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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Late 50s, and $500k. (Single.)

Now before DCUMers post that I'm way behind, the median retirement savings for people 55-64 is only $45,000. Unless they are government employees with pensions, I don't know how they plan to live.

https://www.debt.com/edu/personal-finance-statistics/[/quote]

People think they need way more than they do. Controlling expenses is as important as how much you save. While I'm not personally pursuing it, [b]reading the "FIRE" (financial independence, retire early) community on the web[/b] has really opened my eyes. I think there are some holes in their long term plans (health care being the biggest), it really makes you chill out and appreciate how much you can do with $500K invested correctly. [/quote]

NP - any particular site you recommend for learning about this? I'm intrigued. [/quote]

Mr. Money Mustache is kind of the "guru," although I find him over-the-top extreme (and it has come out he has an ulterior motive, very much into reducing impact on the earth, which is cool, but turns some people off). However, I'll point you there and then you can just dig in and start googling around. http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

There are tons of others. MMM has a forum, although it's not super active (active enough to get answers but not as a daily read). [/quote]

Also, keep in mind that MMM is really a much more loose version of ERE, which itself is just an application of YMOYL. The basic idea is to save 25x your income and enjoy the rest of life FI. However, if you believe you need 100k/yr, your number flies up to 2.5M. If you can be happy on 50k/yr, you only need 1.25M. If you can be happy with 25k, your number shrinks to 625k. Personally, I think we'd be just fine on 25k, but DW is used to spending much more, so we're probably shooting for 50k, although we've already reached our barebones level of 5k (property taxes, food, utilities).[/quote]

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