How much needed to retire down the road?
I am currently 30, single with about 100K in savings/investments, no debt, no other assets. I currently make around 100k+/year with bonus, but I detest my job and would much rather start a modest business or switch to a career that would allow me more spare time. How much do you think I should have saved up to be on track to retire somewhat comfortably down the road?
Public Comments
- You're doing great at saving so far! Today if you retired with about $1,500,000, you could live quite comfortably although not really lavishly. It's hard to tell what will be required 35 or 40 years from now to be at that same level - too many unknowns.
- Depends on how long you live as to how much you'll need. If your going to retire in about 30 yrs. I would say you'll need about 85,000 a yr. to live modestly.
- I think you are going great and are probably in the 90th percentile
- Expect to draw no more than 4% per year from your investments and that will assure you you won't run out of money. For example, if you need $80,000 to live off of, you should have $2M to retire (excluding other income like social security, pensions, etc.)
