How much do you think you need for retirement, salary and age (and when you expect to retire)

[Anonymous]

I will start.

In todays dollars, I think I will had 2.25 mil in today's dollars, and currently make 180K.
2.25 mil should generate 90K, but then I also have 700K in equity in my house, and expect to have 3K/mo in social security.

[Anonymous]

Age 37. I expect we will need 5k per month which will break down as 2k for living expenses and 3k for health insurance. Would like to retire with 2 million between 55 and 60. Not counting on SS or Medicare. If those exist we will try to save the difference for kids. Current HHI 220k. Have about 500k saved for retirement. All today's dollars.

[Anonymous]

47- have about 2M saved including home equity. I would like to have the house paid off and 3M liquid. It's doable but will require austerity.

Expect retirement at 60. Expect some social security and about about $4500 per month pension on top of savings.

The key, honestly folks, is aggressive savings. It's not just the big stuff- it's the little stuff. Quit the Starbucks, buy clothing on sale, take more modest vacations, buy used cars.

I won't lecture- but it's what we learned. That little, piddling stuff adds up if you don't have endless amounts of money.

[Anonymous]

I'm supposed to have $2.5 million. I will have more like $1.5 million.

I don't count my house for anything because I am watching my parents now, not want to move. And moving in your 80s is hard.

[Anonymous]

I plan on working until 68 and not drawing Social Security until 70. I'll get $3,400 a month if I wait. Women live a long time......I don't want to be 90 and poor.

[Anonymous]

Anonymous wrote:

I plan on working until 68 and not drawing Social Security until 70. I'll get $3,400 a month if I wait. Women live a long time......I don't want to be 90 and poor.

True- all of the women in my family lived into their 90s and were struggling financially at the end. No dementia- so I could also work (something less demanding after 60) for another decade.

[Anonymous]

I know people get touchy or defensive or whatever but there are some gems of wisdom in the retirement and "how much do you have at the end of the month" discussions.

I think even Mr. Defensive on s/o millionaires thread had some gems. A few years ago my DH needed a lung biopsy. He was only 46.

It was fine, but I loosened the purse strings on a few vacations that we "were always meaning to take." It was worth it.

[Anonymous]

Everyone on DCUM throws out huge numbers, so I might be an outlier.

I'm 60, earn $97k, and currently have $700,000 in savings, and think I'm in fine shape. By age 66, I will have my house paid off, and my spending will drop from $4500 a month to $3000. My SS will be $2400 a month, and I can easily make up the difference from the withdrawals on the $700k.

I really think people saying you need $2 and $3 milliom are exaggerating IF you have living expenses in the $3k - $4k range.

[Anonymous]

Anonymous wrote:Everyone on DCUM throws out huge numbers, so I might be an outlier.

I'm 60, earn $97k, and currently have $700,000 in savings, and think I'm in fine shape. By age 66, I will have my house paid off, and my spending will drop from $4500 a month to $3000. My SS will be $2400 a month, and I can easily make up the difference from the withdrawals on the $700k.

I really think people saying you need $2 and $3 milliom are exaggerating IF you have living expenses in the $3k - $4k range.

It sounds like your expenses aren't high and you are anticipating social security. You will want to think about entertainment. 66 is young enough to travel and enjoy life for at least another decade. Maybe you have that built into the monthly amount.

[Anonymous]

I’m 55 and DH is 59. I would like to work in my current job another 10 yrs., if possible. I make $285K now (DH makes $125K) but want to stay to continue funding my retirement account. Right now, combined DH and I have 1.8 million not including about 1 million in home equity but I don’t count that unless we plan to downsize. We are selling some additional real estate we own and hope to net about 450K to add to investments. To be comfortable, I think we need $3 million and with that I would still like to work in some capacity to earn money for miscellaneous things or cover health insurance at the least. It would be a job that is not as demanding as current job.

[Anonymous]

^^ and, I don’t count on social security benefits.

[Anonymous]

We hope to retire when the youngest goes to college at age 55, and maybe move closer to home/family so we can cash out some of our million-dollar equity in our home. The biggest obstacle is health insurance. So, I may keep my job, and go PT at 80% which allows me to keep health insurance.

We have over $2MM now at age 47, not including college or home equity. DH does his Dad's finances and we expect $1MM+ from his estate.

+1 on the other threads, no matter how repetitive they seem. There's always more to consider and I like hearing how others are approaching these impt. issues. Today, I was reminded how big of a chunk of our budget is child-related, which will go away in retirement.

[Anonymous]

Anonymous wrote:Everyone on DCUM throws out huge numbers, so I might be an outlier.

I'm 60, earn $97k, and currently have $700,000 in savings, and think I'm in fine shape. By age 66, I will have my house paid off, and my spending will drop from $4500 a month to $3000. My SS will be $2400 a month, and I can easily make up the difference from the withdrawals on the $700k.

I really think people saying you need $2 and $3 milliom are exaggerating IF you have living expenses in the $3k - $4k range.

Health insurance alone will be $3k $4K range in 15 years. For some of us. I'm not referring to you, I can tell you have your ducks in a row and are doing a fine job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everyone on DCUM throws out huge numbers, so I might be an outlier.

I'm 60, earn $97k, and currently have $700,000 in savings, and think I'm in fine shape. By age 66, I will have my house paid off, and my spending will drop from $4500 a month to $3000. My SS will be $2400 a month, and I can easily make up the difference from the withdrawals on the $700k.

I really think people saying you need $2 and $3 milliom are exaggerating IF you have living expenses in the $3k - $4k range.

Health insurance alone will be $3k $4K range in 15 years. For some of us. I'm not referring to you, I can tell you have your ducks in a row and are doing a fine job.

Medicare + Long Term Care Insurance takes care of that enough of the fear mongering

[Anonymous]

I retired at 53 with a $4.5 million net worth. Three plus years later I'm at $5.5 million (about $1 million of which is home equity). We live off of $200k per year after taxes. Health insurance for the two of us is about $1300 a month. Kids are all out of college and settled. It's a nice life.

-- former Biglaw partner