My Retirement Savings Report Card

Hello Sophisticated Spenders!

Here we are at the end of National Save for Retirement Week.


I hope you’ve learned how important it is to save for your retirement.

And I know you’ve completed the calculators here-> “Introducing National Save for Retirement Week

[tweetthis]What grade would you give yourself on your saving for retirement report card?[/tweetthis]

I give myself a B because I should be saving a little more.

I am currently saving 6% of my income in a traditional account (with a 5% match from my employer) and 2% in a ROTH (after taxes).

According to the Merril Edge Personal Retirement Calculator, I will have a monthly shortfall of around 30%.  For example, if my necessary monthly income were  $1,000, I would be short $300 per month.

I am ok with this decision because I will receive a pension and social security (yes it’s ok to include social security in your calculations).

Those combined will be 30% of my monthly income.

I also plan on eliminating ALL of my debts before I retire!

Notice these calculations are based on income not expenses!  I expect to have lower monthly expenses in retirement.

Your turn!

I’d like to know how much you are saving for retirement and what grade would you give yourself.

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