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[quote=Anonymous]So, if you get Social Security, and have been earning the max, you will likely get about $30,000 per year in benefits. This reduces the amount needed in savings to $3 million. Assuming your spouse has also been working and will receive a similar amount, you only need $2.25 million. If you sell your house and downsize to a $500k house, you will have $1 million in investments. At six percent a year, it will take about 10 years to grow that to $2.25 million. Maybe that's not so daunting? Of course, as folks point out, if you can live on less, you'll need less. [/quote]
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