- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How much money would you need to retire at 65?
Posted on 9/19/17 at 11:42 pm
Posted on 9/19/17 at 11:42 pm
How much money do you need to live comfortably (not knowing when you will die)?
14
Posted on 9/20/17 at 12:04 am to BayouNation
$1million assuming no debt.
Posted on 9/20/17 at 1:12 am to BayouNation
Depends where I want to live.
Posted on 9/20/17 at 3:56 am to lynxcat
I've always heard about the 1 million concept but I've always wondered if people mean 1 million per couple or per person. I'm thinking per person. I'm also thinking that is retiring debt free. No mortgage, no car notes etc..............
Posted on 9/20/17 at 4:58 am to C
$1 million in today's dollars or 20-30 years from now?
Posted on 9/20/17 at 5:28 am to meeple
Roughly 80% of ur current monthly income is a good start.
Posted on 9/20/17 at 7:47 am to BayouNation
quote:
How much money would you need to retire at 65?
I would want enough to live off the interest alone. and be able to take home about 75%-80% of my last years income (assuming my house is paid for when i retire)
Posted on 9/20/17 at 8:13 am to BayouNation
I'm shooting for $1.5 million with no debt at retirement.
My wife and I have both been paying into social security since we were 16 so I hope that we can get some of that at retirement and it's not all gone.
That should cover a little dining out and beer each month.
My wife and I have both been paying into social security since we were 16 so I hope that we can get some of that at retirement and it's not all gone.
That should cover a little dining out and beer each month.
Posted on 9/20/17 at 8:15 am to BayouNation
If I take away my rental properties, don't count on social security or the sale of my business I would need around 4m.
That's 4m in 25 years, not todays $.
That's 4m in 25 years, not todays $.
This post was edited on 9/20/17 at 8:16 am
Posted on 9/20/17 at 8:17 am to Perception
I think I prefer the idea that a healthy multiple of expenses, not a percentage of income, is better and somewhat easier to calculate. Our incomes have changed so much the last few years my numbers would be all over the place, though the income side may be useful once you're towards the end of your career.
Posted on 9/20/17 at 8:26 am to BayouNation
What will your expenses be? If you have no clue then put away as much as possible.
END THREAD
END THREAD
Posted on 9/20/17 at 8:40 am to BayouNation
Less than people think. If you have no debt by 65 (and you shouldn't), and you and the wife are pulling in $4,000/month in Social Security around that time, with a million invested you could live off the interst.
Posted on 9/20/17 at 10:29 am to TigrrrDad
I agree. The key is not having a house note and having as little debt as possible. If you are like my parents and buy a new house 5 years before you retire and buy new cars all the time, then you will need a lot more.
Posted on 9/20/17 at 10:40 am to Fat Bastard
quote:
What will your expenses be? If you have no clue then put away as much as possible.
END THREAD
This. Fat Bastard wins again.
Two approaches: 4% withdrawal rate and Wage Replacement Ratio
Using a hybrid:
Income today
-FICA taxes
-Current Savings
-Debt that will be paid off
-work expenses that will go away at retirement
-social security at retirement
-pension at retirement
= XXX
XXX/4% = Amount you need to retire.
That'll be $600. I accept paypal.
Posted on 9/20/17 at 10:40 am to BayouNation
$2 million
Posted on 9/20/17 at 11:12 am to UpstairsComputer
Personally I will have two type of retirement vehicles
1st - my 401k/Roth. I want to only withdraw the earned interest
2nd - my SS/old pension benifit.
SS may or may not be in its current form/benifit scale by the time I'm $65 but I have a private pension that is $800/mo in today dollars
1st - my 401k/Roth. I want to only withdraw the earned interest
2nd - my SS/old pension benifit.
SS may or may not be in its current form/benifit scale by the time I'm $65 but I have a private pension that is $800/mo in today dollars
Posted on 9/20/17 at 5:53 pm to Fat Bastard
quote:
What will your expenses be? If you have no clue then put away as much as possible.
END THREAD
Posted on 9/21/17 at 11:25 am to BayouNation
there are some great on-line calculators that you can use, plug in you current income, debt etc.
Posted on 9/21/17 at 11:39 am to BayouNation
I would think no more than 1M assuming no debt.
Posted on 9/21/17 at 11:41 am to kywildcatfanone
I'm right there but 53, I just don't have the balls to retire. I guess I lived too cautiously
This post was edited on 9/21/17 at 11:58 am
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News