[Certified Financial Group]

If you read any financial advertising, you know that your savings are inadequate, and you're likely to freeze to death in the dark a few weeks after retirement. For this reason, most Americans' retirement planning involves keeling over at their desks, or, failing that, starting a bomb-disposal unit as a retirement business.

Read the rest of the story.

Questions? We are here to help!

[rubicon]

Don't have to retire with a million dollars because The Villages told me I can live like a millionaire here.

[rjm1cc]

Originally Posted by Certified Financial Group

If you read any financial advertising, you know that your savings are inadequate, and you're likely to freeze to death in the dark a few weeks after retirement. For this reason, most Americans' retirement planning involves keeling over at their desks, or, failing that, starting a bomb-disposal unit as a retirement business.

Read the rest of the story.

Questions? We are here to help!

Bonds will not be as good of an investment as they were in the past. Thus I would look towards spending 3 to 4% a year or 30 to 40,000.

[manaboutown]

I think it depends on how many years one is likely to live as well as one's acceptable standard of living. At 72 I hope for another 20 years. My father lived to 94 and his father until 89 when he was run over by a car while walking home carrying two bags of groceries. The men on my mother's side of the family have only lived into their 80's.

So, $40K/yr + SS looks OK to me now but as the article mentions inflation can be a plan killer. I would rather err on the conservative side. Today it seems interest rates must go back up so bonds will decrease in value. The stock market is very pricey and a correction, possibly a major one, is quite probable so...What does one do?

[jimmemac]

If you need a million to retire_I feel for you-NOT!!!!

[tcxr750]

In my opinion the best financial position to be in is debt free at retirement. Then your financial needs can be met with less.
I still say it would be wise to consider the Roth IRA if you have time before retirement. Do an RMD calculation on the $1,000,000 and see how the increasing mandatory withdrawals ramp up your tax burden over the years.

[Villages PL]

Sometimes I worry that I may have saved too much. I'm a habitual saver, not a big spender. So, to justify saving so much I tell myself I may live a lot longer than expected....perhaps to 115, and there may be a lot of inflation somewhere down the road.

I may live long enough to see the price of an average car at $50,000. or more. Independent living facility at $150,000 per year. And what if I end up in an independent living facility for 15 or more years? What then? That's why I keep saving as much as I can even though I may already have saved enough.