How much money to retire comfortably?

How much money do you need to live off of savings and investments?

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Comments ( 7 )
  • olderdude-xx

    Within the USA for someone in the middle of the middle class - it currently takes about $2 Million in savings and reasonably safe investments to be able to retire without worrying about running out of money before you die (your largely live off of the interest).

    For upper middle class, or to travel a lot; $3 Million in savings and reasonably safe investments.

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  • hauntedbysandwiches

    Depends on many factors. Where you live is also a big part of it.

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  • farkelu

    Depends on the life style you want to live in your "golden" years. After retiring early, I lived in my travel trailer for 2 years, mostly park hosting in Texas and California, where I got my site free in exchange for light duties like cleaning the bathrooms and selling firewood. I got by on $500/mo but that lifestyle isn't for everyone. But if you're willing to live modestly, and you're too young to expect Social Security, I would say try to put away at least $100K in a retirement account. Don't put it all in one place, as failures will become more common in the future. If you can, get a job with the federal government, as they are one of the last to offer a pension program. And you can easily put $100K away, since they make matching contributions - something no one else does these days. You can retire with as little as 5 years of federal employment when you become of retirement age, or 10 years if you want to retire early like I did. But if you want to retire comfortably, put in 20 and sock away at least $200K. You can draw out $10K/yr and get along ok for 20+ years.

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  • farkelu

    Speaking from my personal experience, I would say that if you're under 50, don't expect to receive any Social Security benefits. The fund will have been drained, and not enough workers to keep it afloat. So unless you're one of the very lucky few with a good pension plan, you better save as much as possible - at least a million. That will keep you going for 20+ years at $50K/yr, a reasonable income. I get by on half that.

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  • wigz

    I'm retired off of a poverty income so it just depends. You have to be smart and patient, and the amount of money you need will respond to that.

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  • jodi1955

    depends on your standard of living, how much debt and if you are going to travel or not. there is no right amount of money set for retirement.

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  • raisinbran

    Don’t need much, just a few months worth and then eat a bullet.

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