Ask USAA: "How do I know how much I need to save for retirement?"
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@usaa I think thats something that people really need to consider is amortizing their mortgage payments and understanding what they can "really" afford. I'm 28, and been in my house for 5 years. I pay next month's principal on this months payment, bi monthly which means my 30 years loan will be paid off in 15-17 yrs. For an extra $130 a month, my house will be paid off by the time i'm in my early 40s. What would you do with an extra $1200 a month? Anything I want!
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Adding social security to a retirement calculation is terrible advice and bordering on malpractice.
nickuofm 10 months ago
@nickuofm By the time i retire social security will "probably" be no more. However, for people looking to retire soon, that money is still there and you can work that into your monthly income. On the other hand reliying soley on SS for retirement will get you into trouble, which is why you should put into a roth IRA and other supplemental retirement incomes such as a 401k. Hopefully my house will be paid off by that time so realistically my living expenses should be less than $12k / yr
xsolidice 10 months ago
@xsolidice Thanks for the comments and best of luck getting your house paid off before you retire! Whenever possible, I think it’s great if people are debt free going into retirement so I applaud your effort. Thanks again! – Scott Halliwell
usaa 10 months ago
@nickuofm Thanks for the feedback. I think I know where you're coming from and I understand your concerns about Social Security – especially if retirement is far away. However, for those close to retirement age, I think using Social Security in their calculations still makes sense. You’ve made a great point though, that those who don’t want to plan on Social Security should not include it in their calculations. If I’ve missed your point, please let me know. Thanks again! - Scott Halliwell
usaa 10 months ago