How much money do I need for retirement?

41 years old, 2 kids and non working wife, saving include home equity 150k, 90k on 401k, salary of 72k.

Public Comments

1. try get it all up as close to a million
2. If you have to ask, you probably don't have enough. But, I am sure you already know that.
3. With gas prices today you will need alot of money.
4. Bro, You need a hell of alot more than that unless u want to be living in a shack and eating baked eans out of a can. Depending on how long you live and when you retire and your lifestyle. If you expect to live more than 30 years after you retire it would be safe to have more than $750,000 if you plan on fully retiring.
5. The "rule of thumb" is to have retirement income at about 70% of pre-retirement income level. I think it is most important to retire debt free. No mortgage, no car payments and no accumulated credit card debt. Approaching retirement involves lifestyle planning as well as financial planning. If you intend to be a world traveller, if you want a new car every 2 years, if a cottage/boat is part of your plans for retirement you may well need a level of income higher than pre retirement. Most people though don't change their lifestyle all that radically when they retire. And if debt free can often survive quite nicely on 50% or less of pre retirement income levels.
6. A lot....but keep on working and saving. You seem to be doing a great job. With kids married and out, you and your spouse should be comfortable with Social Security and other investments. Hopefully you will be receving a pension also which will help
7. Dont let these people freak you out about retirement.... 1. You will have social security. 2. Hopefully a pension...you sound white collar professional 3. Your house will be paid for. People always use a million dollars as an end point....believe me...most people dont have a million dollars when they retire.......maybe $300,000 to $500,000 You will not be rich....but you will not be poor.......you will be one the middle people that made American great....