How much money is enough for a person to retire and survive?
In order to stay alive with comfortable life style after retire, how much is enough to carry on?
Public Comments
- Depends on where you live, your age at retirement, and how you define "comfortable." You should talk to a financial planner. Or two or three. Good luck!
- Its subjective. Some needs a lot of monies, others lead a simply life-style and is happy with little.
- With gas, taxes and more taxes, you have to be a billionaire these days to live a comfortable life style...lol
- One person can retire and live happily and survive with just about 1 million dollars. If you invest the money right, you can live off the interest.
- You'll need an income equal to 60-80% of your take home pay at the time you retire. If you take home 5,000 per month at age 65 then you will need 3,000-4000 income per month when you retire. The estimate varies greatly because everyone's situation is different. Some people are single, others are married. Some people own their home, others still have a mortgage. If you want an accurate answer you will need to do some research or consult with a retirement expert. Good Luck
- about 750,000$
- I am not going to tell you much more than you know but all I can say is (tell me when you get a fair answer) believe me I need to know????
- The answer depends on where you live and how you live ... or intend to live. Over the 20, 30 or 40 years of retirement years you need to account for inflation. Do you want or need cable tv and a cell phone in your golden years? Will you be driving a brand new car at 87 or will you be taking the bus? It's impossible to determine how much you'll need because your lifestyle may be much different than mine. We also don't know what the interest rates will be when you are ready to retire... 2%, 10%, more? less???. I would say you can never have too much so strive for the most you are able to save and invest now.
- Depends entirely on cost of living and one's living standards. For instance, retiring in Hawaii is going to cost a whole lot more than in, say, Nebraska.
- This really depends on your current state of living and how much you would like when you retire. If you have a mortgage to pay or loans then you will want more, if you want a luxury like with lots of holidays you will need more. But this really is a personal preference. On the actual saving side, consider what kind of pension/saving you already have. As mentioned before the aim is normally to receive a pension of 66%, this comes from accrual rates used on final salary schemes. If you are in this type of scheme and the accrual rate is a good level (60ths) and you are working for 40 years in this scheme, you will be able to accumulate this. If you are using investment based pensions that you then buy an annuity with it really depends on how old you are now to what you will need to have in a fund when your older. I work in pensions, and I am in my 20's and I know that to get a pension from an investment based pension I will need to have a fund of around £500,000 to get a monthly pension of around £1300 plus a lump sum of £125,000. A good place to look at would be www.makesenseofit.com, which is run by Norwich Union and offers a calculator to determine the amount you would need to invest in order to get a pension of 66% of your current salary. Good luck!
- $5.15 USD per hour (Minimum Wage) should be more than enough to live a very comfortable lifestyle in Mexico.
- Only you can ultimately answer that question depending on: 1 - how many years you need to survive on the money 2 - your level of investment risk to generate income, along with the expected rate of inflation. 3 - your lifestyle, location, and health costs. 4 - social benefits by government if any and tax rate. In small towns with a house paid off with few perks and very little travel, less than $200,000 would be needed for a comfortable lifestyle, given government supplements. I tend to look at this question regularly to see if I'm on track. By far the best calculator I've seen is posted below.
- Depends on lifestyle you are accustomed to, where you live, your plans for retirement, etc. I think if you retire with 75% of your current income you are doing very well. If you retire with 50% of your current income you will probably be able to survive fine (especially, if you have recently paid off a mortgage, etc) anything below 50% would probably take some major life style changes to survive nicely. GOOD LUCK
