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  • Financial whiz moms, please tell me how much savings a 28-year-old should have (have a partner but am not married, pg). I have $45k to my name in cash and securities, half of which is in IRAs. Am I on the right track? Do I need to be saving more in order to retire at a reasonable age with a reasonable amount of money? How much money am I supposed to have at this age, anyway?

    18 replies [ Reply | Watch | Options ]
    11.03.09, 01:03 PM [ Flag ]

    • You have a partner and are not married, but nare you pg or NOT pg? Good for you to have IRAs!

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      11.03.09, 01:16 PM [ Flag | link to this post ]

    • Define "reasonable".

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      11.03.09, 01:18 PM [ Flag | link to this post ]

    • non finance mom here - good for you. what is reasonable and what is your lifestyle? what's your position on paying for college?

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      11.03.09, 01:18 PM [ Flag | link to this post ]

      • OP - Well, I've been living like a student since, well, since I was a student. I can see myself being frugal, but I'd like to expand the way I live - a house or larger apartment, etc. I am saving a decent amount of money living in a studio with a HHI of $65k right now. As for college - oh, man. I haven't even begun to think about that yet.

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        11.03.09, 01:24 PM [ Flag | link to this post ]

    • If you wish to be able to retire with investments that provide a $50,000/year income stream, you'll need to have at least $6 million in the bank. Double that for a $100,000 income stream, and so on.

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      11.03.09, 01:19 PM [ Flag | link to this post ]

      • How can this be? How can ANYONE retire with these numbers?

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        11.03.09, 01:26 PM [ Flag | link to this post ]

        • Social Security (for the moment at least); 401Ks; employer (partially) funded retirement accounts; IRAs (Roth or regular.) Plus some other savings on your own when circumstances permit (empty nest; bonus; inheritance; not spending all your income.)

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          11.04.09, 12:04 PM [ Flag | link to this post ]

      • You're a moron. There's no way you need that much! Please xplain the math to me! Just quick math, 6 million/$50,000 =120. You plan to live 120 years past retirement?

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        11.04.09, 12:40 PM [ Flag | link to this post ]

      • Is this new math? I think $1.2M in assets would comfortable generate $50K/year..

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        11.04.09, 12:46 PM [ Flag | link to this post ]

    • You do realize this is America, don't you? We donWhat is wrong with you?

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      11.03.09, 01:19 PM [ Flag | link to this post ]

    • It all depends on what you make and where you plan to retire. If your goal is to own a brownstone by 55 and live in NYC, you'll need to step up the savings. If you plan to buy a place in NYC, same thing. I'm 29, married with $250k in cash/stocks and $120k in my 401k and ~80k in DH's 401k. We have $250k in equity in our condo, $15k in a 529 for DD and $70k in student loan debt. It's all relative based on what you make and where you want to end up.

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      11.03.09, 04:36 PM [ Flag | link to this post ]

      • OP - How were you able to manage that, if you don't mind me asking?

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        11.03.09, 06:43 PM [ Flag | link to this post ]

      • How on earth did you amass 250: in cash stocks by 29?

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        11.03.09, 06:46 PM [ Flag | link to this post ]

        • Finished college in 3 years, straight to law school and off to big law. Married young to another lawyer. Shared an apt as a married couple with a roomate to save for a downpayment. Saved aggressively for 3 years (eating at Subway instead of Per Se). Quit to work for IB, socked away every bonus. No we have kids and my comp is 1/2 of what it was 2 years ago. We obviously won't be able to keep up the level of savings, but at least we have a nice cushion set aside.

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          11.04.09, 11:56 AM [ Flag | link to this post ]
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