How much money needed to retire at 60?

Question

Where do you plan on living in Toronto?
Not far away from downtown. North York is ideal location for me.
Do you own a property?
Yes and it is paid off.
Is your car paid for if you have one?
Yes I have a old car and is paid off.
What are your spending habits?
Travel once a year. My buget is 5000 for a couple.
When will you be 60?
Let say in 5 years.

Answer 1

1,200,000$ this will give you $60,000 /year at 5% that is $5,000 per month before taxes or 3,800 per month after taxes.If you have your housing and a vehicle all paid for, this will be enough to live on with a bit of money to put aside for unforseen stuff, like a new roof, or whatever.

Answer 2

Still not enough info. It really depends on how much you like to splurge and spend on everyday expenses. Do you live by yourself or with spouse and or kids? Emergency savings? It's really a risky question to answer. Just do as your guts tell you. Be logical but not a pesimist. But at the same time make sure to think about potential inflation and all other changing trends. See? it's hard to estimate!