We all know no one complaints to have too much money, but what is the min amount of money to retire? The money is good enough for a typical lifestyle in a morden city. At least with own house, cars, travel twice every year, dining movie every weekend....
2006-08-19 20:51:13 · 10 answers · asked by p t 1 in Business & Finance ➔ Personal Finance
The estimate is that you will need 70% of whatever you need to survive now.
2006-08-19 20:56:52 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Every person is different. I would need at least $2500 a month of income to live the way I live today and factoring inflation that may be a need for $3,000 or more by age 62, 65 or whenever I retire. With my social security estimate (note ESTIMATE) I am set to receive around $800/month if SSI is even around by then, I need to find an income of at least $2000 a month, which would be an invested amount of $400,000 with 5% return. How much do you need? What interest rate will you be paid? What's your Social Security estimate currently? There are no set answers without more information. Talk to a certified financial planner about your lifestyle, assets, expenses, etc. As you stated, nobody complains about too much money but prepare yourself for having too little. If travel twice a year is mandatory for you, then you need a little more money than I do. Something tells me that you are not ready to retire in the next couple of years so whatever answers you get today will be far from reality in 10, 20 or 30 more years.
2006-08-19 22:45:33 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It depends upon where you live. Some cities are way more expensive than others. Write down all your monthly bills, car expenses, every bill that you will always have and their average monthly amount. Write down the amount you normally spend for your twice a year traveling and divide that by 12--then add that to the monthly expenses.. Add the amount you normally spend each month on eating out and going to movies. Add that in. Figure in a goodly amount for the cost of living going up every year until you retire. Don't forget health insurance. Divide the yearly rate by 12. If you can think of anything else, add the monthly fee of that in. This should give you a good idea of what your monthly expenses are going to be when you retire. Then you need to know how much social security you are going to get. The SS office will project your monthly income from social security depending upon how many years you intend to work and if you stay pretty much the same income. If that doesn't begin to cover it, then you need some safe investments to add to that.
2006-08-19 21:05:45 · answer #3 · answered by phoenixheat 6 · 1⤊ 0⤋
I'd say about $900,000 is safe. Considering you'd be living off of this for the rest of your life, and if you retire at the average retiring age of 55 or 65, you only have about 40 or 30 years left. thats equivilant to about 37,000 a year. Which is fine if you live in a midwestern state.
2006-08-19 21:00:09 · answer #4 · answered by sasperilla23 2 · 0⤊ 0⤋
you're in a gentle project, and would fairly retire with the $sixty 5-$80K expenditures. Your spouse's pension and blended SS will be adequate to conceal 80% or more desirable of your expenditures. accordingly, your withdrawal quantity will be properly in the 4% secure Withdrawal cost that maximum economic Advisers propose. i'm an early retiree, and am residing properly on far below what you've. I easily haven't any pension, and a decrease SS. So, you're in a sturdy position. bypass for it. delight on your retirement.
2016-11-26 19:29:31 · answer #5 · answered by abrar 4 · 0⤊ 0⤋
It depends on your retirement age and whether or not you plan on investing your retirement egg and accruing annual interest. Naturally, the earlier you plan to retire and the more sumptuous the lifestyle, the more change you need to have.
Other factors to consider are whether or not you have consumer debt to pay off, cars paid off, house paid off, etc...
For excellent and relatively low risk investment strategies to build your nest egg, I'd reccomend a book called "Rule Number One Investing" by Phil Town. It's an excellent and very easy to apply strategy for nest egg investing.
2006-08-19 20:58:35 · answer #6 · answered by Kerintok 2 · 1⤊ 0⤋
You should go to Dave Ramsey's web site. He will tell you guidelines of what you need to follow to make sure you are taken care of in your retirement.
2006-08-19 20:59:29 · answer #7 · answered by Dee 2 · 1⤊ 0⤋
1 milllion
2006-08-19 21:13:36 · answer #8 · answered by kingdom511 2 · 0⤊ 0⤋
ZERO, NO MONEY, NO WORRY !!
I guess you agree with me.
2006-08-19 20:56:20 · answer #9 · answered by Anonymous · 0⤊ 1⤋
1,000,000
2006-08-19 20:57:50 · answer #10 · answered by Anonymous · 1⤊ 0⤋