How much would you want to retire at 50?

[Anonymous]

Assume DC area living for a married couple with no kids at home, a paid off mortgage, and a modest travel budget of $6,000 per year. No pension, no access to employer health insurance. Good, but not excellent health. SS eligible with combined PIA around $4k/mo at FRA. What would you feel safe as a retirement number? $5M? $6M? May be in this position due to inheritance and wondering what would be a safe figure?

[Anonymous]

Yeah that sounds about right to me, 5-6 million. If I have to pay health insurance from 50-65, which is probably 15-20k a year.

Probably depends on what the health issues are to be in good health and not excellent. Also I think your travel budget sounds low by at least 1/2.

[Anonymous]

Chronic pain for one spouse and risk of age related blindness for the other. Not life threatening, but life draining. Desire to make use of these bodies while we are able. Not big travelers. Mostly want to putter around and work on hobbies.

[Anonymous]

We are 46, abd DH would probably quit if we had $10m at 50.

[Anonymous]

Anonymous wrote:Chronic pain for one spouse and risk of age related blindness for the other. Not life threatening, but life draining. Desire to make use of these bodies while we are able. Not big travelers. Mostly want to putter around and work on hobbies.

If it's macular degeneration, there are shots now for I think the dry version to preserve vision, or at least extend vision. But you'll need good insurance for those.

I would total up what you think your expenses reasonable would be and multiply that by at least 40.

[Anonymous]

You are in poor health - relative to your age.

[Anonymous]

There are so many of these threads, why create a new one?

[Anonymous]

Anonymous wrote:There are so many of these threads, why create a new one?

and I was just going to create a new "how much would you want to retire at 49?"

[Anonymous]

You blind fool

[Anonymous]

Anonymous wrote:

Anonymous wrote:Chronic pain for one spouse and risk of age related blindness for the other. Not life threatening, but life draining. Desire to make use of these bodies while we are able. Not big travelers. Mostly want to putter around and work on hobbies.

If it's macular degeneration, there are shots now for I think the dry version to preserve vision, or at least extend vision. But you'll need good insurance for those.

I would total up what you think your expenses reasonable would be and multiply that by at least 40.

+1 Even the eyedrops can be expensive, even with insurance. I would research this in detail.

[Anonymous]

I can't get any sense of what your annual spending will be based on the information here. What's your monthly budget now, and what will go away from it or be added to it in retirement?

[Anonymous]

We have 1.5 million in retirement funds, $500k in the market, one kid kn college the other starts next year, and we have enough in 529s to cover both. House paid off, worth, conservatively, 1 million.

We have an 7 year age difference, 52 and 59 and don't think we will have enough when the main breadwinner, who is older, hits 65, because that is still 7 years of health care coverage for the other.

We have to wait until the younger spouse is 65, or for the govt to lower the age for medicare or for the govt to fix Obamacare so that it isn't so many thousands per month plus a high deductible.

If we had 5-6 million, we'd feel more comfortable retiring when youngest graduates college and older spouse is 64

[Anonymous]

$5M invested at 3% per year will give you a $200k distribution for 40 years.

[Anonymous]

Anonymous wrote:$5M invested at 3% per year will give you a $200k distribution for 40 years.

Remember that’s pre-tax. If you’re living off of non-qualified investments, they can be managed to limit the tax hit, but qualified investment withdrawals are all taxable as income, even if there’s no withdrawal penalty.

For us the number was $5 million, but we had small pensions and were on FEHB in retirement. I’d go for $7 million without that.

[Anonymous]

Anonymous wrote:We have 1.5 million in retirement funds, $500k in the market, one kid kn college the other starts next year, and we have enough in 529s to cover both. House paid off, worth, conservatively, 1 million.

We have an 7 year age difference, 52 and 59 and don't think we will have enough when the main breadwinner, who is older, hits 65, because that is still 7 years of health care coverage for the other.

We have to wait until the younger spouse is 65, or for the govt to lower the age for medicare or for the govt to fix Obamacare so that it isn't so many thousands per month plus a high deductible.

If we had 5-6 million, we'd feel more comfortable retiring when youngest graduates college and older spouse is 64

You can borrow (your kid can) for college, but you can’t borrow for retirement.