Reply to How much do we need to retire?

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[quote=Anonymous][quote=Anonymous]Let's break it down:

$12,000 food - groceries/eating out
$12,000 property tax
$12,000 car payments
$4,000 auto insurance
$2,000 auto repair
$3,000 auto fuel
$1,000 mobile phones
$2,500 gas & electric bills
$3,500 household items
$4,000 water, sewer, trash, internet
$3,000 clothing
$2,500 entertainment
$2,000 gifts
$30,000 travel
= $93,500

No pets, no support for adult children, fairly modest but not tight lifestyle. Simple gifts to close family at holidays. Travel is economy with moderate lodgings. This does not include health costs or insurance. At 3% withdrawal at age 55 counting no pensions or SS, a reasonable person needs $3.2M for this.

You said to budget $4k for health insurance, but that is extremely low. A decent ACA plan plus out of pocket expenses is going to run $15k or more. That will increase as you age. I would say $3.6-3.8M is a good target.

You will get social security. You will get your pensions so $3.5M is a good round, safe number in today's dollars.

[/quote]

Way too low for food/groceries unless their eating out 1-2x per week is almost exclusively fast food/fast casual.[/quote]

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