Reply to What is your "magic number" for retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This post scares me. A lot.[/quote]
how much will you have in retirement?

You don't need $5mil unless you have huge expenses and/or want to travel in luxury a lot.

Think about what your expenses might be in retirement.  Then pad it with an extra 20%.[/quote]

My mom has Parkinson’s. She will need care costing 100k per year at some point. You can live a lone time with many diseases. Grandfather was chronically ill 40s and 50s. Could not work. [b]Health disasters can blow through savings[/b]. For me, 3 million is the minimum I would be comfortable with to retire. My magic number is 4 million. [/quote]

I can be prudent and have health insurance and savings, but there's no way I can save enough to cover all possible health disasters. And in some cases, money can't fix the problem.

[/quote]

But you can plan to have something in case a health disaster strikes. No one says it has to cover all of it. Also, my grandma is 96. That is a real risk of outliving one’s money. I will stick to my 4 million number (single nonprofit worker), which is a achieveable at 66 or 67 be cause I have been saving since age 21 and decided, then that I was not gonna be destitute in old age. I was saddled with crippling student debt at the time, and I said “there’s no way I’m gonna live like this when I’m old.” [/quote]

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