Hi all,
I am 37 years old. I have always tried to save some money, and over the years I've managed to save approximately $200k in retirement savings. I set aside 10% of my income each year just for retirement savings. I own a home with about 15 more years worth of mortgage, and no other debts.
I like to think I am financially responsible and I know for a fact I am in a better position financially compared to most people I know.
Yet, I just can't see any realistic scenario where I will be able to retire at 65. When you consider inflation and how much I will need in terms of retirement income, I will need nearly $3.5 million in retirement savings by 65.
There's no way I will hit that currently, and I'd need to be saving almost $2,200 more per month to hit that goal. I am doing OK but this is not feasible for me.
I don't live a lavish lifestyle. I don't spend needlessly. My house is modest, I drive an old car that's been paid off for some time now. I have childcare expenses and other basic expenses. I do pay very high taxes (I live in Quebec, Canada) but don't have any medical expenses to pay as a result.
I just don't get how I can realistically retire. And I really don't know how any of my peers can, knowing that most of the people I know are far behind me in terms of their savings.
Submitted June 14, 2022 at 06:30PM by -king-mojo- https://ift.tt/VEL9XfH
