How much is needed to retire comfortably?

[Huntingfool]

There is a long thread on another forum on this topic. I read articles all of the time saying "is a million dollars (or whatever number) enough to retire on?

To me that is a totally silly question. There is no magic number. It all depends on how much annual income a person needs while they are retired. So everyone's situation is totally different.

I have also found that many folks do not factor in the impact of inflation over a 20 or 30 plus year retirement timeframe.

There is no foolproof way to find your exact number but I have used this free calculator over the years to plug in my personal information and get an idea of how much income we can have during retirement without running out of money.

Of course a big factor is how long will you and your spouse live to which there is no definite answer. In my case I use the assumption that one of us will live to age 90 to 95.

So the site is www.firecalc.com.

It is very user friendly and allows you to factor in everything including pensions (if you have one), SS payments, inflation, investments, etc. It also allows you to plug in various assumed rates of return on your investments to get an idea of "best case/worst case." I hope this is useful to some folks on here

[thegrouse]

It is a math question that starts with the basic question of what your annual spend is. I have found most people do not really know there actual number. I have used that tool and I agree it is great.

[fish4food]

Great, In other words I’m gonna have to work until I die.

[Pedernal]

A little more than you plan on using up before you die.

[Black Ice]

There is a long thread on another forum on this topic. I read articles all of the time saying "is a million dollars (or whatever number) enough to retire on?

To me that is a totally silly question. There is no magic number. It all depends on how much annual income a person needs while they are retired. So everyone's situation is totally different.

I have also found that many folks do not factor in the impact of inflation over a 20 or 30 plus year retirement timeframe.

There is no foolproof way to find your exact number but I have used this free calculator over the years to plug in my personal information and get an idea of how much income we can have during retirement without running out of money.

Of course a big factor is how long will you and your spouse live to which there is no definite answer. In my case I use the assumption that one of us will live to age 90 to 95.

So the site is www.firecalc.com.

It is very user friendly and allows you to factor in everything including pensions (if you have one), SS payments, inflation, investments, etc. It also allows you to plug in various assumed rates of return on your investments to get an idea of "best case/worst case." I hope this is useful to some folks on here

I’m 41 so I’m thinking somewhere in the 5 to 7 million range ought to do it.


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[Farmdog]

Less than 500k ready or not here I come!!!

[AlaskaFlyerFan]

What is the PowerBall up to this week? That should do it!!

On a serious note, I think it depends on your lifestyle. My Dad was doing well on just Social Security. He was kind of a homebody, frugal, and didn’t really travel. That was engrained in him since childhood growing up in the Great Depression.

Someone that travels, spends money on hunting or fishing trips might need more.

[Txhunter3000]

If you have to ask then you're probably in trouble. Nobody knows your income, investments and expenses like you do. Kids and inheritance.......... 20 mil rough guess.

[Bayouboy]

20 mill? Then I may be a little short

[txjustin]

I’m shooting for $30k/month cash flow from my real estate investments. Still have a way to go….

NW ~$5-7Mish


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[BlessedVeteran0305]

Pffff I'm screwed then I'll never see 100k let alone a mil or more. Us financially poor folk will work till we stop breathing lol.

[J-5]

Great, In other words I’m gonna have to work until I die.

I never have figured it any other way. The current plan is to work til noon the day of my funeral.

[rolylane6]

I never have figured it any other way. The current plan is to work til noon the day of my funeral.

Noon?... slacker! [emoji23]

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[lovemylegacy]

Great, In other words I’m gonna have to work until I die.

This

Kids at work keep asking me when am I gonna retire. I told them, when I quit coming to work

[Tyrex750]

Same boat here, work till I kick over. One divorce and child support for 18 yrs has really done me in. High *** ins at work don't help either. We livin life for now, cause tomorrow isn't promised to anyone.