How much do you need for an UMC retirement?

[Anonymous]

End of life and elder care can cost 10k+ a month out of pocket once long term care insurance runs out. 250k/yr goes fast if you have to pay for that.

[Anonymous]

Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

[Anonymous]

Anonymous wrote:Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

No. There is no universal magic number. It depends on your expenses

[Anonymous]

Anonymous wrote:Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

Then almost nobody would ever retire. These people are charlatans. Some of their advice is useful for people who are really terrible with money.

[Anonymous]

Anonymous wrote:I approach it from the expense side. I think for us, we will need $14K per month to stay here in a home mortgage free.

We have a pension that will generate $6K (if taken today at age 55), another $6K (today) in SS for two at FRA. Not all of that income will be there the day we retire.

So for a certain number of years our funding gap is $8K per month or $96K annually. And then that gap goes down to $2K.

We have $4.5M in retirement, brokerage and cash. Assuming a 3% withdraw rate to be conservative.

Yikes! How are your expenses so high?

[Anonymous]

Anonymous wrote:Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

This is laughable. And I say this as someone who expects, combined with my spouse, to have this much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

Then almost nobody would ever retire. These people are charlatans. Some of their advice is useful for people who are really terrible with money.

+1 the vast majority of people (like 99%) have less than that, and the average savings is less than $600K. Are they all homeless, eating cat food?

https://fox59.com/news/national-world/heres-how-much-the-average-american-has-in-their-retirement-savings-by-age/

[Anonymous]

When people are quoting what they need annually, is this pretax or post tax? For example, we could live comfortably on $90k of expenses annually but would need something like $130k in SS, pension and 401k withdrawals to cover.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Suzie Ormon ballparked you need a minimum of 5 million for a couple to retire.

Remember, you could live to 95 and if you retire at 65 and married that is 60 years worth of living costs if both live to 95.

All is takes is a 10 year bear market and/or 10 years worth of low interest rates to make your 4 percent withdrawal rates eat up your funds.

Then almost nobody would ever retire. These people are charlatans. Some of their advice is useful for people who are really terrible with money.

+1 the vast majority of people (like 99%) have less than that, and the average savings is less than $600K. Are they all homeless, eating cat food?

https://fox59.com/news/national-world/heres-how-much-the-average-american-has-in-their-retirement-savings-by-age/

I think celebrities have a hard time understanding the lifestyle of a normal person. But a lifestyle based on 5M in retirement savings (around 200K/year with a 4% withdrawal rate) is solidly UMC. And there's a grand canyon between UMC and being homeless.

[Anonymous]

My parents are divorced and my mom only has like 800k in retirement at age 67. She still works and probably will for another 2-3 years. Lives very modestly