Curious what people are hoping to receive during retirement from their investments (401a/b/k, IRA, stocks, etc) For those who have huge TCs I’m sure your monthlies will be a lot higher at retirement so feel free to comment to remind the rest of us how poor we are. TC 275k #personalfinance #investments #retirement
3k is the minimum in most of the western world. It is like 1 million dollars of capital. That isn't that much
Considering some people get started in savings a little later in their lives, some may barely scratch 1m by retirement. I never really considered this reality because I’ve been in corporate for so long, but after talking to a few folks over the weekend while discussing my upcoming career plans, I realized some won’t be retiring at the “normal age”; they can’t afford to, while I’m planning to retire before 40.
These are the dumbest options for this question, unless you live in a 3rd world country you're going to want more than 3K/month
I read an article earlier this year showing the average retirement income in the US for people over 65 was less than 2k. I hardly discuss my personal finances so I didn’t have enough information to make the options less dumb. Also, what you want isn’t necessarily what you are on track for/can achieve. Luckily your participation wasn’t mandatory.
Yeah it depends how old you are. I have/had relatives in their 70s who owned their houses and didn’t do very much and didn’t spend much either. Definitely less than $3k/mo
What’s the cost of insurance for a retired 60 year old today? Anyone know?
$30,000/mo
Yeah, somewhere in this ballpark. I was leaning towards 20k/month though. Which is about 5mil invested. 30k/month is about 7.2mil invested
That’s my ballpark too. I’ll have a mortgage and two young ones. Retirement isn’t going to be cheap and I plan to have lots of expensive hobbies and vacations.
How will you pay for property tax, insurance, medical bills, food for under 3k a month in the Bay Area?
Not every person on blind lives in the Bay Area. Many people actually live in lcol areas. I know it’s shocking.
3k/mo is 🥜. You can’t safely retire with that little income.
$50k per month in Southeast Asia
Social Security alone (if it still exists) will be 6k+ a month if you wait to start taking it
Social security payments are a complex equation and will be different for each person based on their contributions and work history though
I was a little late in the investment game and didn't really understand my options for company sponsored retirement funds. I was sure I wasn't going to get much if I made it to retirement so I ended up investing heavily on my own into real estate and index funds which helped me feel more secure. I have to be honest, I was a bit frugal in my early career days and listened to some nonsensical folks which really would have hurt if I would have continued down that path. About 10 years ago I was on the track of only having maybe 1200 a month. Some of the comments from people who are being a bit priggish are forgetting that everyone had unique circumstances and everyone isn't going to retire with over 3k a month. I'm happy that I've changed my future circumstances and if I make it to retirement I'll be even happier.
My TC is below 150k, but even with that salary I feel like you need to completely ignore your 401k to be below at least 3k a month