I am 54 how many times my salary should I have in retirement savings at this point?

Public Comments

1. That depends on the lifestyle you plan to live when you retire. You need to sit down with a reputable financial counselor. Not at a bank or credit card company because they Do Not work for you. Go to www.daveramsey.com, look on the right side of the page for the Financial Counseling link. Put in your info and a trained financial counselor in your area will contact you. Best thing is, they will work for you. I know my guy is really good at what he does, even in this "down" market.
2. I'm 53 and have 6.5 times my salary in the bank, 401K's, IRA's, stocks, mutual funds, etc. But I make a lot of money, lots! So this ratio based on my living style (I live well within my means) is more like 10 or 12 to 1. And the above doesn't take into effect the pension I earned working for one company for 23 years. That's about another $60,000 a year when I retire. Geesh, what the hell am I working for? I guess I want to be very secure! I also have no debt having paid off my mortgage a couple of months ago. That's my story.
3. 31 Years of salary.