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Info Seeker

Re: How much do you need for a comfortable retirement?

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Message 41 of 144

Two millions.

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Re: How much do you need for a comfortable retirement?

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Message 42 of 144
I recently had a prescription for Celebrex (anti-inflammatory) cost for generic, 1 per day, for 90 days was quoted @$630. I'm trying over the counter(OTC). Who could expect that kind of cost?
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Super Social Butterfly

Re: RE: How much do you need for a comfortable retirement?

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Message 43 of 144

Me and the little woman are fine with SS and my pension.  With the decrease in expenses and taxes due to retirement, we have more than we ever did.

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Re: How much do you need for a comfortable retirement?

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Message 44 of 144
Without significantly down-sizing, an individual should have accumulated at least 20 times his/her annual salary and pray that he/she can find an honest financial planner to preserve those funds. If there was a non-salaried spouse (i.e., only one income during a couple's working years), 25-30 times is probably a better estimate). These parameters are based on my first 6 years of retirement and project that Congress will eventually reach decisions that will protect Social Security and Medicare. I am extremely concerned that my daughter and son-in-law will not have these benefits when they retire; and as for my grandsons, I have read that their generation will be in more trouble than their parents who are not expected to be as well-off as our generation. What happened to the USA?
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Re: How much do you need for a comfortable retirement?

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Message 45 of 144

As someone who is now 84, we have found that what we think we needed at 65 and what we actually need are entirely diffierent issues. I had a joint annuity with my late wife and am now married to a long time friend of ours who cannot benefit from this. This is a serious concern for the future.

 

Also, the current economic and wage stagnation and inequality has forced us into providing support to our grandchildren which was not true during my working years.  

 

When I moved into a condo 23 years ago my late wife and I did remodeling and major repairs which I assumed would outlast us.  My current wife and I have been forced recently into redoing and replacing many of these--new air conditioning and heating units, carpeting, painting, new kitchen and appliances, bathroom, etc.  In addition we have purchased three new cars since I retired.

 

Our out-of-pocket medical expenses are not much but Medicare premiums, supplemntal coverage, and co-payments take a huge bite out of our income.

 

It is a mistake to assume that you can live more cheaply after retiring than before.  You strill have many of the same expenses and they increase with inflation and rising costs.

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Treasured Social Butterfly

Re: How much do you need for a comfortable retirement?

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Message 46 of 144
retiredtraveler wrote:

".....Retirement is easier & you need less income, if you've already paid off your mortgage & have no other outstanding debts....".

 

   It should be, but we've traded off due to travel.  Of course, it's not a necessary but what we're splurging on.


Hey, that's better than having to spend more money on medical expenses, and as you said it's your CHOICE!


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Trusted Social Butterfly

Re: How much do you need for a comfortable retirement?

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Message 47 of 144

".....Retirement is easier & you need less income, if you've already paid off your mortgage & have no other outstanding debts....".

 

   It should be, but we've traded off due to travel.  Of course, it's not a necessary but what we're splurging on.


Just think. The world was built by the lowest bidder.
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Treasured Social Butterfly

Re: How much do you need for a comfortable retirement?

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Message 48 of 144

There are so many factors tied into a "comfortable retirement" .. like how well you've positioned yourself ahead of time. Retirement is easier & you need less income, if you've already paid off your mortgage & have no other outstanding debts. Location also makes a difference; it just costs a lot more to live in some places than others. And people have to take into consideration other family members, they might need/want to help out .. elderly parents, children, grandchildren. And then you're at the biggest issue, everyone defines "comfortable" differently. Take a look at the broad spectrum of how people live while they're working .. the ones who trade cars in frequently & are always the first to get $$ tech equipment .. vs the ones who keep their cars until they become expensive maintain, and are happy with less tech-heavy "toys". Think they're going to change those attitudes totally when they retire .. probably not!


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Re: How much do you need for a comfortable retirement?

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Message 49 of 144

i would say: this might work for people able to work a full time job,but try living on 1300.00/monthly and think a little more on the subject of living comfortable. just saying.

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Treasured Social Butterfly

RE: How much do you need for a comfortable retirement?

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Message 50 of 144

In Response to RE: How much do you need for a comfortable retirement? by jmleahyjr

I'd like to encourage you to start a new Topic on that "continuum of care" subject!

I think we've kind of gotten (lazy) into the habit of including everything in this one Topic about having enough for a comfortable retirement.


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