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Old 01-21-2015, 02:47 PM
 
5,426 posts, read 3,448,244 times
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You do not need much at all. You can retire on a surprisingly small amount.

With monthly Social Security and savings from a 401(k) or pension, retirement can be yours.
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Old 01-21-2015, 05:10 PM
 
Location: Backwoods of Maine
7,114 posts, read 8,152,702 times
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There are lots of "assets" in life, and time is one of them. Of all the assets you own, time is the only one that no one else can take from you. "Requiring" someone else to work a longer time because you personally don't think they have "enough" to retire, is equivalent to stealing their time.

Let him retire when he wants to. He will be just fine.
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Old 01-21-2015, 05:21 PM
 
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I retired with almost no savings.. BUT my retirement package is different than most.. I receive a monthly payment for as long as I live with COLA's coming each year...
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Old 01-21-2015, 05:25 PM
 
Location: Coastal Georgia
37,105 posts, read 45,622,935 times
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My answer is, just a little bit more than you're ever going to get.
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Old 01-21-2015, 07:10 PM
 
Location: Florida
4,365 posts, read 3,698,498 times
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Add up all the day to day living expenses. Error on the high side. Subtract pension and SS. Multiply the result by 25. That is my rough estimate of the investable assets he should have. This does not include his homes.

This is basically the 4%SWR which you might want to Google.

He will also need an emergency fund and a capital replacement fund (new roof, car etc).

Not knowing his life style I think you are correct, he might be short. Same would go for his x.
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Old 01-21-2015, 07:51 PM
 
Location: Grove City, Ohio
10,133 posts, read 12,383,606 times
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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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Old 01-21-2015, 09:02 PM
 
5,426 posts, read 3,448,244 times
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I think being a single retiree often releases a person from needing to a do things that many couples seem to expect in retirement. So a single retiree often or sometimes expects less in retirement.

Being a couple can come with expectations to entertain each other and as a couple.
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Old 01-21-2015, 10:44 PM
 
Location: In a state of mind
6,000 posts, read 6,850,765 times
Reputation: 11300
5 million minimum. I'm still a little short. Accepting donations so I can live the life to which I'd like to be accustomed.
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Old 01-22-2015, 12:09 AM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,294 posts, read 3,340,943 times
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Quote:
Originally Posted by nicet4 View Post
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.
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
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Old 01-22-2015, 12:41 AM
 
4,649 posts, read 6,481,559 times
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Save as much as you can and enjoy life the best you can. Life gives us no guarantees. I think it's crazy for people to save a bunch of money and not enjoy their youth but have a bunch of money at old age but be too old to enjoy it.

Make as much as you and set aside as much as you can but also if you can have a good sized life insurance policy for your spouse.
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