How much is enough to retire?

[altyfc]

At what age do you plan to retire, and in what state would you like your finances to be in by that time?

Aaron

[jmjj215]

Re: How much is enough to retire?

I want to retire at 51 w/ at least 5 million of today's dollars working hard for me 24/7. Then I'm going to serve lots of missions with my wife.

[terry1156]

Re: How much is enough to retire?

Although I'm in semi retirement now, the goal is $1,000,000 in savings - I don't have a lot of expensive things I want to do and could live off the interest whether it was at 3% or 5% or more very easily.

[altyfc]

Re: How much is enough to retire?

When you say $1m in savings, that's in addition to having paid off your mortgage, right?

Aaron

[altyfc]

Re: How much is enough to retire?

I want to retire at 51 w/ at least 5 million of today's dollars working hard for me 24/7. Then I'm going to serve lots of missions with my wife.

Hi Jesse... was this a serious answer? I'm thinking it is, but just checking you're not joking before I respond...

Aaron

[Snoopy2645]

Re: How much is enough to retire?

I dont ever want to completely retire I work pt now & in a few years will go back to FT & then when I get older I will go back to pt maybe at like 65 or something. But I think I will work as long as I possibly can when I do finally retire I would like to have at least 1 million saved.

[jmjj215]

Re: How much is enough to retire?

Hi Jesse... was this a serious answer? I'm thinking it is, but just checking you're not joking before I respond...

Aaron

I'm serious.

[jmjj215]

Re: How much is enough to retire?

To snoopy's comment, I think a good point is that you want to be anxiously engaged in a good cause, and that can be employable or not, earning money or not, charitable or not, whatever. In retirement I want to be doing something fulfilling (and I hope to find a career that is also fulfilling too).

[terry1156]

Re: How much is enough to retire?

When you say $1m in savings, that's in addition to having paid off your mortgage, right?

Aaron

yes, the mortgage is already paid off so that is not an issue.

[34saving]

Re: How much is enough to retire?

Jesse - I probably shouldn't trust my approximating skills too much right now, but am I right that your goal for saving is about $65,000 a year?

[jmjj215]

Re: How much is enough to retire?

At 9% after taxes and inflation, and contributing for 26 years, I would need to save $4,000 per month, or about $48,000 per year. I'm going to do it through real estate, investing, and trying to earn a really high income (and living frugally)

[Tree0164]

Re: How much is enough to retire?

I would like atleast $1 million in retirement assets and the house will be paid off by then. This will be in 30 years.

[jmjj215]

Re: How much is enough to retire?

I know everyone shoots for $1 million - but I honestly don't think that will provide the same standard of living you might now enjoy in 20-30 years.

[akaivyleaf]

Re: How much is enough to retire?

Good question, and good comments too. I don't think I'll completely retire, as I've been doing something all my life, and it would just be strange and probably unreasonable that I would just one day quit. But I will retire from the job I'm on in under 20 years, thereby giving me full retirement benefits from the job. This will hopefully assure health benefits until the day I die, plus a pension. I plan to have my house paid off, and my retirement present will be to go buy a brand new car, with cash, on my retirement day. Therefore I'll go into retirement debt free.

I've not yet calculated, at my current contribution/savings rate, how much 401K/IRA money I'll have, nor how much cold cash I'll have either. This question has given me more to think about.

I do agree that shooting for 1Mil isn't enough for 20+ years from now.

[Tree0164]

Re: How much is enough to retire?

I know everyone shoots for $1 million - but I honestly don't think that will provide the same standard of living you might now enjoy in 20-30 years.

Your right it won't but it is goal that DH and I are shooting for. We are no where near reaching it right now. That is why I am working on increasing my business earnings and he is increasing his income so that we can put more away for retirement.