How much do you need to retire?

151949 · ‎03-09-2010

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.

Qwackertoo · ‎03-11-2010

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.

Gooday · ‎03-23-2010

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.

Gooday · ‎03-23-2010

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.

${#emotions_dlg.thumbup}$

brii · ‎06-20-2010

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

151949 · ‎03-09-2010

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.

151949 · ‎03-09-2010

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.

Qwackertoo · ‎03-11-2010

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.

tansy · ‎01-02-2011

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.

Qwackertoo · ‎03-11-2010

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.