Money magazine has a page about key benchmarks to check your progress. It is on page 113.
According to the magazine an upper middle class earner, in my age group, earning $70,000 a year has $112,792 in retirement saving.
That is not a good thing. I am certainly glad I have more than that put away.
BTW, there is a pull out in the magazine for ING.. It is the $25 invitation. (free money) I have offered it on my local forum. I bet I get NO takers!
Key benchmarks
July 21st, 2007 at 08:34 pm
July 22nd, 2007 at 01:37 am 1185064661
As for the Money chart, I was just looking at that myself and find I'm also ahead of their benchmarks, so I'm glad about that.
July 22nd, 2007 at 06:34 am 1185082486
July 22nd, 2007 at 06:35 am 1185082518
What did you think about the "Your Savings Target" chart on page 109? I thought it was a bunch of nonsense. According to the chart, we only need to be saving about 0.5% of our income per year which I can tell you is just not correct. Maybe it was because it was based on a bunch of assumptions that aren't correct, but whatever the reason I thought those numbers were mighty sketchy.....
July 22nd, 2007 at 02:22 pm 1185110563
July 22nd, 2007 at 03:49 pm 1185115770