Quote:
Originally Posted by nicet4
There is no answer.
Some couples can do it comfortably on $2,000 while some would starve on $5,000.
Not long ago I did a poll asking this same question and what surprised me most was the wide range of figures.
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This simple and concise post (quoted above) sums up the question perfectly. Everyone's situation is different....: i.e....
..IMHO some of the biggest and most important factors are:..........................
/when did you start contributing into your IRA, 401k etc?
/did you always contribute the "max"?
/did you start "a separate investment account" (Mut Fds, stocks, etc) early on in your working years?
/did you always "live-within-your-means"?
/did you, or are you trying to pay off your mortgage as quickly as possible.?
/where do you plan on retiring? state?..city?..
/how long is (or was) your working career?
/have you always had "good-control" over your "spending habits"?
/did you have any part time job(s) during your high school and college years?
/did you pay for all or a portion of your college costs?
These are just a few of many more questions (and answers) that will determine how "comfortable your financial status will be in retirement". Nothing worth while comes easy-------and "planning" is mandatory.
Sure, these questions reflect the "thinking of an
old man", however,
"this type of conservative-thinking" and intelligent planning during all of one's working career has resulted in a "great retirement" for me and my late wife of 51 years. After working for almost 40 years, I retired almost 22 years ago and have lived in a mortgage-free home since 1980. Admittedly, I started "investing"
any-spare-dollars when I was just 15 years into my 40 yr working career, and it has been very rewarding. I did NOT have a "high-salary" job, but being in sales, sales management and project management for all of my career, I always negotiated my employment contract that included: a company vehicle, an expense account and full health insurance coverage.........Yes, Yes, I realize it "is-a-different-world" today, however I believe (IMHO) that a successful, rewarding and financially adequate working career can be achieved by utilizing common sense, hard work and staying "in-the-same-field" throughout your working years. Changing employers 6 times in almost 40 years resulted in my not qualifing for ANY type of company pension benefit(s).............UMMV............we all are different and have different prioities as we go through life