What is Your Retirement Target?

[Clark Addison]

I am sure I am not alone in keeping a spreadsheet that tracks where I am heading with retirement savings. It has several variables that I can change around such as income growth, Investment return, saving rate, retirement age, etc.

I was looking at how my retirement savings did for the year 2010 yesterday, so dragged out my spreadsheet for some updates. Two years ago, things were looking pretty dire, but after a good couple of years, I am (close to) back in the game.

Anyway, I have in my mind a goal of what I would like to have for retirement, and I have an idea of where I am trending. I was curious to see what other people think they will need. Obviously we have people of different ages here, so that makes a difference, but I think the majority of the people here are within about 10 years of each other in age.

For the purposes of this poll, include what you are targeting to have in retirement savings at the time of your retirement in order to maintain your lifestyle. Don't include the value of your primary residence. If you are one of CUF's mega-rich, select what you think you would need, not the $200 MM that you will have.

In the interest of full disclosure, I am a bit on the old side here, and my target is $3 million, which didn't look very likely a couple of years ago, but is now possible again. The poll is anonymous, though, so don't feel obligated to disclose anything. I certainly didn't mean this to be a "brag about how much you save" thread.

[byu71]

I am sure I am not alone in keeping a spreadsheet that tracks where I am heading with retirement savings. It has several variables that I can change around such as income growth, Investment return, saving rate, retirement age, etc.

I was looking at how my retirement savings did for the year 2010 yesterday, so dragged out my spreadsheet for some updates. Two years ago, things were looking pretty dire, but after a good couple of years, I am (close to) back in the game.

Anyway, I have in my mind a goal of what I would like to have for retirement, and I have an idea of where I am trending. I was curious to see what other people think they will need. Obviously we have people of different ages here, so that makes a difference, but I think the majority of the people here are within about 10 years of each other in age.

For the purposes of this poll, include what you are targeting to have in retirement savings at the time of your retirement in order to maintain your lifestyle. Don't include the value of your primary residence. If you are one of CUF's mega-rich, select what you think you would need, not the $200 MM that you will have.

In the interest of full disclosure, I am a bit on the old side here, and my target is $3 million, which didn't look very likely a couple of years ago, but is now possible again. The poll is anonymous, though, so don't feel obligated to disclose anything. I certainly didn't mean this to be a "brag about how much you save" thread.

A pat on the back to you and everyone should now direct their sarcastic "rich" comments toward Clark and not me anymore.

My goal is to not have to take SS until 70 so I can max out on it.

[jay santos]

I calculated my retirement target about 15 years ago when I entered the work force. It was $1M in those dollars and about $2.5M in future dollars at the time of my retirement. That's still what I'm targeting.

[Clark Addison]

A pat on the back to you and everyone should now direct their sarcastic "rich" comments toward Clark and not me anymore.

My goal is to not have to take SS until 70 so I can max out on it.

Ha. I am far from rich. I am probably pretty close to average CUF salary. I could easily end up over a million short of my goal, but I still have 20+ years (or so, depending on how much I can save) and with company matching, I put away about 20% of my salary a year.

[Jacob]

Whatever amount I inherit.

[statman]

That's about where I'm looking as well - $1 million (2011) in a 401K, plus a paid-off house. Base expenses for my wife and I would run ~$1500 a month not counting health care. Maybe I'll use my new-found Candian citizenship to retire to Canada...

[Moliere]

My target is to save $500 a month. I started doing this when I entered the workforce 8 years ago and still do it today. The key is to start early. It was a struggle to save that much on a very meager salary while also having a house payment but an extra ten years of saving and appreciation will pay off big time down the road.

I pay my tithing, I pay my retirement, and then I pay myself. I can't remember what my target end goal was so I'll have to check my calculations from 8 years ago, but $500 per month was what I calculated I would need to get to that goal.

The best part is that my company matches 100% of what I save so I guess I'm saving twice what I need, at least right now. That might come in handy if I ever go through a period without employment.

[old_gregg]

The best part is that my company matches 100% of what I save so I guess I'm saving twice what I need, at least right now. That might come in handy if I ever go through a period without employment.

you are a lucky man.

[Surfah]

Ha. I am far from rich. I am probably pretty close to average CUF salary. I could easily end up over a million short of my goal, but I still have 20+ years (or so, depending on how much I can save) and with company matching, I put away about 20% of my salary a year.

CUF salary is far above average.

[byu71]

Ha. I am far from rich. I am probably pretty close to average CUF salary. I could easily end up over a million short of my goal, but I still have 20+ years (or so, depending on how much I can save) and with company matching, I put away about 20% of my salary a year.

I thought you said you were older. Holy crap, you are a young punk. If you are disciplined enough to be putting 20% away a year right now, I will bet you find a way to hit your goal.

By the way, if anyone wants to play around with some calculations, go to www.timevalue.com . I would send you to our site, we use this one for ours, but I don't know if I would get in trouble. Hit the Tcalc option.

Let me know if that doesn't work.

[Tim]

Clark, any interest in sharing your spreadsheet with the masses here? I use some online tools to do my projections and calculations, but having something local and different would be cool.

[CJF]

CUF salary is far above average.

I've wondered about this, especially lately with all the money talk here. I wonder where my family stacks up on the CUF scale. I'm also curious as to where I am versus the rest of the US. I can't find the data with the percentiles in it.

[Clark Addison]

I've wondered about this, especially lately with all the money talk here. I wonder where my family stacks up on the CUF scale. I'm also curious as to where I am versus the rest of the US. I can't find the data with the percentiles in it.

Wikipedia has a table for household income.

[ame="http://en.wikipedia.org/wiki/Household_income_in_the_United_States"]Household income in the United States - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:US_county_household_median_income_2008.png" class="image"><img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/94/US_county_household_median_income_2008.png/260px-US_county_household_median_income_2008.png"@@AMEPA RAM@@commons/thumb/9/94/US_county_household_median_income_2008.png/260px-US_county_household_median_income_2008.png[/ame]

If I were to guess, I would say that the median CUF household income is somewhere in the 80th to 95th percentile (which is a pretty big range).

[CJF]

Wikipedia has a table for household income.

Household income in the United States - Wikipedia, the free encyclopedia

If I were to guess, I would say that the median CUF household income is somewhere in the 80th to 95th percentile (which is a pretty big range).

Interesting. Only 1.5% of the households earn $250,000 plus. I wonder what the ratio is here on CUF. I bet it is at least 5 times higher and maybe even 10 times higher.

[byu71]

Interesting. Only 1.5% of the households earn $250,000 plus. I wonder what the ratio is here on CUF. I bet it is at least 5 times higher and maybe even 10 times higher.

There is a disproportion (sp) number of Dr's and Lawyers on here, so you might be right.