Way off the subject---RETIREMENT---but important to me!

[27458]

Its slow fishing season....so.....help me out on a serious subject....Retirement $$$$$.

I know there are a ton of variables involved, like standard of living, health, travel, etc. BUT, what would be your educated or uneducated guess on the amount of money one might need saved in a piggy bank to retire on at 60 yrs of age? I know health insurance is the big thing retiring early. Just a typical middle class husband and wife, nothing extravagant maybe a couple weeks vacation a year traveling, house paid for, etc. $200K, $400K, $1M, $1.5M?

I'm 50 and read up a lot on this. Some of the amounts I see, I don't spend NOW much less after I retire. Not asking for anyone's personal retirement account balance. Just opinion. I'm actually pretty fortunate that I have a Pension and a 401K, but curious about what a good nest egg might be. Yes, I worry about it often! Especially considering the market like it is. Took me 7 years to recoup what I lost the first time. I keep having dreams of it crashing again!

[Speck]

It realty depends on the age you wish to retire relative to your life expectancy. Then you factor in your life style or life style you would like to maintain in retirement. Lastly, the amount of return on your money invested. Everyone's number will be different. The closer you get to retirement , the more conservative you will want to be with you investments.

[DonDon]

Take your bills and how much you want to spend per week, then multiply in by 4.333 for a month, then by 12, for a year. Then say 25 years, that'll put to at 85. now DOUBLE IT and you're close

[MO' MONEY]

Really need an accountant or CFA to take a look at it for you. as speck said it is case by case. I'm 25 and putting a good chunk back every month because I don't trust the government to do it for me. When you think you have enough, keep saving. Rainy days can hurt you. And it never hurts to diversify as much as possible. I love the rental market with rates the way they are.

[duckhunter]

My son asked me the same thing a few days ago, lol. I told him, retiring at 60, with a life expectancy today of about 85, you have to figure 25 years of retirement. If you are happy with your current lifestyle ad spending habits, figure out how much per year it's costing you, including leisure. Multiply that by 25, and add 10 percent a year for higher costs of living as time goes by, and you will have a rough guess. just my 2 cents worth, lol.

[hotrod1]

My age was 60 but after talking to my grandparents and other people in there 60's I've changed my mind to 65. I'd say as far as a nest egg just budget based on how you want to live.

[canebreaker]

I retired at 58 and live off of my monthly check. I did spend the pay-off for things I wanted at the time. Debbie retired at 60 and gets half of the amount that I get. We haven't touch the 401. It gets a little tight about the end of the month,but we do just fine.
I need 3 tires and 2 or 3 batteries for my boat. Looks like 5 or 6 months of buying one per month before I'll take the boat out.

[KDAVID1]

Won't matter to me--I'll never have the chance to retire

[windstone]

i believe a good pension is the key to retirement. i was fortunate in as much as i worked for a great company that has a nice one. i rolled my 401k over to ramon james and like most i took a bath on it in 08. they got it all back plus some now. i have my ss checks go straight into a savings account and have not used much of it in ten years. i live off of that pension check, everything i got i own. i have the savings and rollover in case of emergency. frankly at your age i would think long and hard before you pull the trigger. insurance alone is gonna get to ya till you get to medicare age and who knows it may not be here then, but i sure hope so for all the folks that have paid in to it all these years.

[stormcloud]

My wife and I got everything paid off in 2006. I retired at 65 and 10 months which was my full retirement date in 2008. My wife is retiring this Thursday. We both will draw full SS and both draw two pension plans each. We also drew 401Ks that we pretend doesn't exist. We spend very little, have a garden we can from, but if we want something or want to go somewhere, we get it or go. I had thought about retiring at 62, health insurance changed our mind. Been retired going on 7 years, still have my health, I don't know how, I love it. Just be sure that you have enough to support yourselves. The average American male without a hobby draws 11 SS checks.