Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Retirement
Profile Image

Question By

0 Contributions
0 People Helped
How much per month would we need to put back right now to retire comfortably at age 62?
We are at age 47 now and have approximately 2000.00 in savings and bills up to date.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2242 Contributions
3957 People Helped

Well thats a loaded question.

You state that you have $2000 in savings.  That certainly isn't enough.  You didn't mention weather you have any other retirement savings such as 401K or IRA.  so I'll assume that you don't have either. 

Rule of tumb.  to live comfortably at your current level in retirement you should have a goal of 30 times your current income planned for retirement. That should include having your home paid off before retiring. 

You can calculate what your Social security payment will be, You should recieve a statemetn from SSA that will give you your estimated payment that you would receive at each different retirement age.  Note that you will get more each month the later you retire. so retiring at 62 you will get the minimum payment each month.  Calculate this into your numbers.  Subtract that number from your 30 year total and that should give you your goal for savings.  Realize that a regular savings account only pays about 1% currently so you will want to find a higher interest investment account that will pay a better rate.  

so in this example i will use 75000 a year as a goal just to make it easy.

75000 x 30yrs = $2,250,000  (Yes thats 2 million)

SSI = 2 people x 1200 a month x 1 year= 28,800/yr  x 30yrs = $864,000

So your goal would be to save/earn  $1,386,000  in the next 15 years.  that works out to $115,500 a year in savings.

Humm  based on an income of $75K a year that would be impossible to do.  Of corse these are just numbers that I pulled out of the air. You will have to do your own calculations

But my best advise is to save every cent you can now.

I'm kinda in the same boat. I'm 58 and will have to work to age 70 to be able to maximize my retirement.  I did not save anything toward retirement until about 10 years ago.  I have a 401K that I am putting the max into each month.  Its set up so that it will earn the maximum it can with out any withdrawls until I reach age 70. I also have an IRA that i deposit the maximum into each year just trying to catch up.  I Will have about half of what I should have following the my example above. I will probably have to work until the day they carry me to the grave.

Good luck

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.