how much should we save

[LILYJINKS]

can anyone set my husaban dand me up with a 15 year retiring plan our annual gross income is $60,000 WITH APPR $2,200 coming out except for groceries which varies from month to month since my husban drives a truck and i cook more when he's home so i'll say we spen about 125.00-175.00 ongroceries weekly. how much should we put back to be comfortable with our S.S. CHECK. which will be about $2,600 with a retirment check of appr $1,OOO A MONTH.our home will be paid fo when we reach 65.00 if we just make reg payments so we need advise

[snafu]

To calculate a retirement nest egg, and how much you have to save each month to reach that target, there are many factors to consider:

* Current age; state of health
* Intended retirement age.
* Life expectancy.
* Current earnings.
* Income sources during retirement.
* Amount of current savings.
* Expected savings contributions.
* Spending during retirement.
* Portfolio risk/return.
* Inflation.
Most research says you will need the same income after retirement that you needed before you retired. If you want to do something special like travel to foreign places, you will need even more. If you have health problems, you may need expensive care/medicines.
The people who sell investments say you need $ 1 million or more in retirement savings. You would need to invest around $2,900. ea. month for 15 yrs. if you had 8% return.

Will you stay in your current home when retired? Will you be able to do the maintenance, yard work, and afford taxes, electric, heat/AC?
Start with a savings account if you don't already have one. I suggest you go to the free seminars in your community sponsored by investment companies like Vanguard or Fidelity and learn about retirement investing. Talk to your bank's investment/loan counsellor. Never, ever buy any investment you don't understand.

In my simple way, I noted your current income @ $ 60,000. less retirement income [$ 2,600 + $1000.] = $43,200.00 leaving a shortfall of $17,000. Since you will no longer be making mortgage payments that sum can be subtracted from the shortfall. Guesstimating it @ $12,000. annually, might leave a shortfall of $5,000. annually...close to $ 500. shortfall each month.

If you were my parent I would suggest you make a serious plan and investment a specific amount each and every month...without fail.

Hope there is something you find helpful

The sim

[mainyy]

If you want have a standard of retirement living same as present, you must ensure that your income is not less than the current level after you retire.

So you must start to save and invest from now on.Go to talk to your bank's investment/loan counsellor to make a plan for you.

Here I only suggest you that as a retirement plan,the first of all is the principal security.

And snafu,you are very professional.

[lovcom]

The bank is the last place I'd go for advise. They push only products the sell and they are too subjective to have your better interest at heart.

Go see a professional financial planner (fee only).