Can I retire yet?

5M to be safe. 3M is the absolute minimum one should have.

 

Nonsense; it all depends upon WHERE you LIVE. If you retire at 62 you will get the social security max, plus pension accumulated, plus 401K. With housing significantly less in some cities vs. coastal, etc. lower house insurance, car insurance, less cost of living in general is the major end determining factor. Until that is explored there is a totally different number for everyone along with spouse or not spouse their portfolio, children financial needs, etc.

 

I just read an article about savings and retirement. Seems the average (2016) amount saved for households over 50 is less than 25K on average. Amounts shrink as one goes down in age brackets.

I’m not sure what Mr 3-5 million is smoking but I’m betting less than 3% of US households have that kind of money. Obviously millions are retiring on nothing close to even a million.

I look at my relatives, nobody has anything close to that and they are all fine.

I agree with above poster, depends on where you live and what you spend. I’ll remain debt free, pay off my house and walk at 62. I hate working and don’t plan on doing it any longer than I have to. I don’t live nor do I want to live in San Francisco and pay a million dollars for a tiny house. I’d rather live in Utah and go visit.

 

I agree with the earlier post. 3M minimum.

 

If you look at the reported savings and debt of many folks, many, I would estimate at least 40% of the population of seniors can never retire.

 

I agree also. These other posters here are blowing smoke.

 

No one really knows what someone else has unless they tell you and that could be a lie. Most people live beyond their means. And I do not believe surveys or the other nonsense about 25K or anything else people say they have period. Most people love tax deductions, taking forever to pay mortgages so they pay 3x for that house, send their kids to colleges they cannot afford, have debt, buy too many new cars, and go on vacations they cannot afford. Americans are the biggest consumers. It is all a racket; don't play their game.

 

so dependentbon age when you retire,did your spouse work, what part of country you are in, how much you paid for children's college etc. there is no set number here

 

It’s not a set number. 5M should be target. 3M for a few Americans.

 

This^

 

I see you studied the book "Critical Thinking and how I overcame it". You lack analytical skills

 

You guys are stupid. Explain your statement of <3 or 3-5 million. Your just tossing out numbs with zero support. Let’s have some actual intelligent discourse. I’m approaching retirement and would be interested in hearing what you guys have to say.

I have a financial planner and I have his opinion. I

 

Actual Intelligent Discourse? MAGA

 

Nope....wrong

Thank you

 

No sir

 

Heavens no, incorrect

 

If you need 3-5 million to retire then your doing it wrong.

I left Merck two years ago. I immediately bought a new vehicle (cash) and paid off my home. I have about 1.4 million in savings. The wife and I collect about $4200.00 per month in social security.

I have not touched the savings, I have a long term care policy and no worries.

I don’t know what the hell you guys are doing that you need 3-5 million.

 

agree
There are millions of current retires that do not have millions so obviously you don’t need millions.

 

That 3M poster gave a general number in which I agree with. They said 5M to be worry free. I think 3M minimum, however, for no stress.