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Reply to "Looks like I need 6.2M to retire "
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[quote=Anonymous][quote=Anonymous]I thought conventional wisdom says you need 10xs your income. So you need 2.5[/quote] You need how ever much you want to live on. You must budget and calculate how much you need (after taxes) yearly. Then work backwards and figure out where it will come from. Be sure to include costs for medicare and all the supplemental healthcare/medications/etc. It's only cheap if you have low income. At $250k/year income, you will be paying $1k/person/month (or more). So figure out your costs and what you want to spend monthly and figure out where you can get that money---interest, dividends, SS, etc. Once you start using principal then you need to make sure it will last you until 90+ [/quote]
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