Do you know how much you need for retirement? If so how did you determine the number.?

Best Answer:

Donnie: Yes, I have a number for what I will need to retire. Depending on the calculation method, you can come up with different numbers, so the trick is to find the calculation method that best reflects the variables involved. Some assumptions are necessary, but it is best to have estimates for a number of the needed inputs.
How did I calculate the retirement money needed? Like I said you need to know when you want to retire, when you think you will die, how much income you will have coming in, inflation rates, growth rates for your income, and what your expenses will be during retirement. That is a lot of numbers, some are estimated, some are things that should be known. I found a retirement calculator via the company that governs my work 401K, that has enough specificity and flexibility to come up with the amount of money that you will need to retire. I also talked to 3 retirement planners, and they have their own methodologies, so I just got all the input, and tossed out anything that did not make sense.

Other answer:

Donnie:
Do yourself a favor, work multiple jobs that guarantee a retirement pension, such as County Government. City school district, etc. Takes about 5 years to be vested.

WHY?

1. Multiple pensions is good in case one fails.
2. It pays for your lifetime
3. It allows you to get a 'group medical' insurance plan (much better).
4. You can live very well, barely survive.

Wish I did that! Just one County job for 10 years is 2 times the retirement as SSI, I have 3 times SSI to spend!
And a much better health plan: instead of 80-20 for a $60,000 surgery (that's $120,000 YOU pay), my copay is $10 because I have 'group' coverage.

Maris:
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Bob:
Yes I do and I used one of many financial retirement planning calculators online — for example www. firecalc.com is one of my favorites
SumDude:
A rough budget. Income (including savings) vs expenses; and a guestimate on how long you will live {and if you can count on your kids – lol.}
Robt:
READ plenty of books on the subject

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