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- May 3, 2004
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I know we occasionally have some personal finance discussions on here. I pose this question.. I was speaking to some of the guys I work with and realized that many have no idea on this number. Guys 10 years older than me.
In todays dollars how much do you think you need to retire? Lets assume zero from Social security.
Consider (some might be obvious)
1) Once retired you dont need to save any more
2) Depending on what you want to do costs may go up (travel, hobbies etc)
3) The earlier you retire the more you will need
4) Costs of kids weddings
5) costs of taking care of elderly parents
6) No need for life or disability insurance
For me it is about $12-15k/month.. and a house without a mortgage.
Just curious what folks on here think. I realize its a ton of money but between travel (which gets expensive) and helping my kids and their grandparents.. thats kind of a number that would make me comfy.
I realize everyone has different issues on their mind.. Just wondering.. ActiveDuty surely has some great thoughts on this. Feel free to share.
In todays dollars how much do you think you need to retire? Lets assume zero from Social security.
Consider (some might be obvious)
1) Once retired you dont need to save any more
2) Depending on what you want to do costs may go up (travel, hobbies etc)
3) The earlier you retire the more you will need
4) Costs of kids weddings
5) costs of taking care of elderly parents
6) No need for life or disability insurance
For me it is about $12-15k/month.. and a house without a mortgage.
Just curious what folks on here think. I realize its a ton of money but between travel (which gets expensive) and helping my kids and their grandparents.. thats kind of a number that would make me comfy.
I realize everyone has different issues on their mind.. Just wondering.. ActiveDuty surely has some great thoughts on this. Feel free to share.