Quote:
Originally Posted by Cruz chic
I'm in my mid fifties and I've been out of work for a little over a year. I'm not even close to being able to retire. While I did save money while I worked I also enjoyed nice holidays. The only person I know that retired in his late 50's was an engineer that never went anywhere or spent much. My parents had nothing so all the money I've made is from my hard work. Who can afford to retire it 50 even if they get 3 years pay unless you have/had rich parents that left you an inheritance?
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This probably isn't the right thread for this, but how much money do you really need in order to live a decent life?
I figure that, with a paid off house and no kids, something around $40,000 is enough. Assuming you want a 2.75% or 3% withdrawal rate, something around $1.5 million in savings should be sufficient.
And, respectfully, I'd expect most professionals to have at least that much saved up by 50 years of age.