Reply to Looks like I need 6.2M to retire

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I thought conventional wisdom says you need 10xs your income. So you need 2.5[/quote]

No, conventional wisdom is 30x your income, or less conservative, 25x your income. [/quote]

I really would like to know how people think you need an income from your investments of $250k when retired. What on earth do you think you will be spending it on? That's our current household income with 2 kids, including saving a significant amount for retirement, kids college, and the random costs associated with kids. In 15 years we will have none of those costs/needs. [/quote]

Depends upon your lifestyle.  We are planning to retire at mid 50s.  I've done calculations.  We estimate we need $500K/year (after taxes) for how we want to live.  That's with kids out of college (or in college but 529 fully funded so not much expenses for any kid).  both homes are fully paid for, but this includes all property taxes, HOA, maintenance, etc. Then we add on the "extras we desire in retirement".  Such as travel, sport tickets, concert tickets, dining out, wines, etc. to reach that number.  
But yeah, I need about $250K as bare minimum to live and maintain our two homes, and that doesn't include much travel, dining out, anything "fun" or extra.

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