Home > Key benchmarks

Key benchmarks

July 21st, 2007 at 07:34 pm

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!

5 Responses to “Key benchmarks”

  1. disneysteve Says:

    Ima - I get those ING things all the time and have yet to use one. I realize it is $25 for free, but it also means opening a new account, having an extra 1099 to deal with at tax time and closing the account after I collect the $25 since ING pays not so good interest and there would be no other reason to keep an account with them. Personally, it just isn't worth the hassle for $25.

    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.

  2. scfr Says:

  3. scfr Says:

    I saw that chart in Money too. If the chart is correct, we have about 5 times as much saved as our peers which I think is kind of frightening, because while I feel DH & I are definitely on the right track and probably even a bit ahead of the game, I know we still have work to do and I don't feel at all like we can slack off. It looks like our peers have lots and lots of catching up to do, and I hope they get on the ball or lots of folks are going to be in for really rude awakenings in 20 years.

    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.....

  4. disneysteve Says:

    scfr - I think you are dead on that lots of people are going to be in trouble in 20 years when they want, or worse need, to retire and have next to nothing saved. We keep hearing about the "new retirement" which consists largely of people working much longer for the "fulfillment" and "feeling useful". I think that's all a load of BS. People are going to be working longer because they can't afford the bills.

  5. Ima saver Says:

    Steve, when I opened my account for the free money, ING was leading the pack in interest rates. I only have $1000 there, so I let it sit. Every once in a while I get to refer someone and I get a free $10 for my referral!

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]