How much money do you think I would need to save in order to retire in 20 yrs. to live comfortably?

Question

How much money do you think I would need to save in order to retire in 20 yrs. to live comfortably?

Answer 1

Start putting away at least 10% of your earnings per year. If you make $100K and put away $10k a year at 4%, starting at age 20 through age 65, you'll have close to $1.3 million dollars saved to retire on.  

My financial planner recommends at least 10% a year.

Here's a calculator that may help you.  http://www.banksite.com/calc/savings

Answer 2

how old would you be in 20 yrs

the amount of money depends on how long you are going to live off of it...

Answer 3

It all depends on your livelyhood, and so many variables, House paid for, cars paid for, I am figureing on $500,000 in the investments, and living off of the interest, and social, (if there will be any when we get older) and your age..

Answer 4

$2,470,963.65

Answer 5

That would depend on how much you are acustomed to spending and what expenses you have.  How could we possibly answer such a vague question?!?!?!

IF you retire at 65, you should plan to withdraw no more than 3 or 4% of your account.  Doing so will result in about an 85% chance that your money will last.  If you retire younger, or take out more, the chances greatly decrease.

Also, things like having a paid off house will help your chances.

Having a pension will help.

If you retire before normal retirement age, you will not have any social security income, and you will have to figure out how to pay all your own medical expenses.

Unless you are very wealthy, it is very difficult to retire before age 65.

the earlier post of $500,000 is very low, unless they are in a pretty low income.  That woul allow them to take about $15,000 a year plus social security.  Not sure about their budget, but I would be flat broke if I had to live on that!

Answer 6

It depends how old you are, where you live, whether your place is paid off, what kind of lifestyle you have and wish to maintain, are you due a pension, what your Social Security benefit will be, is it only you, etc.

Answer 7

Over 2,000,000.00 (to live comfortably).

Answer 8

5 trillion. $$$$