Reply to Looks like I need 6.2M to retire

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[quote=Anonymous][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. [b]What on earth do you think you will be spending it on? [/b]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]

I'm not the PP you're responding to, but do you possibly think that everyone's expenses are the same as yours? There is a huge list of variables in how/where people live. Property taxes alone vary from state to state, not to mention even zip code to zip code. Auto/house/umbrella insurance vary. Healthcare costs and insurance vary. Cost of living varies. And if you have more than one house, much of that list is doubled.

I have two high end cars, very expensive to insure.
We have expensive jewelry that is expensive to insure. 
We live in an area that has high home owner insurance rates. 
We have an HOA.

Am I complaining? No. I am just saying that it might cost you 45K to live, but it costs me a great deal more than that before I ever even think about taking a trip. So my NW at retirement needs to support what *I* spend. 
[/quote]

+1000

We know what we want in retirement and beyond.  We have planned for it, we are lucky to have more than enough and even with high end of life care costs, the kids and grandkids will get plenty.  The grandkids will have fully funded college and grad school, the kids will get a downpayment for a home (not sure the amount yet).  But we know what things cost and have planned for it.  I don't want to live retirement "just barely getting by with minimal whatever".  I want to enjoy it.  And now, we don't have to work until we are 70 to get it.  We were there in our early 50s and will be retiring by mid 50s.  
But yes, we plan to spend and enjoy life in retirement (just like we did while working).  [/quote]

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