Retirement planner.

[zx10 guy]

I was on the online webpage for the fund manager of my company's retirement plan, Wells Fargo. I noticed they had a link for a retirement planner. After going through all the legalese, it asks me for some info. I was a bit surprised by the numbers it spat back at me. I used the calculator's defaults of 7% anticipated growth and 3% rate of inflation. Social security was also factored in as was using their current tax tables. The calculator said I would need to have saved $1,640,000 for retirement if I retired at 67 and expected to live to 85. The calculator said at my current savings rate, I would have saved....now get this....$3,264,000. I don't know....those numbers seem kind of out of whack for me. What do you all think?

[54regcab]

Needing $1,000,000+ to retire is pretty normal if you want a good standard of living. Keep in ming $1M in 30 years will be like $400k today.

 

How many years till retirement?

How much per year do you want to live on?

How much do you currently have saved?

[zx10 guy]

Needing $1,000,000+ to retire is pretty normal if you want a good standard of living. Keep in ming $1M in 30 years will be like $400k today.

 

How many years till retirement?

How much per year do you want to live on?

How much do you currently have saved?

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I'm 34 now and I used 67 as my retirement age.

 

I used the calculator's default of 80% of current salary which is $101k.

 

For the calculator, I used only my 401k contributions which also factored in my employer's match of 3%. The amount I have in just the 401k is currently $108k. I put away the IRS limit every year. I didn't put into the figures my Roth IRA which I haven't contributed in a while but will once some bills get paid. The amount in that account is $2k. And I didn't put into the figures my company's psuedo pension plan which they contribute money regardless of whether you put money away into a retirement plan. The money is put into the same fund mangement as the 401k under Wells Fargo but under a different account. The money I have there is $28k.