No. of Recommendations: 2
Merrill Lynch at Bank of America is saying a million dollars is about the minimum anyone needs.

Using the famous (and controversial) 4% burn rate figure that implies income of $40,000/yr.

If you own your home and are out of debt, many live comfortably with numbers in that range. But if you have a mortgage and lease two cars, i.e., live a $100K lifestyle, that will require quite a squeeze.

Take your choice. Learn to live on less or save more. The more you save, the less you need in retirement.

And then don't forget inflation. Who knows what the figure will be 30 yrs from now. But save now and work hard to keep up with inflation.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.