At what age will you retire and with how much?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are 55 and 57 and plan to retire in 2 1/2 years. We currently have:

$2M 401k/IRA
$300K regular investments/savings
$500K home equity

--Our kids are in college or will be in college when we retire. Their college is fully covered by 529 plan not listed above.

--We will have a very small pension of about $600/mo.

--We live on a salary of $180K now for family of 5 (with $20K going toward retirement savings, so really less).

We’re a little behind you age wise, but I think j this will be us too. These people on here with $5-10 million in savings and scared to retire are nuts!

That was me! Yeah, I was feeling pretty good about our savings, and then I saw what people on DCUM have! Always can count on DCUM to put me in my place!

[Anonymous]

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

correction: more time to travel

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

The $70K figure is from a financial advisor on Bogleheads and is based on speaking to hundreds of retirees. Only 10% of retirees spent more than $100K per year, and those that did did so for the reasons you noted (multiple houses and significant travel).

Also, keep in mind that HNW means like a $1.5M+ net worth. If you're at like $5M or something like that, you may spend more. The point of the $70K figure is to show that people who think they need millions and millions before they retire are probably working too long and trading away too much of their life for money.

[Anonymous]

These threads are always so relatable!

[Anonymous]

Current Plan:

Retirement is either December 2042 or January 2043 at the age of 62.

As for amount, a pension based on 27 years of federal employment, my wife's pension, and whatever our TSP/401k/IRA balances are at that time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is stupid - nobody knows the future.

The stock market could very well be flat for the next decade, but I guarantee you none of the posters here are factoring that into their calculations.

If you look over the history of the stock market, of ANY 15 year period, including during the Great Depression, it's always up.

So while true, nobody knows the future, history gives us a pretty good idea!

How about DJIA 1966 to 1982? Or better yet, 1950 to 1982.

Yes -- Up.

Now do other former superpowers.

[Anonymous]

Anonymous wrote:These threads are always so relatable!

You mean like having 8 million dollars and being unable to retire?

I think maybe a few of the posters are in need of a financial advisor, and perhaps half of the posters need some other type of help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

The $70K figure is from a financial advisor on Bogleheads and is based on speaking to hundreds of retirees. Only 10% of retirees spent more than $100K per year, and those that did did so for the reasons you noted (multiple houses and significant travel).

Also, keep in mind that HNW means like a $1.5M+ net worth. If you're at like $5M or something like that, you may spend more. The point of the $70K figure is to show that people who think they need millions and millions before they retire are probably working too long and trading away too much of their life for money.

Given that the average American has less than 100,000 total saved for retirement your figures aren’t all that comforting (or representative of the average dcum reader)

[Anonymous]

50. About $2m, of which <$100k will be home equity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

The $70K figure is from a financial advisor on Bogleheads and is based on speaking to hundreds of retirees. Only 10% of retirees spent more than $100K per year, and those that did did so for the reasons you noted (multiple houses and significant travel).

Also, keep in mind that HNW means like a $1.5M+ net worth. If you're at like $5M or something like that, you may spend more. The point of the $70K figure is to show that people who think they need millions and millions before they retire are probably working too long and trading away too much of their life for money.

Given that the average American has less than 100,000 total saved for retirement your figures aren’t all that comforting (or representative of the average dcum reader)

That's 10% of *HNW retirees ($1.5M+ net worth)*, not the general population.

[Anonymous]

48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff). Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.

The $70K figure is from a financial advisor on Bogleheads and is based on speaking to hundreds of retirees. Only 10% of retirees spent more than $100K per year, and those that did did so for the reasons you noted (multiple houses and significant travel).

Also, keep in mind that HNW means like a $1.5M+ net worth. If you're at like $5M or something like that, you may spend more. The point of the $70K figure is to show that people who think they need millions and millions before they retire are probably working too long and trading away too much of their life for money.

Given that the average American has less than 100,000 total saved for retirement your figures aren’t all that comforting (or representative of the average dcum reader)

That's 10% of *HNW retirees ($1.5M+ net worth)*, not the general population.

And is it your sense that LNW retirees spend more than this?

[Anonymous]

Anonymous wrote:50. About $2m, of which <$100k will be home equity.

What will you do about health insurance? Pay private? Not cheap (we have it). Do you have kids?