topic Re: How much do you need to retire? in Community Chat

How much do you need to retire?

151949 — Sat, 11 Jan 2014 20:42:44 GMT

The is an interesting article on MSN homepage discussing how much money you really need to retire. I know we have all spoken to the financial planners who are quick to tell us we need to be able to buy a vineyard in Napa Valley - great if you can afford that and it is what you want - but , the average American doesn't want that nor can afford that but when they go to speak to one of these retirement planners they leave confused and afraid to actually make the jump into retirement. How sad when it is likely they could do it easily. We have far from a million dollars - as a matter of fact our income is below the taxable level - and yet we live very comfortably in our retirement. We did go into retirement with no debt - i think that is vital. We put our money with a financial guy who does nothing but retirement accounts so he doesn't take risks with our savings and we have enough to live comfortably without touching our original investment. Do we have to live modestly and stay within a budget - certainly , but that was how we lived our whole lives anyway, nothing new about that.

Re: How much do you need to retire?

Qwackertoo — Sat, 11 Jan 2014 20:47:48 GMT

Over a million dollars. Preferably two million. And debt free.

happy, there are calculators out there for people to figure this out. All by themselves.

The tools are out there.

For free.

What is right for you, or for me, might not be right for someone else. We each have our OWN priorities and level of comfort.

JMO.

Re: How much do you need to retire?

Gooday — Sat, 11 Jan 2014 20:48:40 GMT

I can only share our experience. Our home was paid off for 3 years when we decided to buy a 2nd home. We have a small mortgage on this which we could pay off if we wanted. We have a 2005 Pontiac grand prix with 27K miles on it and a 2011 Buick Lacrosse we keep in Az.

We live off of DH's pension check. We have most of our monies in annuities and a tidy sum in his tax deferred through his job. We bought CD's when they were paying 5 to 5.5%. I doubt we will see this again in my life.

We have never gone into any of our savings other than to put the down payment on the 2nd house. That being said, DH just turned 68 so in 2 1/2 years we will HAVE to start taking money out.

We are truly blessed. DH was a bachelor for many years before we married and neither of us had kids.

Re: How much do you need to retire?

Gooday — Sat, 11 Jan 2014 20:49:09 GMT

On 1/11/2014 Qwackertoo said:
Over a million dollars. Preferably two million. And debt free.

happy, there are calculators out there for people to figure this out. All by themselves.

The tools are out there.

For free.

What is right for you, or for me, might not be right for someone else. We each have our OWN priorities and level of comfort.

JMO.

Re: How much do you need to retire?

brii — Sat, 11 Jan 2014 20:49:14 GMT

Debt free for sure. I don't want to buy a vineyard.

Re: How much do you need to retire?

151949 — Sat, 11 Jan 2014 20:55:38 GMT

On 1/11/2014 Gooday said:
I can only share our experience. Our home was paid off for 3 years when we decided to buy a 2nd home. We have a small mortgage on this which we could pay off if we wanted. We have a 2005 Pontiac grand prix with 27K miles on it and a 2011 Buick Lacrosse we keep in Az.

We live off of DH's pension check. We have most of our monies in annuities and a tidy sum in his tax deferred through his job. We bought CD's when they were paying 5 to 5.5%. I doubt we will see this again in my life.

We have never gone into any of our savings other than to put the down payment on the 2nd house. That being said, DH just turned 68 so in 2 1/2 years we will HAVE to start taking money out.

We are truly blessed. DH was a bachelor for many years before we married and neither of us had kids.

I personally know of some retirees who are using up their savings tring to subsidize their adult children for whatever reason. IMO - that is not good for the children nor the parents.

Re: How much do you need to retire?

151949 — Sat, 11 Jan 2014 20:57:25 GMT

I guess some people can be content with a home that is 1 1/2 miles from the beach and some have to be able to walk out the front door onto the sand. I am happy being the mile and a half away.

Re: How much do you need to retire?

Qwackertoo — Sat, 11 Jan 2014 21:02:00 GMT

On 1/11/2014 happy housewife said: I guess some people can be content with a home that is 1 1/2 miles from the beach and some have to be able to walk out the front door onto the sand. I am happy being the mile and a half away.

that is coming out of far left field. okie dokie.

actually I'd prefer NOT to live @ the beach OR a lake house. the sand tracked in would drive me crazy.

I'd prefer the mountains.

like I said . . . everyone has DIFFERENT priorities. it helps make the World go round.

Re: How much do you need to retire?

tansy — Sat, 11 Jan 2014 21:02:32 GMT

Just keep in mind that many of the retirement calculators on a site like Vanguard have a vested interest in making people super scared that they need to save huge amounts using one of their funds.

Re: How much do you need to retire?

Qwackertoo — Sat, 11 Jan 2014 21:04:16 GMT

On 1/11/2014 tansy said: Just keep in mind that many of the retirement calculators on a site like Vanguard have a vested interest in making people super scared that they need to save huge amounts using one of their funds.

well informed and savvy investors aren't ""super scared"" into anything.

Re: How much do you need to retire?

RetRN — Sat, 11 Jan 2014 21:04:47 GMT

Planning for retirement is such an individual thing as we are all so different in our expectations. It sounds like you found a good, competent, honest, and knowledgeable financial guy to work with you. I am glad you are happy and able to enjoy your retirement. They really should be the best years for those of us who have worked hard for a long time to get to this time in our lives. Continue to enjoy.

Re: How much do you need to retire?

puglet1 — Sat, 11 Jan 2014 21:06:19 GMT

How much do you need to retire?

My first thought when reading this question was to respond, "Really badly."

Re: How much do you need to retire?

tansy — Sat, 11 Jan 2014 21:10:14 GMT

On 1/11/2014 Qwackertoo said:
On 1/11/2014 tansy said: Just keep in mind that many of the retirement calculators on a site like Vanguard have a vested interest in making people super scared that they need to save huge amounts using one of their funds.

well informed and savvy investors aren't ""super scared"" into anything.

How many well informed and savvy investors do you think there are out there?

Re: How much do you need to retire?

Qwackertoo — Sat, 11 Jan 2014 21:11:21 GMT

On 1/11/2014 tansy said:
On 1/11/2014 Qwackertoo said:
On 1/11/2014 tansy said: Just keep in mind that many of the retirement calculators on a site like Vanguard have a vested interest in making people super scared that they need to save huge amounts using one of their funds.

well informed and savvy investors aren't ""super scared"" into anything.

How many well informed and savvy investors do you think there are out there?

don't know . . . haven't tried counting them.

Re: How much do you need to retire?

nafecar — Sat, 11 Jan 2014 21:15:52 GMT

A lot!!!!!!!

Re: How much do you need to retire?

pinkskates4 — Sat, 11 Jan 2014 21:21:09 GMT

On 1/11/2014 puglet1 said:
How much do you need to retire?

My first thought when reading this question was to respond, "Really badly."

Re: How much do you need to retire?

brewhaha — Sat, 11 Jan 2014 21:22:18 GMT

One Sugar Daddy

Re: How much do you need to retire?

sue52 — Sat, 11 Jan 2014 21:22:42 GMT

Agree with your original statement, happyhousewife. We, too, live modestly and within our means. If you don't mind, about where, (generally speaking) do you live in Florida? If you find this too personal a question, I understand.

Re: How much do you need to retire?

Preds — Sat, 11 Jan 2014 21:27:44 GMT

More than I have now, but I'm ready ..... where is that lottery ticket?

Re: How much do you need to retire?

Preds — Sat, 11 Jan 2014 21:28:21 GMT

On 1/11/2014 brewhaha said:
One Sugar Daddy

With todays economy, might want to make that two.