My goal for 2016 was to save 9,000 toward retirement. As of 10/15/16 I have saved $8,720 towards my $9,000 goal! I have less than $300 to go to make my goal. I should be able to get that $280 put away in November. I can't believe that I went from having no money for retirement to having almost $9,000 in one year. Every time I contribute to my retirement account I am amazed that retirement may actually become a reality for me one day. I'm already dreaming of having $18,000 for retirement by the end of next year.
Speaking of retirement, a few weeks ago I received a statement from the social security administration. Based on the information in the statement, my full retirement age is 67 and I (based on current numbers) should receive $2,363 a month in retirement benefits. I tend to wonder if social security will be around in 30 years in the same format that it is in now. Nevertheless, if I do receive over $2,000 a month in social security I would only have to pull income of $3,000 a month from my investments to still maintain my current salary. While my current salary is not fabulous, I am able to meet my basic needs. By the time I'm in my 60s, I plan to no longer have a mortgage payment so a $5,000 a month income will likely still meet my needs.
How are you doing with your retirement? Are you going to be able to retire one day? How much per year do you save towards retirement?
I am absolutely planning on social security to still be there. People have been panicking about social security disappearing for decades. I personally think they are more likely to increase the taxes on working people than reduce the benefits for retired folks. The good news is the longer you work, generally the higher your SS payment will be. :) Check out TheFinanceBuff's comprehensive post which gets into the two "bend points". There does become a point where it isn't beneficial to keep working for social security reasons, but you'd have to be a pretty high earner.
ReplyDeletehttps://thefinancebuff.com/early-retirement-social-security-benefits.html
It looks like I will also have around $9,000 saved for retirement this year between my IRA and 401k. I also hit the $100,000 milestone in my retirement accounts this year which is pretty exciting. I started in 2010. You'll also get there before too long if you keep contributing and stay invested.
Thanks for the link! Congrats on hitting the legendary $100,000 mark for retirement. Way to go!
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