[Melicia]

I ask because according to online calculators, if I do not contribute another dime, I will still have $1mil in retirement.

[Sean]

Can you live off 40k per year when you retire, factoring in inflation until then? Do you want to retire at standard retirement age? Lots of unknowns to answer here.

[Richard]

You just answered your own question.

Is $1m by retirement enough?

If no, then your answer is no, you’re not investing enough. If yes, then your answer is yes, you’re investing enough.

[Rob]

Is $1M enough? I won’t stop until I retire, regardless what a calculator says. You won’t regret having too much in retirement!

Also, check out: Does anyone have a good calculator for investments?

[Nita]

Lots of folks in here are pretty concerned about running out of money so they are shooting for higher numbers. Myself, I’m more concerned about running out of life. To each their own.

I’m 37, currently have $260k in investments, by my math I should be able to comfortably retire by 65 if I don’t save another dime (and that’s after factoring in inflation).

I will likely ‘retire’ way sooner than that, working part time doing something I enjoy. I have lots of skills as a mechanic, welder, woodworker, truck driver etc that I can easily fall back on if the market crashes. Life has taught me that no matter how much you plan, you never know what it’s going to throw at you. I’m taking my grandfather’s advice, who would always talk about how it was folks with real skills in their hands who survived the Depression. My skills are my safety net.

[Richard]

I use calculators to guide me. But I’ll be more comfortable when I see my actual number needed in my account.

[Shawn]

It depends on how much you need. $1 million will generate about 4% per year to live on. Can you live on that? Keep in mind that will buy a lot less due to inflation.

You can check also: Should we just keep saving till it goes out or get a new truck?

[Chris]

A very wise man’s advice which I did not take to heart when I was say 25ish was save (invest) till it hurts. This was told to me at his retirement party – I was just in it for the happy hour lol.

Aside from that I recommend starting at 20% but it may need to increase if you wait till later in life or increase it if you can budget that in but I have never met anyone that said Oh no, I have too much money when they go to access it.

A good way of figuring your own plan is ask when do you plan on retiring? How much money do you need per year to comfortably do the things you want to do? Some people want to travel, some want to sit on the couch and watch tv.

Then figure life expectancy- I think right now it’s about 87yrs so if you retire at 57 you need at least 30 years of income. Life expectancy is average so I say at least because if you’re one of the people that lives longer you don’t want to run out.

[Author]

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