# Fidelity Retirement Chart



## Bentley (Jul 10, 2008)

Has anyone seen this chart?


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## dademoss (May 2, 2015)

Not that exact one, but it's a typical example of a generic "how much do I need to retire" kind of chart.

https://www.fidelity.com/products/retirement/widget/xfactor/retire_xfactor.html

Very vague, a lot depends on your expected expenses, area, age, what you plan to do, etc.


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## ldc (Oct 11, 2006)

Savings can be meaningless, if you don't have monthly checks streaming in, unless you have a true fortune!


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## from_wa (Mar 10, 2014)

I imagine they mean that is how much savings you should have... I do not know how to save 10x my salary!

If this is the case it way off the mark. If a couple is making 50K at age 65 then they would "need" 500K in savings. Given the classic withdraw rate of 4% that means they would be living on 20K (not counting SS). Might work if they are debt free but barely


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## ajthoma (Oct 31, 2012)

Those charts are cooked up by insurance/investment/brokerages that want you to keep working forever and invest more and more money with them (on which they will get fees). What if the economy or market tanks? all that investment could be gone! Learn to live simply on less (isn't that part of the point of homesteading??). I had a friend that lived on a tiny military disability pension for years ($300 - $400 per month), it was hard but he had no car, ate simply, shared rooms in apartments. Not that I would want to live like that, but it is doable. Just don't get hung up on the idea that you need a fortune to retire. Figure out what your bills are (taxes, insurance, maintenance, food, housing, heating, etc.) and make sure your SS or income will cover it.


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## Michael W. Smith (Jun 2, 2002)

ajthoma said:


> Those charts are cooked up by insurance/investment/brokerages that want you to keep working forever and invest more and more money with them (on which they will get fees).
> 
> Depends on where you are in life. Those charts urge younger people to start saving earlier (and more) rather than waiting until later. Compounding (interest and dividends are your friend and can really make a difference in the end.) It's never too soon to soon saving for retirement. Many people out there are amazed at how fast their career of 40 or 50 years went by, and at how little they have saved.
> 
> ...


Depends on what you want in retirement. Not everyone here is necessarily "homesteading" - everybody's definition is different. For those wanting the "simple life" - retire when older, live a simple life, stay at home type, very little savings may be needed. For those wanting to retire early, or travel frequently, or live the "high life", it could take a pile of money.

Also, you need to remember that age or health related problems, layoffs, plant closings, etc. could cause you to quit working much earlier than anticipated. I'd much rather be saving earlier rather than figuring "I'll be making my highest salary when I'm older." - only to find out that due to one of the above, my earning power was cut short. Instead of regular meals, your retirement might consist of eating canned tuna for the rest of your life . . . . . or finding out due to increasing property taxes continuing to climb, you can no longer afford to live in your house.


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