Quite a range of answers. We were educators and our lifetime earnings according to Social Security was 2 million dollars each for DW and myself, so total lifetime as a couple earned 4 million. Makes me feel poor when I see answers like 30 million needed to retire. I saw someone mentioned the 25x expenses, but just know that x expenses means after figuring out your regular sources of income (pension, social security, etc). and that means you need a good bead on your expenses going forward- housing, medical insurance and all your basic needs and wants.
I quit work in 2013 at age of 61.5 (pension at 65), and DW pulled the plug at 59.5 in 2014 (full pension at 59.5). Prior to retiring, new roof, siding, cars. and zero debt including home and boat. Our expenses, including IRS, was about 60k (not counting tIRA to Roth conversions). Started off the retirement adventure with 2 mil investable, with an ultra, ultra, ultra conservative profile. Took 250k out of taxable two years ago to buy a different boat, so now, cash assets are down to 1.87, and we're spending more- 2023 spent 70k plus just shy of 30k in income tax. We'll add second SS of 45k in January, to add to one other existing SS and two COLA pensions. I don't include Roth dividends as income, because we have not touched those, but last year that generated 42k if we ever needed it.
You only need as much as you need and want to spend.
I quit work in 2013 at age of 61.5 (pension at 65), and DW pulled the plug at 59.5 in 2014 (full pension at 59.5). Prior to retiring, new roof, siding, cars. and zero debt including home and boat. Our expenses, including IRS, was about 60k (not counting tIRA to Roth conversions). Started off the retirement adventure with 2 mil investable, with an ultra, ultra, ultra conservative profile. Took 250k out of taxable two years ago to buy a different boat, so now, cash assets are down to 1.87, and we're spending more- 2023 spent 70k plus just shy of 30k in income tax. We'll add second SS of 45k in January, to add to one other existing SS and two COLA pensions. I don't include Roth dividends as income, because we have not touched those, but last year that generated 42k if we ever needed it.
You only need as much as you need and want to spend.
Statistics: Posted by capran — Wed Mar 27, 2024 12:20 am — Replies 284 — Views 58920