Reply to How much do you think you need for retirement, salary and age (and when you expect to retire)

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[quote=Anonymous][quote=Anonymous]Everyone on DCUM throws out huge numbers, so I might be an outlier.

I'm 60, earn $97k, and currently have $700,000 in savings, and think I'm in fine shape. By age 66, I will have my house paid off, and my spending will drop from $4500 a month to $3000. My SS will be $2400 a month, and I can easily make up the difference from the withdrawals on the $700k.

I really think people saying you need $2 and $3 milliom are exaggerating IF you have living expenses in the $3k - $4k range.[/quote]

This is exactly right. The weirdest are the people who preach austerity to get to some huge savings number. After 25 years of austerity, what are you expecting to do with all that money?

Wife and I make $200,000 a year together. We net about $10,000 a month from our pay checks, of which $2,500 is our mortgage. We have 3 kids I assume I won't be paying for forever (HOPEFULLY). I would assume our non-house, non-kid living expenses are probably $5-6,000 a month including international travel. I'm a Federal employee and can retire at 57 with a pension of $4500 a month. Even if SS got cut to 75% of benefits that would be something like $4500 a month at age 70.

So if we pay off our mortgage that means we're pretty comfortable from age 70 on, even before any 401(k) savings. We actually recently cut our 401(k) contributions make to the level that gets matched, because we were doing too much saving for the future and didn't want to feel as poor and stressed in the present.[/quote]

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