How much money should I retire with... ballpark?
If I invest the amount now (150.00) per month for 30 years until I retire, factoring in the compounded interest, what could I expect in 30 years? I have my 401k set on aggresive now which isn't smart but I am 25 and I was told to invest aggresively and then more moderatley the older I get. With the market the way it is, should I pull my account back to investing moderate?
Public Comments
- The way how the stocks behaving. It will take forever to save up enough money in the 401 k
- Roughly you will have 1.5 million. We went with 2 million and are living quite nicely But if the market keeps tanking we could be forced to find jobs. You will need three million at least since social security checks average 1200. The biggest increase in expenses is Health care and of course entertainment and travel Better to have too much then not enough
- you won;t be able to retire if you never intend to increase that amount. you should try and get up to the maximum of your company match-usually 6%, as soon as possible and then try to increase your contrib by 1% ever couple of years - at your age now - if you don;t have a million in the bank when you retire, you won't be able to retire - you'll need to be at least 67 to get full soc sec benefits, if they even still exist in 40+ yrs ---worldly - where do you get 1.5 million from only investing $150 a month for 30 years??? I did a calculation with 10% annual return and only got to $309,000 in 30 yrs, not counting matching - if he gets 50% matching, then it might be $450 - no where near 1.5 million
- re: the 401k, unless you need the money in the next 5-7 years, you are supposed to continue aggressively. i don't know how to compound interest or to correctly predict what your going to do with your money as it accumulates...but say $54k is about what you would have with your plan (without interest) yes, you would have to work some serious magic to be able to live off that in retirement...so plan to have your home paid off and no debt as well....and hope that you don't have any of it invested in stocks when in 15 or 20 years and the market tanks again. keep the majority of it in something safe. at least thats our plan.
- Google "retirement calculator" fidelity.com has the best one. I'm a bit dissapointed you are investing aggressively. Watch a little CNN. /
- You should have about $214,000 based on an average stock market return of 8%. That hardly seems enough to retire on unless you also have a company pension or government pension to draw upon.
- You should plan to invest a percentage of your income aside in the next 30-35 years instead of the $150. It needs to grow as your income grows. Try to do 6-8% right now if possible. Don't include any company matches in that, let that be in addition to it. There are lots of retirement calculators out there, but you need to know what kind of lifestyle you want to live and when you want to retire to really decide how much you will need. Also, its ok to be aggressive right now as you are getting lots of shares at lower prices. Be sure to look at low cost funds and index funds so you are paying less to the fund managers.
- 30 yrs well a lot can happen within 30yrs you have to include the unexpected (medical bills, car break downs, Job loss etc..etc) so I can not really answer this question but try to put away more then 150.00 per month anyway Good Luck
