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Sorry for the long rant. I will be retiring in the next couple of years and have been reading alot about how much savings DW and I will need during retirement according to some financial planners. Some CFPs say that we will need $1M to $2M to live well. We should have around $4-500K in total savings plus social security, and we will be debt free.

I have an employee whose parents are retired and their only income comes from SS and a retirement annuity, their total income over the last few years combined has been around $31,000. They also are debt free, go to Vegas 6-7 times a year, play golf 3-4 times a week, eat out a nice restaurants 2-3 times a week and are very generous to kids and grandkids at Christmas. Other than $100K in Treasury bonds, they have no savings.

So I'm wondering were the $1M-$2M comes into play from the CFP spin. Are they talking about retirees 30-40 years into the future from the present day? Just DW and my SS will be more than what my employee's parent's total income from last year, not counting distributions from our savings plans.

It seems to me that we can live pretty well on $45,000 to $50,000 a year which includes SS and no debt. Even if our actual living expenses after retirement double over the next 25 years it still won't exceed our income.

I know about the safe 4-5% withdrawal methods and maybe SS will not be around forever, I'm sure that I will not outlive it.

Thanks for letting me rant and thanks for any input you may give to show me that I have misranted.

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