2006-07-06 15:15:30 · 9 answers · asked by lloydtj 1 in Business & Finance ➔ Personal Finance
It depends on a number of factors, but play around with this handy dandy calculator to get a feel for how much is enough:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp
2006-07-06 15:18:58 · answer #1 · answered by Titanium Squirrel 3 · 0⤊ 0⤋
It depends. If you are 65 now you may be able to get by with a million dollars. If you are 25 now and won't be 65 for 40 more years you will probably need over 6 million dollars by then. Remember that the cost of living constantly increases. 40 years from now one million won't buy as much as it does today. Also with constant advances in medical and nutrition technologies, its likely that 40 years from now people may live to be 120 years old. You may need enough money for 55 years of retirement living.
Better start saving your pennies now!
2006-07-07 23:56:29 · answer #2 · answered by Via Bruce 4 · 0⤊ 0⤋
depends. im a professional investor and you need a complete analysis of what you expect in retirement. Future tax considerations, bills, social security, pensions, etc are all factors. Hire a professional...trust me...my clients retire on average 3 years earlier and with more money than they have before retirement. There are a lot of good advisors out there....if they dont tell you what they make from your assets/account, then fire them.
2006-07-06 22:47:04 · answer #3 · answered by stuffforsale15001 2 · 0⤊ 0⤋
Enough to give you a monthly income roughly equal to what you were earning while working. A lot of financial advisers say you should figure on 80% but from my personal experience your monthly expenses stay approximately the same when you figure in that you have more spare time in which to entertain yourself.
2006-07-06 22:22:43 · answer #4 · answered by rkoblitz 6 · 0⤊ 0⤋
There are some really good calculators on this site:
http://www.eckleswealth.com
You can input your desired retirement lifestyle and it tells you how much you need! Very cool!
2006-07-07 00:08:23 · answer #5 · answered by cigarnation 3 · 0⤊ 0⤋
Hi,,, i am looking into this myself... and I think that I would need to have 1 million... no kidding.....
You only get less than 10 per cent interest from a bank... so,, that would be less than 100K a year to live on... after taxes.. medicine.. bills,,,,, unexpected bills,,,, and travel.....
Good luck.....
2006-07-06 22:20:57 · answer #6 · answered by eejonesaux 6 · 0⤊ 0⤋
as much as you can so you dont have to work anymore
2006-07-06 22:17:41 · answer #7 · answered by Mr. Adoarable Butt 2 · 0⤊ 0⤋
as much as they can save
2006-07-06 22:20:59 · answer #8 · answered by shorty124 2 · 0⤊ 0⤋
no
2006-07-06 22:18:49 · answer #9 · answered by dick 1 · 0⤊ 0⤋