[mrpaseo]

Originally Posted by kork13

Just because the numbers haven't been thrown out there yet, I'll contribute... To provide $1500/mo income, you are looking at needing assets on the order of $450k-$600k (depending on expected rate of return... I'm using 3-4% above inflation). If you plan to draw down your savings toward zero as you age, you can make it on as little as $300k (taking out $500/mo more than you make in interest/dividends) and have that last approximately 25-30 years. Assuming social security is still around 10-15 years from now, you'll also have that to supplement your income.

Basically, you need to ramp up your retirement savings ASAP. Saving $2k/mo and earning ~5% above inflation (still potentially do-able, though it would take on a fair amount of risk), you'd just hit ~$450k by the time you're retiring (or shortly thereafter). However, if you can get up to $3k/mo savings, you can be safer with your money (aiming for 4% above inflation) and make it to ~$575k when you retire. You're doing good, but if you can buckle down and focus on your retirement savings, you can do great.

Disclaimer: my numbers are all approximate -- don't take it as gospel.

Just what I like to see... The numbers! I need to finalize the numbers and develop a plan now. Thanks for your response and knowledge. Some time when winter hits I will sign back up for morningstar (Where I did most of my last investment research) and get down to the road on a plan.

Ray

Ray