How much do you need to retire?

Saltydawg

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?

rock_fish

I plan to work until I'm dead. I do not make a very good living


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

tag

So how much do you need in the bank?

Depends on how much you want to spend.

Saltydawg

Honestly it is my wife that has helped me put balance in my life. She lost both of parents early in life so she really appreciates each and every day.

We go to Europe at least a couple of times a year, been twice this year already.

Saltydawg

tag wrote: »

So how much do you need in the bank?

Depends on how much you want to spend.

Thank you for the insight, that is why there is different amounts above because everyone is different in their lifestyle requirements.

rock_fish

Saltydawg wrote: »

Honestly it is my wife that has helped me put balance in my life. She lost both of parents early in life so she really appreciates each and every day.

We go to Europe at least a couple of times a year, been twice this year already.

:thumbsup

jcbcpa

I plan on working like I do now until I'm 65. I already have a buyout contract in place where the "young" guys will buy my stock in the firm and I also have a 5 year consulting contract in place with my firm after retirement.

Tarpon65

Monthly social security payments will take care of all of us. Why ya'll sweating the small stuff?

duckmanJR

I don't really know....But I have been retired since age 52 ( 7 1/2 years) ...

If you don't know what you'll do in retirement...you have not spent enough time cultivating hobbies and daydreaming at work. wink

Saltydawg

duckmanJR wrote: »

I don't really know....But I have been retired since age 52 ( 7 1/2 years) ...

If you don't know what you'll do in retirement...you have not spent enough time cultivating hobbies and daydreaming at work. wink

You are correct, I have been too busy working :shrug

Gardawg

you'll need how ever much it takes to produce a yearly six figure income (in today's dollars) while you sit on your six

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

Phishbohn

How much s a funeral?

AC Man

I never put away any cash. Used it to buy real estate and grow my business. I plan on my son taking over the business soon, so as long as he doesn't run it in the ground, I'll be happy if he can send me a few bucks a year. Between that and the four renal properties I'll be happy. I played hard my whole life and had more hobbies than anyone should have in a lifetime. I find the older I get the less interest I have in hobbies. Kind of a been there done that thing.

Parkerboy

"Financial experts" at one time advised that one needed 8 times the final yearly income but have recently upped that figure to 10 times final income. Generally expenses will be reduced at first but may well increase as the retiree ages and health declines. Plus, one must plan for such factors of having to have in home care, assisted living facilities, or even nursing home all of which is very expensive. Nearly 20 years ago my Mother opted to move to an apartment in an assisted care facility and the basic cost for the apt and meals was 6K per month and she lived there for nearly three years. She liked it because she could cook for herself, eat in the dining room, or have meals brought up to her apt. The facility had activities and transportation available and she knew quite a few of her fellow tenants.


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.

AC Man

Parkerboy wrote: »

Nearly 20 years ago my Mother opted to move to an apartment in an assisted care facility and the basic cost for the apt and meals was 6K per month and she lived there for nearly three years. She liked it because she could cook for herself, eat in the dining room, or have meals brought up to her apt. The facility had activities and transportation available and she knew quite a few of her fellow tenants.

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.

Mark O.

Apparently, I will be living on the streets... good thing I love the outdoors.

Mac53

Depends on a few major things for me. Under the best circumstances you would have no mortgage, no credit debt and no car payment. These are the main everyday things that affect most people. My own retirement is based on being as debt free as possible, 150,000 in cash in the bank, 1,000,000 in stock market and 9-10 K in monthly income from all sources. Almost there!

cpr

I live fairly simple and own my house but I hate worrying so I plan to have a mill by the time I retire and I also plan to work until I'm 80 (health depending). A part time a publix at 66 would be nice. I just can't see myself not doing something productive even if it's bagging groceries.

AC Man

My dad and his partner sold the business and retired at 49 years old. After 10 years they went back to work with me and did so till they passed in their late 70's. Some people can only play golf etc for so long before they need some thing to do.

lilwoody

With all the money we invested in my sons they will take care of us.
:crossed
:rotflmao:rotflmao:rotflmao:rotflmao:rotflmao:rotflmao

Conchy Cracker

The sad part is not matter how much you think you need if you are within 15-20 years of retiring you better have most of it already saved now. Cost of living isn't predicted to take a down turn any time soon.

Menzies

Anyone here on a company pension - contributory or non-contributory?

Mister-Jr

duckmanJR wrote: »

I don't really know....But I have been retired since age 52 ( 7 1/2 years) ...

If you don't know what you'll do in retirement...you have not spent enough time cultivating hobbies and daydreaming at work. wink

Different strokes. I like working and don't see myself doing anything else.

Skunk Ape

My son is going to be a professional baseball player, I told him I get 15% when he signs, I'm good.

cadman

Zero, I am positioning myself to be able to live on about $2000 a month. So I won't need to rely on any savings I have. The trick is to downsize and have no debt. The other part is to live a simple life.

AC Man

cadman wrote: »

Zero, I am positioning myself to be able to live on about $2000 a month. So I won't need to rely on any savings I have. The trick is to downsize and have no debt. The other part is to live a simple life.

You plan on selling the store or keeping it when you retire?

guitarman

I retired when I bought my first investment property. Since then it hasn't been WORK!

fishknut

Having ten times your annual income doesn't sound like enough. You make 100k so you need a million in investments, if you don't seriously adjust your life style you will burn through that million quick. I consider myself very lucky, I'll have a pension with a defined benefit, but I still save as if the pension won't be there, because you never know.....

robertgrant

My retirement plan involves a box and some nails.

Parkerboy

You make a 100k and you will gross what 70K if you're lucky after income taxes fica etc. Probably less but say 70K. Once retired if you have the million you can safely withdraw 4% per annum which is 40K and you haven't touched the principal by conventional wisdom. Plus, you should receive around 2,300 per month in ss added to the 4% is roughly equals 67500 per year. Pretty close to current earning and,most people's cost go down upon retirement.

jad1097

if you have no debt you can do it with less than 10 times your annual income.