an old post but maybe others will also see it.  Coincidentally, I came across an easy tool this morning that gave me a number which coincided with my own calculations http://retirementincome.net/v2

If you want to leave assets to heirs, you will need a lot more.  If you are willing to consume principal, there will hopefully be a spike in interest rates in the next few years and that's when I will jump on immediate annuities = income for life.

Info Seeker
Posts: 1
Registered: ‎03-08-2013

Re: RE: How much do you need for a comfortable retirement?

Message 3 of 136 (1,515 Views)

How much do you need is an insufficient question when discussing longevity and quality of life. Yes finances are important but the question is also what do you need?  I actually like to have my clients answer who do you wish to be with, what do you need/want, where would be the most comfortable, why are these things accurate ( what is improtant to you.) As a therapist, I have each person make up a personal quality of life list that can be refered to , modified and used as a master plan to live life in a manner consistant with the individuals preferences, needs, likes and dislikes. For example, this quality oif life guide contais things such as :

sensory preferences ;tastes, colors, sound level and types, touch ( fabrics, temperature, people) 

sleep preferences; schedule, postion, pillow, blanket, matress type, room temp, 

people preferences and social preferences, 

clothing preferences

The list is extensive ...spritual, creative, work, meaning, book communication

No only does a person gain insight, a sense of self efficacy, and a map, should a person become dependent on others, the caregivers are not left to guess but can use the guide to provide the person with a quality of life that still gives pleasure, sometimes joy. 

 

I have used this guide to help restore an individuals willl to live, to decrease agitation and depression, and to relieve the caregiver. Even in situations where the individual has memory loss, the quality of life factors are often intrinsic and rather than focusing on who and what a person remembers, we can provide elements of the individuals quality of life factors and create moments of pleasure and peace.

From a presentation given at the Oregon Geriatrics Association Conference 2013

Margo Traines MA OT/L Life Care Planner

 

 

 

Valued Social Butterfly
Posts: 8,052
Registered: ‎08-18-2008

Re: How much do you need for a comfortable retirement?

Message 4 of 136 (1,527 Views)

ASTRAEA wrote:
retiredtraveler wrote:

 

   No semantics won't change anything. Facts will. The average American gains about 25%-33%  in benefits over what is paid in. That is an entitlement. I'm on medicare, and happy to be so. But I'm perfectly aware that the odds are that I will be getting an entitlement, or welfare, if you like.


That's not really accurate, if you factor in the interest you would have earned, had you saved the amount paid in to SS all those years. In the years when we had high interest rates, it didn't take that long for savings to double in value .. so money that was paid in when I started working back in 1973, should have gained a lot more than 25 - 33% by now!

 

"The Rule of 72"


Not sure that is the case with Social. Security because of the following reasons:

1.  Because of how it was 1st set up, it has always been a pay as you go system - IOW, current contributions pay for current beneficiaries.  If there are current contributions left over, they are placed in Special Treasury Notes and then redeemed as necessary to pay benefits.

2.  Interest from these Special Treasuries also goes into paying benefits or again placed in those special securities.  Here are the rates paid through the years.

 

https://www.ssa.gov/OACT/progdata/interestrates1937-99.html

 

https://www.ssa.gov/OACT/progdata/newIssueRates.html

 

3.  I am sure that those of us who have all of our records through our working years could figure it out.  But we also have to keep in mind that only the employee part of the contribution is actually shown on our records.  The employer part of the contribution is really not credited to individual employee, rather to the overall program.

 

4.  The SS benefit is actually figured on your SS income, the income to which contributions were assessed during the working years, and only by math is this a measure of the contributions.

 

Social Security is not a savings program.  In fact, specifically our parents got out way more than they paid in depending upon their longevity.

 

So, I agree with retiredtraveler in the point made and not just for that reason but because the legal (government) defition of the term "entitlement" means a benefit that is set down by law.

Treasured Social Butterfly
Posts: 19,138
Registered: ‎12-25-2011

Re: How much do you need for a comfortable retirement?

Message 5 of 136 (1,530 Views)
retiredtraveler wrote:

 

   No semantics won't change anything. Facts will. The average American gains about 25%-33%  in benefits over what is paid in. That is an entitlement. I'm on medicare, and happy to be so. But I'm perfectly aware that the odds are that I will be getting an entitlement, or welfare, if you like.


That's not really accurate, if you factor in the interest you would have earned, had you saved the amount paid in to SS all those years. In the years when we had high interest rates, it didn't take that long for savings to double in value .. so money that was paid in when I started working back in 1973, should have gained a lot more than 25 - 33% by now!

 

"The Rule of 72"


Registered on Online Community since 2007!
Trusted Social Butterfly
Posts: 6,792
Registered: ‎02-14-2008

Re: How much do you need for a comfortable retirement?

[ Edited ]
Message 6 of 136 (1,539 Views)

Please stop referring to Soc. Sec. and Medicare as "entitlements".  These are things we have paid in to all our working lives.  Semantics will not change the FACT that we are owed our payments.

 

   No semantics won't change anything. Facts will. The average American gains about 25%-33%  in benefits over what is paid in. That is an entitlement. I'm on medicare, and happy to be so. But I'm perfectly aware that the odds are that I will be getting an entitlement, or welfare, if you like.


“The world is a book. Those who do not travel read only one page.”
Info Seeker
Posts: 1
Registered: ‎03-23-2012

Re: How much do you need for a comfortable retirement?

Message 7 of 136 (1,358 Views)

Please stop referring to Soc. Sec. and Medicare as "entitlements".  These are things we have paid in to all our working lives.  Semantics will not change the FACT that we are owed our payments.  Why not address the real problem--that the representatives of our country changed the rules in the middle of the game by using the money we paid in for all the other things they wanted.  Such as huge raises for themselves and their own free health care.  

Info Seeker
Posts: 1
Registered: ‎07-18-2014

Re: RE: How much do you need for a comfortable retirement?

Message 8 of 136 (1,368 Views)

1 think about $255,00 might be enough since i am 74 now.

Info Seeker
Posts: 1
Registered: ‎06-23-2015

Re: RE: How much do you need for a comfortable retirement?

Message 9 of 136 (1,450 Views)

Enough to self insure for you and your spouse.

Info Seeker
Posts: 1
Registered: ‎07-21-2012

Re: RE: How much do you need for a comfortable retirement?

Message 10 of 136 (1,458 Views)
1 million