Can I retire yet?

Agreed. Some may not like this but it's true.

 

HR notified me for the lists to be solidified by Friday. Much sooner then originally instructed. I am happy to comply!

 

You are clueless. I am retiring in March at 62. Have right at 1.6 mill in 401k and cash. My home has been paid off for 5 years .. my expenses are roughly 50k per year. SS and pension are more than that. So I won’t even need to touch the 1.6m. Why do I need 3 million?

It all boils down to what each individuals total expenses are! Then you determine how much cash you need after income of of social security, pension, etc.

 

3M minimum. One should strive for 5M to be comfortable. Good luck.

 

The 3M guy is trolling everyone. But really—who goes to Cafe Pharma for retirement advice anyway?

 

Not trolling. That 3M number should be targeted. Worry free after Merck.

 

some people can get by with 1-2 million if everything goes well.
i will remind you that if someone ends up in a nursing home or skilled nursing at home it can cost up to $100,000 per year. Medicare doesn't pay that.
Thats half a million for 5 years for 1 person.
the one thing people need to be worried about is healthcare. they can't control the cost of healthcare by living frugally.

 

Correct. 5M is needed to live comfortably and care free. 1 or 2M just isn’t enough.

 

And your financial credentials are what? You’re so full of shit. By your estimation, you’ll be living better in retirement than when you were working. Nothing wrong with that, but 5 mil is ridiculous.
when I run out of money, I plan to go on the dole with the rest of the freeloaders in this country. I’ll be damned if I’ll pay 100k in a nursing home with terrible care, pissing and shitting my pants, and knowing my own name maybe 2-3 times a week. Screw that.
This country need to care more for its elderly that contributed plenty to our society vs. the freeloaders that are citizens, and those that are not.

 

I don't think the poster needs financial credentials to be right about the amount needed...Let's just say 4 million and end the discussion. As far as your bleak nursing home scenarios, I am a bit confused? You say you won't pay the 100K necessary to be in a nursing home, but then goon to say that we need to take better care of the elderly? Well, better care costs money so are you going to dole out the 100K or not?

As far as your plan to freeload off the system after spending down your assets, I can't really blame you or disagree with that strategy. It is far better to be at the top or the bottom in this country, than in the middle.

 

So is 4 million enough to retire if you are 30? Is 1 million enough if you are 75? What if you have two homes and three dependents? What if you only want a small apartment in Waco? I simply can't believe the discussion here. How much one needs to comfortably retire is primarily dependent on the lifestyle one wants or needs to live and how long they think they will need to rely on savings.

 

What's the cost of living like in Austin Tx area ?

 

Correct on all counts.

 

High, and Ted Cruz is to blame.

 

Texas is a great state to retire and super affordable from housing, food, utilities, energy, healthcare, etc. No state or local income taxes either.

 

Too many dangerous illegals and too close to border. Almost as bad as California.

 

4M will work there.

 

Location determines the necessary amount needed. There are reps working until 70 to feed that crazy rent inManhattan and San Francisco.

 

It doesn't make a difference fuck the assholes. Leftwing dickwads

 

What you spend means more than what you've saved. If you own your home outright and retire at 62, draw a reduced SS benefit at 62 of $20K/yr, earn a conservative average return of 4% on investable assets of $2.5M with inflation holding at 3%, you can live to 100 on $90,000/yr plus, including the SS benefit. If you want to be even more conservative, eliminate the SS benefit entirely and reduce the draw down. If you have a defined pension benefit in addition to savings and SS, better yet and the $90K/yr number increases.

It all depends on your spend level. If you envision spending $180K/yr every year of a retirement adjusted for inflation starting at age 62 and you live until 100, $2.5M won't cut it. If you retire at 62 and croak at 69, $2.5M is plenty. Just depends

$3M boy on this thread is correct...depending on what your draw down need is. But it need not be $3M. Could be much less/could be much more. Lots of variables, too many to list

Best to fully understand your own situation and pay no attention to $3M boy