PlanningForRetirementMadeEasy.Com » annuity http://www.planningforretirementmadeeasy.com Premier Source For Retirement Planning Informations Sun, 01 Aug 2010 06:22:22 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 How much should we be saving for retirement? http://www.planningforretirementmadeeasy.com/how-much-should-we-be-saving-for-retirement.html#utm_source=rss&utm_medium=rss&utm_campaign=how-much-should-we-be-saving-for-retirement http://www.planningforretirementmadeeasy.com/how-much-should-we-be-saving-for-retirement.html#comments Sun, 16 Aug 2009 00:00:19 +0000 Planing For Retirement http://www.planningforretirementmadeeasy.com/7502/how-much-should-we-be-saving-for-retirement/ How much should we be saving for retirement? is from PlanningForRetirementMadeEasy.Com

]]> My husband only works, I am a stay at home mother of four children ( I worked for 8 years as a lab manager before having children). How much should we be saving for retirement? He is 35 years old, I am 36 years old. We currently max out his 401K at 15% of his pre-tax salary. We also save 10% post tax into an annuity type account (life insurance also). When I use retirement calculators, they usually say we should be saving only 5% of our pre-tax income actually since we started at age 26 or so, but I believe that this is only for 1 person, and we are actually saving for both of us. The Yahoo retirement calculator says we should have ,000,000 in all based on 8% return. Should this be ,000,000 instead for 2? We have no debt except for a ,000 mortgage with 9 years left. None of our friends or family save as much as we do, but are we really going overboard here with savings? Or is it better to save as much as we can now and ease up later when our children are in college?
I guess I actually have two questions: With the retirerement calculators, they ask if you are married and if your spouse has any income, but are the totals for one person or two? Also, is a total savings rate of 25% totally off the mark (too much)? My husband thinks we are saving too much, I am very conservative!
Thanks so far for all the answers. With all of our savings as is, and 4 young children with 1 income only, we really have no "disposable"spending money. Is cutting back to 10% for his 401K a good idea? Would our retirement still be "on course" for both of us? We never eat out, have not gone on vacation since we were married 10 years ago, his car is 9 years old and we would need to buy a new one soon, etc. He thinks we need to enjoy our lives now a bit more. We do also fund an HSA with about 4% pretax also each month! But we have no separate college savings plan yet.
I thought that 529 plans only had state tax benefits, not federal currently?

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]]> http://www.planningforretirementmadeeasy.com/how-much-should-we-be-saving-for-retirement.html/feed 0 How do I choose a company to use for my retirement plan? http://www.planningforretirementmadeeasy.com/how-do-i-choose-a-company-to-use-for-my-retirement-plan.html#utm_source=rss&utm_medium=rss&utm_campaign=how-do-i-choose-a-company-to-use-for-my-retirement-plan http://www.planningforretirementmadeeasy.com/how-do-i-choose-a-company-to-use-for-my-retirement-plan.html#comments Mon, 08 Jun 2009 21:59:43 +0000 Planing For Retirement http://www.planningforretirementmadeeasy.com/7107/how-do-i-choose-a-company-to-use-for-my-retirement-plan/ How do I choose a company to use for my retirement plan? is from PlanningForRetirementMadeEasy.Com

]]> I plan to open a 403(b) in August. I have been told that mutual funds are better (and cheaper) than annuities, and so that is what I want to put my money. (I don't intend this question to be a mutual fund vs. annuity debate). My school district sponsors 20 retirement planning companies, and their websites don't seem to distinguish the competition. Some companies include Fidelity, Primerica, Vanguard, Metro Life, Equitable, Putnam, etc. How do I choose which company is best for me whether or not I end up getting mutual funds or annuities?
I teach in Florida. We have the Florida Retirement System (FRS). My school district puts money into that, which I can choose either to be a pension (with benefits after 6 years of service) or an investment plan (with benefits after 1 year). I choose the investment plan because I don't know if I will be in teaching in the long-run or if I will at least be in Florida for 6 years to get the pension benefit. According to everyone, the FRS will not be enough, so we have the option of opening up a 403(b) plan with one of these companies to supplement the FRS money. There is no matching in this 403(b).
I am 23 years old.

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