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I've been told for quite some time that my wife and I should be shooting for somewhere in the ballpark of $2.5 million. Our combined SS should be between $5k to $5500 a month. I anticipate about $800k in savings and home equity (2 homes) of roughly $1 to $1.2 million. I'm just wondering which figure is more accurate ($1 million or $2.5 million)?
Depends on how long you will live and how much money you intend to spend....
Quote:
Originally Posted by mathjak107
how long is a rope ?
there is no magic number
I guess I assumed there would be a minimum (not necessarily a maximum) based on healthcare and other expenses. Clearly no one has a crystal ball on how long they'll live but could look at hereditary factors. For example, the most recent cost on health care that I've seen is a couple retiring today should expect to spend $315,000.
I've been told for quite some time that my wife and I should be shooting for somewhere in the ballpark of $2.5 million. Our combined SS should be between $5k to $5500 a month. I anticipate about $800k in savings and home equity (2 homes) of roughly $1 to $1.2 million. I'm just wondering which figure is more accurate ($1 million or $2.5 million)?
Who the heck told you that? I've never heard such an outrageous sum.
Who the heck told you that? I've never heard such an outrageous sum.
A friend's financial advisor (in a conversation at an event). I've also had clients give me a similar ballpark figure. Looks like there are different viewpoints on this. Glad I brought up the subject and appreciate the comments so far.
I guess I assumed there would be a minimum (not necessarily a maximum) based on healthcare and other expenses. Clearly no one has a crystal ball on how long they'll live but could look at hereditary factors. For example, the most recent cost on health care that I've seen is a couple retiring today should expect to spend $315,000.
That’s spread over 30 years for a couple ,I spend 380.00 month with part b,G supplement and part d.The wife 150.00 less a month as she has HD part G.
That’s spread over 30 years for a couple ,I spend 380.00 month with part b,G supplement and part d.The wife 150.00 less a month as she has HD part G.
Oh, I thought it was 20 years but probably misread it.
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