Reply to What's your "number"?

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[quote=Anonymous]I figure I would need about $3 million for my wife and I to retire the way we would like to. Let's see, we're at $350k and I just turned 50 so it's all pretty academic.

For the OP, I think there are (at least) two parts of it. One part is how much money do you need to declare 'we do not need any more income.' Three million would provide a nice monthly check and various types of insurance without touching the principal. This first part provides you a tremendous amount of freedom.

The harder part is the second one; what do you want to do if you have many options? Retire but stay in the area to babysit your grandchildren while they are little? Keep working because you love it, it has meaning and you want to build up family wealth to pass on, perhaps to donate to an important cause or to take care of a family member who really needs it?  Move to a rural setting and spend 20 years writing a book that no one will buy but will bring meaning to your life? Play golf and travel?

If you can answer the second part, the question of how much money you need will take care of itself.[/quote]

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