Comments on: What Will My Retirement Account Look Like In 20 Years? http://www.ncnblog.com/2007/01/13/what-will-my-retirement-account-look-like-in-20-years/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: LivingAlmostLarge http://www.ncnblog.com/2007/01/13/what-will-my-retirement-account-look-like-in-20-years/comment-page-1/#comment-31 LivingAlmostLarge Sat, 13 Jan 2007 21:36:04 +0000 http://www.ncnblog.com/2007/01/13/what-will-my-retirement-account-look-like-in-20-years/#comment-31 I'd ramp up the savings. It's worth it. Our net worth increased a lot last mainly through savings and returns. You need a million dollars to generate $40k/year to live on. That's only 50% of your salary now. The other 35% you need to live on can come from the pension and SS. A lot of experts are saying if you save 15% then you only need to generate 85% of your current income. However this is not true the older you are and closer to retirement you are, because then you need more. I’d ramp up the savings. It’s worth it. Our net worth increased a lot last mainly through savings and returns. You need a million dollars to generate $40k/year to live on. That’s only 50% of your salary now. The other 35% you need to live on can come from the pension and SS. A lot of experts are saying if you save 15% then you only need to generate 85% of your current income.

However this is not true the older you are and closer to retirement you are, because then you need more.

]]> By: Chuck http://www.ncnblog.com/2007/01/13/what-will-my-retirement-account-look-like-in-20-years/comment-page-1/#comment-29 Chuck Sat, 13 Jan 2007 20:23:22 +0000 http://www.ncnblog.com/2007/01/13/what-will-my-retirement-account-look-like-in-20-years/#comment-29 Inflation worries me as well... in 20 years at 3% inflation that 650k is only worth about 350k in todays dollars. Inflation worries me as well… in 20 years at 3% inflation that 650k is only worth about 350k in todays dollars.

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