A million would be huge to me.
You'd have to live a little extravagantly to spend six figures in retirement...and at that spend rate quitting your job probably never occurs to you.
My goal is $1.5 million minimum or 25 times our projected expenses ($60K a year).
Are you really going to pay your kid's graduate studies? Medical or law schools will be very expensive. Paying 100% of their education may not help kids understand the value of money.I voted 4-5 million because I'm so conservative, and and want a big cushion. I'm hoping to retire before my kids reach college age, so I'll need to fund 8 yrs, if not more, of college (2 kids) +/- med school? law school? in retirement. Also, what if we get another 9/11? 1.5 million is suddenly less than 1 million!
Talk's cheap
Are you really going to pay your kid's graduate studies? Medical or law schools will be very expensive. Paying 100% of their education may not help kids understand the value of money.
I'm hoping they will understand the value of money whether or not I help them, by leading a fiscally responsible lifestyle. My parents helped me out and made that period in my life much easier, which helped me become successful, so I'd like to offer the same opportunity for my kids if necessary.