Finances for retirement

[fast306stang]

Stocks are doing great, Crypto is making people rich, etc.

I want to get a general concensus for how much money is needed for a comfortable retirement. For example in my case, I'd like to retire early @ age 62. My wife is 10 years younger and I'd like for her to retire with me, so I have to have a bigger nest egg than most people. I've got 20ish years left, give or take.

I *think* SS will still be around for me and her both, but I don't want to have to depend on it.

What dollar amount do you think you need to accumulate to retire comfortably?

 

[albatros43]

A few million

 

[TheGman]

Medical is a big deal maybe the biggest potential cost

 

[webicknell]

WOW....good timing....
I turn 62 this year.... Just got off the phone with the wife and told her I want to be "retired" by end of this month.

You need to understand what your costs will be. But you are 20 years out.... Inflation will be a factor.

Will your house be paid for?

I am targeting $100k annually (before taxes) in retirement....

Pension will be about a third, SS will be a third, but I will try to postpone taking that until 65-66
Investment income will be the rest.... Maybe think about a 5% annual return... be conservative...

And I am lucky... Have great health insurance until Medicare kicks in... Then my previous will assist in funding Supplemental plans

 

[DirtySouth]

Ask yourself how much per year do you need? When my wife and I initially talked to our financial advisor, I told him that I wanted to retire at 55. His response was no problem, the problem is living to your 85 though. If you need $60k a year to live on now, multiply that by how many years you expect to live after retiring, and that's how much you need. That is the simplest way to look at it.

 

[fast306stang]

WOW....good timing....
I turn 62 this year.... Just got off the phone with the wife and told her I want to be "retired" by end of this month.

You need to understand what your costs will be. But you are 20 years out.... Inflation will be a factor.

Will your house be paid for?

I am targeting $100k annually (before taxes) in retirement....

Pension will be about a third, SS will be a third, but I will try to postpone taking that until 65-66
Investment income will be the rest.... Maybe think about a 5% annual return... be conservative...

You're thinking like me...I don't plan to take SS until full retirement age also...I have been thinking about waiting until age 70 to get the max, but I'm not sure this is a good idea.

I have been considering inflation also...I AM 20 years out, but I didn't want to start this thread way later and find out I was missing or miscalculated something!

"Investment income will be the rest.... Maybe think about a 5% annual return... be conservative..." I am definitely keeping this in mind!

 

[fast306stang]

WOW....good timing....
I turn 62 this year.... Just got off the phone with the wife and told her I want to be "retired" by end of this month.

You need to understand what your costs will be. But you are 20 years out.... Inflation will be a factor.

Will your house be paid for?

I am targeting $100k annually (before taxes) in retirement....

Pension will be about a third, SS will be a third, but I will try to postpone taking that until 65-66
Investment income will be the rest.... Maybe think about a 5% annual return... be conservative...

And I am lucky... Have great health insurance until Medicare kicks in... Then my previous will assist in funding Supplemental plans

Forgot to add, Congratulations!!!

 

[MAK]

Stocks are doing great, Crypto is making people rich, etc.

I want to get a general concensus for how much money is needed for a comfortable retirement. For example in my case, I'd like to retire early @ age 62. My wife is 10 years younger and I'd like for her to retire with me, so I have to have a bigger nest egg than most people. I've got 20ish years left, give or take.

I *think* SS will still be around for me and her both, but I don't want to have to depend on it.

What dollar amount do you think you need to accumulate to retire comfortably?

How much someone needs is entirely dependent on their current lifestyle and what lifestyle they want to maintain in retirement. You have to have lived a while under a strict budget so you know what your monthly and annual expenses are and what they are gong to be. Obviously having your home paid-off and and other major debts satisfied prior is ideal.
Even then, the amount my wife and I need to live a comfortable (in our mind) retirement would be vastly greater than what a lot of people would want or need, and the monthly income that is comfortable for us would be far from adequate in the minds of others...

 

[webicknell]

Forgot to add, Congratulations!!!

Thanks... Have sons 31 and 28.... I wish I could get them to think and plan like you are...

I will say congratulations to you.. I didn't start thinking this way until I was 40....

 

[BNB]

A few million

add a few more to that