Retirement Savings -- Countup

[james.hendrickson]

401K Retirement Savings: $ 247K (market down)
IRA Retirement Savings: $ 51K
Subtotal Retirement Savings: : $ 298K
Early Retirement Savings: $ 17K


My Forecasted Monthly Retirement Check Amounts, if to retire starting 2025 (actual withdrawal can only start in Jul of 2031):
401 : $ 1.2K
IRA : $ 0.3K
SS : $ 1.4K
Tot : $ 2.9K

Great work randomsaver!

[james.hendrickson]

Retirement $17,000.

Should be $21,000 when I get another deposit in there.

[LivingAlmostLarge]

Sounds like it's good well.

[Randomsaver]

401K Retirement Savings: $ 247K (market down)
IRA Retirement Savings: $ 51K
Subtotal Retirement Savings: : $ 298K
Early Retirement Savings: $ 17K


My Forecasted Monthly Retirement Check Amounts, if to retire starting 2025 (actual withdrawal can only start in Jul of 2031):
401 : $ 1.2K
IRA : $ 0.3K
SS : $ 1.4K
Tot : $ 2.9K

[Randomsaver]

Awesome and thanks guys! That's what I thought but not quite certain. Would be terrible if the checks are fixed and everything else are going up.

[disneysteve]

There is an annual COLA.

Exactly. SS payment goes up every year adjusted for inflation. Of course, Medicare premiums also go up every year so sometimes that cancels out a big chunk of the SS increase.

[Like2Plan]

Here's a question, the SS check amount, does it change over time or is it fixed forever from first drawdown? I ask because a $2K check in 2030 for example is not the same $2K in 2050.

There is an annual COLA.

[Randomsaver]

Here's a question, the SS check amount, does it change over time or is it fixed forever from first drawdown? I ask because a $2K check in 2030 for example is not the same $2K in 2050.

[disneysteve]

Correct, it's an estimate but it's nice to track the estimate early as it true ups to one's designated retirement date.

Oh it's totally important. It wasn't a factor in when I could retire, though, since I was planning to retire long before collecting SS, so in that sense it didn't matter. Now, though, I do know how much it will be depending on when we collect. If we do FRA, it gets us over 65K/yr. If we wait until 70, it goes up to over 70K/yr so it will certainly be significant at whatever point we claim it.

[Randomsaver]

401K Retirement Savings: $ 252K
IRA Retirement Savings $ 51K
Early Retirement Savings: $ 17K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2025 (actual withdrawal can only start in Jul of 2031):
401 : $ 1.23K
IRA : $ 0.30K
SSI : $ 1.47K
Tot : $ 3.00K

[Randomsaver]

As many times as I’ve gone to SS and played with the numbers and different ages to claim benefits, I still don’t really include that in my mental accounting of what we have and what we need. I guess because FRA is still 7 years away so unless we claim early, it’s irrelevant for a while. We need our portfolio to comfortably cover us for 7-10 more years.

Correct, it's an estimate but it's nice to track the estimate early as it true ups to one's designated retirement date.

[disneysteve]

As many times as I’ve gone to SS and played with the numbers and different ages to claim benefits, I still don’t really include that in my mental accounting of what we have and what we need. I guess because FRA is still 7 years away so unless we claim early, it’s irrelevant for a while. We need our portfolio to comfortably cover us for 7-10 more years.

[Randomsaver]

Oh so now it's making sense why SS is higher ($1,600 v $1,470) . SS used 82 for me as for my life expectancy based on the calculator for longevity. No wonder their retirement calculator asks for birth date.

https://www.ssa.gov/oact/population/...%20you%20enter.

[Randomsaver]

Surprisingly the SS website did not ask for my input on how many years to calculate. I wonder what age they used. My guess is age 85. Anyone know?

[Randomsaver]

The only difference is with Empower, it adjusts automatically each 401K contribution that passes whereas in the SS website, one has to manually calculate each time.