What's a good target for a "Retirement Number"?

[Grasshopper]

What would you say is an "adequate" retirement number in terms of dollars? (not an amount to simply scrape by, but a figure that would allow a happy life with some travel, leisure, service and the occasional audio purchase )

This question isn't intended to pry (or ask any forum members to divulge any personal or private information). I have been thinking about retirement planning as of late, and I am curious what a good goal ought to be.

As this forum is comprised with a diverse range of folks, who have been blessed in one way or another to buy gear that is not cheap, I was curious what AA members thought on this subject.

[The Trace]

Depends who is managing your money. You will need at least one million of your own.... do not include S.S. More is nice too! Pay off house, all bills that are possible, no expensive cars unless you feel inadequate or just need to impress. My financial advisor worked it out so that I get a nice monthly check which will not run out so I can afford power cables and the wife, local animal shelter and Salvation Army are cared for in perpetuity.

[Cohibaman]

Some might feel perfectly happy with a $200K or a $1M nest egg while others will fret unless they have $10M.

I think you’re going to get a wide range of opinions here. It really comes down to your lifestyle, spending habits, where you live, etc.

http://money.cnn.com/2018/03/16/reti...ngs/index.html

[nicoff]

Originally Posted by Cohibaman

I think you’re going to get a wide range of opinions here. It really comes down to your lifestyle, spending habits, where you live, etc.

+1

[cleeds]

Originally Posted by Cohibaman

Some might feel perfectly happy with a $200K or a $1M nest egg while others will fret unless they have $10M.

I think you’re going to get a wide range of opinions here. It really comes down to your lifestyle, spending habits, where you live, etc....]

Absolutely agree. If you're asking this question, this book will help you develop your own answer.

[Macuser]

Everyone is different and your best source of information should be your 401K which will have charts and advice to help with retirement planning.

[Grasshopper]

I appreciate all of the responses so far.

To clarify, I am not really looking for someone to tell me what my number should be, and I'm aware that everybody's number will be different.

I'm mainly curious what others think given the diversity of the AA group (particularly those who are living the retired life, or are closer to approaching this than I am).

[Kal Rubinson]

I have been retired for 3 years (and my wife for 5). We spent lots of time with our 403b (academic equivalent of 401k) advisers beginning 15-20 years ago and they have always reassured us that, if we continue to prepare as we have and do not change our "lifestyle, spending habits, where you live, etc," we will be fine. So far, we are and we have not had to make any significant adjustments.

Get professional advice.

[djwhog]

If you are a AA member I think you need NORTH of 1 million!

All seriously, depends on debts, own home, health, what is you live style etc. Do you want to travel some, a lot, never? Entertainment, ball games, sports, dinners, cruises etc... Just food for thoughts...

I don't see how I can live on less that 4k a month even with no car and or house bills, and credit cards at ZERO..

And again from time to time you are going to need clothes, fix stuff on car, get a new car etc and maybe house items that need replacements etc. TAXES, TAXES etc..Insurance ugg... the list never ends huh

Look at Dave Ramsey's Site. I think most people think it is all about the house, but that should not be more than 30% of your bring home cash IMOP.


I spend to much on music, food and travel etc..

[Mikado463]

IMO the biggest 'unknown' is ones health, so be sure your nest egg, however big is protected with adequate insurance.

Myself, a life long railroader I fall under railroad retirement.