retirement thread
- Thread starter jacko
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every individuals situation differs.how much money do you need to live.a person can retire at any age as long as they are financially secure.
I watch, listen to, and read about finance content regularly. I'm certainly no expert, but I've seen estimates online anywhere from $500,000 to $3 million and up.
As Templar said, it's all highly individual. Someone in CA is generally going to need a lot more money than someone in Kansas (which came up in a Google search of one of the states with the lowest cost of living.)
And there are so many other factors that have to be considered: married vs. single; dependents or not (many older Americans are now raising/paying for grandchildren); health conditions (someone with chronic health problems will need more than someone with better health); and so on.
I've have also heard that health coverage can be the deal-breaker -- some people have enough money to retire and cover their living expenses, but only if they can get on some kind of health plan. If they're not old enough for Medicare (and apparently there are a lot of things it doesn't cover, requiring some to take on the cost of additional supplemental plans,) many continue to work if their job offers health insurance.
There are lots of retirement estimation tools available online. Just Google things like "Retirement Estimate Calculator," as well as videos on YouTube. Some are free, but some charge a fee. YouTube can be a good guide as to which calculator might be best for you, and how to use it.
But of course, none of these tools can claim total accuracy and must be taken with a large block of salt, as nothing can predict the curveballs we all face in life.
Hope this helps and best wishes to you!
You will never have enough.....unless.....you have learned during your life to enjoy what God has given you, little or much, and have been satisfied with His provisions. When you get here your priorities will be much different than you think.
There is a minimum you need to survive, depending on where you live. For example, let's say in Southern California where I live a 2 bedroom apartment is 3,000 per month, add in food and gas and you need $5,000 a month to live. So $60K a year. If you retire at 65 and die at 85.. How will you survive for 20 years. You will need at a minimum of 1 million saved up.
Yes, healthcare costs are the wildcard. YOu can easily go bankrupt if you suffer from some illness if it's not covered by insurance.
But I also think that as a steward of my resources, I just past an inheritance to my children's children as stated in Proverbs.
that's the problem, what does financially secure mean? and by what definition. I met with a financial planner who is a member of my church, I asked him if I was good and he said no. we are members of a well to do church.
