Reply to At what age will you retire and with how much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions 
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement. 
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you![/quote]

GTFOH with this humblebrag.  $100K in pensions alone is all you'll ever need.  Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes.  The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.[/quote]

$70k is crazy for HNW people. My RE taxes on 2 houses are $25k. Utilities, insurance, landscaping, maintenance, HOA run at least another $25-30k, assuming no projects (last year we spent about $75k on home projects, boring stuff like heating conversion and roof repair, not fun stuff).  Travel is in the $30k or more range and that's before we retire and start having more time to retire. So that's $80k+ before we have a single car, food, health care or other expense.[/quote]

The $70K figure is from a financial advisor on Bogleheads and is based on speaking to hundreds of retirees[b].  Only 10% of retirees spent more than $100K per year[/b], and those that did did so for the reasons you noted (multiple houses and significant travel).

Also, keep in mind that HNW means like a $1.5M+ net worth.  If you're at like $5M or something like that, you may spend more.  The point of the $70K figure is to show that people who think they need millions and millions before they retire are probably working too long and trading away too much of their life for money.[/quote]

Given that the average American has less than 100,000 total saved for retirement your figures aren’t all that comforting (or representative of the average dcum reader)[/quote]

That's 10% of *HNW retirees ($1.5M+ net worth)*, not the general population.[/quote]

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