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How much is really enough to retire?

  1. profile image55
    lisa1112posted 6 years ago

    How much is really enough to retire?

  2. CrazyGata profile image78
    CrazyGataposted 6 years ago

    Whatever your expenses now like ten times... don't quote me though.

  3. profile image0
    icountthetimesposted 6 years ago

    It's really hard to know. It depends on what quality of life you want to have, and what your current spending is. Some people are very careful with money, whereas others spend, spend, spend and can get through just about any amount.

  4. TIMETRAVELER2 profile image99
    TIMETRAVELER2posted 6 years ago

    There is no one answer for everybody, but you can guesstimate what you, yourself will need.

    Write down all of your expenses for one year.  Include everything...eating out, car repairs, medical bills, etc.

    Then set up a spreadsheet that takes the total amount and adds 3% per year to that amount for inflation.  To that add an extra $3,000 per year to cover surprise expenses.  That's how much you will need to live as you are living now.

    However, if you decide to downsize, etc, that figure can change.

  5. Jesus was a hippy profile image61
    Jesus was a hippyposted 6 years ago

    That depends on where you want to live. In Bangladesh you could easily live on £1000 a year.

  6. hubba-hubba profile image61
    hubba-hubbaposted 6 years ago

    Enough to live off a 4% safe withdrawal without reducing your nest egg.

 
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