Six hunnit fiddy dollah

'Bout, 'bout a hundred dollars....

I plan on retiring at 55 (9.5 years). My planner says I need roughly 2.5 mil. at 55 (I am on track with my investments... a bit ahead thanks to the President).

The planner says with 5% growth, I will have a just under a million left when I die at 100. I don't plan on living to 100 and I don't have kids, so why I need 2.5 mil is beyound me. I need to find someone who wants my NFA toys and money when I keel over at 70. Maybe a SigForum Karma?

I'd be pretty happy with $100 right now.

$200k a year will do me just fine

They way we live my wife and I could live like royalty on $150k a year.

By the time I can retire (probably 25 more years) I suspect our country will continue to bankrupt itself trying to pay for entitlements. Therefore I am assuming:

I won't see a penny from social security
Medicare will be basically turned into Medicaid (only the "poor" are eligible, hence I won't qualify)
Health insurance/healthcare costs will be 10x more expensive then they are now
The fed gov will continue trying to inflate our way out of debt, driving up the cost of living even more
The local gov will continue to jack up my property taxes to pay for their pet projects
College tuition costs for my kids will also continue to skyrocket
Etc.

So I'd say $250k/year starting right now, with yearly cost of living increases, should probably do it.

I was thinking that if I had everything paid off, I could probably get by just fine with 60K/year or so. Like many have said, who really knows what the cost of living/medical expenses are going to be 20 to 30 years down the road. I'm just going to try and save as much as I can and adjust my lifestyle accordingly.

Minimum of 250k/year (after taxes), for life.

Well, obviously we are all different. Tons of factors.

$30,000x25 years is $750,000???

62, retired at 60.

All my working life I have stated that my goal was to retire a Millionaire, and to die broke. . My kids don't seem to find that as funny as I do.

Of course a Million just ain't what it used to be...

quote:

Originally posted by cparktd:
All my working life I have stated that my goal was to retire a Millionaire, and to die broke. . My kids don't seem to find that as funny as I do.

Tell them you are going on a SKI vacation...Spending the Kids Inheritance.

About $3.5 million I could retire and be happy. I have a long way to go

If I was making $150k/year right now (which is way more than I actually make) I'd probably feel zero need to make more money. Hell, even $100k.

However, I'm single, I've got guns to buy, projects to complete, women to chase, sights to see, houses to pay off, retirement savings to accrue, an empire to build, adversaries to dominate. No wife or kids, and it's not like inflation is going to go away.

And even if I found a number where I was totally content, it's not like I'd really stop. I might sit back and enjoy having "arrived" for a bit but sooner or later I'd get bored and start looking for the next goal to achieve.

Not so much "he who dies with the most toys wins," but it'd be nice to know the kids and grandkids are set for life. And to be honest, who doesn't like toys anyway?

I'll let you know in June when I retire from the Navy. I think between my pension and Roth IRA ladder, I'll be in good shape.

Your "set for life" number needs to account for inflation, probably 2-3% a year. If you retire young and are healthy, what is generous now would be very skimpy when you're in your 80's.

quote:

Originally posted by sjtill:
Your "set for life" number needs to account for inflation, probably 2-3% a year. If you retire young and are healthy, what is generous now would be very skimpy when you're in your 80's.

Yes, that's why I said to assume it was indexed. I've heard some financial planners say to inflate out to age 70 or so and then level off. Most people back off on their spending considerably in the later years. The first few years of retirement are the expensive ones with travel, new hobbies, etc.

quote:

JALLEN said:
One of the luckier moves I made was to get supplemental F coverage. That covers everything. My premium is up to around $750 a quarter, plus of course the basic deduct from Social Security. I have Part B coverage, and since one of my meds runs about $8500 a month, the other meds I pay for are practically nothing.

WOW! you blow through that doughnut hole rather quickly, don't you?

quote:

Originally posted by parabellum:
9.2 billion USD and the island of Sardinia

Out of curiosity, why Sardinia?