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Posted: 7/20/2017 3:20:04 PM EDT
[#1]
In the USA.... Figure on at least 3 or 4 million.
Outside USA ( and west Europe )... anything over a quarter million should keep you clothed, fed and housed. |
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Posted: 7/20/2017 3:22:37 PM EDT
[#2]
I believe there is a guy on here doing it early on $500k
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Posted: 7/20/2017 3:23:52 PM EDT
[#3]
Quote HistoryQuoted:
In the USA.... Figure on at least 3 or 4 million. Outside USA ( and west Europe )... anything over a quarter million should keep you clothed, fed and housed. |
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Posted: 7/20/2017 3:24:29 PM EDT
[#4]
Depends on how long your retirement lasts.
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Posted: 7/20/2017 3:25:05 PM EDT
[#5]
Lots of variables including no debt and cost of living in your location. Also, health insurance is something you have to factor in if you don't have a pension that has this benefit. There are some online calculators to help and basically take your current earnings and expected years left based on age and calculate it.
I would recommend a pension, ROTH, and no debt 
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Posted: 7/20/2017 3:27:34 PM EDT
[#6]
I could retire very comfortably with a million dollars. Very comfortably. Unfortunately it'll never happen.
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Posted: 7/20/2017 3:30:06 PM EDT
[#7]
Quote HistoryQuoted:
In the USA.... Figure on at least 3 or 4 million. Outside USA ( and west Europe )... anything over a quarter million should keep you clothed, fed and housed. Now if you plan to just deplete your principle until you are bankrupt then sure I Guess you could ride that for about 15 years. Hopefully you never have a large emergency or live too long though. |
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Posted: 7/20/2017 3:33:19 PM EDT
[#8]
Quote HistoryQuoted:
Figure a 4% draw per year off the principle and that's not much per month to live on. Yes you can still do it in much of the world, but you are running pretty lean on expenses. Now if you plan to just deplete your principle until you are bankrupt then sure I Guess you could ride that for about 15 years. Hopefully you never have a large emergency or live too long though. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. |
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Posted: 7/20/2017 3:34:38 PM EDT
[#9]
Quote HistoryQuoted:
I could retire very comfortably with a million dollars. Very comfortably. Unfortunately it'll never happen. |
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Posted: 7/20/2017 3:35:31 PM EDT
[#10]
Quote HistoryQuoted:
I could retire very comfortably with a million dollars. Very comfortably. Unfortunately it'll never happen.  . Most folks never have an actual budget or run their household like a business so they don;t realize how much they waste on "stuff".
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Posted: 7/20/2017 3:37:38 PM EDT
[#11]
What do you plan on paying for after you retire?
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Posted: 7/20/2017 3:39:29 PM EDT
[#12]
I think having your house paid for would help a lot. For almost everyone I know, the mortgage payment is their biggest monthly expense.
I'm planning to have a rental house or two, and my home paid for as my biggest retirement "preps". I also have a 401k, but who really knows what's going to happen with that by the time I retire. |
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Posted: 7/20/2017 3:41:56 PM EDT
[#13]
25x your expenses in retirement.
EDIT: Currently my wife and I could retire, today, with $1.8 million dollars and not change a single thing about our budget. That would cover our mortgage, HELOC payment, car payment, student loan payments, daycare, the works. Realistically we will need less as by the time we retire a lot of those things should be gone. |
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Posted: 7/20/2017 3:43:02 PM EDT
[#14]
Quote HistoryQuoted:
25x your expenses in retirement. Should work. |
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Posted: 7/20/2017 3:43:33 PM EDT
[#15]
4.5 - 5
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Posted: 7/20/2017 3:45:42 PM EDT
[#16]
Quote HistoryQuoted:
I'm not sure that will hold up as life spans increase. |
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Posted: 7/20/2017 3:46:49 PM EDT
[#17]
Well 1-2 in today's dollars. I'm 27 so I'm thinking 4mil
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Posted: 7/20/2017 3:48:14 PM EDT
[#18]
Quote HistoryQuoted:
I'm not sure that will hold up as life spans increase. |
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Posted: 7/20/2017 3:48:23 PM EDT
[#19]
Quote HistoryQuoted:
I could retire very comfortably with a million dollars. Very comfortably. Unfortunately it'll never happen. |
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Posted: 7/20/2017 3:50:14 PM EDT
[#20]
Quote HistoryQuoted:
So you are assuming that future returns will be significantly lower than historical returns? Continued growth of 7% and subtracting 3% inflation puts that as a workable figure.
I'll remember the 25x current expenses as the analog of the 4% rule in the future. |
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Posted: 7/20/2017 3:51:04 PM EDT
[#21]
Depends on your situation. I will get a pension at retirement but even without it I could live off the $1M I have saved. $40,000 per year draw with no mortgage payment, car payment or other debt. Your biggest expense as mentioned above will be health care as you age.
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Posted: 7/20/2017 3:52:44 PM EDT
[#22]
Quote HistoryQuoted:
4% of 4 million is $160,000. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. |
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Posted: 7/20/2017 3:53:58 PM EDT
[#23]
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Posted: 7/20/2017 3:55:50 PM EDT
[#24]
Assuming a midrange pre-retirement mid range income of 45k/yr and using the old school formula of 5%/yr of your retirement account invested and receiving a time tested average of 8% return in a diversified investment portfolio....
600,000 will last you forever. Sorry but those are real world numbers. If you have doubts please confer with your nuclear scientist supermodel wives for details. Of course this doesn't include yacht or south pacific mansion upkeep.... Level income not adjusting for inflation or replacing your current Ferraris. If you dare! 1 million at 8% return will give a person 7k/mnth for 40 years.... Yeah, I would be very comfortable with that. |
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Posted: 7/20/2017 3:56:59 PM EDT
[#25]
For anyone wanting the crunch the numbers, www.firecalc.com does a good job.
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Posted: 7/20/2017 3:58:54 PM EDT
[#26]
Plan on 3 million for a comfortable retirement. And plan on a state with no income tax and tax breaks for social security. Plan on a cheap state.
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Posted: 7/20/2017 3:59:56 PM EDT
[#27]
I'm getting ready to do it on way less than 4 million. Way less. It's all about planning ahead and not letting expenses rule your life. The joker in the deck is of course health care costs. Health care is a real burden thanks to our broken system.
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Posted: 7/20/2017 4:00:13 PM EDT
[#28]
... I retired in April. Pay myself roughly $2,500 weekly
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Posted: 7/20/2017 4:01:27 PM EDT
[#29]
Depends on how long you plan on living really.
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Posted: 7/20/2017 4:02:43 PM EDT
[#30]
One thing most people forget is it depends on when you retire-your current age means Altot. A million dollars today and a million dollars 35 years from now do not mean the same thing.
1 million in 1982 is equal to over 2.5 million today per: http://www.usinflationcalculator.com/ I'm 29 years old. If I want to retire in 35 years I will need atleast 1.5 million in today's money or who the fuck knows how much in 2042 money. Health care costs are the big unknown. |
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Posted: 7/20/2017 4:09:21 PM EDT
[#31]
Quote HistoryQuoted:
Assuming a midrange pre-retirement mid range income of 45k/yr and using the old school formula of 5%/yr of your retirement account invested and receiving a time tested average of 8% return in a diversified investment portfolio.... 600,000 will last you forever. Sorry but those are real world numbers. If you have doubts please confer with your nuclear scientist supermodel wives for details. Of course this doesn't include yacht or south pacific mansion upkeep.... Level income not adjusting for inflation or replacing your current Ferraris. If you dare! 1 million at 8% return will give a person 7k/mnth for 40 years.... Yeah, I would be very comfortable with that. How much is baseline health insurance? That might eat up $15-20k/yr. |
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Posted: 7/20/2017 4:12:28 PM EDT
[#32]
Depends on what "comfortable" means to you.
Depends on how many years you will need to sustain yourself. The idea that anyone needs 3 - 4 million to me is silly. I know people who retired on less than a third of that. The majority of Americans will never see that amount in their lives. The big question for me is health coverage. Medicare doesn't kick in for my generation until 67 so at least until then you're on your own and if you have to pay 1500 a month on med insurance that means it will require more principal. I have no intention of working til 67 if I can help it. |
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Posted: 7/20/2017 4:13:51 PM EDT
[#33]
There will be no retirement, but to answer the question I'd say at 67 I could do it quite comfortably with 2 mil.
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Posted: 7/20/2017 4:14:07 PM EDT
[#34]
Quote HistoryQuoted:
Depends on what "comfortable" means to you. Depends on how many years you will need to sustain yourself. The idea that anyone needs 3 - 4 million to me is silly. I know people who retired on less than a third of that. The majority of Americans will never see that amount in their lives. The big question for me is health coverage. Medicare doesn't kick in for my generation until 67 so at least until then you're on your own and if you have to pay 1500 a month on med insurance that means it will require more principal. I have no intention of working til 67 if I can help it. |
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Posted: 7/20/2017 4:17:03 PM EDT
[#35]
Quote HistoryQuoted:
I don't see $45k as very comfortable. That's more of doable, but not a lot of fun. 8% may happen, but I generally plan around 7%. How much is baseline health insurance? That might eat up $15-20k/yr. Quote HistoryQuoted:
Quoted:
Assuming a midrange pre-retirement mid range income of 45k/yr and using the old school formula of 5%/yr of your retirement account invested and receiving a time tested average of 8% return in a diversified investment portfolio.... 600,000 will last you forever. Sorry but those are real world numbers. If you have doubts please confer with your nuclear scientist supermodel wives for details. Of course this doesn't include yacht or south pacific mansion upkeep.... Level income not adjusting for inflation or replacing your current Ferraris. If you dare! 1 million at 8% return will give a person 7k/mnth for 40 years.... Yeah, I would be very comfortable with that. How much is baseline health insurance? That might eat up $15-20k/yr. |
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Posted: 7/20/2017 4:17:55 PM EDT
[#36]
With current fubarness of ss and healthcare I figure somewhere between 500k and 1 billion should be good.
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Posted: 7/20/2017 4:18:23 PM EDT
[#37]
I just need enough and not a penny more
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Posted: 7/20/2017 4:20:23 PM EDT
[#38]
Quote HistoryQuoted:
4% of 4 million is $160,000. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. |
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Posted: 7/20/2017 4:20:25 PM EDT
[#39]
Retirement accounts like IRAs and 401s are scams.
So you are gonna retire on 1990s-2000s dollars in what 2030? That dollar will be worth 70 cents if you are lucky. So not only are you losing money you are also gambling that the funds won't disappear like they did in the early 2000s and even worse in 2008. Now I'm massively over simplifying for effect, but anyone who believes they can live a good life on an IRA or 401 is lieing to themselves. A trust fund maybe, but an investment account GTFO. Face the reality that YOU ALL WILL WORK TILL YOU DIE. You wanna retire or "not work"? invest in shit where the investment returns actual capital aka make the money make the money. Rental properties are an easy example, there are many many other ways too, some easier. |
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Posted: 7/20/2017 4:22:59 PM EDT
[#40]
This is becoming a socialist nation, guys like us slow the tyrannical process but it creeps in ever so slowly. I pay property taxes for some other scumbags offspring aka socialism.
Anyways, you guys better bury your millions in the ground cause the .gov piggies need it to feed the third world trash that have embedded themselves with the help of our corrupt politicians. |
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Posted: 7/20/2017 4:24:22 PM EDT
[#41]
i figure i'll need $7-8K per month before taxes and no debt which equates to ~ $3M if I want to live off dividends and interest and have most of the principal to leave
ETA: i forgot to figure that SS will contribute $2500/month for me and $1250 (50% of mine) for the wife ($3750 total SS $). So i can probably make it with less in the bank. The problem is there is a gap from my planned date of retirement (62) until SS and Medicaid kick in, hence the need for a big pool of money |
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Posted: 7/20/2017 4:28:28 PM EDT
[#42]
Quote HistoryQuoted:
Retirement accounts like IRAs and 401s are scams. So you are gonna retire on 1990s-2000s dollars in what 2030? That dollar will be worth 70 cents if you are lucky. So not only are you losing money you are also gambling that the funds won't disappear like they did in the early 2000s and even worse in 2008. Now I'm massively over simplifying for effect, but anyone who believes they can live a good life on an IRA or 401 is lieing to themselves. A trust fund maybe, but an investment account GTFO. Face the reality that YOU ALL WILL WORK TILL YOU DIE. You wanna retire or "not work"? invest in shit where the investment returns actual capital aka make the money make the money. Rental properties are an easy example, there are many many other ways too, some easier. I've got nothing against investing in property, but investing in stocks and bonds is investing in items with actual returns. Gains are not guaranteed - but gains in housing aren't guaranteed either. 401k's and IRA's are most definitely not a scam. Most people don't put enough back, but that's on them. And yes, I absolutely count on inflation making my dollars worth less. Currently I plan for 3%, but I try and put enough back so that inflation could be a little higher without it hurting too much. |
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Posted: 7/20/2017 4:28:35 PM EDT
[#43]
Tag.
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Posted: 7/20/2017 4:29:18 PM EDT
[#44]
Depends on the lifestyle you want. Want to live in a big house in an upscale neighborhood where living expenses are high? Mo' money. Plan on taking expensive vacations on a regular basis? Mo' money. Want to have a new luxury car every 3-4 years? Mo' money. Want to live in a modest house, live frugally, and keep your Toyota, Honda, or Subaru until it's closer to 200,000 miles than 100,000? Less money. I figure $2,500,000 give or take, will do it for my wife and I.
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Posted: 7/20/2017 4:29:43 PM EDT
[#45]
25 times current household income.
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Posted: 7/20/2017 4:29:56 PM EDT
[#46]
There is no set number. It mostly depends on your standard of living. A guy who made 30k a year his whole life is going to have a lot different retirement expectation than someone who was knocking down 200k a year.
I think drawing 4% off your nest egg each year is a sustainable plan. As you age you can take a larger percentage. So for me I want at least 250k a year in retirement so I need at least 6.25 million. Should be very easy to achieve. Time is on my side. |
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Posted: 7/20/2017 4:34:06 PM EDT
[#47]
Quote HistoryQuoted:
4% of 4 million is $160,000. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. Quote HistoryQuoted:
Quoted:
Figure a 4% draw per year off the principle and that's not much per month to live on. Yes you can still do it in much of the world, but you are running pretty lean on expenses. Now if you plan to just deplete your principle until you are bankrupt then sure I Guess you could ride that for about 15 years. Hopefully you never have a large emergency or live too long though. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. I wouldn't toss around the $4MM figure though anyway, as what percentage of people can hope to achieve it? Outside GD which of course would be 90%. |
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Posted: 7/20/2017 4:34:08 PM EDT
[#48]
Quote HistoryQuoted:
I don't see $45k as very comfortable. That's more of doable, but not a lot of fun. 8% may happen, but I generally plan around 7%. How much is baseline health insurance? That might eat up $15-20k/yr. Still, 1 million would give 84k/yr for 40 years. Would that work? Accordingly 5 million would give 420k/yr for 40 years. Seriously, do we have that many millionaires here? This thread is simply bringing out the "millionaires with supermodel wives" BS again. I am not rich but I will be retiring in 2 1/2 years at which time my disposable income, even with health care expenses, will increase. I am nowhere near 1 million and my annual income is well above the national average. But hey, once I find a supermodel to marry who knows? ETA, Disclaimer. I do have a pension, subsidized retirement medical and will collect some SS. I will be just fine. Even had two different financial planners tell me so. |
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Posted: 7/20/2017 4:37:15 PM EDT
[#49]
Depending on your retirement age, your lifestyle, and your ultimate longevity, the salient answer is: As much as you can sock away.
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Posted: 7/20/2017 4:39:12 PM EDT
[#50]
Quote HistoryQuoted:
Depends on the lifestyle you want. Want to live in a big house in an upscale neighborhood where living expenses are high? Mo' money. Plan on taking expensive vacations on a regular basis? Mo' money. Want to have a new luxury car every 3-4 years? Mo' money. Want to live in a modest house, live frugally, and keep your Toyota, Honda, or Subaru until it's closer to 200,000 miles than 100,000? Less money. I figure $2,500,000 give or take, will do it for my wife and I. House and land would hopefully be paid off before retirement. |
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