Can I retire yet?

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One needs to add their social security to their pension and if they decide to work a part-time job and for how long; when (age) you will retire is important. If you are living in a socialistic, democratic, highly taxed state plan for more. Most people move out of NY, CA, IL, NJ, MD, CT, and other blue states since they are $ and ruined. You will not need 5 or 4 million and probably not 3 if you move to one. It depends upon each individual situation, anyone else besides yourself you must support and take care of, etc. And this number is if you intend to have a very nice retirement life and doing a lot of nice things. Most people have nothing near the numbers quoted on these boards.
 






anonymous said:
One needs to add their social security to their pension and if they decide to work a part-time job and for how long; when (age) you will retire is important. If you are living in a socialistic, democratic, highly taxed state plan for more. Most people move out of NY, CA, IL, NJ, MD, CT, and other blue states since they are $ and ruined. You will not need 5 or 4 million and probably not 3 if you move to one. It depends upon each individual situation, anyone else besides yourself you must support and take care of, etc. And this number is if you intend to have a very nice retirement life and doing a lot of nice things. Most people have nothing near the numbers quoted on these boards.
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Totally advice. 3M is really pushing it. 5M to be comfortable.
 






You do realize that 90% of people retire with less than 200,000 in savings. These numbers someone is tossing around are ridiculous.

Of course the person that continues to toss out 3-5 million is probably a recently laid off 30 something, bitter and in between job postings come on cafe pharma to spew garbage.

The actual numbers are staggering. The amount of money people have saved for retirement is very small. Obviously there are professionals who have money but most people have very little and will be forced to survive on social security.

Nobody can tell you a specific dollar amount you need for retirement without knowing how much money you will spend each month and what you plan to do in retirement. If your debt free (including your house) then your in a very good position. Determine what you want to do in retirement and estimate what that will cost. As far as where you live, different states have different tax liabilities. That needs to be considered.
 






anonymous said:
You do realize that 90% of people retire with less than 200,000 in savings. These numbers someone is tossing around are ridiculous.

Of course the person that continues to toss out 3-5 million is probably a recently laid off 30 something, bitter and in between job postings come on cafe pharma to spew garbage.

The actual numbers are staggering. The amount of money people have saved for retirement is very small. Obviously there are professionals who have money but most people have very little and will be forced to survive on social security.

Nobody can tell you a specific dollar amount you need for retirement without knowing how much money you will spend each month and what you plan to do in retirement. If your debt free (including your house) then your in a very good position. Determine what you want to do in retirement and estimate what that will cost. As far as where you live, different states have different tax liabilities. That needs to be considered.
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I actually agree with the 3M poster. 5M is a great target however imo.
 






I actually disagree with 3M poster

I was laid off couple years back. I was 59 and I had about 1.1 million total. Have used Merck retiree health and I now have almost 1.2

I pad off the house and live just fine. Ill start taking social security in another year, I’ll never touch the principal of my savings. If I live to 100, I’ll still have the million.

3M is full of shite
 






anonymous said:
I actually disagree with 3M poster

I was laid off couple years back. I was 59 and I had about 1.1 million total. Have used Merck retiree health and I now have almost 1.2

I pad off the house and live just fine. Ill start taking social security in another year, I’ll never touch the principal of my savings. If I live to 100, I’ll still have the million.

3M is full of shite
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With the industry being the way it is, 3M is the number to shoot for. But 5M to be safe. 1m will not cut it.
 












anonymous said:
I actually disagree with 3M poster

I was laid off couple years back. I was 59 and I had about 1.1 million total. Have used Merck retiree health and I now have almost 1.2

I pad off the house and live just fine. Ill start taking social security in another year, I’ll never touch the principal of my savings. If I live to 100, I’ll still have the million.

3M is full of shite
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Exactly. was 60 when laid off. Had 1.7 mm and no mortgage for 9 yrs before that. sold McMansion, moved to FL and lived off the profit and some other savings until 62. Now with ss and the remainder of the house profit, still have 1.99 mm with the uptick in stock market, medicare in 2 yrs and I’ll be very comfortable for life and still leave my kids a good inheritance.
3-5 mm is bullshit, unless you want to live the high life, whatever that means to you.
 
























anonymous said:
Let's get back to the original topic. I think 3M should be everyone's target.
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3M at what age? 50,60,70? With partner? Kids to college? What state are you in? Chronic illness to treat? New car and vacations, or greeter at Walmart? Everyone’s situation is unique and has to be considered, magic number different for all. Keep head down and pray keytruda keeps lights on for another year.
 






Folks, just go read the FIRE (Financially Independent / Retire Early) blogs: http://www.mrmoneymustache.com, http://jlcollinsnh.com, lots of others), or listen to the Choose FI podcast.

The Trinity University retirement study showed that you need a stock and bond portfolio of 25x your annual expenses ("4% safe withdrawal rate") to successfully retire for 30 years or more. The researched scenarios included all the bad investment periods of the last century, including the Great Depression and the 60's-70's, and often the portfolio would have actually grown in size. The 4% withdrawals in the study were adjusted for inflation, by the way. Check out this article for more details.

So first of all, save & invest as much as you can. The most vital thing is to control your expenses and don't inflate your lifestyle with every pay raise. You don't need a new BMW, you don't need a McMansion, and you don't need $12 in coffee and pastries every day. Read those blogs and you will find examples of early retired people living on as little as $25k ($0.63M portfolio) a year, in very nice places (Colorado, Vermont, Georgia, etc.). There are people living really large on $40k ($1M portfolio), or $80k ($2M portfolio) a year.

Add in Social Security income, a pension, a side business, or even a small part time job and you significantly lower the required size of the portfolio. A portfolio of $3M or $5M would be very nice, but it's not required.
 












anonymous said:
Folks, just go read the FIRE (Financially Independent / Retire Early) blogs: http://www.mrmoneymustache.com, http://jlcollinsnh.com, lots of others), or listen to the Choose FI podcast.

The Trinity University retirement study showed that you need a stock and bond portfolio of 25x your annual expenses ("4% safe withdrawal rate") to successfully retire for 30 years or more. The researched scenarios included all the bad investment periods of the last century, including the Great Depression and the 60's-70's, and often the portfolio would have actually grown in size. The 4% withdrawals in the study were adjusted for inflation, by the way. Check out this article for more details.

So first of all, save & invest as much as you can. The most vital thing is to control your expenses and don't inflate your lifestyle with every pay raise. You don't need a new BMW, you don't need a McMansion, and you don't need $12 in coffee and pastries every day. Read those blogs and you will find examples of early retired people living on as little as $25k ($0.63M portfolio) a year, in very nice places (Colorado, Vermont, Georgia, etc.). There are people living really large on $40k ($1M portfolio), or $80k ($2M portfolio) a year.

Add in Social Security income, a pension, a side business, or even a small part time job and you significantly lower the required size of the portfolio. A portfolio of $3M or $5M would be very nice, but it's not required.
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Try living off of 40k or 60 k or even 80k. 3M should be the ABSOLUTE minimum. 5M+ should be the goal for the majority.
 






Take your pension and social security; have house paid off by retirement and move to red state so you do not pay ridiculous taxes. You do not need 5 Million; that is total nonesense.
 






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