Is 1M enough to retire on at 60?

You can quit your job at 60. Do something else to make money. If one retires at age 60 and you're healthy, you will want to spend a lot of money. Everything would have to go perfectly. Find a different way to make money if you like. People whom are wealthy and the boss do not retire at 60. Work in non-profit sector for ten more years.

It's enough to retire on absolutely. Whether or not it's enough for you is another matter and depends on your lifestyle.

Figure out your budget and run some retirement calculators, and don't forget to factor in SS.

Here's a half decent calculator I use from time to time:

http://www.cfiresim.com/input.php

You better see how the biggest asset bubble in history plays out before you think what you will be able to do 14 years down the road.

Ghost of Igloi wrote:

You better see how the biggest asset bubble in history plays out before you think what you will be able to do 14 years down the road.

And here comes the Krampus ;)

this is it wrote:

Ghost of Igloi wrote:

You better see how the biggest asset bubble in history plays out before you think what you will be able to do 14 years down the road.

And here comes the Krampus ;)

Or be a dope like you and project future returns based on the longest bull run in history.

Do you really want to stop working forever at age 60?

Ghost of Igloi wrote:

this is it wrote:

And here comes the Krampus ;)

Or be a dope like you and project future returns based on the longest bull run in history.

Take your pills old man ;)

Nope

Factoring in social security, you would be in a good position to retire at 60. Could depend on the cost of health insurance premiums though.

this is it wrote:

Ghost of Igloi wrote:

Or be a dope like you and project future returns based on the longest bull run in history.

Take your pills old man ;)

Go for your 18:00 5k on New Years and think you can run.

Wow...that's a King's ransom! Just make sure you're *debt free* when you retire at 60. I'm debt free at 59 and it's a big load of my shoulders (I just bought a brand new car with cash last year). You'll have lots of dough to buy healthy organic food and supplements. You be able to afford good gym memberships After all - the name of the game in your 60s is to stay healthy with lots of excercise & healthy food - you'll have plenty of dough for that. ?

1 Mile? If you can run it in 4:30 at 60 you can retire. Anything slower than that and you better keep working at it.

If you can't live comfortably for 50 years on a million bucks, you're either a pathetic hedonist or sickly enough to lose it all on medical bills.

If you're that sickly, you better use it while you can, you might not make it to 60.

retirement guru........ wrote:

1 Mile? If you can run it in 4:30 at 60 you can retire. Anything slower than that and you better keep working at it.

The 401k is likely to be a 201k over the next couple of years. So a lot of counting of chickens before they hatch.

Can't tell what the future will bring you, but I'll be 65 in 2020 and have 1.7M. With Medicare coming online, I'll probably step back from full-time and think about collecting my SS. I would have liked to have worked part time @ 62, but medical ins. seemed always in the way. Keep training, for there is life after 60...ran high 19s 5K last month, so with the extra time and rest I'm looking to make it to the 18s next year.

Good luck to you and your wife!

Ghost of Igloi wrote:

retirement guru........ wrote:

1 Mile? If you can run it in 4:30 at 60 you can retire. Anything slower than that and you better keep working at it.

The 401k is likely to be a 201k over the next couple of years. So a lot of counting of chickens before they hatch.

You're really goofy on that issue Ghost. Nothing is going to happen to the Stock Market. Nothing is going to happen to the economy. You forgot we're are the modern day Roman Empire. Do you think all the super wealthy Billionaires that actually run this country are going to let the Stock Market crash or the economy tank? This is the USA -a Global Superpower never seen at this scale since the Roman Empire.

You remind me a little bit of those crazy end of the world visionaries who keep crying about the demise of the USA; World War 3 armageddon, a Stock Market crash, economic collapse & depression, hyperinflation, and all that nonsense.

The world's most powerful economy will always be the world's most powerful economy. It's bullet proof because the dozens of Billionaires in this country run the show. And if the economy & market tanks, then they tank - and they dare can't afford to lose any of their wealth dynasty. ?

Relax Ghost - go have another brewski, spend more time with your cat, enjoy some more runs in that beautiful State of your's.... be happy. ?

Not if you want to live to be 600.

https://onezero.medium.com/scientists-dodge-fda-to-offer-a-1-million-anti-aging-treatment-in-colombia-38756dfb3ad1

Yeah you should be good. Such an intelligent question. Very detailed. We know all of your bills. We know how much food you buy per week. We know how much your electric bill is.

And we know what things you like to buy.

You should be fine.

There are very specific ways to answer your question about how much you may need in retirement. It is involved and includes calculations that account for how much it costs for you to live on each year, which we do not know.

Even with that, there are life's unknowns, so it is an educated guess at best.

Then, there's all kinds of curve balls out of your control like tax changes, cost of health care, change in social security benefits, etc....

So, anything anyone tells you here is a hunch, nothing more.

Given that, your pension is a good start. Otherwise, i would say that a million is not what it used to be, and will be even less so in 14 years. (sorry, bud). And you wife will have less, so you say.

Granted, this is a long time off. I would recommend shooting a little higher as a margin of security against life's unknowns, but like most of us, you settle for what it is when you get there.

Good luck and kudos for planning ahead.