Looks like I need 6.2M to retire

[Anonymous]

Our plan (at this point) for retirement is to have 60% growth equities, 30% dividend paying stocks, 10% bonds and cash, with the dividends, interest + SSI covering our basic living expenses.

We have the overall number that supposedly we need to retire, but not the percentages yet.

Our hope is to not dip into principal (or assess how it is going and then adjust along the way) and have plenty to pay for LTC as needed, or plenty to pass along to the kids.

[Anonymous]

My aunt advisor told hey she needs the following to retire.
Fully paid off primary home
Fully paid off retirement home
Fully funded grandkids college funds
10 million saved
Zero debt

[Anonymous]

Anonymous wrote:My aunt advisor told hey she needs the following to retire.
Fully paid off primary home
Fully paid off retirement home
Fully funded grandkids college funds
10 million saved
Zero debt

She should fire her advisor, who is an idiot.

[Anonymous]

Anonymous wrote:My aunt advisor told hey she needs the following to retire.
Fully paid off primary home
Fully paid off retirement home
Fully funded grandkids college funds
10 million saved
Zero debt

Forgot to add, yacht and kids college paid for the advisor who is taking 1% annually from your aunt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought conventional wisdom says you need 10xs your income. So you need 2.5

No, conventional wisdom is 30x your income, or less conservative, 25x your income.

Ridiculous (for one person),

No it's 25X your expenses. We live on half our net income now even while saving for retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My aunt advisor told hey she needs the following to retire.
Fully paid off primary home
Fully paid off retirement home
Fully funded grandkids college funds
10 million saved
Zero debt

She should fire her advisor, who is an idiot.

Why? Did all that.

[Anonymous]

Anonymous wrote:And maintain current $250K income. Well, I only have 3.2 at 53 outside of home (no mortgage). What’s the best way to manage the next 10-15 years to meet this goal?

Nobody *needs* 6.2M to retire.

[Anonymous]

Anonymous wrote:

Anonymous wrote:And maintain current $250K income. Well, I only have 3.2 at 53 outside of home (no mortgage). What’s the best way to manage the next 10-15 years to meet this goal?

Nobody *needs* 6.2M to retire.

of course not. But if your current lifestyle and what you desire in retirement have you spending a given amount, you might "need" that amount.
If you don't want to be a burden for your kids as you age and need more care, etc. it all costs money.

[Anonymous]

If you don't have a mortgage, you can save alot! And if there are no kids, you can save alot more!

If you don't have alot of these big expenses, you can save more than half of your salary.

[Anonymous]

Anonymous wrote:If you don't have a mortgage, you can save alot! And if there are no kids, you can save alot more!

If you don't have alot of these big expenses, you can save more than half of your salary.

The alot agrees with you:
https://hyperboleandahalf.blogspot.com/2010/04/alot-is-better-than-you-at-everything.html