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Reply to "Retirement Saving Benchmarks"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Apparently we need $11 million to retire haha! Not going to happen. We’ve saved since we were first working but this area is $$ and we paid for our first mortgage while paying off student loans and paying for daycare. [/quote]You need over $500k a year to retire? ($11,000,000x .04= $440,000 then add low $60k estimate for Social Security) [/quote] I was using the calculation someone mentioned above: 16x HHI We’re still paying pff our mortgage and have two kids in $$ colleges so we def spend more than $500k now. Hope to lower that by retirement but[/quote] Wow, that is quite a bit to spend each year on an income of $690,000 - even with a mortgage and two kids in college. [/quote]
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