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Old 07-27-2019, 05:51 PM
 
72,686 posts, read 72,534,115 times
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Quote:
Originally Posted by Llep View Post
You were right with your first answer. Basically how long is a piece of string? There are so many variables that are unique to each person that its almost impossible to do an apples to apples comparison or to make sense out of someone else’s numbers.
But that does not stop those who look at median national numbers and tell others it is more than enough ..or you have someone living like a hermit in a hobble in Appalachia telling others they don’t need more than that.

My answer is just save and invest as much as you possibly can and then once you get there you see what the life it buys is and back in to it ....you can’t save to much so just do as much as you can ...

All these retirement calculators and formulas never existed until the 1990’s .. we did not even have 401ks .....yet people reached retirement, took what they had and made it work for them ...some may not have preferred the lifestyle it bought but they made it work
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Old 07-27-2019, 05:53 PM
 
29,979 posts, read 35,062,916 times
Reputation: 11866
Quote:
Originally Posted by johngolf View Post
Though this question has been asked many different ways, I am going to try and limit the responses to those over 62 and fully (or nearly) retired.

The questions are for those doing it.

How much in Total Assets do you think the average person needs to have to retire reasonable comfortable?

How much Monthly Income do you think the average person needs to have to retire reasonable comfortable?
To retire is a lot less than to live comfortably with services available for 30-40 years in retirement.
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Old 07-27-2019, 05:57 PM
 
29,979 posts, read 35,062,916 times
Reputation: 11866
Quote:
Originally Posted by johngolf View Post
Though this question has been asked many different ways, I am going to try and limit the responses to those over 62 and fully (or nearly) retired.

The questions are for those doing it.

How much in Total Assets do you think the average person needs to have to retire reasonable comfortable?

How much Monthly Income do you think the average person needs to have to retire reasonable comfortable?
I am a old timer here as are you. I know what your retirement goal/plan was:

Good Scotch
Expensive Cigars
At least three rounds of golf per week
Meals and drink in the club house

Not cheap! But noble and worthy as a retirement life
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Old 07-27-2019, 05:58 PM
 
72,686 posts, read 72,534,115 times
Reputation: 50227
Quote:
Originally Posted by TuborgP View Post
I am a old timer here as are you. I know what your retirement goal/plan was:

Good Scotch
Expensive Cigars
At least three rounds of golf per week
Meals and drink in the club house

Not cheap! But noble and worthy as a retirement life
2400 a month for the above alone ha ha ha
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Old 07-27-2019, 05:59 PM
 
29,979 posts, read 35,062,916 times
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Quote:
Originally Posted by mathjak107 View Post
2400 a month for the above alone ha ha ha
That use to be a lot more the norm around here
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Old 07-27-2019, 06:00 PM
 
Location: Rosa’s Cantina
189 posts, read 203,251 times
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Quote:
Originally Posted by mathjak107 View Post
2400 a month for the above alone ha ha ha
Yep! None of those are on my daily to do list!
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Old 07-27-2019, 06:24 PM
 
6,935 posts, read 3,861,053 times
Reputation: 14167
Quote:
Originally Posted by johngolf View Post
Though this question has been asked many different ways, I am going to try and limit the responses to those over 62 and fully (or nearly) retired.

The questions are for those doing it.

How much in Total Assets do you think the average person needs to have to retire reasonable comfortable?

How much Monthly Income do you think the average person needs to have to retire reasonable comfortable?
It varies so much with needs and wants of a person, his lifestyle, and the cost of living of his area (or where he will retire to).

Don't forget to budget for those big expenses that pop up, that are not part of your monthly expenses. Like a big car repair, a new roof, a new car, a big medical bill.

A good place to start is:

1. Work out a monthly AND annual budget for your estimated expenses.
2. Add the "every 5 years" or "every 10 years" expense items.
3. Go to marketwatch.com and use its "Retirement Planner." It uses all sorts of accepted investment and accounting methods to calculate how long your money will last.

Click on the link, then click on "Retirement Planner" at the top.


http://www.marketwatch.com/retirement

This is really helpful. It'll take some time to input all your estimates, but once you do it, you can easily edit it numerous times in the future. It shows you how many factors are necessary for you to estimate what you'll need for YOU. (estimated life expectancy, what KIND of accounts your money is in, what rate of return you expect, inflation rate you want to use, whether you have a spouse, etc.).

Last edited by bpollen; 07-27-2019 at 07:25 PM..
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Old 07-27-2019, 07:41 PM
 
Location: NC Piedmont
4,018 posts, read 2,936,047 times
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Not qualified to answer; not quite 61.

But I will say it is pretty simple to find out the median amount saved (it's really low) and the number of people who say they are comfortable in retirement (I think it is around half) and if you put them together you will find out that just like most people are getting by on less than many of us think is reasonable, most are retiring on less also. Lots of elites in this forum (not saying elitist).
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Old 07-27-2019, 07:48 PM
 
6,935 posts, read 3,861,053 times
Reputation: 14167
Quote:
Originally Posted by mathjak107 View Post
But that does not stop those who look at median national numbers and tell others it is more than enough ..or you have someone living like a hermit in a hobble in Appalachia telling others they donít need more than that.

My answer is just save and invest as much as you possibly can and then once you get there you see what the life it buys is and back in to it ....you canít save to much so just do as much as you can ...

All these retirement calculators and formulas never existed until the 1990ís .. we did not even have 401ks .....yet people reached retirement, took what they had and made it work for them ...some may not have preferred the lifestyle it bought but they made it work
Well, that wasn't so long ago. People tried to make things work. Sometimes it worked out, sometimes it didn't (and doesn't). And some make it work by going without some essentials, like a better Medicare supp. policy or emergency savings.
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Old 07-27-2019, 08:06 PM
 
2,963 posts, read 3,087,542 times
Reputation: 8472
The wife and I can live very comfortably on SS alone. In fact we put money in the bank monthly. This is our basic income + some yearly dividend money from insurance policies. We paid off our house in our early 60's and have never had any debt. We pay off our credit cards monthly (always have) and owe nothing else other than utilities. We pay cash for any purchases. We invested in the market and do OK. We can afford to travel or buy whatever we want. We don't waste money. We've been retired for 15 years and have never had to dip into our savings. Oh, and we don't waste several hundred dollars a month on a 'smart phone'.
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