how much does the average 55 - 60 year old need to live on per year? Retire on?

Answer 1

You would have to qualify your Q. a Little more. Mortgage payments and debts. Is he raising a couple of teens or any number of circumstances. Sorry!

Answer 2

Add up all the bills NOW and assume they won't change. Lets say you need $25,000 to live off annually (which isn't much) You will need $500,000 invested somewhere to get this much off the interest and not have to work for it. If you need $50,000 then one million $ $ $ in an investment account will give you $50,000 annually off the interest.

Many think at retirement your bills will decrease, but you must be ready for medical costs to INCREASE due to aging. Thats just a fact of life. Insurance may go up to if you had a a job that provided insurance for you. You now have to get your own.

Hopefully you will have no mortgage payment ! Everyone should strive to be mortgage free by retirement, it just makes life more comfortable!

Answer 3

My advice is generally the same amount that you were earning per year before retirement. Since you will only have investments and not wages after retirement you will have to invest in a manner that will increase your income over time to keep up with the effects of inflation.

Answer 4

Assume the following:- mortgage paid off, a Band C property for council tax, fairly economical car, non smoker, moderate (social) drinker, dining out, say, once or twice a month, no expensive hobbies such as flying, one major plus a couple of minor vacations per annum, no debts at all (and pay off credit card every month), then it is possible to have a tolerable existence on around £18k per annum. (Obviously, £25K per annum would make life even better!)
But when retired you don't have to keep an extensive wardrobe (casual clothers are in order most days); you can choose the off peak (i.e., cheaper) times to take vacations and to travel on public transport ; annual car mileage falls dramatically, so saving fuel costs; you have more time to search for bargains when shopping; there are concessions for the retired at many places... and so on. Hence you have less demand on your smaller income.
And above all, on cold and snowy mornings, instead of battling congested roads on the way to work, you can have another leisurely cup of coffee, read the newspaper - and think where you might like to go for a couple of weeks in the sun!
Splendid. :- )

Answer 5

well now very good question since I fall into that cat....Evaluate your needs..rent/mortg., bills, utilities, clothing, food etc etc How much do you need? Their is your answer.. Do you want to just get by? Do you want freedom to come and go at will? What do you expect your standard of living to be? That dictates how much you will need.. I get along on $6500 a month. and then there are times when that is not enough since i sometimes over spend on certain things that pleases me or on my children..What is your earning ability or was and did you save anything, invest anything etc etc..Good luck to you...I am sure it is a concern as you would not have posted this ? Hope it isn't to late to increase your earning power as the economy increases yearly and often times out retirement income doesn't keep up..

Answer 6

Our present day society facilitates us to stay previous one hundred. yet approximately one hundred years in the past going previous 50 replaced into look as something particularly specific certainly. How one you may get relies upon on how in a position your society is with nutrition production, healthcare and technologies. Now what style of life expectancy are you able to assume we could say approximately.. 2000 years lower back? i'm specific allot much less then above one hundred! There are people who declare that muhammed from the Qu'ran Raped babies. Mmm we could circulate lower back some hundered years. At such element we did no longer get so previous with the purpose to get sufficient babies you had to start early. certainly the age that we grow to be "completely grown" relies upon on the society and the society places that age reckoning on specific components. Now i'm no longer an authority right here in spite of the undeniable fact that it relatively is totally in all probability that on the start up of the sexual age some cultures in some circumstances might have placed this "grown up". Culturally i discover it no longer hassle-free to work out how people might life previous some hundered years.. all of us know that our cells have telemores at it relatively is DNA and all of us know those consequence getting previous. So above one hundred twenty interior the previous? i discover it no longer hassle-free to discover any reason to assist such theory. until there is evidence.