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Retirement Discussions / FIRE Wannabees


Subject:  Re: Happy Dance Date:  6/23/2005  10:44 AM
Author:  ziggy29 Number:  3379 of 5232

>> It has links to other thoughtful threads. The take-away is, at retirement :

1) House paid off
2) No loans outstanding
3) No dependents other than spouse
4) Need $2 to $3 million depending on spending level.

I think #4 is too much of a blanket statement. It depends largely on several factors: your desired lifestyle, your planned retirement age, how much you have coming in pensions and Social Security, et cetera, et cetera.

Plus, if the government ever takes over the health care business, that throws everything out of kilter, since you're removing one 800 pound gorilla (early retiree medical coverage) and adding another (a possibly greatly increased tax burden). And then, all bets are off until the smoke clears and everyone sees how it affects them.

As a general rule given the current status quo, it's not far off. Though I'd think someone has to have a pretty high lifestyle to need $3 million. (At 4%, that's $120,000 a year, inflation-adjusted for life with no mortgage, no debts and no need to put money away for retirement savings.)

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