Thrifty Thursday

iVillage Member
Registered: 03-27-2013
Thrifty Thursday
149
Thu, 05-02-2013 - 10:03am

1. What is one thing you will spend money on? One thing that you won't?

2. Retirement money-I was watching Suze Orman the other night (don't really care for her lol) and she does a segment of "How well am I doing" and there was a 38 year old woman, married with 3 kids and she gave her a low grade. She had about $100,000 in her retirement fund and she said at her age, that was too low. Is there a goal (no need to put $ amounts down as I know that is a very personal thing) you have by a certain age or goals you had by certain ages and do you think that amount is good or bad for that age?

3. Weekend plans?

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iVillage Member
Registered: 03-27-2013
Thu, 05-02-2013 - 11:00am

Just found out I have a wake this weekend :(

iVillage Member
Registered: 06-27-1998
Thu, 05-02-2013 - 11:06am

<<Sorry, I made it more confusing lol. While the most money you can save is best, the amount I had used is about double what we currently make WITH kids and we wouldn't need any where near that amount to live for say 40 years (after retirement) and that would mean we would have to work longer and save money that could be saved for other things. Hope that explains it better. >>

I'm still confused, are you saying that your estimate is double what you currently make for each year you will be retired or double what you make for the total retirement?  

Further you don't think that you will have expenses that will equal the cost of kids if not more?

PumpkinAngel

iVillage Member
Registered: 03-27-2013
Thu, 05-02-2013 - 11:11am

I'm still confused, are you saying that your estimate is double what you currently make for each year you will be retired or double what you make for the total retirement?  

Further you don't think that you will have expenses that will equal the cost of kids if not more?

Double our salaries now for each year we are retired. I know expenses will go up with many things but we truly would not need that much after the kids are gone and while, of course, we want to save the most we can, there are other things, like college and everyday life now that need to be saved for also. 

iVillage Member
Registered: 12-07-2003
Thu, 05-02-2013 - 11:16am

springfever2013 wrote:
Double our salaries now for each year we are retired. I know expenses will go up with many things but we truly would not need that much after the kids are gone and while, of course, we want to save the most we can, there are other things, like college and everyday life now that need to be saved for also.

I think I understand now.  So let's say you and your husband make $100,000 per year combined right now.  You would save $200,000 times the number of years you will be retired-- let's say 30 years.  That's $6,000,000.

iVillage Member
Registered: 03-27-2013
Thu, 05-02-2013 - 11:30am

I think I understand now.  So let's say you and your husband make $100,000 per year combined right now.  You would save $200,000 times the number of years you will be retired-- let's say 30 years.  That's $6,000,000.

Yes Laughing

Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Thu, 05-02-2013 - 12:12pm

1. What is one thing you will spend money on? One thing that you won't? I spend money if whatever I am buying is worth it to me.

2. Retirement money- NA

3. Weekend plans? Easter

iVillage Member
Registered: 05-13-2009
Thu, 05-02-2013 - 12:14pm

1. What is one thing you will spend money on? A good cup of coffee. One thing that you won't? Purses

2. Retirement money-I was watching Suze Orman the other night (don't really care for her lol) and she does a segment of "How well am I doing" and there was a 38 year old woman, married with 3 kids and she gave her a low grade. She had about $100,000 in her retirement fund and she said at her age, that was too low. Is there a goal (no need to put $ amounts down as I know that is a very personal thing) you have by a certain age or goals you had by certain ages and do you think that amount is good or bad for that age?

My financial advisor's rule of thumb is that you should have 12-15 times the income you need to live on each year, e.g. 100K a year budget would need 1.2M to 1.5M in savings. We have met our goal, but we will continue saving.

3. Weekend plans?

Flying home from Vegas tomorrow and my youngest will be confirmed on Sunday.

Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Thu, 05-02-2013 - 12:15pm
"Huh? Wouldn't you want to save much, much more than your total annual income? I mean, costs can be lower in retirement, but you have to save enough to support yourselves for years and years. Maybe I'm misunderstanding?" -------- I was wondering the same. I like to have 2-3 X our annual income in the emergency fund, never mind about retirement.
Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Thu, 05-02-2013 - 12:17pm
"I kind of know that i'm not destined for a long life into my 80s" -------- Same here, just without the "kind of," lol.
Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Thu, 05-02-2013 - 12:19pm
Sorry, I made it more confusing lol. While the most money you can save is best, the amount I had used is about double what we currently make WITH kids and we wouldn't need any where near that amount to live for say 40 years (after retirement) and that would mean we would have to work longer and save money that could be saved for other things. Hope that explains it better. --------- More confusing actually. The above sounds as if you expect to live for 40 years on 2X you current annual income. I.e if your current annual income is 70K (EXAMPLE) you plan to have 140K for 40 years of retirement.

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