How Much Do You Need to Retire?

[raaman]

Saving for retirement is tricky. You are always told to start as early as possible. So every time, you think about it. But when is it enough? How much do you really need to save? That's why you need a retirement plan. Until you have a retirement plan, you have no idea if you are on track or not.

In this thread, I will try to figure out how much you need to retire. You may have decades left until you are ready to retire. A lot can happen in those years. You may get married, have children, buy a house or car, etc.

Or there may be something awful, such as a divorce or a family member getting sick. Add to the mix the fact that you have to pay bills, as well as events that are out of your control, such as recessions, stock market corrections, and inflation.

 

[Alexandoy]

Based on my computation to stay in a countryside with funds that can sustain me and my wife until our dying day we would need 10 million pesos (about $200,000). We can live well with some luxuries like maintaining our car and having appliances at home. That is actually my dream which we may realize 2 years from now when my wife retires from her office job.

 

[Sotherefore]

The amount of Money i will need for that depends on alot of things especially if I am leaving as a spouse, I might require up to five hundred thousand dollars to make sure I enjoy the best out of my retirement age,and the money might not even be enough because after retirement you might be alive for the next 30 years, we cannot give accurate figure for that

 

[Chibson]

I don't think there is any money that is too big for you to have before you retire. It is therefore advisable for people to make plans when they are working for their retirement because you may not be able to go about a normal business then. So starting a business that is not so stressful is advisable. Saving is good but try to make investments before you retire.

 

[sincerem]

No amount of money satisfies our curiosity, in as much as we have money, we still need more money to style our bills and earn a better living. I'm very Keen to make lots of money before retirement. If i can earn reasonable amount of money that can be enough to take care of my life and my wife to pay our bills and live comfortably I'm just satisfied to retire fine.

 

[btaliat]

Just like one of the commentators said, there is no money that is enough for a business. It is a function of the size of the business. After starting the business, we still need money to run the business. There will be money to run utility bills and the likes. So, it is better to when save at excess.

 

[Samuel72]

Well as for me I don't want to save much money before I retire, I want to invest before I retire. I also want to have different investments before I retire this is because my expenses is very high and also I have many bills to pay such as my kids school fees and also their well-being. Saving money for retirement is not a wise decision.

 

[Chibson]

I think I have made a contribution to this before but let me still add this again. Saving early for retirement is recommended,but I don't think there is any amount of money that is enough for you to retire. You just have to save enough money that will help you start a business that will be making you money while in your retirement phase. You also need to invest in business that will help you when you retire.

 

[Mellorando]

I don't think there is a specific amount you need before retiring but what I do know is that the money should be a very reasonable amount that I can take you and your family till further notice retirement is so does not mean that the person can't work anymore he can work even from home