Changes

[Hyper]

We have changes coming we hadn't planned on, so are running a few different senarios. @ 67, (still many yrs away), the SS amount showing that we would receive () would pay our life style we currently have. Question is with SS taking care of living expenses, how much $ of a nest egg (emergency fund?) at that time should one have?

 

[Blue Collar Guy]

Run the calculator with zero social security. See how much you need. Shoot for that. I believe that since your many years away from collecting, the amount you get will be between zero and 100 %. Im a worrier., and unlucky. If you get zero soc sec your nest egg will support you. anything above zero and your golden.

 

[Koolau]

We have changes coming we hadn't planned on, so are running a few different senarios. @ 67, (still many yrs away), the SS amount showing that we would receive () would pay our life style we currently have. Question is with SS taking care of living expenses, how much $ of a nest egg (emergency fund?) at that time should one have?

That's a tough one with out more info. What kinds of emergencies would you anticipate? A new roof for the house or a $40,000 wedding for your favorite grand child.

Also, how do you get to 67? Do you have medical insurance covered until then (and how about after MC kicks in?) Do you want to leave a legacy?

Defaulting to the rule of thumb, emergency funds are typically stated in terms of covering expenses for 3 to 12 months for most folks. I just think there's something missing from the equation. YMMV

 

[candrew]

Elaborating on Koolau's and BCG's thoughts - if you haven't yet, tracking and getting a handle on your expenses is a must. Having done that, you can stipulate a minimum starting portfolio based on your inputs in Firecalc and run that scenario. That will let you know how much of a nest egg you will need.

But as Koolau says, YMMV.