So how much do you think a couple retiring in the next 10 years will need for retirement?

bodyforlife · Oct 8, 2018

I had a discussion about this with someone a year ago and was amazed at what he thought was going to be enough for him and his wife.

So what are your thoughts on this? Feel free to throw out whatever scenario you like to go along with the financial side (i.e. location you would need to live at, etc.). Also, let's stay on track with the average life expectancy of 80 years old (current average for the United States).

bodyforlife · Oct 8, 2018

Actually the 80 is for males and it's 84 for females.

VIEJODINOSAUR · Oct 8, 2018

One million in cash with pensions and social security.....that would do it......maybe three quarters of a million.....

bodyforlife · Oct 8, 2018

VIEJO DINOSAUR said:
One million in cash with pensions and social security.....that would do it......maybe three quarters of a million.....

I'm thinking not too many people have pensions any more. And just to be clear, you're saying $1 million for a couple? And is that to live anywhere?

skins85 · Oct 8, 2018

2 houses paid off
about 500-600k in retirement accounts
another 100k in cash and collecting social security. that should be enough to be comfortable. (me and the wife and we live in NC, so definitely not any major city)

bodyforlife · Oct 8, 2018

skins85 said:
2 houses paid off
about 500-600k in retirement accounts
another 100k in cash and collecting social security. that should be enough to be comfortable. (me and the wife and we live in NC, so definitely not any major city)

What would you estimate the value on the houses? Just trying to get a gauge on what overall net worth you think is needed.

Willie99 · Oct 8, 2018

How much do they gamble?

VIEJODINOSAUR · Oct 8, 2018

bodyforlife said:
I'm thinking not too many people have pensions any more. And just to be clear, you're saying $1 million for a couple? And is that to live anywhere?

Yes....live anywhere they want....

bodyforlife · Oct 8, 2018

Willie99 said:
How much do they gamble?

I'm assuming they're not degenerates like the people at the RX, so let's say zero.

skins85 · Oct 8, 2018

bodyforlife said:
What would you estimate the value on the houses? Just trying to get a gauge on what overall net worth you think is needed.

200k to 250k in todays value, nothing over the top. i suppose in 30 years it could be more. im 33 my wife is 29. we are hoping for a home in the mountains and home in the warm weather and becoming snowbirds. i guess in overall net worth over a million and any more is just gravy.

Willie99 · Oct 8, 2018

Tons of other variables y'know

How big are their pensions? How about social security?

Do they have other sources of income? like rental properties? I know people with little cash but 10k + in rents

I think with a couple of decent social security checks and maybe a little supplemental income, say something like a part time job or net rents for like 1k per month (or maybe a small pension), $ 500,000 should suffice for most middle class to upper middle class families

bodyforlife · Oct 8, 2018

skins85 said:
200k to 250k in todays value, nothing over the top. i suppose in 30 years it could be more. im 33 my wife is 29. we are hoping for a home in the mountains and home in the warm weather and becoming snowbirds. i guess in overall net worth over a million and any more is just gravy.

Ok. I was trying to keep it with the original topic of a couple retiring in the next 10 years so we could all be consistent.

bodyforlife · Oct 8, 2018

Willie99 said:
Tons of other variables y'know

How big are their pensions? How about social security?

Do they have other sources of income? like rental properties? I know people with little cash but 10k + in rents

I think with a couple of decent social security checks and maybe a little supplemental income, say something like a part time job or net rents for like 1k per month (or maybe a small pension), $ 500,000 should suffice

Ok, so how would your estimate change with no pensions (I just think those are few and far between now), no part time job, and no supplemental income other than SS?

skins85 · Oct 8, 2018

bodyforlife said:
What would you estimate the value on the houses? Just trying to get a gauge on what overall net worth you think is needed.

ah, sorry. read the post but forgot the thread title. you would still want at least 500k i would imagine if you wanted to live a semi-decent retirement and you should own your home and have that paid off fully.

G.MONEY · Oct 8, 2018

I have been told a million dollars in Investment value, with little or no debt...My guess depending on your current age of course could be more or less..where I’m today about with 10 years hoping to get to 1.2million in investment cash working for me

Heatwave · Oct 8, 2018

Rule of thumb is to be able to draw 4% of retirement per year to live on. So, assuming the underlying investments do nothing, you can live 25 years after retirement on that money alone, not including SS.

Social security per person, depending on their work history, could range from around $1-2K up to $3K per month per person.

So, someone with $1M in retirement and $2K per month per person in SS would have around $88K per year of income. $500K with the same SS would be $68K per year. Most people don't have pensions, rental income, etc., but if they do, only helps the equation.

Is $88K annually enough to live on? I guess that depends on where you live, lifestyle, etc. But generally speaking I would say yes.

GoBlue34 · Oct 8, 2018

Depends on current debt but a good rule of thumb is 10x your current income to maintain your lifestyle and not draw down your nest egg (or as little as possible). But my advice keep aggressively investing even when you retire.

Betallsports · Oct 8, 2018

a lot of my friends have decent money or live in really nice houses ... Talking $1Mil and Up
it's a circle of people the Wife and I have known for many years.

some time earlier this year this was brought up by one of the couples
They own their own business which has been around for 30+ year, and they work like animals ....

Anyway someone at the table asked them or I believe said to them, You guy must be close to retirement ...
Well it was like telling them to F off, because the wife said they are nowhere near retirement !

They seem to be always busy and very successful ... unless that's because they usually say so. But We kind of believe that since they own a very known brand
in their industry...

So the wife says, we are not there ... and NEED $5 Million in order to retire !!
a slight argument broke out with two other couples with them. Both saying that you don't need $5 Mil to retire, who told you that ?
and so you know, the two other couples are probably worth between $20 - $50 Mil ( one couple lives in a $2.1 Million home, the other a $3.5 Mil house )
they are not retired either, and both believe $2 Mil is enough to retire if you wanted to.

Long island is a huge nut to live. Even if you have a $500,000 house, your taxes are probably around $15,000
depending where on LI you live

The two couples above pay $30K and $42K in taxes.

in the long run, you need a lot of money to live in this area...

Now you can be smart and sell that Tax Hell of a house and move down South
My place in Florida, taxes $4300, up here in NY .... Forget about it !

Enfuego · Oct 8, 2018

Confused by the question. What do you need if you don't draw a pension and medical expenses?

Willie99 · Oct 8, 2018

bodyforlife said:
Ok, so how would your estimate change with no pensions (I just think those are few and far between now), no part time job, and no supplemental income other than SS?

How much does this couple need for housing costs? And how much disposable income do they want a month? And how many years before they care if their money runs out? I would advise age 90 as a rule of thumb

Then I'll give you a number

So how much do you think a couple retiring in the next 10 years will need for retirement?

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