The thing I love most about Monarch is that they actively work to improve it. It’s not perfect but they really listen to feedback and every one of my bug reports has been addressed quickly.
Be sure to export your data. I wouldn’t be surprised if alternatives made a feature to upload old data, and at the very least you could pop it into a spreadsheet so it’s not completely lost.
I’m almost 40 and according to the wisdom found everywhere on the internet, I don’t have enough saved for retirement. Which worries me because I’ve been saving for as long as I’ve had a proper job with access to a retirement vehicle. But also because the internet wisdom doesn’t make sense or sound feasible....
The FIRE way is 25x the salary you want to have in retirement. If you’re in the US, make an account with the SSA to check your estimated social security benefits. Take the number with a large grain of salt.
Truth be told, it’s all pretty bleak. I save and invest 50% of my income but when I do the numbers for retirement I’ll still be retiring ~65. Personally I’m a skeptic and don’t factor in social security, though. The depressing reality is if you’re saving for retirement then you’re already better off than most.
Edit: I used the 2nd calculator on this page to adjust for future inflation.
Thanks for the breakdown. I definitely look at retirement in a pessimistic light. Honestly I’d love feedback so let me know what you think. Here’s the assumptions I make:
I work 30 years and retire around 50, die around 85. Let’s also say I’m just starting to work and have those 30 yrs ahead of me to make the math easier. So 30 yrs work, 35 years retirement.
Inflation based off 2000-present, ~2%. That $30k becomes ~$54k at the beginning of retirement [bor], ~$108k at the end of life [eol].
Health insurance starts around $600/mo in my area so $1k/mo at bor, $1.46k/mo at 65 when Medicare kicks in. $54k -> $66k
I’d like to travel more. Currently my ideal trips cost $7k/person. With inflation becomes $12k bor. $66k -> $78k/yr bor.
I have had an up-close view of end-of-life for 4 close relatives. I’ve been a caregiver before and don’t wish that for my children. My bloodline is shit and if I live to 85 then I can optimistically guarantee at least 2 years of nursing home care and maybe 5 years of an in-home caregiver part time. Currently in my LCOL city nursing homes start at $70k/yr and in-home caregivers are ~$20/hr. Adjusting for inflation each year of nursing home is $243k. $20 for 8 hrs a day is $58.4k with inflation $184k on top of living expenses. I really just expect EOL to soak up any cash I have left.
There are things like I won’t have a mortgage, and savings will be minimal. I don’t take that into account though because I know 1) I will need more help maintaining my current house (I hope to pass the house to my children), 2) seeing how the economy is trending now I may want to help my children financially.
I made a very lengthy reply here using the example of $30k/year actual salary. Ultimately it hinges on this assumption from the calculator you linked: “Your current annual expenses equal your annual expenses in retirement”. I think I will need higher annual expenses than what I have now.
First time poster! Outside of my retirement account provided by work, I’m just beginning to get brave enough to move other money around. I’m very late to the game and pretty scared of gambles....
I’ve been with Ally for a couple years and like it. In addition to HYSA, check out No Penalty CDs. They don’t have as good a yield as regular CDs, but you can withdraw the money early without penalty and still get the accrued interest.
Mint.com is going away. Are there any alternatives that are as automatic and simple? ( www.theverge.com )
FOSS/self hosted preferred, but open to anything!
On Retirement Savings
I’m almost 40 and according to the wisdom found everywhere on the internet, I don’t have enough saved for retirement. Which worries me because I’ve been saving for as long as I’ve had a proper job with access to a retirement vehicle. But also because the internet wisdom doesn’t make sense or sound feasible....
Standard Savings Account: Moving money around?
First time poster! Outside of my retirement account provided by work, I’m just beginning to get brave enough to move other money around. I’m very late to the game and pretty scared of gambles....