The safe withdrawl rate for $5 million is $200K a year. This does not account for pension or social security. Very few people need that amount of money for retirement when you likely have no mortgage and don't have to save for things like retirement and college.

Anonymous wrote:You need a minimum of five million in retirement savings to retire at 67.

And much more if you retire younger.

I am 60 and married and I have 2.7 million in 401ks, 2 million in after tax cash and stocks and 1.8 million in home equity.

I need to work till 67-70 to retire at earliest.

OP here - so I should have $5 million minimum in savings WITHOUT counting my pension?

Anonymous wrote:You need a minimum of five million in retirement savings to retire at 67.

And much more if you retire younger.

I am 60 and married and I have 2.7 million in 401ks, 2 million in after tax cash and stocks and 1.8 million in home equity.

I need to work till 67-70 to retire at earliest.

Perhaps that’s what you need to maintain the lifestyle you desire but considering that the average retirement savings for those in the 55-65 bracket is less than 200,000 clearly your perspective is warped.

Op is retiring with a pension of over $5,000/month. Plenty of people live off of salaries less than that throughout their lives.

Anonymous wrote:You need a minimum of five million in retirement savings to retire at 67.

And much more if you retire younger.

I am 60 and married and I have 2.7 million in 401ks, 2 million in after tax cash and stocks and 1.8 million in home equity.

I need to work till 67-70 to retire at earliest.

That’s way different than my estimates. How did you figure your numbers? Particularly min of 5 million estimate?

You need a minimum of five million in retirement savings to retire at 67.

And much more if you retire younger.

I am 60 and married and I have 2.7 million in 401ks, 2 million in after tax cash and stocks and 1.8 million in home equity.

I need to work till 67-70 to retire at earliest.

DP
I’ve been with our public school district for 30 years and I’m retiring at the end of June at age 52. The state retirement pension with a chosen survivor benefit will be about $4,350 with a healthcare subsidy added in. It has a COLA max of 5%. The COLA is based on the annual monthly average of the Consumer Price Index for all Urban Consumers (CPI-U), published by the U.S. Bureau of Labor Statistics and updated each July 1.

I have a supplemental district pension that will be $2,900 until SS age 67. COLA is 1.5% year 1 and then 3% every year after.

I’ll continue to work, at least part-time, so consider this semi-retired.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op - yes I logged into my online pension account and that is what it says $5700 per month at retirement age.

I will have been with my state agency for 30 years if I stay til 57.

That’s a good pension payout. Better than fed system. Hope your state govt can deliver on their promises

Op - I think the payout is based on my new salary of $130,000 not my old salary of $65,000

I have no plans on leaving so the calculator seems accurate if I stay until 57/58 years old. Presumably my salary will go up in the next 18 years even if it’s just cost of living adjustment.

As a comparison I think my pension at 62 is about that amount. Based on 38 years in fed system at 183500 salary. You can see your numbers are much better than mine

Op here - I see what you are saying. Yes my payment is good. I think my state is solvent and will be able to pay out. I am lucky to have this pension plan. It has changed over the years and the newer one isn’t as good. I have been with my state agency going on 13 years, so I have a better plan.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op - yes I logged into my online pension account and that is what it says $5700 per month at retirement age.

I will have been with my state agency for 30 years if I stay til 57.

That’s a good pension payout. Better than fed system. Hope your state govt can deliver on their promises

Op - I think the payout is based on my new salary of $130,000 not my old salary of $65,000

I have no plans on leaving so the calculator seems accurate if I stay until 57/58 years old. Presumably my salary will go up in the next 18 years even if it’s just cost of living adjustment.

As a comparison I think my pension at 62 is about that amount. Based on 38 years in fed system at 183500 salary. You can see your numbers are much better than mine

Anonymous wrote:

Anonymous wrote:Op - yes I logged into my online pension account and that is what it says $5700 per month at retirement age.

I will have been with my state agency for 30 years if I stay til 57.

That’s a good pension payout. Better than fed system. Hope your state govt can deliver on their promises

Op - I think the payout is based on my new salary of $130,000 not my old salary of $65,000

I have no plans on leaving so the calculator seems accurate if I stay until 57/58 years old. Presumably my salary will go up in the next 18 years even if it’s just cost of living adjustment.

Anonymous wrote:Op - yes I logged into my online pension account and that is what it says $5700 per month at retirement age.

I will have been with my state agency for 30 years if I stay til 57.

That’s a good pension payout. Better than fed system. Hope your state govt can deliver on their promises