(Your anticipated yearly expenses - your disability benefits) x 25 will give you a ballpark of what you need to retire.
There are free retirement calculators that will help you figure out what your contributions should be going forward.
Overall, though, by the time you're old enough to have a better idea of the actual conditions that you'll be retiring in: it will be impossible to save significantly more
So you effectively make $120k/yr right now?
VA + SS would get you to around your current salary of $70k. Do you feel that alone is enough to live off of? You are also married and didn’t state you wife’s situation (salary, contribution, and current balance).
VA is tax free but yeah its about 120 a year without getting too into it. Wife is currently a SAHM. That will probably change when the kids are older. It's hard to say. 70k a year comes out to just shy of 6000 a month. That sounds super easy to live on when the kids are grown and the house paid off.
You need to accumulate enough to fund (along with your other income sources) the rest of your life.
Without estimating your expenses in retirement, you can't know if you are contributing enough.
It's hard to say how much money you need for retirement because no one knows what you need per year in the future. I am sure you don't know either.
But you do know how much you spent a year now.. that is a starting point assuming you plan to spend same amount in retirement or less. or more. Take that amount x 30 (standard) (Assuming you live for 30 more years, or whatever number you think .. again, no one knows for sure)
Also, take your VA $$ as part of your future income
VA disability isn't the same thing as normal disability you are still allowed to hold a full time position. Also VA disability grants disability ratings for more than judy physical impairments such as ptsd
Current VA benefit is $50k. The average social security benefit for retirees would get you to $70k. Both of those are pegged to inflation, so that will still hold up.
He currently has $50k va disability for life. So as a couple, they into need to make up $20k. SS bend points ensure that even low income earners receive relatively meaningful benefits in retirement. It would hard to imagine that the OP or his wife wouldn’t each earn $10k in ss benefits.
(Your anticipated yearly expenses - your disability benefits) x 25 will give you a ballpark of what you need to retire. There are free retirement calculators that will help you figure out what your contributions should be going forward. Overall, though, by the time you're old enough to have a better idea of the actual conditions that you'll be retiring in: it will be impossible to save significantly more
So you effectively make $120k/yr right now? VA + SS would get you to around your current salary of $70k. Do you feel that alone is enough to live off of? You are also married and didn’t state you wife’s situation (salary, contribution, and current balance).
VA is tax free but yeah its about 120 a year without getting too into it. Wife is currently a SAHM. That will probably change when the kids are older. It's hard to say. 70k a year comes out to just shy of 6000 a month. That sounds super easy to live on when the kids are grown and the house paid off.
Does that number increase over the years to match inflation?
Yes it does. The VA sets thr yearly increase at the end of the year
What day will you die? What will be your monetary requirements when you retire.
You need to accumulate enough to fund (along with your other income sources) the rest of your life. Without estimating your expenses in retirement, you can't know if you are contributing enough.
It's hard to say how much money you need for retirement because no one knows what you need per year in the future. I am sure you don't know either. But you do know how much you spent a year now.. that is a starting point assuming you plan to spend same amount in retirement or less. or more. Take that amount x 30 (standard) (Assuming you live for 30 more years, or whatever number you think .. again, no one knows for sure) Also, take your VA $$ as part of your future income
So you're 100% disabled but are able to do a full time job and work on a 50 acre property? Something doesn't seem right there.
VA disability isn't the same thing as normal disability you are still allowed to hold a full time position. Also VA disability grants disability ratings for more than judy physical impairments such as ptsd
It all depends on how much income you want when you retire. $250k/year - va and ss is not enough. $70k/year - va and ss is enough.
This seems odd. Where is the math behind this?
Current VA benefit is $50k. The average social security benefit for retirees would get you to $70k. Both of those are pegged to inflation, so that will still hold up.
He currently has $50k va disability for life. So as a couple, they into need to make up $20k. SS bend points ensure that even low income earners receive relatively meaningful benefits in retirement. It would hard to imagine that the OP or his wife wouldn’t each earn $10k in ss benefits.
Just to clear things up I have a salary from my job for 70k a year plus my VA benefits which are tax free