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Reply to "What do you say to someone who asks about how much money you have saved for retirement?"
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[quote=Anonymous]People in this forum ask this all the time. Yes, it is anonymous, but the many threads suggest it’s something people want to know. Sure, it can be about bragging rights, but it may also reflect anxiety about insufficient savings, which probably reflects an inadequate financial plan. If this is the gist of OP’s inquisitor, I’d say: “we have a financial plan that’s estimated our future expenses, and we’re working to save toward that goal.” If they ask something more, offer some rules of thumb: “I don’t know your expenses, but if you have a paid off house, no debts, and $100k of expenses, the 4% withdrawal rule suggests you’ll need about $2.5 million. Of course, if you count Social Security, it would be something less.” Talk about hypotheticals and rules of thumb. If they offer a number, say “Great! It sounds like you’ve got retirement covered.” [/quote]
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