Reply to At what age will you retire and with how much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.[/quote]

A real pension is key and most people don’t have those. So we need to save a lot of cash.  [/quote]

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff[/quote]

Each person is different. It’s more about %.

I have 2 family members getting 70%.
I have 1 getting 50% untaxed.
I will get 35%… that’s not enough but it helps.[/quote]

It's better to put in monthly income otherwise it's meaningless.  Just like with money generating assets you would say how much income you expect monthly.  Also if non taxable obviously it's a lot different than taxable like if you have income-generating assets you have to rely on instead of pension.[/quote]

It’s actually useless one person might need $4K to live and another thinks that is poverty level.[/quote]

Not really, everyone will decide and compare their own situation.  Otherwise why ask numbers at all? Why not just say age and the type of income you plan on living off if retiring (pension, social security, stock investments, interest or distributions, rental income, or combination of any).   There are some who will become wards of the state subsisting of social security and needing subsidized housing too, it's irrelevant what monthly amount they make or what assets they have, likely none. But it's a way to live after retiring for many. [/quote]

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