Wife and myself close to 3M net worth! Family income around 1M+. What net worth should I target for comfortable retirement?
If you plan to retire in India, you’re all set already. If you want to retire in the USA, you’ve got to triple your NW (depends on how comfortable we’re talking). It’s also hard given the inflation trends which are hopefully short term but no one knows for certain.
10! I am 36 now!
It depends on how old you are and your lifestyle. If you are over 60, you are set unless you live lavishly. If you are 50, you should put another $1-2M away. Your biggest expense will be health insurance between when you retire and when you reach age 65.
Man, why does everyone leave out the only important information in these shitty posts - every god damn time? WHAT ARE YOU SPENDING PER MONTH? How much you want to spend in retirement is the only thing that matters here.
What this guy said
This. Annual expenses times 33. So you spend 300k year (counting taxes for the actual amount you need) then you need 10m. 200k/yr then $6M. Etc.
Uh at 1 million TC I'd hold out for atleast a few more years. Your NW will explode
These posts make me feel like I'm gonna live off social security 😭
Tbh I rarely see people factor this into their retirement plans. Yes, I know SS has funding issues yet most projections I've seen have 70-80% of the money you're "owed" coming back to you at worst. Sure you won't live off 2-3k per month in your 60s+ but it's not nothing.
Bad news, social security would be watered down over time to avoid collapse.
Find a calculator online. It’s highly dependent on if you have kids, where you live and what you plan to do in retirement.
Depends where you live, 3M-5M in Dallas is plenty. In Cupertino you need at least 15M. That’s in today’s money, you need to account for inflation. A good rule of thumb is if you can live off half of your yearly returns, then you’re set to retire.
15M is a ridiculous amount of money. Lots of people will retire in Cupertino at a third of that or less. Some will die at work trying to hit that unrealistic goal. Inflation has hit the blind bubble too… ‘at least 10M’ used to be the bubble number
Yeah, $15m is $750,000 a year at 5% returns. Probably closer to $1m a year if you want to spend it down over 30 years. Doesn't take that much money to play bridge.
What you currently have is already more than a majority of the population can earn in their lifetime. At the same time there are few for whom the amount is pocket change. So ask yourself when you want to stop and only you can answer that question.
10M is my target. Current age/family size/lifestyle all impacts your target.
If you make 5% on 10m, you'll have $500,000 a year. You need that much to retire? Probably more like $750,000 a year if you were going to spend down the $10m over 30 years. I guess you are getting extra cheese on your Whopper.
At 750K a year they are buying the burger shop :) Extra cheese is going from 2M to 3M. There will also be substantial social security coming in for most people on this forum.