Have you ever tried a retirement projection tool? Many of the mutual fund families offer similar aides.
The other day I quickly put our financial numbers into Fidelity's Retirement Quick Check. They asked for earnings now, retirement account totals, estimated social security benefits, pension projected income, investments outside of retirement funds, cost of living now, and questions regarding your life in retirement.
These tools want you to guess how long you will live. With that information they build in inflation factors. I bet these numbers are closer to truth the nearer one is to retirement but it will give you an idea how long your $ will last.
The Fidelity exercise was free. Choosetosave.org offers a free snapshot. Other places charge a bit. Morningstar and ESPlanner charge $149. I would recommend a free one unless you need a more definitive strategy for retirement or an exact savings plan to reach your goals.
Our projected picture was fairly good. I think the smartest thing we did was contribute as much as we possibly could from the moment a 401(k) was available for Bob at work. That was nearly 25 years ago. It wasn't always easy but it was deducted automatically. If it wasn't in the bank account, I didn't have it to spend.
Saving regularly over time.
'til later
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