I had plans of retiring early in life but while I make a very good living my taste has increased and I and my wife have decided to balance life between putting money away for retirement and enjoying life now. We take several trips a years and enjoy being out on the water so a boat is a necessity. Honestly it would be nice to retire but then what would I do?
So how much do you need in the bank, under the mattress, etc to throw in the towel?
How much do you need to retire? 42 votes
$1 million+ to $2 million
And I like working so i am OK with that. As you said, living while you are still upright is my choice in life. Waiting until I'm 60 before enjoying life is silly, IMO. Good for you. Take a long trip to Europe
Depends on how much you want to spend.
We go to Europe at least a couple of times a year, been twice this year already.
Thank you for the insight, that is why there is different amounts above because everyone is different in their lifestyle requirements.
"Winners take responsibility, losers blame others"
If you don't know what you'll do in retirement...you have not spent enough time cultivating hobbies and daydreaming at work. wink
Many things to do.
Knots to be unraveled
'fore the darkness falls on you
You are correct, I have been too busy working :shrug
unless you know your life span it is difficult to calculate a total
Social Security may not provide much income but Medicare is a life saver (literally) for most seniors
Of course how much is needed also depends on life style and geographic location. My Mother lived in a modest sized city in GA. Had she loved in South FL cost almost certainly would have been higher.
My mom lives in a place like that, only I was the one that talked her into it. It is expensive, but far better life style than at home lonely with no transportation. It's like living in a nice condo only they cook your meals and provide transportation. I'm sure it will put a major dent in my inheritance, but she is happy there and that is what's important.
"Prediction is very difficult, especially if it's about the future." Niels Bohr
Different strokes. I like working and don't see myself doing anything else.
Former Mini Mart Magnate
I am just here for my amusement.
You plan on selling the store or keeping it when you retire?