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View Poll Results: For those of you that want to retire, and those that have recently retired, how much money do you ca
500K or less 10 3.08%
750K 22 6.77%
1 Million 44 13.54%
1.25 Million 36 11.08%
1.5 Million 35 10.77%
1.75 Million 16 4.92%
2.0 Million 56 17.23%
2.5 Million 38 11.69%
3.0 Million 34 10.46%
4.0 Million 15 4.62%
5.0 Million 9 2.77%
More than 5.0 Million 10 3.08%
Voters: 325. You may not vote on this poll

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What is your magic retirement number in US$ dollars?
Old 03-29-2007, 08:45 PM   #1
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What is your magic retirement number in US$ dollars?

Just curious how much others feel they need to live their desired lifestyle.
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Re: What is your magic retirement number in US$ dollars?
Old 03-29-2007, 08:49 PM   #2
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Re: What is your magic retirement number in US$ dollars?

I want $3M so I can live off the interest and hopefully never look back.
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Re: What is your magic retirement number in US$ dollars?
Old 03-29-2007, 09:15 PM   #3
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Re: What is your magic retirement number in US$ dollars?

213k in 1993 dollars.

Oh wait! - I already did that - with a temp job - an SO with her own 401k - sold and ate the duplex - small non cola pension in 1998(age 55).

In hindsight about 350k dollars(ballpark) turned out to be the magic number - although I was planning on 1.3 mil in 2006 at age 63 plus a 17k/yr pension plus SS.

heh heh heh heh heh heh
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Re: What is your magic retirement number in US$ dollars?
Old 03-29-2007, 09:34 PM   #4
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Re: What is your magic retirement number in US$ dollars?

Seems this poll suffers from a similar valuation problem as the net worth polls.
How should you count pension value if you have one? Or Soc Sec?

For the record, my vote includes a combination of investment accounts and a "25 x anticipated income at time of pulling the plug" valuation for a COLA'd pension. Did not include anything for anticipated SS, though that also is a factor.

Edited to add: no home equity in my vote either.
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Re: What is your magic retirement number in US$ dollars?
Old 03-29-2007, 09:46 PM   #5
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Re: What is your magic retirement number in US$ dollars?

$2 million plus $500k extra for every kid I have
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Re: What is your magic retirement number in US$ dollars?
Old 03-29-2007, 10:04 PM   #6
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Re: What is your magic retirement number in US$ dollars?

I only want $1 more than I have.

Once I get that another $1 is wanted.

So, I do not get a latte every day.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 01:36 AM   #7
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Re: What is your magic retirement number in US$ dollars?

I would love to have millions but I voted under 500K. I assumed it meant in invested $ not equity or anything.
I have about 375K now and if I can work until SS kicks in I should be able to sell the house and move to cheaper location and be mortgage free. With a roommate and not much spending I could live 40 years on 500K. I will collect about 8K from a roommate and 12K from SS and might be able to live on that so all my savings can go for extras. Other than medical insurance living doesn't have to be expensive to be nice.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 04:39 AM   #8
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Re: What is your magic retirement number in US$ dollars?

Bad question IMO...

How much do I "NEED".... I don't need as much as I WANT...

I still have about 5 or 6 years to get to what I WANT, but from all calculations I have what I need... I just want to be in a better financial picture before I take the jump..
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 06:46 AM   #9
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Re: What is your magic retirement number in US$ dollars?

weelll substitute "you need" with "your goal" .... it's a valid question. Everybody as a NUMBER.

Mine was 2m ... with the house but without the pension and ss.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 07:55 AM   #10
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Re: What is your magic retirement number in US$ dollars?

Big Picture:

Planning is great. LBYM, save, invest wisely. All these things help you get along the path.

The unexpected will happen and plans will change.

ER is a state of mind, not a number. When you get to exit, take it!



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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 08:06 AM   #11
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Re: What is your magic retirement number in US$ dollars?

bum, well said!

The "exit" for me was a severence package ... without it I'ld probably STILL be plugging away ... adding to the wad. :
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 08:30 AM   #12
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Re: What is your magic retirement number in US$ dollars?

Things were going fine at work when I passed our goal, so I worked a couple more years. Final number was sonewhat more + fully paid for house and no debt, when I walked out 15 months ago. Portfolio has grown since then even with several big purchases, so I guess I have a enough.

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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 08:41 AM   #13
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Re: What is your magic retirement number in US$ dollars?

Quote:
Originally Posted by stw
Seems this poll suffers from a similar valuation problem as the net worth polls.
How should you count pension value if you have one? Or Soc Sec?
I took my pension and social security and devided by .04. I figure that will give me what I would have to have in the stock market at 4%. I then added a pension that is not inflation hedged and devided that by .07. I figure I could get that over the long term not inflation adjusted. Then added cash.

After all that I come up with what I have, not necessarly what I need, which is different from what we might Want. At anyrate it is north of $1,000,000 and is enough for our current lifestyle.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 09:04 AM   #14
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Re: What is your magic retirement number in US$ dollars?

The number I set 11 years ago was $2M, and it remains that...........

Of course, I was planning on a 6% SWR back then.............

Now, I think a 3.5% SWR will be infinitely doable.............
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 09:15 AM   #15
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Re: What is your magic retirement number in US$ dollars?

A little under $1.5 million. This is invested, income generating assets.

Paid off house isn't included in this total. But it will reduce my expenses when the mortgage is gone.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 09:46 AM   #16
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Re: What is your magic retirement number in US$ dollars?

For me "the number" was a slippery thing to try to grasp. I originally set a goal of reaching $1M, if for no other reason that seemed like a nice round number. Once I reached that milestone, it just didn't feel right. So, I kept on working. I plan to retire at the beginning of 2008 with about $1.4M. Don't asked me to explain why I settled on $1.4M, it just "feels" like the right size nestegg for me . . . so, I'm going to go with it. I rely on my gut more and more these days. I don't know whether that is a sign of "wisdom" or a sign of being too lazy to do the math. Anyway, on top of the $1.4 I'll have a cola'd pension of about $19k/year plus social security, so I figure the numbers ought to work out okay.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 09:50 AM   #17
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Re: What is your magic retirement number in US$ dollars?

When adjusted for inflation to my target FIRE year, my number jumps ~$400,000 to $1.75 million (inflation adjusted). That's really the number that I'll end up shooting for in my long term planning.

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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 11:10 AM   #18
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Re: What is your magic retirement number in US$ dollars?

Quote:
Originally Posted by justin
When adjusted for inflation to my target FIRE year, my number jumps ~$400,000 to $1.75 million (inflation adjusted). That's really the number that I'll end up shooting for in my long term planning.

DANG.... I had picked out $1 million when I was 17... so if I had to adjust for inflation... it would be $3.6 mill... and I am NOT sticking around to get there... I might be DEAD before I get there!!!
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 11:23 AM   #19
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Re: What is your magic retirement number in US$ dollars?

my feeling is that if $1mm doesn't buy your way out of indentured servitude then life simply isn't worth the bother.

i'm still very impressed with that 4% number. just now i added up cash, some house equity i intend to add to cash in 5 years, 15 x non cola'd pension, 25 x ss & at 4% i wind up with almost the same figure firecalc says i have to spend, which is all more than i need. plus i'll still either have a paid for house or a boat to live on t'boot. i'm a happy camper.
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Re: What is your magic retirement number in US$ dollars?
Old 03-30-2007, 04:55 PM   #20
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Re: What is your magic retirement number in US$ dollars?

Including 2 COLA'd pensions plus 2 401k's between DW & myself, but NOT including SS, the number looks like approx. $1.75 mil. My SS will be pretty small, around $300 per month (will take at 62) and DW's only about $600 in today's money. I never count them, theyr'e gravy if they are still here.
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