What is your "magic number" for retirement?

[Anonymous]

we have about 5 mil (in today's dollars) and 140k (two pensions and 1 SS in today's dollars. I think we can go now.

[Anonymous]

$5 million + SS + paid off home.

Early 50's, UMC.

Most of our similarly situated friends also looking for around $5 million.

Seems like it will allow a comfortable "do what you want" lifestyle, plus travel.

[Anonymous]

Anonymous wrote: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.

I’m 46 with 325k saved and the advisor I spoke to (and financial calculators agree) said I’ll make it to $2 million. So I’m sure you’ll get there.

[Anonymous]

More than the 15M I have right now. 30? 60? 120?
We'll see how the stock market does.

[Anonymous]

We plan on retiring at 56/62 with around $3.2 mil.

PITI $2300 8 years left, $180k.

College mostly saved.

No pension. We are not feds.

[Anonymous]

Have you looked into how much IRMAA will hit you, if you take Medicare Part B? Be forewarned .

[Anonymous]

Aiming for annual income of $450k, although that target keeps increasing. Have a pension of about $80k (already receiving it), SS (at 70) of $55k, income/dividends from current holdings of $65k and the rest will come from drawing down holdings. We have close to $10m now, excluding one house, and are about 5 years from likely retirement although might keep working PT for a few years after that.

[Anonymous]

$5 million (not including home). That comes out to 200K a year. Hubs will get a pension. We both will get social security.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I’m 46 with 325k saved and the advisor I spoke to (and financial calculators agree) said I’ll make it to $2 million. So I’m sure you’ll get there.

+1.

Keep the money invested. The compounding gains is really what gets you there.

[Anonymous]

We are targeting an income of $250,000 in today’s dollars.

I plan to retire at 55 with a pension of around $160k/year. We hope to have about $2 million saved, which, with my spouse’s salary and social security, should cover the remaining $90k/year.

[Anonymous]

Anonymous wrote:Have you looked into how much IRMAA will hit you, if you take Medicare Part B? Be forewarned .

How do I learn what this means?

[Anonymous]

We're in NoVA, in our 50s with 2m not including our house. No pensions. Not particularly high earners (about 125k/yr single income with excellent benefits incl. significant retirement match) nor spenders (we have been able to save plenty on that income). I don't really think in terms of a magic number, rather I calculate--could we live on our assets comfortably now if I lost/quit my job. We're at the point now where it would be fine but we would probably have to relocate to a LCOLA and it may not be enough to do everything we would like to do. So from this point on, the "number" is really how much more do I value extra comforts/freedom/flexibility in retirement over the freedom of not working. Currently I enjoy my work so the choice is easy--that could change.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have you looked into how much IRMAA will hit you, if you take Medicare Part B? Be forewarned .

How do I learn what this means?

useless incomprehensible talk

[Anonymous]

$3m in assets for just me. This doesn't include the home equity, our joint account, or DH's separate accounts, which are more significant than mine.

[Anonymous]

I retired (young) with $30M.