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    How to know if you have enough to retire

    Another article on how much, on average, you'll need to retire "comfortably"...

    Do you have enough?
    The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
    - Demosthenes

    #2
    Personal Finance

    There is no any simple and straight answer to the question that how to know that you have enough to retire. This may vary person to person. If you think that you have earned proper amount of money through which you are in a financial stable condition, then you can opt for a pre-retirement. Moreover, if you have taken an insurance plan that gives benefit even after retirement, it will be more beneficial.
    Last edited by disneysteve; 05-30-2013, 05:02 AM. Reason: Removed inappropriate link

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      #3
      He is recommending saving 11x your salary. I've always read that you should save 20x to 25x.
      Brian

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        #4
        Originally posted by sherylgray View Post
        if you have taken an insurance plan that gives benefit even after retirement, it will be more beneficial.
        Insurance plans have nothing to do with saving for retirement. Insurance is not an investment.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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          #5
          From the article:
          And fifth, consider a lower standard of living in retirement.
          I think this is one of the most important and understated points in retirement planning.

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            #6
            take this article with a ocean full of salt.

            Aon Hewitt manages the 401K's for my employer and their service is hated by everyone I have ever talked to about it. Alot of people keep investments outside of Hewitt and the most popular thing people due the week they retire is pull their money out of Hewitt and into one of the popular brokerage accounts.

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              #7
              From the article:
              And fifth, consider a lower standard of living in retirement.
              I think this is one of the most important and understated points in retirement planning.
              Why would I want a lower standard of living in retirement? That's exactly what I'm trying to avoid by saving for all of my working years.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

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                #8
                Originally posted by disneysteve View Post
                Why would I want a lower standard of living in retirement? That's exactly what I'm trying to avoid by saving for all of my working years.
                We plan on simplifying, reducing our energy consumption, living in an area with lower taxes, reducing our house size significantly, reducing the number of vehicles we own, and going to a more rural area with fewer tax-funded services (e.g., fewer museums, art galleries, etc).

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                  #9
                  Originally posted by JoeP View Post
                  We plan on simplifying, reducing our energy consumption, living in an area with lower taxes, reducing our house size significantly, reducing the number of vehicles we own, and going to a more rural area with fewer tax-funded services (e.g., fewer museums, art galleries, etc).
                  I guess that's why it's so important to consider your own needs. Joe's sounds awful to me, except for reducing the house and energy consumption.

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                    #10
                    Originally posted by JoeP View Post
                    We plan on simplifying, reducing our energy consumption, living in an area with lower taxes, reducing our house size significantly, reducing the number of vehicles we own, and going to a more rural area with fewer tax-funded services (e.g., fewer museums, art galleries, etc).
                    I can't think of much I'd downsize; I'm already living in 1,000 sq ft and have no cars. Also, one needs to plan for skyrocketing health care costs as one ages.

                    The notion of living somewhere rural, without museums or access to superior hospitals, really scares me.

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                      #11
                      It will depend on how people decide when to retire. Some people will retire base on age and some people would decide base on the money they have. It's always on the person..

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                        #12
                        Originally posted by shaggy View Post
                        I can't think of much I'd downsize; I'm already living in 1,000 sq ft and have no cars. Also, one needs to plan for skyrocketing health care costs as one ages.

                        The notion of living somewhere rural, without museums or access to superior hospitals, really scares me.
                        To each his or her own! I am kind of getting tired of the congestion, neighborhoods popping up everywhere, and pharmacies on every corner, and would welcome a location more sedate with people who are honest country folk.

                        Sure, there will be museums and arts within 45 minutes, but I don't need to have them terribly close.

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                          #13
                          Originally posted by JoeP View Post
                          To each his or her own! I am kind of getting tired of the congestion, neighborhoods popping up everywhere, and pharmacies on every corner, and would welcome a location more sedate with people who are honest country folk.
                          I kinda feel the same way. Although I also wonder if I'd be willing to give up the things that come with that congestion (e.g. 5 supermarkets within 5 miles, practically every dept. store imaginable within 10, too many to count restaurants, etc...)

                          I've always thought of going to Montana at some point to "get away from it all" but being from NJ I wonder if it'll be too much of a shock to the system.

                          And what is it with pharmacies on every corner?
                          The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
                          - Demosthenes

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                            #14
                            Originally posted by kv968 View Post
                            And what is it with pharmacies on every corner?
                            It amazes me that the pharmacies on every corner and the bank branches on every corner all have enough business to survive. I rarely go into a bank. I don't understand what so many people are using the physical branches for when so much business is electronic today.

                            As for the pharmacies, that's really a failure of the medical field. Everything and anything is treated with a pill today. That is largely due to direct to consumer advertising as well which has caused all kinds of problems. The government has made a lot of mistakes but that was a biggie - allowing advertising of prescription medications.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                              #15
                              Originally posted by disneysteve View Post
                              As for the pharmacies, that's really a failure of the medical field. Everything and anything is treated with a pill today. That is largely due to direct to consumer advertising as well which has caused all kinds of problems. The government has made a lot of mistakes but that was a biggie - allowing advertising of prescription medications.
                              Power of suggestion: "Hey, now that I think about it, my spleen has been rather itchy lately, I'll have to see my doc and ask if Spleeneva is right for me." So now that false demand resulted in a visit with possible tests and more insurance dollars being spent.

                              Plus, would you really want a doctor who listens to someone asking about a specific drug and then says, "Sure, let's give it a try! What possible harm is there is trying something like that?"

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