Can you tell I'm having trouble staying focused today?

[justalurkr]

So, I was poking around the retirement benefits page and wound up visiting my money at fidelity.com, as you do.

Fidelity has this perky new toolset to help users figure out whether they're ready to retire.

Fidelity: Try using our 8x rule of thumb!
Me: 8x what now?
(voice of MOM) : That means 8x whatever you think you need, o spendthrift
Fidelity: No, silly! It just means you need to have 8x your final year's salary saved in order to afford retirement in addition to (11ty billion other money things.)
Me: (gets out calculator) This year's salary x8 = a quarter of a million dollars short.

I'm trying not to use this as an excuse to get drunk and play the lotto a lot.

Comments

[nialla]

I'm lucky that I do have a retirement plan, but I've only had it a little over 15 years, so that's not a lot of time to build it up.

I've decided I'm going to have to keep working after I die.

[justalurkr.livejournal.com]

Back in '92, when the nice lady came around pimping a 6% minimum contribution rate to the fund (because some part of 6% is what most companies match in a 401k,) she said annual raises and a fabulous market (remember the roaring 90s? REMEMBER? OMG IMOLD) combined with the magic of compounding interest would set us up for LIFE.

So last year? When the stock market hit a new all-time high? My 401k still managed to lose money.

Drunk. Lotto. Playing.

[nialla]

What's highly amusing to me is the annual report I get that shows estimates of how much I'd get each month based on the "20 and done" eligibility versus regular retirement age. Because of previous work with another municipality, I'm already over 15 years. In 5 years, I'll be 49 and could retire from this job.

Then have to wait at least 13 years for social security to kick in, then another few years for Medicare. I'm so sure my copious retirement will allow me to maintain a home, my health, etc.

Can't do the drinking thing, but lotto tickets are looking good.