I know its somewhat based on your spending. But wondering what peoples $ goal they're aiming for. Thanks
24 replies (most recent on top)
I retired early (disability) 2 years ago with around $200,000 and I'm fine. House was paid off, reliable car and no debt. Even though I have to pay over 1,000 a month in health insurance until I get Medicare, my savings is around the same because of the market and high interest savings accounts.
This to say you don't need 3 million or anything near it unless you want to travel the world or something.
Because the comment su-ks hairy ones
Don't understand why @a8 was downvoted. It was the most informative post on this thread.
25 times your annual expected expenses.
get some retirement planning software. I use boldin and it has been a great help.
retirement from previous employer pension , Social Security ,take home 60,000+ and not counting current salary I’m still employed. No debt
Honestly just waiting for my inheritance which is 3.5 mill plus 250 acres in Farmland and I’m probably out. Just turned 30. Probably 3-5 more years.
50 and only 600k in 401k. Never retire here
"How long are you going to be alive? That's how much money you need..."
This is all you need to understand. Plan for this. Plug in to those numbers and the math will tell you what your gaps are.
Probably $2M or so for me, but I live well below my means. Should have about $3M when I retire in a few years.
How long are you going to be alive? That's how much money you need...
You can retire with 25k a year if you have a paidoff house, and a reliable paidoff car.
A few million, depends on your budget
@ax+1jn6nadvd You're correct. If your house is paid for, the rest will take care if itself. Have a newer car that's also paid off. Don't use credit cards. If you do these things you won't need them. You don't need these stupid numbers people are throwing around.
Really just need house paid for. People act like because you are retired you will spend big bucks everyday and thats just not true. You will take a trip yearly thats true but with retirement you dont have to work anymore!!!
8 digits assets plus no debts
A pension, and healthcare prior to Medicare @65 sure would be nice.
To answer: 3M assuming social security pays at 75%.
There is no single answer. It completely depends on your projected expenses. I would suggest using something like this to plug in your numbers and run some scenarios. https://www.boldin.com
But just for giggles - say you need $7,500/month, and you will get $5,000/month in Social Security (assuming you are married). That means you need to cover $2,500/month $30K/year extra. That works out to $900K if you assume 30 year lifespan post retirement. So do the math from that. But something like Boldin will let you plug in the numbers and accounts for inflation, protect market growth, etc. using Optimistic, Average and Pessimistic scenarios.
It really depends on where you plan to retire.
If you want to retire in the USA, or most of the first-world countries, you're probably going to need at least double the 3+ Million you would have needed a year or two ago. Just look at how bad the market is, how inflation is about to get worse, and other economic headwinds that were improving until January 20, 2025.
Outside the USA, you could probably make a go of it with half a mill if you pick the right country, the right budget, and the right investments. Supplement that with part-time work on the side, you could get by with significantly less. Teaching English is the standard way to get income in a foreign retirement destination. Tutoring online can allow you access to first-world rates, no matter where you are.
Do your research, come up with a reasonable budget that has padding for the regressive insanity of 21st century politics, and you can probably find a way to make it work.
If you're asking here, you don't have enough
3-4M no family
I still have a loooooong way to go, but hoping to retire with 2-3MM. I doubt it will be here.
Min case: ZERO, live on social security
Average case: 1-3M enough for a decent retirement
Best case: 5M+ (fly first class, Vacation in Europe and Asia)
depends on where you live.