Target retirement income

[Anonymous]

At what age do you plan to retire, and what level of income in TODAY’s dollars are you targeting? Our goal is age 62 and $200K in today’s dollars with real purchasing power maintained over the length of retirement.

Before someone asks or comments, I know that desired income is a function of expected expenses, but I would like to get a sense of what people around here are targeting without all the personal details and talk about net worth. I know it is all connected, but let’s just keep it to age and income.

[Anonymous]

Husband and I are 53 and 50. We make about $250k combined. A few years ago it was more like $150k.

We have about 1.7m in savings, and about 600k in equity on a $1m house.

Our goal is 3.5m, with the house paid off and the two kids done with college. (We have separate 529s for that). That gives us about $125k a year.

Approximately early 60s retirement. The wildcard for us is no healthcare (neither of us is fed) so we may not be able to retire u til 65 depending on the cost of private care and our health in 10 years.

[Anonymous]

57/58 with pension of about 60K and about $4-5 million in savings. We are about 10 years away and only have $2 million so not sure if it will work out.

[Anonymous]

I am PP and spouse is a fed so we should have health insurance at retirement.

[Anonymous]

Now 54/61
Retire 60/62

Struggling to get to our number but thinking $175K per year or $14.5K per month.

Based on other financial forums I follow, that number seems high but living here and based on lifestyle that is the current plan.

[Anonymous]

Anonymous wrote:Husband and I are 53 and 50. We make about $250k combined. A few years ago it was more like $150k.

We have about 1.7m in savings, and about 600k in equity on a $1m house.

Our goal is 3.5m, with the house paid off and the two kids done with college. (We have separate 529s for that). That gives us about $125k a year.

Approximately early 60s retirement. The wildcard for us is no healthcare (neither of us is fed) so we may not be able to retire u til 65 depending on the cost of private care and our health in 10 years.

We're in a pretty similar place financially although DH is older and got laid off recently at 60. That's turning into retired with occasional projects. But we're finding we can live fine on my $165k salary and still adding to our retirement savings. I'm 52 and will likely work another 10 years. And, we'll downsize in part to tap equity, in part to reduce property taxes and eliminate mortgage payment.

[Anonymous]

45/46
$2M annually in retirement.

[Anonymous]

We are low spenders. About 120k per year is expected income from pensions and SS. Other investments/TSP/401k is 3.5. Don’t think we will need that money. About to retire with a year or two. 60/61 yo

[Anonymous]

I’m 61. I retired around a decade ago. My spouse and I live off of a little over $200k a year. We find it very easy to do and want for nothing. Yes, we’re in the DMV.

[Anonymous]

Anonymous wrote:Husband and I are 53 and 50. We make about $250k combined. A few years ago it was more like $150k.

We have about 1.7m in savings, and about 600k in equity on a $1m house.

Our goal is 3.5m, with the house paid off and the two kids done with college. (We have separate 529s for that). That gives us about $125k a year.

Approximately early 60s retirement. The wildcard for us is no healthcare (neither of us is fed) so we may not be able to retire u til 65 depending on the cost of private care and our health in 10 years.

we are going to just bite the bullet and pay for private insurance. We expect income of $130k, retire before 62.

We will have about $3mil in retirement accounts, house worth about $800K and will downsize.

[Anonymous]

We're lower earners/lower spenders than many on this thread. We're planning on 75-80k/yr but with an additional 500k set aside for larger unanticipated expenses that can buffer that yearly amount and 200k set aside for extra bigger wants. We currently have about 2.2m in retirement assets and are in our 50s.

[Anonymous]

Ideally $200k per year with kids launched, that will put DH at 58 and me at 56. We have 2M today plus 300k outstanding mortgage. And $350k combined in college funds for two kids. We still have 11 years to go, our incomes have recently increased so hoping to save 250k(hopefully 300k a year). So retire around $5M or so even with dismal returns and even if we have to pay private college tuition for kids. That said that is the plan… but ofcourse if there is a job loss etc, then we will likely work longer. We are also from India, and fall back plan is to retire in India with a lower COL

[Anonymous]

Single mom and planning to retire at 53 with a pension of about 78k a year and subsidized health care. Will probably still work party time. Have about 1 mil currently in a mixture of savings and 403b.

[Anonymous]

We are 50. We will retire in early 60s (maybe 62-63) with more than 200k in pensions. Will eventually take social security. We have 1.75 million in non-retirement investments and another 1.5 million in retirement. Our house isn’t worth as much as some. Maybe 400k in equity but we will pay it off before we retire.

We haven’t been able to figure out exactly how much we need in retirement. We are currently trying to figure it out though.

[Anonymous]

Anonymous wrote:I’m 61. I retired around a decade ago. My spouse and I live off of a little over $200k a year. We find it very easy to do and want for nothing. Yes, we’re in the DMV.

Is your house paid off? Is that 200k pre tax or post tax?