How much money do you need monthly to retire?

Question

I know if you're under 35, one of the last things on you mind when you got up this morning was retirement.

But I'm in the over-50 crowd. And there's a bunch like me, who are in crunch time when it comes to retirement. So is it...

__ $1,000
__ $2,000
__ $3,000
__ $5,000
__ (other) ____________

I'm really intersted in your personal estimate for your retirement. And what do you see as your plan to pull it off?

Answer 1

Calculate home expenses and personal expenses.


LC

Answer 2

I am 35 and fully retired and now living in mexico. The amount of money you need depend on the life style you would like to like live and remember liking to live and actually living it is 2 different things. It also depends on the place you live at, cost the products meaning housing may be cheap but daily living expense may be high and the the most important is hopw you invest your money and how much in reality does it earn for you. If your earning from your investments is twice your daily spending then its good anything less is very BAD. I know because I am living it and doing all i ever dreamed of and its all possible if you have a mind set and concentrate on your goals. Its not however a sure thing for markets can go up or down. You get once chance and so plan it right and if you need advice lust ask and I will help anyway i can............good luck and be safe.

Answer 3

As many of the people ahead of me have said: "There are many variables that must be accounted for."

So let me account for some of them for you:

1. House, paid off or not?
2. Any other forms of outstanding debt?
3. Current level of lifestyle? Meager? Moderate? Living high on the hog?
4. When do you want to retire?
5. How much do you currently have in retirement savings?
6. Where do you want to retire to?

Based on these numbers come up with a monthly budget for your retirement.

I used a handy little tool I found on www.ingretirementplans.com lower right hand corner called "Determine your needs". Hope that helps!

Answer 4

It depends on each individual. First is your home paid, if not how long will it be until it is? Second, is your health good? Do you have coverage, or do you expect a lot of out of pocket expenses?

Those 2 are the most important, Home and health. Then you need to determine your annual expenses, taxes, car payments, children, etc.

I highly suggest paying a financial advisor 200-500 once, to create a plan. They do this for a living, and can help you sleep at night. I would suggest finding one through recomendations from friends or family.

Good luck.

Answer 5

Depends on your lifestyle and HOW you live, what you pay in bills a month, and the types of things you do for entertainment outside of the stuff with your home and car and such.
I am not even 30 yet, but we have a big family and need already to think about working tward that...so I understand your plight.
You need to look at what you are looking to do after you retire, and how you want to live, then go from there about how much you should have a month to spend.

Answer 6

It all depends on how you live. If you want to live in a house that is large and still has a mortgage, you'll probably need 3k a month or more. My best way to figure this is to take what you are currently making (if this is the comfortable lifestyle you wish to live in when you retire) and use that as the goal to be able to have each month.

Answer 7

That really depends on your expenses, and bear in mind that once you retire, expenses will rise and income won't. Set yourself up as comfortably as you can. Personally, I'm under 30. I'd just like to bring in 3000 a month BEFORE I retire!

Answer 8

i retired at 40 with an income of $1250 per month. in 8 years that has grown to over $1500 a month and i live very well. get the book "your money or your life" by joe dominguez and vicki robin.

Answer 9

To me your going to get what ever you made when you were working, retirement checks are made from the jobs.So how much ever you made they add up all the years you' ve been working at one job.You stuck to, and thats your money for the month.You have to get your money together cause you have bills to pay.You get a check every month, so make the best of your money.

Answer 10

Loaded question really. This depends on your outstanding debt.
If you have no debt come retirement, you'll need around 2/3 of your regular income. If you are in debt, add your monthly payments on top of this figure.

Answer 11

Hey Guy,
It really depends on your life style..I am 73 and Have one heck of a good time..Chances are that I live and eat better than you do.
I also have mucho company.. If you need help with any of your plans, get in contact with me at ... [e-mail].. I am sure that i can give you some good advice.