What is your "magic number" for retirement?

[Anonymous]

Assuming you've paid for your kids colleges and paid off your mortgage?

[Anonymous]

in terms of money or age? 62 is my number. money is saved.

[Anonymous]

Anonymous wrote:in terms of money or age? 62 is my number. money is saved.

In terms of money, thank you
OP

[Anonymous]

10 million

[Anonymous]

Anonymous wrote:10 million

+1 me too

[Anonymous]

Including home equity or just savings/investments?

[Anonymous]

We set one years ago but passed it about ten years ago. My husband is soon to retire at 60 and he kept working because he enjoyed it but now he’s ready as his work energy has diminished. It’s a much bigger number now.

[Anonymous]

Anonymous wrote:Including home equity or just savings/investments?

Not including home equity. Just savings / investments to feel comfortable in retirement .
Thx
OP

[Anonymous]

$9000/ mth

[Anonymous]

Anonymous wrote:$9000/ mth

I’m a single woman and own my home, btw

[Anonymous]

It's a moving target.

[Anonymous]

I started working at age 40 so I’d be happy if I could hit $1m but don’t think I’ll make it with my salary. I currently have 200k saved so far and I’m 46.

[Anonymous]

$2M. We will have 2 pensions too.

[Anonymous]

Kids college is paid. Mortgage is paid off.

What we found was that we hit our first number earlyish, so we raised it. We are now above that ($5m+ in 401k/IRAs). However, we need health insurance and we each take one of the newer drugs. So, the new plan is to work at least until the oldest is 18 months from Medicare- so that we can use COBRA until one of us qualifies for Medicare and the ACA is just for one. Yes, we know that COBRA is expensive - for us - it will be about 25% more than what we currently pay and it is still lower than what the equivalent ACA is for us in Northern Virginia. So, at least six more months. Then, we are month to month depending whim.

There was a movement to lower Medicare age requirements- at least a buy in option- but that seemed to have fizzled for now. I still hope it happens for the younger folk.

One of the things we have seen with our friend group is that once set, the first retirement date is postponed 6-24 months before they finally pull the trigger. Plus, they ramp up travel (during non-Covid time) during that time.

[Anonymous]

$6.4M in future dollars plus about $140k pension (also future dollars).

Kids college will done well before retirement (13 years). House will have about $200K left on the mortgage at retirement, but interest rate is low so not sure if we will pay that off early.