Reply to How much do people have saved for retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I always feel that DCUM oversaves

I don't get why people need over 100k in retirement.  For most people SS almost gets you halfway there.  And SS isn't going away, the age might go up and benefits might slightly decrease but most people should be expecting at least 2500 a month if they are working

Main point being 1-3 million retirement account fund at age 60-65 is plenty.

Some realistic benchmarks 1 million at 55

500k at 45

250k at 35

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Our HHI is over $400K a year.  We are certainly not going to retire if we have to live on 25% of what we currently make.  It depends on current income and current and expected lifestyle[/quote]

Our HHI is the same as yours and we could comfortably live on 25% of this in retirement.  We'll no longer be saving for college or retirement, we'll have no mortgage and we won't have kid expenses (which I swear are about 90 cents of every dollar we currently spend).  I could live large on 25% of this![/quote]

Yeah I don't get it.  Most of our costs involve:

Mortgage (will get paid off)
Saving for college
Kids school, activities, food
Ancillary work expenses (commuting, parking, work lunches)

Eliminate that and we spend like $50k.  Seriously.[/quote]

Does that include taxes and insurance on your “paid off” house? Those two alone were about $20,000 a year on our house in Fairfax County. Our property taxes are considerably less in our new location, but insurance is much more, so it’s still a considerable hit.

I also spent less $$ on  incidentals when I was working. I didn’t have time.  If you’ve been home all day, going out for dinner is more appealing, not less. Even just doing stuff like working in the yard adds up — buying plants, grass seed, fertilizer.

Travel is a whole other category.

Don’t underestimate how much time you have to fill when you don’t have kids or a job.

YMMV. We’re retired, and did the “stay home and entertain ourselves around the house” thing last year because of covid, and it gets OLD.  [/quote]

What's up with all the scare tactics?  If your taxes and insurance in Fairfax County were 20k you must have been living in a friggin mansion.  My DC rowhome is appraised at $1.6 million and our taxes are 12k a year.  Insurance isn't even $1000.

Beyond that, "going out to dinner" is nothing when you're not paying for kids.

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