is flat from last year, but it's still $1.8 million:
https://www.usatoday.com/story/mone...-americans-need-to-retire-survey/74513162007/
Subjective I know, everyone’s situation is different. FWIW, it was 1 mil in 2000.
“What people think they need to retire…
- Thread starter Eastmandawg
- Start date
https://www.usatoday.com/story/mone...-americans-need-to-retire-survey/74513162007/
Subjective I know, everyone’s situation is different. FWIW, it was 1 mil in 2000.
Depends on a lot of factors. But I’d argue retirement “early” ( before 60) would take 3M minimum. And that may be tight.
JC
JC
That’s bout what I think, maybe more…..especially with another four years of Democrats in office.
As mentioned, it’s almost doubled since the last guy in office (1 mil).
“KAMALA”/ Democrats ain’t changing shat….and from reading what she wants to do, it will be more.
I think it depends.
As long as mortgage is paid off, just figure out how you want to live.
If you have no mortgage, could probably get by on $5k per month, right? Plus SS.
Yep. 6% return on 3M will get you $180k pretax. Let’s say 108k after taxes. Thats 9k/mo net. Just depends on your lifestyle.
Oh for those days of double digit returns!
JC
Oh for those days of double digit returns!
JC
Thinks everyone’s situation is different. Even when your home is paid off you are still dealing with property taxes and insurance.
Neither is going down nor staying the same. We’ve had increases like I’ve never seen the past 3-4 years.
I believe the rule of thumb is the 4% rule. IE, 3 million yields $120,000 per year if you live for another 25 years I believe.
I’ve seen anywhere from 50 to 80% of what you are currently making now as a starting point. Of course, whether you have a house payment or not factors in with all of that.
SS…..I am not planning on it, but it would be nice. I guess the answer depends on how you want to live (amount).
Agreed.
I plan to work until 65 and pay off the home mortgage somewhere thereafter.
Then, after tax and insurance, play some free spending, spend only a couple grand per month.
yep,
always said that even if I hit the lottery,
I ain't quitting work until a trusted financial evaluation.
probably two!
@blackpug6…..how many donuts do you have to make between now and then to be able retire??
incalculable,
let's say 1000/day x probably 10-15 years...
roughly 3.5 Million, maybe more.
and That is what I would need to retire Tomorrow.!
agreed, that is my "goal" sure would be nice if this election aligns to help my goal
U are probably gonna have to recalculate. At a penny per donut that gives you approximately $35,000 in ten years.
You will probably have to work until you’re DADE. Your only hope is to pray that you can come back from the grave & work some more to meet your goal.
Oh I know, wanted to buy some special KK on Saint Patty’s Day this year and they wanted $12 for 6,
It had the Leprechaun on them and everything. But I couldn’t pull the trigger in good conscience.
Uncle Joe is good like that….
walked past many tempting overpriced items even this morning.
fell for 14lb Boston butt with an $8 coupon.
it will take 30 hours to cook that monster.
I picked the smallest one.
It just depends on your lifestyle. Wife and I are both 65, retired early. We live off of a combined $3800 per month SS and dip into savings average about $3500 a month. Once the savings are depleted we’ll pull interest off of investments to replace that income each month and hopefully not have to touch the investment principle.
We do pretty much all we want to, eat out often, take a couple of mini vacations each year and 1 week long beach trip.
We have a nice comfortable home that we’ve been in 20+ years, no mortgage for several years and no car payment. She drives the nice car, I have a 20 year old F150 that gets me where I need to go.
If we had a $2000 a month mortgage and 1-2 vehicle payments of another $1500 a month I’m not sure we could have retired and try to live off of our current income.
We do pretty much all we want to, eat out often, take a couple of mini vacations each year and 1 week long beach trip.
We have a nice comfortable home that we’ve been in 20+ years, no mortgage for several years and no car payment. She drives the nice car, I have a 20 year old F150 that gets me where I need to go.
If we had a $2000 a month mortgage and 1-2 vehicle payments of another $1500 a month I’m not sure we could have retired and try to live off of our current income.
If you save 0 by retirement,...then move to Thailand or Central America and live comfortably from early withdrawal ss
