re: How much money do people need to retire?

Three million is the old one million

I read an interesting book called “Die with zero” which had several interesting concepts. One of them was “time buckets”. - essentially you’ll be spending less and less in retirement the older you get due to physical limitations. Most people say they want to travel and put those in the numbers, but few people are healthy enough in their late 70’s/80’s to do so. So the end up working longer than needed unnecessarily. Encourages people to use money for experiences and to give $ to children/charity earlier rather than inheritance to kids when they are 50/60.

There are ways to plan for mitigation against being wiped out by your health care costs, but this board doesn’t want to hear that

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There are ways to plan for mitigation against being wiped out by your health care costs, but this board doesn’t want to hear

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Maybe we do.

Here’s what I know: If you want to retire at about 60 and have about $250,000/year of income from your investments, you need a total of about $3.5-4.0 million in today’s money.

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t mobile

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Trashy

I put my parents as account holder and got senior citizen discount, can’t beat that fam

Gulfcoastpoke: —-‘I read an interesting book called “Die with zero” "—-

Totally agree that we spend too much time saving for the old folks home, and not enough spending on experiences/enjoyment while physically able.

Sis and I do road trips once or twice a year (I’m widowed, her husband doesn’t want to but doesn’t care if we go) and we do a mix of hotels and camping, eating out then ramen, etc…so we curb the expense (we actually like camping, so it’s not just about the savings). We have snorkeled with manatees in Florida, stayed with friends in the swamp in Louisiana, camped all over the west -Utah, Arizona, Nevada, Wyoming, Gotten up before dawn to watch sage grouse mating dances, drift boated /fished down the Green River, hiked slot canyons in Utah and more. We having been doing this for years, all through middle age and are now "seniors" and know that window is getting shorter….so we just hit the trail harder, knowing it can’t last forever.

The older you are, you have already navigated some of the time you were saving money for. There are fewer years to plan for when you are 70 vs 50 vs 30. I add my $$, figure how many active years I realistically have left, and try to squeeze more fun in without tapping into a base amount. I should be fine unless I live to 107 or something ridiculous.

Some folks find joy in travel, some don’t. Others might find hobbies fulfilling, or just eating out frequently. Whatever your joy is, don’t shut it down completely to obsessively save for retirement. Have some fun along the way, while also saving an appropriate amount for retirement, because some unlucky folks never hit that milestone. Accidents, illness can thwart those plans, then you will regret "the shots you didn’t take."

I had a health scare last year (false alarm) but for 2 weeks I thought I was going to die. I was sad, but mostly PISSED OFF I had not gone back to Africa, where I always hoped my husband and I could return for another safari (photography) . . Medical retest was fine. I booked a trip to Africa. Can’t wait.

I've had the same mailman for the past 20 years up until last month. We had a new guy delivering the mail for a week and I asked were our usually mailman was. Was told he retired.


Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.