Do We Really Need $6,340,998 to Retire?

Have you thought about how much income you need after retirement? If you have, chances are you tried one of these online retirement calculators such as the AARP’s retirement calculator. I used my old salary and it estimated that I would need at least $6,340,998 to retire at 40. (Mrs. RB40 retires at 60.)Unfortunately, I must confess that we haven’t reached that goal yet. Try it out and share your number for fun, it’s just a guesstimate anyway.  Read More…

This article has 8 Comments

  1. Blair

    Holy cow i don’t even have $100 in my name and i am nearing 40. Great, thanks for making my day lousier than it already is. 🙁 🙁

  2. Saul

    I agree with the writer that these calcs tend to overestimate the amount we need for retirement.

    I mean look at me i am very frugal and i dont plan on going nuts in my old age where i blow like $100K a year. Trust me i wont.

    Gladly, my finances have been good and i plan on retiring just before 60 with a nice nest egg.

  3. Damien Hopping

    LOL! I used the calculator just now. YIKES!! I’ve got to rethink my life! LOL! 😀

  4. Dejuan

    I honestly dont think anyone needs more than $2 million to be able to live well into retirement. But this i guess would mean some cut backs on frivlous things like makeovers and facials. Come on people! Learn to save and we all benefit.

  5. Mr. Eves

    Oh god! My girlfriend would have no chance at being this disiplined for her retirement. She is very high maintenance and eats through whatever she has in a heartbeat. This is why i have been reluctant to move in and join accounts.

    I am no better but i know i will actually live to my retirement years.

  6. Rocio R.

    My jaw was on the floor when i read the headline of needing that much to retire. Now that i read the whole thing i now know everyones situtation is different. I am a bit inbetween and so i think reaching million dollar status by 40 is tough enough but hitting high 6 figures is doable.

  7. Stephan

    If one has been doing prudent savings and not hording on credit cards and spending their lifesavings away then it seems logical that one could reach their $6,000,000 goal. However, it can’t be accomplished by mere savings alone but also through smart stock investing — couch potato style!

  8. Mikhail M

    Thank god healthcare is not an issue here in Canada as it is in the US. I have some medical issues and even if i was doing smart things with my money i’d still go bankrupt with bills. That being said even if you dont have problems like mine you can develop them later on which cant destroy your plans of retirement in the future. It’s a crazy world!

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