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Reply to "How much do people have saved for retirement?"
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[quote=Anonymous][quote=Anonymous]It depends entirely on what you think your expenses will be but I would not be comfortable with your current levels of savings, particularly when combined with low SS combined payments. I am also about 10 years out and we are saving/paying down mortgages pretty aggressively at this point (post college/weddings). $1m in savings will get you around $40k/year if you draw it down. Your $5k in SS gets you $60k. So that's $100k/year. Sounds like you will still have a mortgage for the first 5 years. Only you can answer if that's enough.[/quote] Agreed, I am not wealthy at all, and put nothing in retirement for quite a while when I was in grad school...but have that much for just one person. I am 63 though. Good luck![/quote]
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