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.

[Karl Maga]

Originally Posted by The Trace

no expensive cars unless you feel inadequate or just need to impress.

Are you being humorous, or do you really believe those are the only reasons someone would be compelled to buy an expensive car?

[The Trace]

Originally Posted by Karl Maga

Are you being humorous, or do you really believe those are the only reasons someone would be compelled to buy an expensive car?

A big of both. I find my car gets me around, reasonable costs, self-maintained. Even got a 90 Vette I do not use much. But I know it will no appreciate it at all.
But I did watch my funds and behaved myself.

[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).

[Jack in Wilmington]

Originally Posted by 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).

It really does depend on what outstanding debts you have. Is your house paid off, car payments, children are financially secure, things like that. I've been retired for 7 years and my wife for 8 and we're just coming up next year when we'll have to start taking money out of our 401k. We live quite comfortably on my wife's pension and our two SS payments.