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Did Anyone Retire with "Only" .75M$ Saved?
Old 06-11-2019, 02:04 PM   #1
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Did Anyone Retire with "Only" .75M$ Saved?

Now there's a bold question ... I just had to ask. That's how much we have in our IRAs right now, and I am itching to just throw in the towel and say I'm done with my job.

I know there's a LOT more to it than how much you have in your IRAs. But I just wanted to ask--did anyone here take the leap with less than $1M put away?

(Btw, we have no debt, own our home, live below our means, just bought new car (cash) and put tin roof on house/garage ... so we're pretty good outside of the IRAs. I'm just chicken. ) And DH would continue working for awhile to give us health insurance, cuz he's still a baby at 57. :-)

Anybody do it with less than a mill?
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Old 06-11-2019, 02:10 PM   #2
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Don't think I could. 4% of $750k is only
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Old 06-11-2019, 02:12 PM   #3
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30k/yr at the max. Can you live on that? And enjoy youself
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Old 06-11-2019, 02:13 PM   #4
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Are there pensions expected, and would your SS cover your expenses?
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Old 06-11-2019, 02:17 PM   #5
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Not enough info. Free or subsidized healthcare ? High cost of living location ? Spending habits ? Ya, anyone CAN retire on 750 k or less, if the lifestyle of " Possum Living " suits you.

("Possum Living: How to Live Well Without a Job and with (Almost) No Money" by Dolly Freed)

Or get a cheap boat and " Anchor Out " in Sausalito
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Old 06-11-2019, 02:17 PM   #6
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Originally Posted by SoReadyToRetire View Post
But I just wanted to ask--did anyone here take the leap with less than $1M put away?
Not me. But it's just math. Planning for retirement depends on income, assets and expenses.

If you can get by with less than $1M that's great.
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Old 06-11-2019, 02:19 PM   #7
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My mom retired on $1500 / mo social security and $30k in the bank. And she seems very happy.
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Old 06-11-2019, 02:22 PM   #8
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Last day of work Dec 28, 1988.....no company pension...had $500K Canadian.....4 times that now. We're not wealthy, but we get by.....travel once in a while.
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Old 06-11-2019, 02:30 PM   #9
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I could make it work. But our expenses are low (below 5K monthly) and we will draw SSI 80% of that at 67. Plan to RE at 59.5 (20 months out).
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Old 06-11-2019, 02:40 PM   #10
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I know an expat in China who got cleaned out in his late 50s during a divorce. Was left with something like $500k in liquid assets after 35 years of work and savings. Met his second wife (a Chinese gal) a year or two later, took SS at 62, and moved back to China with her. They live like kings on $2-3k/month and apparently between his SS and her income, he hasn't needed to tap into his $500k savings yet.
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Old 06-11-2019, 03:05 PM   #11
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Like others have mentioned, there's not enough info. How much of a pension/SS either or both of you will get will make a big difference. Also, how much income your husband brings in, and when he ultimately decides to retire.

FWIW, everyone in my family who has come before me, and retired, has done it on less than $1M. In many cases, much less. But, they tended to have decent money coming in from pensions/SS. Or, for the less moneyed ones, they had family members who helped them out.

Personally, I wouldn't feel comfortable retiring with $1M or less, but everybody's situation is different. In my case, I'm 49, single, just bought a house with a $2600/mo mortgage. I won't get a pension when I retire, and if I take SS at 62, I estimate it'll only be around $1400/mo, in today's dollars.

I honestly don't know what amount I'd have to have saved up, for me to feel comfortable. It seems to go up, the older I get! Last year, before I bought the new house, I had gotten up to around $1.96M, and no mortgage, and was starting to feel pretty comfortable. And, if I managed to get up to $3M, I have a feeling I'd pull the plug immediately, regardless of the mortgage! So, I guess my magic number is somewhere between $2 and $3M.
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Old 06-11-2019, 03:08 PM   #12
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Close relative (skilled blue-collar) retired in his early 50s, ~25 years ago with closer to $75,000.

Most importantly they had a paid-off home, a modest but COLA pension plus nearly free retiree healthcare.
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Old 06-11-2019, 03:13 PM   #13
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You have a new roof and a new car now, but are you able to put aside enough to pay for repairs and replacements as they inevitably crop up? Paying for them would eat seriously into your seed corn.
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Old 06-11-2019, 03:30 PM   #14
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We did. But have pensions. Spending about 90% of what comes in. About half of what we put aside is invested the rest will be spent on major purchases.
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Old 06-11-2019, 03:37 PM   #15
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The LCOL area question is a very good one. Having no debt and free/clear house is really important too.

You would be surprised how many here are happy on LESS than 750k invest able assets. We had a discussion on that topic at least once before.

SS, small pension, PT hobby business, extreme frugal ism-lots of ways to make it work. Or even if you have the option of future PT work (say substitute teaching or consulting if you HAD to) that would allow you to go for it and keep "an ace in the hole".

Many here have discovered their expenses go down once retired. Perhaps yours will too. Go for it!
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Old 06-11-2019, 03:41 PM   #16
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I honestly don't know what amount I'd have to have saved up, for me to feel comfortable. It seems to go up, the older I get!
For some of us, the number ( went down, the older we got and the fuller the BS bucket got!
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Old 06-11-2019, 03:58 PM   #17
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Put all your numbers including SS in Firecalc and see what it gives you.
We retired with under 2m but wouldn't and couldn't with under 1m, but one is already collecting SSDI, plus have some additional income sources the first few years.
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Old 06-11-2019, 05:37 PM   #18
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It is noted that 4% of $750K is only $30K/year, but the OP mentioned several favorable factors, such as

1) her younger husband is 57 already, so she is older and closer to SS age,
2) the husband still works for a while, and that provides health insurance for both,
3) they are frugal and have no debt.

And of course health insurance is the item of most concern if the husband wants to throw in the towel also, but can they count on ACA being here till they reach 65?

Other than that, I think they can do it, even though most people here retire with much more.
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Old 06-11-2019, 06:09 PM   #19
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I can tell you, many have retired with less then 1M. I know of many older people with less and have done just fine. SS will help a bunch and if you aren't going live a life traveling around the world and spending money like there is no tomorrow I would say you will do just fine.
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Old 06-11-2019, 06:17 PM   #20
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I doubt we could. Healthcare premiums alone are almost 20k for just the two of us (Mid 40’s), although income would be low enough in that situation to qualify for Medicaid. However, once the bs bucket gets full enough anything’s possible. There are times at work I’d be willing to give up eating out and the occasional trip to get outta that mess. If u think/know you can live on 30k give it a shot!
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