Five Minute Checkup - Are you in Saving a Healthy Amount for Retirement?

Thanks goes out to Mapgirl for pointing out that it is National Save For Retirement Week! Check out the NSFRW website (click here). There is a ton of good info on there about saving for retirement for both employees and employers!

According to the site:

Research has shown that more than half of all workers in the states have less than $25,000 in total savings. Even more startling is the fact that 41 percent of workers between the ages of 45 and 54 report the same amount.

With longer life expectancies and rising costs, it's critical that Americans understand the importance of saving-now.

One of my favorite parts of the site is the 5 Minute Checkup (click here). Here you can quickly estimate how much you should be saving to meet your retirement goals. I took the checkup and here is how I did...

First you must enter your current data:

(that's right, I want to retire by 55!)

Once your current data is in hit Calculate! Here are my results...

As you can see, I have a long way to go. I need to really start cranking out some big numbers related to my retirement savings. I think that will be one of my biggest goals for FY 2008. While not a comprehensive look at my retirement picture, it does spur the mind into actively thinking about how much we will actually need to retire. Retiring early will be especially challenging.

Cheers,
TMac

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Fight or Flight?

Trent at the Simple Dollar had a great post a few weeks ago (sometimes I have some spare time to do some trolling through the archives of my favorite sites) that struck a chord with me about a mid-twenties professional named "Kathy" that wrote to Trent for advice on whether or not she (and her boyfriend) should move out of the DC Metro area to a smaller city with a lower cost of living. Kathy seems to have a similar background to mine in that we both attended liberal arts schools in the North and we both work in IT assurance at consulting firms.

I know what you are asking yourself, "TMac, did you write to Trent as Kathy?" I wish I was, she isn't even 25 and has already knocked her masters degree out of the way and appears to have minimal debt.

Check out the post and the incredibly varied and rich comments (there are about 125). Totally worth a quick read.

As for TMac, I would love to flee the DC Metro area for greener pastures in the Northeast, but for now I am staying put so that my boo and I can establish ourselves with regards to job experience levels, cash reserve for a home purchase, etc.

[Photo Credit: wallyg]

Fun Weekend Outdoors

TMac, (and boo) are going whitewater rafting this weekend and visiting his sister in Charlottle, NC!

Bring the pain!


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Declining Social Security Trust Fund Balance Set to Begin

First boomer applies for Social Security (CNN Money)

Born one second after midnight on Jan. 1, 1946, makes Kathleen Casey-Kirschling, the first baby boomer eligible to apply for Social Security benefits. She has soaked up the media attention related to her birthday....

"She's leading the way for her generation"

Well I better stop procrastinating in my contributions towards my 401K and IRA since I am not counting on any money being left for people currently in their twenties.

I just want to provide one more semi-known stat regarding Social Security:

An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said. The Social Security trust fund, if left alone, is projected to go broke in 2041.

Urge your congress-person to work to fix the social security system!

Happy Saving,

- TMac


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Dave Ramsey Video Shorts

I recently watched a set of Dave Ramsey YouTube video shorts. I have heard a ton about Dave since I have entered the PF blogosphere. However, I have never read any of his books or heard his radio show. He has a very catchy way of talking and it is very infectious. After watching each of the 10 minute videos I was inspired to further look into my finances and take action!

Check these out if you have a lazy Sunday in front of you

• Part One
• Part Two
• Part Three
• Part Four
• Part Five
• Part Six
• Part Seven
• Part Eight
• Part Nine
  

Some of his themes and topics are very religiously oriented. If you can look through it and take the value of the lesson for what it is worth!

Cheers,
TMac


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Blog of the Moment

I just wanted to shine some light on a blog that I have been recently added to the RSS feed reader.

JW Thornhill authors the blog Need to Be Debt Free. JW focuses on quite obviously his and his family's need to be debt free. The unique thing about his blog is that JW discusses his relationship with money and how it effects his kids, spouse and himself.

A recent post that struck a chord with me was Family Quarrels Over Our Stance where JW discussed how his whole family has turned against him because they view him as too cheap. According to JW:

"After talking with my sister it turns out almost everyone in my extended family is angry with us. Why?? I asked. "Because you're too cheap !", she said. I couldn't believe it."

It is too bad family can't get on board with our debt reduction goals but even the "keeping up with the Joneses" complex extends to family.

Check out JW's blog as he navigates the very personal side of personal finance. The Need to Be Debt Free is definitely worth a read!

Happy reading,
TMac


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Seven Things....

Reggie over at Another Kid with Good Credit has tagged me to reveal seven random things about myself. So without ripping off the last time I revealed some things about me here it goes!

1. I so desperately wanted to buy a bike during the month that I was off the grid. I have decided to hold off until the spring and settle for cycling classes at the gym.
2. I think that I could be a...."What is Jeopardy superstar?" (btw, Jeopardy - kids week is on TV right now and I am about to kick some ass!) "What is Febtober, Alex?!?!"
3. I have recently discovered the library as my new source of books! I like it because it is a throwback to when I practically lived at the library when I was younger.
4. I am not proud of this one - Since taking my job as an auditor, I have developed a much lower tolerance for incompetence as a result, patience has waned.
5. I want to become a celebrity chef and Throwdown with Bobby Flay.
6. Related to the previous point - I make a mean steak dinner, if you ever come over to visit me in my apartment it is likely that I will make it for you!
7. If the Red Sox win the series this year I am heading up to Beantown for the parade!

So I guess it is my turn to tag some people to reveal some things about themselves. I tag: Lulugal @ How I Save Money, Mapgirl at Mapgirl's Fiscal Challenge,
and the DINKS

Been Off the Grid

Hi All,

I have been off the grid for a bit (and by bit, I mean a month). Work was crazy busy, spent a couple weeks in the bumping town of Akron, Ohio! No, I didn't visit the Football Hall of Fame while out there.

Financially, alot has happened in the past month or so: Closed and moved all my money out of ING, migrated from MS Money to Quicken, consolidated and simplified my personal financial infrastructure, my boo (the gf) has moved down from NY and moved in with me.

You can read about my trials with ING (here). All of my ING accounts and Bank of America accounts are now closed. I have moved to Wachovia for my day to banking and bill pay needs. Also I have switched to HSBC for monthly auto debit transactions like car payment and student loan payments. Hopefully the limited amount of accounts will cut down on the administrative time I spend on my finances.

I have spent the better part of the month fighting with the Quicken data converter to get my MS Money data into a Quicken happy format. Unfortunately it wouldn't work and I have resigned myself to leaving my MS Money data on my computer until year end. It really pisses me off that I have to leave so much rich data on the "old" system. I am accurate and synched up with my bank accounts as of Oct first!

Ma Boo has graduated from her masters program and is now living with me and studying for her boards. Go Boo! I will address the living situation in a later post.

How have you been?

Cheers,
TMac

In Case you Didn't Know...

I have about a half dozen unfinished posts in my blogger queue and since I have been uber distracted with work and the like, I have yet to finish them.

In the meantime feel comforted that YOUR (ok, my) Boston Red Sox are the AL East Division Champs!