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amother




OP
 

Post  Mon, Jan 06 2020, 4:10 pm
This post is making me really anxious..

How much should a couple with 4 kids have saved up at 40 years old?
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amother




Cerulean
 

Post  Mon, Jan 06 2020, 4:20 pm
amother [ OP ] wrote:
This post is making me really anxious..

How much should a couple with 4 kids have saved up at 40 years old?


As much as you can? The benchmark is 2 to 3 times your annual salary, but most don't have that.

The earlier you save for retirement, the better off you are, as the savings will (hopefully) increase in value over time.

Also, if you have a home that you will be able to sell in retirement, its a help. I have friends with little in savings, but $2.5 million homes that they will be able to sell.
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amother




Gray
 

Post  Mon, Jan 06 2020, 4:24 pm
there are different factors that need to be considered
what is your yearly income vs your expenses?

do you rent or own- if you own there is equity there

when do you want to retire

how old are your kids

what type of lifestyle do you want to have once you retire

and a biggie- how much financial assistance do you think you have to/want to give your children once they marry. If you think you need to pay for your kids ivy league college education, 5 years of kollel, house, or whatever that will add a lot to the amount you need.
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amother




Periwinkle
 

Post  Mon, Jan 06 2020, 4:25 pm
amother [ OP ] wrote:
This post is making me really anxious..

How much should a couple with 4 kids have saved up at 40 years old?


How much do you expect each kid's wedding and after wedding support and/or college assistance to cost you, and what do you plan on using to retire on? Is the money that you have been saving being invested efficiently to grow over the years?
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amother




Chartreuse
 

Post  Mon, Jan 06 2020, 4:26 pm
amother [ OP ] wrote:
This post is making me really anxious..

How much should a couple with 4 kids have saved up at 40 years old?

The wrong but true answer is -a whole lot more than I have.
In reality, I am in the throws of yeshiva tuition and paying off my mortgage. It 10 years from now, we should all be gainfully employed,able bodied, and well, I will be done with tuition and my mortgage. I will hopefully have already married off my DDs and my income will be much more disposable (or saveable).
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agreer




 
 
 
 

Post  Mon, Jan 06 2020, 5:04 pm
You should save as much as you can now, put it into interest-earning investment accounts to capture the "time-value of money".

If you save $200/month NOW for the next 20 years, it will be much more valuable than saving $300/month in 10 years from now for 10 years.
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amother




Chartreuse
 

Post  Mon, Jan 06 2020, 5:53 pm
agreer wrote:
You should save as much as you can now, put it into interest-earning investment accounts to capture the "time-value of money".

If you save $200/month NOW for the next 20 years, it will be much more valuable than saving $300/month in 10 years from now for 10 years.


You are aware that you are comparing principles of $48,000 to $36,000 -irrelevant of things like accrued interest.
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amother




Cerulean
 

Post  Mon, Jan 06 2020, 6:05 pm
amother [ Chartreuse ] wrote:
You are aware that you are comparing principles of $48,000 to $36,000 -irrelevant of things like accrued interest.


$200 a month over 30 years, at a very modest 4% rate of return, is nearly $115,000.

$300 a month for 20 years is $96,000.
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