How much do you need/plan to have when u retired to live off?

Public Comments

1. Depending on where you plan to live the rest of your life at.. How the cost of living is where you will live I would say at least $2000.00 a month and hope you have all your bills paid off.so you times that amount to 12 months to how many years you need to saved up..hope this help..=)
2. I currently have $62K in a 457 plan, about $93K in the state retirement fund, and of course social security. The house will be paid off in 5 years at which point I plan on dumping all the money formerly paid on the mortgage into the 457 using the 55+ catch-up provision of the tax code. My wife has $42K in a 401K plan, $65K in the state retirement fund, and social security. I think we should be in pretty decent shape at retirement (in 11years, 3 months, and 23 days).
3. a little more than i will ever get
4. Very difficult Q. I was told that it depends on several factors 1) a reasonable estimate on what your annual needs & expenditures are, 2) a realistic look at your estimated life expectancy and 3) approx. years of retire before you die. All difficult questions that need to be answered honestly. When I began looking at it, I used a financial planning software package to begin my projection. My Projections included much less that the suggested 4 - 5% growth rate and much high that normal inflation rates just to be on the safe side. I actually did not like what I saw but I also knew I could not "fudge" or pretend that more income or less spending was really going to happen. Only either saving & investing more plus waiting longer to retire seemed like my only option. I & the wife talked about it alot in those days. We agreed that saving & investment meant cutting back on unnecessary spending as well as some sacrifices up front. I actually got very luck in those days with a few good promotions and raises and best of all - the stock mkt went up. The planning is no fun & hard work. Some people can afford a professional to do the planning. I decided to try my own since I really know our budget spending & tend to lean towards being frugal.(notice I am here at a free website?) . Also Free advise is what it is worth so be careful.