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How much to retire?

Timshel_
Timshel_ Posts: 22,834 Member
in Chit-Chat
I was watching that ING bank commercial and they had that retirement number everyone wants to hit to retire. In talking with a few people on the college campus I work at (students and other colleagues) it was interesting that most did not have, A) A clue how much they wanted B) How much they really needed, and C) Any clue what it would take to get there.

So curiously, I thought I would ask what number you have in mind for retirement, or we can just let this slip down to the bottom.

Just curious.

Replies

  • brent44622
    brent44622 Posts: 19
    1.25- 2 million is my goal and what I'd think will allow me to retire comfortable. I think most people are woefully under saved. This will be the next big crisis in America in 20 years.
  • Timshel_
    Timshel_ Posts: 22,834 Member
    Agreed. We are at $1.5 million to keep things rolling and have some travel money. I was surprised when talking with people that they thought that was a lot of money.

    But yes, people are so into immediate gratification and what they can get now, I see a lot of issue with people needing to work through their 70's. Maybe beyond?
  • 1shauna1
    1shauna1 Posts: 993 Member
    Wow. I think I will have to be working until I'm dead. I'm in my current career for 3 years now (really enjoy it) but have debt and am in my 40s. Single, but have no savings. I guess I'm hoping for a miracle because at this point I can't ever stop working! :noway:
  • Timshel_
    Timshel_ Posts: 22,834 Member
    My Dad always said that saving for retirement is tough, but retiring without money is impossible.

    One rule I still follow to this day is to pay yourself first. That is, Out of every check the first thing you try to do is put money into retirement, then live off the rest. It might only be $20 a week, but over 25 years that can give you over $100,000.

    I am turning 45 this year and I still have a ways to go. What I have found though is I need a lot less to live on anymore so I can focus a bit more on saving.

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