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The Water Cooler
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This is how long $1 million in retirement savings will last in your state
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<blockquote data-quote="Rod Snell" data-source="post: 3059199" data-attributes="member: 796"><p>I've used a more detailed retirement estimator that takes account of various income sources, but you can get a good rough idea by estimating your annual retirement income, multiply by their estimated retirement length, then subtract that result from the million. People with good retirement income will come out ahead of their numbers, which is a good feeling and a reward for your years of work, saving, and planning.</p><p>Unfortunately, other studies show too many people approaching retirement with little savings or retirement income, leaving few options. Frankly, they made good money, and spent it.</p><p>I did a retirement workup for a person who has been making $80K+ annually for a long time, has no retirement prospects except Social Security and Medicare, has saved little. At seeing the projected annual retirement budget, practically went into shock and said "I can't live on that!" And too late to save the million.</p></blockquote><p></p>
[QUOTE="Rod Snell, post: 3059199, member: 796"] I've used a more detailed retirement estimator that takes account of various income sources, but you can get a good rough idea by estimating your annual retirement income, multiply by their estimated retirement length, then subtract that result from the million. People with good retirement income will come out ahead of their numbers, which is a good feeling and a reward for your years of work, saving, and planning. Unfortunately, other studies show too many people approaching retirement with little savings or retirement income, leaving few options. Frankly, they made good money, and spent it. I did a retirement workup for a person who has been making $80K+ annually for a long time, has no retirement prospects except Social Security and Medicare, has saved little. At seeing the projected annual retirement budget, practically went into shock and said "I can't live on that!" And too late to save the million. [/QUOTE]
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