How much do you plan to retire with and when?

[UnknownXV]

I'm curious as to what levels people feel they need to be at before they can retire, I'd like to put a number on it.

I'll start, my goal is to retire by the time I am 60 years old. I will need to have $1,074,833 saved to do so, to cover the next 35 years after withdrawing $2,000 a month. This does not take into account any sort of pension nor potential government retirement program.

This for me can be done by putting away roughly $10,000 until I am 60, factoring in a modest average 5% return.

So let's hear it, what are your retirement goals, and where do you plan to retire to? I think I'd stay up north, I love winter too much to leave it, even for warm sandy beaches.

[kork13]

I assume we're talking in "today's dollars" (excluding inflation)?

I'm shooting for $2 million, to provide $6,000/mo in interest income (without touching the principle, not expecting social security, pension, etc.). Probably a little higher than most aim for, but I'm dreaming of continuing to travel alot in retirement... I'm saving ~$1500/mo toward long-term, so I *should* be on track to hit the $2M mark around age 60-62.

As for the location... right now Colorado is beckoning me back. I've yet to find anywhere that I have enjoyed more. But then, I've got 35 years to figure that out, so I'll burn that bridge when I cross it.

[Blessed]

Our goal is a million by 63 years old (20 years). I used the calculator on this site. With what we already have in retirement and cash accounts if we earn 5% and ONLY save $1000 a month we will hit 1 million dollars in 15 years. So actually 5 years ahead of schedule. To be conservative we estimate dh's pension as less at retirement but according to the contract he should have at least $3000. So not counting on any SS by the way. If it all works out right we should have a very nice retirement. Dh's companies retires get their benefits for life free of charge just like now so hopefully that stays the same. Health care is one factor I do worry about with retirement!

If anyone read my original post here asking about investing advice it is obvious I am pretty risk adverse. I ran the calculator again with a 1.5% interest rate and at our current savings rate we would still hit our goal before the age we want to retire.

I feel we will stay here. I hate winter but hope to travel then. We should have the $ to do the traveling we want to do if we keep playing our cards right.

[97guns]

i retired 3 years ago with 280K in cash, the 280K grosses me 48K/year, more than enough for me, actually a little bit more than i was making working.

[My Own Advisor]

I plan on having my house paid off; no mortgage and about $1 million portfolio. That should do it.

[UnknownXV]

i retired 3 years ago with 280K in cash, the 280K grosses me 48K/year, more than enough for me, actually a little bit more than i was making working.

I still think that's crazy lol.

You also have the benefit that your equity will likely rise in a few years, so rent can increase too...

[feh]

Our number is $1.6M at age 55 (46 now). We should be able to make that goal pretty easily, so I'm now wondering if I could retire sooner, and what number that would require.

TBD

[Nika]

i retired 3 years ago with 280K in cash, the 280K grosses me 48K/year, more than enough for me, actually a little bit more than i was making working.

That's about 17% return. How can you count on getting this return consistently year after year?

[Gina23]

That's about 17% return. How can you count on getting this return consistently year after year?

Agree...

Pray tell us what you are invested in?

[bjl584]

Agree...

Pray tell us what you are invested in?

Real estate. He is talking about rental income from properties that he owns.

[Jwilliamson22]

So that 280k was in liquid assets? How much total assets including real estate?

[bjl584]

I voted $1MM or more. I should have no trouble hitting 7 figures by retirement assuming that I work another 30 years.