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How much does everyone feel they need to retire, and at what age?
I hear so many different amounts from many different people. Of course everyone will have a different answer but I work with some people who literally need to be worth $150,000,000 plus before they could ever think of the word retirement (they typically have $10-$50M now) and the blue collar guys say things like "if I had $300,000 I would be set for life" (they live in debt and blow their pay at the local bar).
I am 66, my wife 54. We want to live in Colorado or Idaho, and I figure it will take $4000 a month for us to live. Every situation is different. That is just us.
How much does everyone feel they need to retire, and at what age?
I hear so many different amounts from many different people. Of course everyone will have a different answer but I work with some people who literally need to be worth $150,000,000 plus before they could ever think of the word retirement (they typically have $10-$50M now) and the blue collar guys say things like "if I had $300,000 I would be set for life" (they live in debt and blow their pay at the local bar).
WOW! No wonder you don't know how much you'll need to retire when you think so little of the blue collar workers. You have to little of an idea what working life is all about.
.....I work with some people who literally need to be worth $150,000,000 plus before they could ever think of the word retirement (they typically have $10-$50M now)
If I had $150,000,000 my wife could cut back to a 4 day workweek.
2000 - 2500 a month would do me for life. . . .unfortunatly, my need to retire due to medical issues is imminent, and I will be living on @ 1500, if I'm lucky.
It really depends. Where do you live, where do you want to live? What's important to you? Your station in life while you work doesn't necessarily translate to a certain retirement. A professional that retires young could spend their time living in an RV becuase the freedom is more important than money. A blue collar worker, could retire at 65 to a mansion on a golf course. Just to many variables, the biggest of which is you.
I am not sure what the purpose of the question is, but if you want to know how much you should save, your asking the wrong question. You should be looking at your life and figureing out what is important to you. You can't figure out how much you need, until you answer that.
If I had $300,000 I'd be set for life too. Actually, $250,000 would be enough for us. Of course, we'll have pensions and SS, so that amount is really just a supplement. In fact, if all goes according to plan, we'll be able live on pensions and SS for years, once the mortgage is paid off.
we are ball-parking 5,000 a month with a paid off home in PA
Probably, PA property taxes are triple what I pay in Arizona
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