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Old 09-11-2012, 09:18 AM
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Decboy Decboy is offline
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Join Date: Aug 2009
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Quote:
Originally Posted by PeterC4 View Post
I'm convinced most people will retire in quiet desperation. It takes a heck of a lot of money to live out your retirement in a decent life style - for 30 years anyway. At 100k a year, assuming little or no interest, you'd need $3 million tax paid dollars to live out 30 years, at least $2 million anyway with some returns and such and more conservative living. Assuming you don't have any debts, your kids are graduated and not dependant upon you, and you have insurance for all your necessities, you might be okay with $2 million for you and your spouse. At $60k a year you could get away with $1.8 assuming no ROI. If you have a company sponsored pension, you may not need to save as much, but it can get tight fast.
Depending on the retirement lifestyle you want to live, I believe one will spend less as they move further along retirement. Your need for a luxury vehicle every 3 years or whatever your turnaround is will diminish. You won't have a commute so you will drive less. That equals less gas. Most retired couples I know downsize to a smaller property which means less maintenance.
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