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You know how most don't 'plan for the worst" thinking bad stuff will never happen to them. I'm not that way, but that is what happens when your mom dies and you are a kid.
If I am healthy otherwise and there is a treatments for some disease, I want it. That is why the 10 million. I would never leave my husband in a position where he can't live the lifestyle he is accustom to. If that is too much, so be it.
Gotta say, many on here that are retired, scare the heck out of me. Its as if retiring was the end all. Did you spend your whole life not living and counting the days to retirement?
What about if something bad happens, wouldn't you rather be prepared?
Some assumptions:
The $24K/year pension isn't from a public sector job in a Social Security opt-out state
The $24K/year pension isn't inflation protected
The OP has 35 "good" earnings years for Social Security scoring and they don't have years of near zero income in that 35.
The $72K burn rate is net (after taxes are paid)
I think $1.25 million in tax deferred retirement savings would do it.
You live in a High COL and at that point won't have a paid off your house, will have kids in college and your expenses will be only $6,000/mo? Doesn't sound right.
If It helps, I also plan to retire at 58 (with my wife also retiring at the same time at 54), house will be paid off, but will have kid in college and another in private high school. My target is $2.5MM (plus ~$2,800/mo in pensions)
You live in a High COL and at that point won't have a paid off your house, will have kids in college and your expenses will be only $6,000/mo? Doesn't sound right.
If It helps, I also plan to retire at 58 (with my wife also retiring at the same time at 54), house will be paid off, but will have kid in college and another in private high school. My target is $2.5MM (plus ~$2,800/mo in pensions)
my sons tuition is paid for. he's in his last year now and between what we saved and an inheritance its covered.
i have 200k left on mortgage but tons of equity (house appraised at 700k). so I can sell, downsize and pay cash for the next spot
You know how most don't 'plan for the worst" thinking bad stuff will never happen to them. I'm not that way, but that is what happens when your mom dies and you are a kid.
If I am healthy otherwise and there is a treatments for some disease, I want it. That is why the 10 million. I would never leave my husband in a position where he can't live the lifestyle he is accustom to. If that is too much, so be it.
Gotta say, many on here that are retired, scare the heck out of me. Its as if retiring was the end all. Did you spend your whole life not living and counting the days to retirement?
What about if something bad happens, wouldn't you rather be prepared?
It's a balancing act. I'm a widow, my husband died at 50!! from Leukemia. I think of all the things we didn't do because we were so busy "saving" for the "worst". Sorry been there done that. that's why I'm seriously considering retiring early. I gotta tell you I was in grief support for a year and not one person said "I wish he'd left me more money". Not one
Thanks everyone, I'm trying to think off all the issues that might come up.
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