re: Realistic Retirement Amount and Age

Everybody at work generally says that you need 1 mil to retire. Of course, most guys out here are within 10 years of retirement. Does this mean 1 mil per person or 1 mil for a couple. I'm thinking 1 mil per person. If you have all of your bills paid and you only have insurances to pay for, how much per month do you really need? I talked to my money manager and he said I'm on track to make my money last until I'm 100 years old. Granted, I know I'll never get to 100 but I'm not ready to retire as of yet. I think that after you're about 70 years old, you pretty much live a comfortable life and not globe trotting. Most people I know that are 70 or above pretty much stay home and sit on the porch. This tells me that if you retire at 60, you will really be "living it up" for about 10 years. I make right at about 100k a year. I figure I need about 50K a year in retirement which should be around 4,500 a month. Actually, I think this should be plenty enough for retirement living. If there is surplus, I can always invest it back or do more. I think that people in their 20's or 30's should at least shoot for 2 to 3 mil in retirement because they need to compensate for SS not being there.