Retirement at what age, and how much $$ will you will need to retire "comfortably"?

  1. Throughout my years on AN, I have often come across discussions about salary, quality of life, saving habits, spending habits, definitions of luxury and wealth, etc. In those threads, I frequently read posts from some members who state that they have already saved so wisely that they are pretty sure that they will be able to retire "comfortably." Others haven't gotten there yet, but feel confident that with their current financial habits, they will absolutely get there.

    Knowing there is no one definition of "enough" or "comfortably," I still wonder what the general consensus is.

    How much do you need in your retirement account to feel confident in a comfortable retirement, and at what age do you plan to completely retire?
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    About Horseshoe

    Joined: Jan '11; Posts: 5,397; Likes: 22,273

    101 Comments

  3. by   Triddin
    Imagine a lot of it depends on what kind of life you want to have when you retire and what your expenses will be
  4. by   Horseshoe
    Quote from Triddin
    Imagine a lot of it depends on what kind of life you want to have when you retire and what your expenses will be
    True, and so I'm asking what kind of life and expenses the nurses here expect in general. Not only that, we have to consider the possibility of catastrophic illness and the $$ associated with that, or long term care, etc.

    Do you guys calculate your salary times x to figure out your retirement goals? Or an arbitrary number? Do you want to pay off your house first, then travel, or is simply living life as is the goal?

    Do any of you have long term care insurance?
  5. by   Horseshoe
    When considering retirement savings, are you counting on SS to bridge the gap if you haven't gotten the "right" number saved?
  6. by   Sour Lemon
    I'm hoping for a quick decline and demise, if not a sudden one. When I'm too old to work, my plan is to refuse everything and let nature take its course. I am open to norcos and percocts, though.
  7. by   meanmaryjean
    Quote from Sour Lemon
    I'm hoping for a quick decline and demise, if not a sudden one. When I'm too old to work, my plan is to refuse everything and let nature take its course. I am open to norcos and percocts, though.
    You'll die of constipation then....
  8. by   SmilingBluEyes
    It can indeed vary widely. We are already there; we "could" retire now and live comfortably. But to do the things we want to as empty nesters, I want to build up more. I want to focus on experiences, not things. My house will be mine. We will have paid off nearly everything except one truck we bought to get through our retirements years, just recently.

    I don't want jewelry, things, fancy clothes, dinners etc. I want to take vacations by the ocean, drinking wine and having our grandkids surrounding us, playing and having fun. That kind of fun is not too extravagant for us to finance in our retirement years.

    I'm too young to retire; so I'll keep on building. I may work long into my 60s. I don't know. I'll see when we get there. My husband will retire by 60 if things keep going the way they are.

    We're doing ok.
  9. by   Sour Lemon
    Quote from meanmaryjean
    You'll die of constipation then....
    Perhaps my plan needs some fine tuning.
  10. by   Horseshoe
    Quote from SmilingBluEyes
    It can indeed vary widely. We are already there; we "could" retire now and live comfortably. But to do the things we want to as empty nesters, I want to build up more. I want to focus on experiences, not things. My house will be mine. We will have paid off nearly everything except one truck we bought to get through our retirements years, just recently.

    I don't want jewelry, things, fancy clothes, dinners etc. I want to take vacations by the ocean, drinking wine and having our grandkids surrounding us, playing and having fun. That kind of fun is not too extravagant for us to finance in our retirement years.

    I'm too young to retire; so I'll keep on building. I may work long into my 60s. I don't know. I'll see when we get there. My husband will retire by 60 if things keep going the way they are.

    We're doing ok.
    I'm with you on the vacations by the ocean, especially the drinking wine part!

    My husband will probably want to sell the big house in the expensive neighborhood and buy a nice place in the country with some beautiful acreage. I can do that.

    I'm thinking about travel. I love Paris, would love to go to Italy and Greece, Germany, and Spain. And if we could bring our kids and their future children, that would be my idea of a great retirement.
  11. by   klone
    To me, being "comfortable" means no debt (including mortgage) and enough money to take a couple nice trips each year. We fantasize about retiring abroad, and moving to Porto, Portugal, or San Juan Del Sur in Nicaragua.
  12. by   Horseshoe
    Quote from klone
    To me, being "comfortable" means no debt (including mortgage) and enough money to take a couple nice trips each year. We fantasize about retiring abroad, and moving to Porto, Portugal, or San Juan Del Sur in Nicaragua.
    wow!!!
  13. by   ProperlySeasoned
    Deleted
  14. by   klone
    Quote from Horseshoe
    wow!!!
    Both of those locations, as well as many others, have a large number of American expats, and are much cheaper cost of living, so retirement dollars go a much longer way.

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