Reply to I am X years old and have X saved in a retirement fund

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[quote=Anonymous][quote=Anonymous]I'm interested in the topic but don't find the responses useful because lots of people don't specify whether they have a pension. That does impact how much you'll need in your IRA when you retire.  Many people in the US do not have a pension.  Since this city has a high rate of Federal employment, lots of people here have pensions but it's not the nationwide norm.  We also don't know how much debt some posters have in addition to their retirement plan.  I don't think it's safe to assume they are debt free if they've got a decent IRA balance for their age.  The question should really be, how much should I have in my IRA at my age assuming I do (don't) have a pension?  And most of us don't have enough, not even close.

I'm early forties with $650K and expect a decent pension.  I want to get another $350K at least before I retire, which is doable.

[/quote]

Good points.  We are poster above you. We will be debt free ie house paid for in 12 years.  It's a 3m house by today's standards.  We don't expect to have other debt, nor do we have any today other than mortgage.  We plan to downsize in ten years. [/quote]

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