Poll of the Day > how much do you need to retire off of?

(+) Yeah! (+)

You planning to work forever? early retirement? are you the lucky few who will still collect a pension on top of a 401k, IRA, and social security? whatsup with you?

Are you asking each of us individually or generally as in, 'How much does an average person need to retire?'

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I dont know because the prices at stores keep changing

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At my current level of spending, 1 million dollars (cnd) is what I'd need to live an additional 50 years without any increases in expenditures... but I'm rather frugal

You guys would probably need 2 million minimum


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I could technically retire with 2mil, but it's unlikely I'll earn that much unless one of my next books sells super well.

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Lokarin posted...

At my current level of spending, 1 million dollars (cnd) is what I'd need to live an additional 50 years without any increases in expenditures... but I'm rather frugal

You guys would probably need 2 million minimum

jesus H 2 mill? i was hoping 1 would cut it for me but the older i get the more i realize it wont be enough. I also get a feeling life expectancy will go down due to rona so theres that.

I demand thirty million USD

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The retirement apps I have say I'll have $12-14 million at retirement @ 63 given current projections but

1) I don't think I'll wait that long to retire

2) I don't expect to make this much all the time because ageism so who knows

3) this isn't including my potential IPO equity which should happen this year..

I'll be fine though. Especially if I marry someone similar, and I am dating someone similar.

I should have at minimum 4 million by 50 by myself.

I could definitely save more tbh, having a higher paying job helps me bullshit around.

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I will be a gravedigger until I die

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teddy241 posted...

jesus H 2 mill? i was hoping 1 would cut it for me but the older i get the more i realize it wont be enough. I also get a feeling life expectancy will go down due to rona so theres that.

My math is based on stark income-expenses with no other considerations. If you count investments to offset inflation and such it changes.

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Depends how long you live after work.
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Mead posted...

I dont know because the prices at stores keep changing

Yea, chances are everything is going to be more expensive in 40 years. :/

At age 50 I could retire with 1M CAD I believe. I will have my mortgage paid off by then and have all sorts of investments. Add my inheritance ill receive from my dad, I could probably retire at age 45 if I really wanted to.

If you have a good pension, it doesn't really matter if you save or not.

My father retired just a couple years ago with a bit over 1.5mil, he will have to get a part time job for roughly 10 years to be able to stretch his savings.

By the time I reach retirement age (another 20 or so years), I will likely need between 2 and 3 million to live comfortably.

Probably going to be working until I die.

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1-2M in todays dollars is when Ill pull the trigger. Sometime in my 30s. I drop about 100k a year into index funds, hoping that increases soon but not counting on it for sure happening. I regret not choosing a job I could do straight out of college and spending an extra 5 years on an advanced degree program, as that could shift things from late 30s to early 30s. I could probably retire early 30s but Im not that brave.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

my gf saves 1-2k a year for retirement and doesnt want a better job so idk what shes gonna do

Roughly, 1.4 million usd. This factors in a new car every 10-15 years, an emergency fund, and 2 decent vacations a year.

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$1 million! LOL

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teddy241 posted...

jesus H 2 mill?

It honestly doesn't take long to burn through a million dollars if you don't have any other income and are just depleting that stockpile. At 40,000/year (which is fairly frugal even if you have paid off your mortgage), 2 million will only last 50 years. Substantially less if you account for inflation.

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Are yall using 3% or 4% withdrawal rates for calculations for amounts needed? Obviously best strat is to vary. I use 2-3% usually.

adjl posted...

It honestly doesn't take long to burn through a million dollars if you don't have any other income and are just depleting that stockpile. At 40,000/year (which is fairly frugal even if you have paid off your mortgage), 2 million will only last 50 years. Substantially less if you account for inflation.

Invested 40,000 withdrawal at 2M will last until the world economy tanks

blu posted...

Invested 40,000 withdrawal at 2M will last until the world economy tanks

Yep. It's vastly more sensible to invest your savings with a modest return and live off of that than to try saving enough that it'll last. A 3-5% return on 2 million is 60-100k per year, which is more than enough for anyone to live on if they aren't trying to live in luxury.

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