Reply to Do I Need to Save More for Retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'd do some research about how much in retirement you need to have your desired monthly income. [b]If you want to be able to spend $200k+/yr, you're not anywhere near how much money you would need[/b]. Swap your 20 yr old used cars for 2 yr old used cars and keep on saving. The 2008 financial crisis happened when I was in my late 30s and it seemed like my retirement savings didn't increase over what I had in 2007 for almost 10 yrs...point being that we're overdue for a prolonged downturn and you need a financial cushion to be ready for it. 
[/quote]

They are actually quite near to 200k a year in retirement when you crunch the numbers.

They currently have 1.5 million. Let's say they want to retire in 20 years at the age of 64.

Even if they stop saving right now, that 1.5 million will grow to 4.8 million (assuming a conservative 6% return). That would mean 192k a year in retirement if they withdraw 4%. This doesn't even factor in social security, which could add around 70k based on their current earnings.

In total, they would be very close to the 290k they are earning now. That's without any additional savings at all.

Anyone who claims they are behind is a fool.

[/quote]

Their issue is their brokerage account wouldn't hold them over long in the event of job loss, disability, or early retirement, so while they can coast on their retirement savings, they have a long way to go with their brokerage account.[/quote]

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