Worried....... How Much Do You Have Saved For Retirement???

Trying to save, but I know I will not have enough. Will need to work as long as possible. Right now I have girls in college and there in no extra money.

All the time but with the current state of the economy and some personal family problems there is NO room for saving for retirement. Thus I am sad to say that we have NO retirement savings. Now about social security being around, unless the government does something and something quickly the program will continue to remain bankrupt and the future of the program will be uncertain. To many presidents have dipped into the trough and borrowed leaving many unpaid IOUs to the fund.

Not yet. If I get a 100 % position any time soon I'll start saving, but at the moment it looks like the social benefits (pensions etc) will be safe for another generation here. I need to save some money though since I've been doing a bit of this and a bit of that, I don't think I'll end up with 40 years 100 % employment and then I won't get the full pension. They just changed the pension rules, it used to be best 30 of 40 I think. Or something like that.

I think that everyone worries about it. My hubby and I are slowly building our retirement funds. We each have a 403 (b) account through the school districts that we work with. We are planning on taking our tax refund and starting a Roth IRA. We are both 30 and hope to be able to retire when we are 60 or 62 with enough that we will be able to travel a bit.

I'm still 18, but I think about that very often. I think I'm going to work it out by the time I get to the age of retirement. I'm thinking of may be designing some sort of plan to help me out then.

No savings at all . I am in condition that every month i start my day thinking with saving some thing but the day ends with some unexpected expenditure. I guess that is the reason why i am here, to get some extra money.

I was worried about the future too much myself... i cry and worry for the money i could not save.. but all of these, i do not think of too much anymore. I live each day at a time, try to save a few bucks as i could and i know it will grow anyhow. :D The less i worry, the more i am able to think how i can save... besides, i think when you know your capabilities, and have faith, there is nothing to worry... just work hard today and reap the benefits tomorrow.. do not overspend. :D

I do sometimes worry a little bit about it, but the fact of the matter is that, right now, my husband and I cannot put anything towards retirement. As much as we may want to, we just can't put anything towards retirement, savings, or anything to that effect. As much as it does worry me, there is also the fact that I am still young. I'm only 23. So there is still time.

Hello hopeful, I also worry about my retirement years. I am not getting any younger and I really worry if my retirement pay is enough to sustain my need in my old age. The time when I will be using a cane to walk I just hope I could really come up with a way to earn passive income!

Now I am fairly aged enough to have attained retirement. In fact I took VRS in my 51st year itself 10 years ago. I thought with the benefits I got from my retirement I can manage. But the present day inflation in India has made it difficult. Since retirement I have been doing one work or the other --teaching, writing, managing etc. and make small amounts to help. In USA you have schemes to help people in unemployment. Such schemes are not there in India. Here also widows pension, old age pension are there and the amounts received cannot help one live one or two days also in a month.

Yes, I do sometimes worry about having enough money when I retire. I think this is a normal concern for people, especially the way things are right now. However, to be honest, I spend more time worrying about having enough money to make it through each month and don't have too much time to think about 20 years from now. I am sure that as I get closer to retirement I will worry about it more.

I have been told by many financial planners that you should try to have enough of a nest egg so you can live off of the interest without touching the principle. For example, let's say you want to have a retirement income of $50K. Let's assume that you are invested in very good growth stock mutual funds that return 10-12%. Let's also assume inflation at 3%. That would give 7-9% return every year. using these assumptions, you would need a nest egg of around $650K (650000*8%=52000) to achieve your desired retirement income. Of course you may be able to live on more or less, and have social security make up some of the difference. The above formula is a good rule of thumb for retirement planning.