Retirement: What's your number?

Not to get too personal on here but I was curious what you guys are planning on having saved when it's time to retire. I know everyone is in a different situation and has different things they want to do in life so I'm just curious what you guys think a good safe number is for you. My goal is to have around $2.5 mil. I don't plan on Social Security being around (retire in 2048) but if it's there then I guess it will be a bonus. I do plan on traveling but not extensively...maybe 2-3 times a years around the world. I've tossed around the idea of buying a sailboat and just cruising the world but my better half isn't onboard with that yet (working on it).

 

House paid for. Would like to have a couple mill, but I don't think that is going to happen now that my wife has stopped working to stay home.

 

Yep, no mortgage is in the cards for sure. My company has a retirement calculator and is telling me I'm going to need around $15k a month. That seems like an awful lot.

 

these calculators assume a ridiculous rate of inflation of your expenses. so say you now need $5K a month. In 30 years it will be $10k or whatever. I figure I can live comfortably off of $2 mil in savings.

 

that's assuming my house is paid off btw

 

With inflation, ehh..but still, dear God, what are you planning on? Caviar for breakfast, wine and filet mignon for lunch and lobster for dinner every day?

 

I just did an analysis for a retiring client. if you use the default inflation rate of 3.71% it goes from $118K to $243k in 20 years which is just ridiculous. .

 

I'm a bit of a high roller, so probably $5-6 mil

 

That was my reaction too. The hell am I going to need that much for? Fueling my personal jet/yacht?

 

Do you plan on traveling a lot or just have expensive taste?

 

Yeah, I don't plan on going crazy but I do want to be able to do what I want and when I want. You know, travel, spoil the grand kids, etc.

 

Travel, travel, travel. I want to be like my parents, they've been retired for a few years and they're only at home 6 months out of the year. I should say I'm still single, so if that changes, it could alter the plan.

 

And 3.71 is an enormous long term inflation number.

 

yup. it's based on historical rates, but of course we haven't had anything close to that in recent years.

 

2 mill, 20 years to go, 40% of the way there, house has to be paid off

 

Sell or throw away everything and downsize is my goal. The smaller the better. A one bedroom, one bath would be ideal.

 

What have we been averaging lately?

 

Hopefully I'll have a few hundred dollars put up

 

About where I plan to be.

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I'm shooting for 6, but could probably be perfectly happy with 2.5. We have a 15 year mortgage so the house will be paid off before our son learns how to drive. Without a mortgage, we could probably get by pretty easily on the interest of 2.5-3 mil.