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I'm Retired, How Long Will My Savings Last?

Tuesday, December 18, 2012 - 5:08 PM
Due to increasing life expectancies, many are running into the problem of outlasting their savings. Use this calculator to help determine when your retirement savings account may be depleted given a specified monthly income target. You may currently be in receipt of a company pension or other fixed income such as Social Security to help supplement your retirement savings account.

http://www.calcxml.com/calculator...gs-last#to
4
ShorebreakShorebreak2,625 posts since
Apr 6, 2010
Rep Points: 14,226
1. Wednesday, December 19, 2012 - 8:53 AM
I just love the way these charts are always set for us getting these high rates on savings (8%!)  Even in stocks one can't always know they will consistantly get high rates.   The charts seem to be set for normal people with normal lives.   What about the unexpected emergencies which cost thousands of dollars a year one has to deal with?  Am I the only one who can't count on what my finances will be from day to day?  What about all the families trying to help adult kids who have lost jobs or may have medical bills "they" can't afford?  Charts are ok for the "chosen" few who can count on them but my life has never been ruled by a chart.  I financially survive from day to day by keeping actively involved in my finances and tryng to make sure I do what is necessary to help my family survive.
4
paoli2paoli21,373 posts since
Aug 10, 2011
Rep Points: 6,013
2. Thursday, December 20, 2012 - 9:29 AM
Re: Paoli2 @ 1. Wednesday, December 19, 2012 - 8:53 AM
"I just love the way these charts are always set for us getting these high rates on savings (8%!)  Even in stocks one can't always know they will consistantly get high rates."

That's why you can enter any rates you wish for your expected return on savings or investments, inflation rates or pension or Social Security COLA increases. It's only a guide to see if, and or when, your finances are depleted going forward for the next 30 years. Planning charts are just another tool one can use to try to anticipate your financial future and are not for the "chosen few". I purposely enter low rates of return on my investments to see if I can draw-down my principal and still receive a certain inflation adjusted income stream going forward.  Adjustments in spending and investment decisions are made each year based on events, personal and economic, that affect the results.  If one cannot financially plan for even the next day, or is living paycheck to paycheck, nothing will help of course.
1
ShorebreakShorebreak2,625 posts since
Apr 6, 2010
Rep Points: 14,226
3. Thursday, December 20, 2012 - 2:08 PM
Yes Shorebreak, I know that but it is depressing to see 8% and then have to delete it and put in 2% (if I am lucky). Must be stock holders who make up these charts and just want us to feel badly when we see those outlandish rates!

Good times will return again for CD savers.  Just may not be in my lifetime unless they can freeze my body.
1
paoli2paoli21,373 posts since
Aug 10, 2011
Rep Points: 6,013
4. Thursday, December 20, 2012 - 6:17 PM
I recall that after 2008, Suze Orman slashed her projection of expected long-term annualized rate of stock returns from 8% to 4% -- her explanation, at the time, was that she was anticipating a secular bear market. At first she gave as her reason (for anticipating a secular bear market) an expectation that housing would be in the tank for an extended period of time coupled with rising taxes; more recently, her reason for it has been her expectation of long-term high energy prices. Amazing how all these financial gurus have 20/20 vision as seen from the rearview mirror! By the way, though I used to watch her weekly show without fail since it began, I have ceased watching it as of the start of this year.
3
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,285
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