Looking at a calculator on vanguard, I need to save about $14k/year working from ages 25-62 (31 percent) in order to obtain a retirement income equal to 60% of today's income. ( Which will not be worth what it is today anyway and is the bare minimum they even recommend) .
Now 30% is not completely insane but it's getting there after 30% for mortgage tax ins etc, then you have misc bills that eat up another 20% student loan debt that would be nice to have gone give it another 10%.
Point is, to even save for the bare minimum in retirement I have to really stretch my budget to make it work. This is really depressing.
Not to mention in my case 401k with my contribution+employer = $4250/yr+$5000yr (maxing out Roth IRA) I guess I put the additional 6k in my 401k?
Saving $1200/month for a bare bones retirement seems absurd to me
Submitted December 18, 2017 at 01:09AM by CR3ZZ http://ift.tt/2kcJOw9
