How much money do you need for retirement?

terry1156 · #1 (**permalink**) 07-16-2004, 07:13 AM

I was thinking about how much money I need for retirement. I could certainly get by on less, but I would like to have $1,000,000 by the time I retire. That would be enough to let me do all the things I wanted to do. It sounds a little strange thinking about that amount of money, but that is my goal. Whether or not I reach it is another question

Have any of you thought about how much you want to have when you retire?

2moretrees · #2 (**permalink**) 07-17-2004, 06:08 AM

I wish I was at that point where I could consider things like that! My whole focus is getting out of debt these days, but as soon as I do, I'm sure I will consider what I need for retirement.

DivaJen · #3 (**permalink**) 07-18-2004, 10:05 AM

This is an interesting question. Our plan is to retire with no debt - that is, no college bills, no mortgage. So how much money will we need? The basics, plus property taxes, insurance. And then fun money to travel, buy gifts.

But to answer your question, I don't know how much we want to have. In about six months DH wil be able to start contributing to a 401k plan (yea!!) so we'll get back to that kind of disciplined of saving.

Tree0164 · #4 (**permalink**) 07-19-2004, 04:30 AM

I would like to have $1 million in retirement and savings. We are in my mid-30s but need to be a bit more aggressive with putting money aside. I just upped my husband's 401k to 10% from 6% and I will up it to 15% in January when we are debt free. I haven't been contributing to a retirement plan in the last 2 yrs since I left the corporate world. I really need to look into doing a SEP-ira for my home buisness or the very least a ROTH.