Comments on: Poll: How Much Money Do You Feel You’ll Need to Save For Retirement? http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/ Helping a unique generation achieve financial independence. Sat, 20 Mar 2010 05:51:25 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: What is your Number?- 7million7years http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-126112 What is your Number?- 7million7years Mon, 08 Feb 2010 08:06:49 +0000 http://genxfinance.com/?p=1797#comment-126112 [...] the reason is equally mundane: I was trying to copy the following poll from GenerationX Finance, but when you compare them, you’ll find out that I even got that wrong [...] [...] the reason is equally mundane: I was trying to copy the following poll from GenerationX Finance, but when you compare them, you’ll find out that I even got that wrong [...]

]]> By: Tracaitim http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-123105 Tracaitim Sat, 21 Nov 2009 18:46:11 +0000 http://genxfinance.com/?p=1797#comment-123105 Sadie, the folks who plan ahead will be the ones paying for the people who don't plan ahead of course. Sadie, the folks who plan ahead will be the ones paying for the people who don’t plan ahead of course.

]]> By: Sadie http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-123101 Sadie Sat, 21 Nov 2009 08:12:37 +0000 http://genxfinance.com/?p=1797#comment-123101 At first the retirement calculator appears to be over & beyond reality; however when I consider cost of new car in '64 was $3,000 and is now $20,000 to $30,000, this brings reality home. My fear is who will support all the folks who fail to plan ahead? At first the retirement calculator appears to be over & beyond reality; however when I consider cost of new car in ‘64 was $3,000 and is now $20,000 to $30,000, this brings reality home. My fear is who will support all the folks who fail to plan ahead?

]]> By: Tim Landry http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122949 Tim Landry Wed, 11 Nov 2009 18:24:57 +0000 http://genxfinance.com/?p=1797#comment-122949 One thing to remember - with our longer life span there comes the whole issue of those last several years - and what may well happen to us. Remember that a male age 65 has 1 chance in 3 of needing Long Term Care before they die - and a female age 65 has 1 chance in TWO. BASIC LTC in Canada costs $30,000/year - quality care costs $60K and "top end" costs $110K (Montreal figures used) So - to that basic $3,000/mth referred to earlier - do not forget to include these costs One thing to remember – with our longer life span there comes the whole issue of those last several years – and what may well happen to us. Remember that a male age 65 has 1 chance in 3 of needing Long Term Care before they die – and a female age 65 has 1 chance in TWO. BASIC LTC in Canada costs $30,000/year – quality care costs $60K and “top end” costs $110K (Montreal figures used) So – to that basic $3,000/mth referred to earlier – do not forget to include these costs

]]> By: SeeJaneGetRich.com http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122912 SeeJaneGetRich.com Mon, 09 Nov 2009 19:03:12 +0000 http://genxfinance.com/?p=1797#comment-122912 Whoa...according to the calculator I need to have slightly over $4 million saved. I was expecting I would need something between $1-$3 million. @lynnor - I agree that these online calculators can be somewhat simplistic. Whoa…according to the calculator I need to have slightly over $4 million saved. I was expecting I would need something between $1-$3 million.

@lynnor – I agree that these online calculators can be somewhat simplistic.

]]> By: Sunday Link Rodeo 7 « Evolution of Wealth http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122907 Sunday Link Rodeo 7 « Evolution of Wealth Mon, 09 Nov 2009 03:32:13 +0000 http://genxfinance.com/?p=1797#comment-122907 [...] How Much Money Do You Feel You’ll Need To Save For Retirement? from @JeremyVoh I’m not a huge fan of financial calculators.  It is important to have an idea of what you need for retirement.  This is worth reading even just for the poll. [...] [...] How Much Money Do You Feel You’ll Need To Save For Retirement? from @JeremyVoh I’m not a huge fan of financial calculators.  It is important to have an idea of what you need for retirement.  This is worth reading even just for the poll. [...]

]]> By: kenyantykoon http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122883 kenyantykoon Fri, 06 Nov 2009 12:35:07 +0000 http://genxfinance.com/?p=1797#comment-122883 how much money do i need for retirement?? three words.... BILLIONS OF DOLLARS :) how much money do i need for retirement?? three words…. BILLIONS OF DOLLARS :)

]]> By: JoeTaxpayer http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122878 JoeTaxpayer Thu, 05 Nov 2009 23:16:08 +0000 http://genxfinance.com/?p=1797#comment-122878 lynnor - to your point, I'd think it depends heavily on what one lives on now. 20% to retirement savings, 20% to the mortgage, another 10% or so to college savings, looks like I'm living on less than half my income. Once those 3 things go away, 60% will be a nice increase from here. lynnor – to your point, I’d think it depends heavily on what one lives on now. 20% to retirement savings, 20% to the mortgage, another 10% or so to college savings, looks like I’m living on less than half my income. Once those 3 things go away, 60% will be a nice increase from here.

]]> By: Brad@NorthwesternMutual http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122856 Brad@NorthwesternMutual Thu, 05 Nov 2009 00:43:36 +0000 http://genxfinance.com/?p=1797#comment-122856 This question about how much is enough is a tough one, especially when you take into consideration what a HUGE difference interest rate and inflation assumptions make. I ran some hypothetical numbers on the calculator in your blog and the difference between assuming 8% versus 7% forced me to save 27% more per month. The same would have been true holding the interest rate constant and assuming 4% versus 3% inflation. How many times have you heard someone say, “sure I can get 7% or 8%” and yes those interest rate assumptions are very similar to one another, but the impact of the 2 different assumptions is vastly different? Now enter basic Behavioral Economics. In reality, most people don’t know what their portfolios are actually earning in large part because they fall prey to “mental accounting” and keep track of their losses and gains separately. They may not understand how the two interact. This can lead to some very unrealistic assumptions about what they are actually earning versus what they think they are earning. Any suggestions on how people can use the right interest rate assumptions? This question about how much is enough is a tough one, especially when you take into consideration what a HUGE difference interest rate and inflation assumptions make. I ran some hypothetical numbers on the calculator in your blog and the difference between assuming 8% versus 7% forced me to save 27% more per month. The same would have been true holding the interest rate constant and assuming 4% versus 3% inflation. How many times have you heard someone say, “sure I can get 7% or 8%” and yes those interest rate assumptions are very similar to one another, but the impact of the 2 different assumptions is vastly different? Now enter basic Behavioral Economics. In reality, most people don’t know what their portfolios are actually earning in large part because they fall prey to “mental accounting” and keep track of their losses and gains separately. They may not understand how the two interact. This can lead to some very unrealistic assumptions about what they are actually earning versus what they think they are earning. Any suggestions on how people can use the right interest rate assumptions?

]]> By: lynnor http://genxfinance.com/2009/11/04/poll-how-much-money-do-you-feel-youll-need-to-save-for-retirement/#comment-122855 lynnor Wed, 04 Nov 2009 23:18:55 +0000 http://genxfinance.com/?p=1797#comment-122855 online calculators are ok...as entertainment. People also need to factor in increased health costs/long term care in retirement, probable longer life expectancy, etc. Also most people think they can live on 50-60% of pre-retirement income and will be in a lower tax bracket. Speaking with a lot of accountants and financial planners, none have seen that (except 1 client that always live far below his means). People usually need about 85% of pre-retirement income in retirement. online calculators are ok…as entertainment. People also need to factor in increased health costs/long term care in retirement, probable longer life expectancy, etc. Also most people think they can live on 50-60% of pre-retirement income and will be in a lower tax bracket. Speaking with a lot of accountants and financial planners, none have seen that (except 1 client that always live far below his means). People usually need about 85% of pre-retirement income in retirement.

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