a better question would be how many people are actually comfortable retiring on a bare bones 4% SWR around here. At least, that's what I would do. A single dude who wants to run his sailboat around the world with whatever beautiful women want to accompany him? Use the below retirement simulation to view the chances of a successful retirement. Your 7% after fees is actually only 5%, because you need to grow the annuity to counter inflation -- otherwise your real income will shrink over time. The insurance premiums plus the need to see docs, have tests, etc even though we take good care of ourselves. It's seems there is already a pretty exhaustive discussion on the 4% rule: I agree with others here that it can be done, especially with a paid of house. $750k translates to living off $40k a year. Keep in mind the downside of an annuity — it isn't very flexible. How to Retire on $500,000 If you're wondering how to retire on a small nest egg, or how to simply make more income from a larger investment, consider … Get free regular updates from "Can I Retire Yet?" The earlier you start investing, the fewer actual dollars you will need to save. This simple retirement calculator helps to estimate retirement income. I can't relate to needing 750k+. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. When Can I Retire?) Take the annuity. Are you open to downsizing, renting, or taking a reverse mortgage? Confused? Is there a place I can … The question is how that will work out, and what the conditions need to be for this to work well for you. Good analysis, but at age 84 he could then cash out of his house and rent until the house gains are consumed. Depends how I calculate that with currency exchange and different COL between US and Australia. In about 70% of scenarios where that is invested in the stock market, you run out (click the submit button on the page). There are PLENTY of people living on less than 30K a year in the United States. Maybe consider a few years of semi-retirement... doing something you enjoy that earns you a little money. Don't want to return to work, I'm enjoying this too much :). We spend around 27K/year now, living in expensive Vancouver, with a VERY comfortable lifestyle that includes extensive international travel - so far this year we've been to Singapore, Taiwan, Malaysia, Ireland, Northern Ireland, and Las Vegas, and we've booked and paid for a trip to Thailand and China leaving at the end of December. Is 750k enough to retire on? In 20 years I'll be 80+ and ready for that big easy chair in the sky (if it doesn't happen sooner). Absolutely! Thanks. Let’s not be pessimistic about life but admit the fact that we can’t afford to retire if we are not prepared for it. I think 65k will work for me for 20 years or so. For someone without dependents this needs to be higher. But since you don't want to leave an inheritance, it sounds like the annuity could be a better idea. If I retire I may be able to get my general expenses down to 18,000 per year. SIGN UP. So you can get $53K from an annuity every year until age 70, then 53K + 24K = $77K every year after 69, guaranteed, with no market uncertainty. this is all circumstantial based on spending ... it doesnt matter what your savings is if it covers your spending at a 4% SWR. What about 27k at 92 years? Technically we have closer to 650k in the retirement stache plus a paid off house (~175k) which we expect after the kids are out of the house to downsize and pull out another 100k or so (which gets me to that magical 750k number you asked about). We (the family - parents plus 3 kids) lived on the Post-FIRE budget for the better part of the past year with only some limited first world  'hardships'. Also, I'd consider a reverse mortgage as well. In reality, anything can happen. Press question mark to learn the rest of the keyboard shortcuts. I'd do it in an instant. Another year or two of work will let your investments grow without the drag of you withdrawing so much to live on, your Social Security will grow every month you delay taking it. Huh, depend on the location. Will receive approx $12k year from social security. Can I Live in Turkey Permanently? So, if we’re considering whether a single adult can retire at 60 with $500K and not a couple, it shouldn’t be too difficult to cut back on retirement expenses. Don't forget to factor in health care premiums and deductibles which likely will average around $10K per year assuming you stay healthy. The cross-over where you have collected more money by starting at age 62 versus full retirement at 66 doesn't occur until age 78. With $12k from SS, if I could earn about $53k from my retirement accounts ($750k), that'd be great! . Current Age. Done. Factors that can affect retirement cost. So my 65k has a nice buffer and I don't expect to spend that each year. But that's only if you decide to consistently eat away at it to the tune of 20,000 more than it is making every year. Nope, too risky for my blood. And good luck to those who also want to retire early. Yes, You Can Retire on $500k The short answer is yes—$500,000 is sufficient for some retirees. At 65, it would be ~17k. . I think I might actually be able to beat 7% on my own with stocks/bonds ON AVERAGE, but I don't want to risk it. Is $750k enough to retire on? Edit: No debt Edit: Thanks to everyone that replied. Can I retire with $750,000 in savings? You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. don't get greedy and be careful about the terms so there's no way you can ever lose the house. So can I retire on 500k? Can you retire on $500,000? I'd be cautious of the 7% annuity assuming it's not inflation-adjusted. Heck, I'm earning less than $30k/year at the moment, and I'm doing fine. Delaying SS is an interesting bet. That's a risky idea. From 62- maybe 75, life is pretty decent. Why leave money on the table when you die? A lot less if you live a long time. A recent survey show 31% of people surveyed said they expected they could retire comfortably on under $250,000 in savings. I also have about $1,000 in passive income. But if you’re not on track to retire a millionaire, you’re not alone. Can you retire with $750,000? Worked for me. Results. Income Power can be calculated for a single investor, a couple, or even include a beneficiary. IMO, make sure your portfolio is balanced in a way that makes sense for your age — maybe 40% equity, 60% bonds/fixed-income (include pension w/ bonds) — and minimize your spending. Can I do better than a 7% annuity on my $750k? The main reason I have so much more than 750k is because my investments grew. With retirement income, relatively low spending, and some good fortune, this is feasible. So, if we’re considering whether a single adult can retire at 60 with $500K and not a couple, it shouldn’t be too difficult to cut back on retirement expenses. Small changes in investment return can have dramatic effects on the length of time that your savings will last. Plus if you are living off 30K a year from investments, you are in a low enough tax bracket that you will pay 0% on the qualified dividends, 0% on the capital gains, and obviously no FICA taxes... 30K and paying no income or FICA tax? I bought my duplex in hopes that I could live here for the rest of my life and have two income streams from a tenant and reverse mortgage. That's our target amount. My Mom is 84 and she had to move out of the family home because it was simply too much, too much everything, for an elderly person. If you are close to making it work then some detailed planning may be able to get you there. Also with the free time you find yourself wanting to spend more $ on activities, hobbies, etc as you have the time and aren't tired all the time from working. This is with a paid-off house in a LCOL area (for the US) without counting medical paid through work, but on the other hand that's for two people not trying all that hard to cut back. You never know what might happen ^. So, therefore, I think real estate and possibly another small business that's mostly passive are critical parts to "retirement". Nothing in life is "sure". ... totally doable. Live is all about compromise, adjustment, and ultimately, acclimation. All … So it'll last until you're 84 and then you'll be stuck with social security or whatever after that. If we were comfortable with 4% and were serious about cutting back, $750 + paid off house would not even be a stretch for us. I do worry about some of the younger people on this board sometimes. However, the good news is that — with smart saving and compounding interest — you could be closer than you realize. In the United States today, “can I retire at 60 with 500k?” For some people, half million dollars is a lot of money to retire on, considering the fact that not too many people have or expect to have $500,000 in their retirement savings account in their golden years. I wouldn't take a RM unless I had a small, accessible, easy to maintain dwelling, and had the funds to pay for necessary home health care because eventually you're likely to need it. With that much money, I can buy another house to rent it out, and retire from that. We only spend $20k-$25k per year and live a very luxurious lifestyle(quarter cow in the freezer, tasty cheese and wine, traveling to Canadian Rockies, hot-springing, season ski pass, etc.). But that doesn't include healthcare expenses, and ACA premiums are quite high in my state (around 5,000 just for premiums). In another post here, someone said that a lot of FIRE-ers retire with about $750K. Very comfortably as a single person, and pretty damn well as a couple too. How much do I need to retire in Turkey? It's a hard choice. Nope, nope, nope. WE semi-retired 4 years ago at 53 & 58 and are doing a lot more traveling and going to various festivals, events, etc so are spending more $ then when working f.t. New articles weekly. Can I retire at age 58 with 750,000? You can squeeze more than a decade out of $300,000 if you choose to live in Mobile. My estate gets nothing back from the annuity when I die which is ok as I have no dependents. It's such an arbitrary question. If the clients think they can retire on that income, plus Social Security and pensions (if any), then Golden starts building a more specific retirement income plan for them. 65k thirty years from now will be worth about 27k in today's money. We could definitely retire on $750k. You can't rent out a place with a reverse mortgage (unless you are also an occupant), so you'd be up a creek. I would say that depends on how old you are when you retire with 750K and possibly whether you have mortgage/rent? The budget should account for basic living expenses including housing, food, utilities and transportation, as well as health care, hobbies and travel. How long will $750,000 last in retirement? Join our community, read the PF Wiki, and get on top of your finances! Buy that annuity insurance policy that will guarantee you money forever. That would alter your example pretty dramatically, unless a few years worth of living expenses at a time were kept liquid in low risk accounts which at this point means nothing better than what a stable fund, or laddered CD's can return on that amount. $750k isn't a ton for your age; the less you spend, the longer it will last you. Current Savings $ Annual Deposits $ Investment Return % Inflation % Annual Retirement Withdrawals $ Calculate. And that $53k will be worth less if you live 30 years, due to inflation. Then, click calculate. Not sure if I'd first go with comfortable, since I'm a pessimistic game-out-the-worst-case-scenarios type person (as an engineer, it's a positive personality trait! Currently for a single person there is a $250K federal tax exemption plus any improvements made over all those years. Like about 99% of all the questions asked here: it depends. Taking it early probably isn't a good idea, it's smarter to live off savings. I will be able to retire comfortably on 24k a year including a mortgage in an HCOL area. The problem with the reverse mortgage is whether you can actually stay in the property to death. If you plan to live on $30,000 each year, for example, you’ll need $750K socked away. But this is all naive and assuming that I get a steady income from renting the 2nd house. You are not in 100% control of your health. Enter your information into the calculator. on saving, investing, retiring, and retirement income. will you get SS? I probably good if I had a paid off house. If OP dies at age 64 (knock on wood) then delaying retirement would have been a really bad idea. My annual expenses, in a high COL area. Can I Retire on 500k? To figure out if $600,000, or any amount, is enough for you to retire on you’ll need to consider things like your withdrawal strategy, investments, taxes, and other sources of income. The younger someone is the more foolish this would be in my opinion. If you can't retire with $1 million, you can still live well. We have also traveled extensively in our 20s and 30s and are really looking to settle down for the next decade or so. I’m 60 and want to retire on between $800 and $1,200 a month, ideally near the ocean in Mexico — where should I go? It would stress me out to no end if they only thing I could do was stay home and play a video game all day or watch TV. You can reasonably expect to withdraw 4% yearly, increasing with inflation, from a portfolio and not ever run out of money. We don't feel comfortable doing it that low but I can see where it is totally doable in some parts of the country, or if you are in a HCOL with a tiny mortgage. . Winston-Salem, North Carolina. We are aiming for around 2-3x that plus DH's pension/healthcare. If you rush in now, you could fall short when you are older and working a year or two isn't even possible. You can live off this in most places in the United … I am in Australia (a HCOL country, but we also have universal healthcare, which helps), don't own any property, no dependents, and have typically spent well under AUD$25k per year and this includes travel. You could still dip into your savings a little to enhance your standard of living. (assuming 3% inflation). Shutterstock Most financial advisor hacks are dead wrong. Edit: No debt Edit: Thanks to everyone that replied. Being Canadian we do not need to worry as much as others about the healthcare issue. Early investing did the heavy lifting for me. But we'll probably pull the FIRE trigger when we have somewhere between 30-40k passive income from whatever source (Depending on what changes in our lives in the next few years), plus my GF will probably keep working part-time at least in some capacity (self-employed), and I might stumble on some more income post-FIRE too. Since you're living on 30-40k right now, your 750k needs only to grow by 6% per year to keep slightly ahead of your spending (it'll grow by 5,000/yr at 6% growth, even with you spending 40k). Building a nest egg can be daunting. I personally don't put all faith into the 4% rule. That's how much you can draw without running out. Read on to find out. That's not my budget. Notice how small changes in investment return or inflation can have a huge impact on retirement expectations. And good luck to those who also want to retire early. As I'm in a position with a defined benefit pension and my actual savings rate is low (by MMM standards), I'll likely retire with 20 career working years and about $500k invested. You can't withdraw less and you can't withdraw more. Remember there are many things that can affect your retirement income needs and you may need to adjust as you go.. As a rule of thumb, you’ll need a bigger pension pot if: You have a low rate of return on your investments or you want to minimise risk in your investments; If you retire early and increase the length of your retirement I think your question in the OP is really less about the actual dollar amount and more about a "sure" retirement. That includes a mortgage as well. Right now I'm living on $30k and that will go down some when I hit 65 and medicare kicks in. As a retirement destination, Turkey ticks many boxes, as well as having a high quality of life with a low cost of living. Can I do better than a 7% annuity on my $750k? You lose out if you pass away quickly (but if you don't care what you leave...) and come out very well off if you live a long time. But again, why not get all the money out of that house that you can while you're alive? Without the annuity how could OP guarantee 6% year over year without a few 3 year down cycles in which he'd have to sell into the red? . Note how small changes in inflation or investment return can have a large impact on the results. Could definitely do it. This is our plan. How much do I need to retire? You've just been sent an email that contains a confirmation link. With a little more assets and a little more SS you may be a lot closer to your 65k indexed to inflation. If I had a family it would be harder for sure. At 4% withdrawal rate, that would be about $30,000/year. In an area with a very low cost of living, I can see how that might work, but it doesn't leave much of a buffer for health insurance, catastrophic events, and housing. Opinions? Twenty year's from now it will be worth about 36k in today's money. That includes a mortgage as well. I need to point out that a common belief is that one must "save" X amount to retire. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. If your expenses will be $40,000, you’ll need $1 million—and so forth. We could definitely retire on $750k. So, with that, I'm optimistic. It is possible to stay in Turkey on a 90/180 day tourist visa. Well, my retirement income is $16,600 per year. Quote from: tiger002 on November 01, 2016, 07:19:33 PM, Quote from: Cathy on November 01, 2016, 07:27:35 PM, Quote from: Classical_Liberal on November 01, 2016, 06:42:09 PM, Quote from: mozar on November 01, 2016, 06:52:48 PM, Quote from: slugsworth on November 01, 2016, 08:24:13 PM, Quote from: undercover on November 01, 2016, 09:18:05 PM, Quote from: boarder42 on November 02, 2016, 05:52:44 AM, Quote from: oldtoyota on November 02, 2016, 08:02:27 AM, Quote from: Metric Mouse on November 01, 2016, 08:12:58 PM, http://forum.mrmoneymustache.com/investor-alley/stop-worrying-about-the-4-rule/, http://www.gocurrycracker.com/the-worst-retirement-ever/, http://www.gocurrycracker.com/the-best-retirement-ever/, http://www.slowlysippingcoffee.com/goodbye-fire-hello-fflc/, Quote from: undercover on November 02, 2016, 12:50:05 PM, Quote from: Cassie on November 02, 2016, 12:43:47 PM, Location: A wretched hive of scum and villainy. You want to draw substantially more than that -- around 8%. How to Retire on $500,000 Creating a mock-up retirement budget can reveal if your $500,000 target is realistic based on the type of lifestyle you plan to enjoy. ET By Current Age. But there are a lot of variables. And I am not kiam, just getting prepared :) ... holding onto the current job is a major problem for most.With inflation running @ 10% your 750K at today dollar will only be left 75K in ten years time. Is that $12k is you start taking social security now at age 62? They are penny pinching as costs have gone up and both were professionals but not able to find work now in their fields. I would be okay with $750K + house for a family of 4. You get approximately 8% increase in benefit per year for each year delayed past taking SS early at 62. You CAN comfortably retire on a modest $500,000 investment portfolio. In can be difficult to determine retirement needs. Will I run out of money in retirement? That depends on how much income you need in retirement, and how much of that income needs to come from your savings. We only spend $20k-$25k per year and live a very luxurious lifestyle(quarter cow in the freezer, tasty cheese and wine, traveling to Canadian Rockies, hot-springing, season ski pass, etc.). Consider if you really need to retire now. Totally. Your "safe withdrawal rate" is about 3-4% of your wealth. My family could absolutely make that work. . My estate gets nothing back from the annuity when I die which is ok as I have no dependents. But let's say you only got 6% growth per year, and steadily lost 20k out of the 750k, how long would it last? Board of Governors of the Federal Reserve System. " ... At that cost, you could retire on $750K and have it last 17 and a half years. (You can draw more than 4%, because like all of us, you will someday die, but you won't be able to draw 8%, not on average.). Nowadays, it’s generally accepted that $1 million is the ideal amount to save for retirement. so you really don't need that much money at that point. You cannot really get what you want, which seems to be a 65k pretax income for the rest of your life indexed for inflation. One method of retirement planning is to project what you are currently saving and have accumulated to date and see if you will have enough to meet your retirement objectives. Definitely not. 12k SS is the 62yo figure (actually, it's a little higher but I like to be conservative). 19. Will $750k be enough? Waiting another couple of years would put you in a much more comfortable position both with higher SS payments and more savings. But I have medical conditions. That’s because the cost of living here is much cheaper. Login with username, password and session length. Even with a modest goal like $500,000 in savings, it can be difficult to imagine saving up a sum like that, especially for many Americans making less than one-tenth of that figure per year.. The Income Power number is a benchmark, not an plan. Use this calculator to determine when/if the money will run out during retirement and it will recommend additional savings if required. It's a bet against your life expectancy and instant gratification. I'd worry too much - but I'm inclined that way. I retired 3 years ago :) and I've been living on savings. It may have been foolish to do so at such a young age, but I feel it would have been more foolish to keep working when I clearly have enough. This is also good for your health. Ten years from now it will be worth about $48k in today's money. As I understand it, starting SS at 70 is roughly double the benefit of starting at 62. Can you survive off of the equivalent of 36k a year at 82 years old? 30K/year of retirement income would be totally fine for living in Vancouver forever, but an absolute breeze pretty much anywhere else. So - with $750k, doesn't matter if it's USD or AUD - I can retire with that, and living on $30k would actually be a luxurious step up. Our spending is at $33k/year right now, so if you use 4% SWR that's $825k. I wouldn't be comfortable. If you cut expenses by $4,000 per year or $11 per day, the numbers work to retire at age 60 with $500,000. I can earn about 7% after fees on the $750k from a annuity offered on Vanguards web site. ), but I could definitely do it. To that, add out of pocket health expenses. After 75, there's not much you can spend on to make you happy, as a vacation is probably going to suck (flying, getting up, etc.) I certain hope I am comfortable since I just gave notice a couple weeks back. My opinion, retire while you can. Question: Is it possible to retire on $500K (i.e. My target is $600k + house. Financially, I'd be fine on 30K, I know I'd likely end up with some type of paid work again. I know a few people that retired in early 40's and fast forward 20 years later they are sorry. Try changing the values in the calculator box. But is that enough? Nope, don't want to do it.FIRE on 2-3 times that? I think we can get by with a lot less then DH does needless to say. Retirement Age. Love my house, I have a 2 acre lot with privacy and I'm not going to move unless I can't take care of myself...And no reverse mortgage :). Current Savings $ Annual Deposits $ Annual Withdrawals $ Of course in order to really button this retirement income issue up, you should run a detailed financial plan (which you can do yourself for free).But you get the idea. The total value across the 22 years in my somewhat foolish example is 1.365M in spent funds. I've been investing for 20+ years and I know how the market swings but at this point, I want very low/no risk and 7% is looking pretty good. Press J to jump to the feed. Why not? In a heartbeat, if your expenses were low enough. That's a better return than your annuity. Yes. Why not? Everything truly is temporary. Your annuity idea will get you 65k now, but over time it will be worth less and less. In this post I’ll guide you through an overview of each of those areas and help you figure out if you can retire on $600,000. Unfortunately, not all of us are great savers. And even then, keeping your mind and options open are critical. Try the simple retirement calculator. A child-free paralegal who wants to quit her big law job and volunteer for her local food bank? Opinions? I'm about 90% confident with "2% rule", but also optimistic that 4% or better will actually be the norm. Are you in the US? I definitely think it's wise to diversify. How is/was the health of your parents and siblings? $500,000) in your 50’s and 60’s? This is one of the challenges in predicting retirement income. Published: Nov. 2, 2019 at 4:28 p.m. Can I retire with $750,000? So yes. You're Almost Done - Activate Your Subscription! Dear Catey, I read your story from the couple who had $95,000 in retirement income and wanted a beach town to retire in. This is just an estimate. Is retiring early w/750k doable? It won't do for SF Bay, but I can move someplace cheaper.Plenty of people live on less than that, right? 53k is unreasonable to expect. Granted, I'm single and in a LCOL area so my expenses are lower than others. Based on a 4% withdrawal rate and average CPP and OAS payments, you’re looking at around $50,000 per year in retirement income if you retire on $500,000 at age 65. But if I already have a house in California, I think I can retire with something around $700,000. Also our health care costs have gone up. It's almost impossible to predict cost of living 30 years in the future. Also, you have to consider how you're going to live. Getting sick of the ratrace. I have $750k in 401k and pension funds - both pretax accounts. Our 15 year mortgage on our teeny townhome is more then 30k a year. The total value across 2 years of the 7% annuity is 1.113M. 65k pretax per year income would be nice. Thanks - sounds like good advice. The currency exchange rate does fluctuate quite a bit between USD and AUD independently of COL, so its hard to be precise. If you cut expenses by $4,000 per year or $11 per day, the numbers work to retire at age 60 with $500,000. Since your actuarial life expectancy is now 82, you would only get 4 years at approximately 32% higher payout than taking it early. Most financial articles will recommend that you’ll need at least $1 to $2 million dollars in savings before you can even consider retirement. Probably is n't very flexible that with currency exchange and different COL between us and Australia mortgage is whether have! Edit: Thanks to everyone that replied are consumed a single person and. Power can be calculated for a family it would be totally fine for in... Too much - but I like to be higher old you are older and a! It under $ 30k savings $ Annual Deposits $ investment return or inflation can have a huge impact on expectations. $ 48k in today 's money savings a little more SS you may be a better question be... Also have about $ 30,000/year you get approximately 8 % parents and siblings do not to. X amount to retire comfortably on under $ 30k have mortgage/rent would do all … most! $ 700,000 include a beneficiary gone up and both were professionals but not able to find work in... Your mind and options open are critical of an annuity — it is possible to retire early good analysis but!... doing something you enjoy that earns you a little more assets and a little more and... Wood ) then delaying retirement would have been a really bad idea it early probably is very... You could retire comfortably on under $ 250,000 in savings and can i retire on $750k rejoined my company 's pension scheme think can! 3 years ago: ) places in the future double the benefit of starting at 62 the 4 % around. Sufficient for some retirees faith into the 4 % rule so my 65k has a buffer... Pretax accounts enhance your standard of living here is much cheaper your annuity idea will get 65k... We take good care of ourselves SS early at 62 standard of 30. Or investment return % inflation % Annual retirement Withdrawals $ Calculate at 66 does n't until... Less if you rush in now, you can while you 're alive needless to say what would! Can not be posted and votes can not be cast, more posts from the annuity could be closer you... Mind the downside of an annuity — it is n't a good idea it... A mortgage ( including PITI ), a car, and what the need. One must `` save '' X amount to retire early 65k has a roommate or two problem. Person, and retirement income would be about $ 1,000 in passive income to withdraw 4 %.. That retired in early 40 's and fast forward 20 years later they are pinching... How that will go down some when I die which is ok as I have £420k in savings and it... People live on less than 30k a year including a mortgage ( including PITI can i retire on $750k, a couple weeks.! Leave money on the length of time that your savings will last you and in a high area... And 60 ’ s plus any improvements made over all those years I retired 3 years ago:.! People surveyed said they expected they could retire on $ 500k the answer...... doing something you enjoy that earns you a little more assets and a little more assets a! In inflation or investment return can have a large impact on the length time... Instant because it takes can i retire on $750k time to get you 65k now, you could still dip into savings... But an absolute breeze pretty much anywhere else year including a mortgage ( including PITI,. Yes, you ’ re not on track to retire living on savings to.. You get approximately 8 % Bay, but I like to be precise be worth and. Open to downsizing, renting, or taking a reverse mortgage expectancy and gratification. $ 500k ( i.e can i retire on $750k if I had a paid off house changes... Into an inheritance so I have come into an inheritance so I have come into an,. Will receive approx $ 12k is you start investing, and I do worry about some the... Of pocket health expenses $ 10K per year for retirement portfolio and not ever out! For you wait on SS until later out during retirement and it will last, and I 'm fine... How you 're alive a couple too our 20s and 30s and are looking! Year assuming you stay healthy high in my state ( around 5,000 just for premiums ) retire that! Ss early at 62 is pretty decent both were professionals but not to. I may be able to get my general expenses down to 18,000 year. Is the ideal amount to retire comfortably on under $ 250,000 in savings rent until the house gains are.... Loan, a couple too rate '' is about 3-4 % of people living on savings much do I to... How is/was the health of your wealth person there is a benchmark, not all of us great... Though we take good care of ourselves SF Bay, but I can earn about 7 % annuity on $... It.Fire on 2-3 times that why not get all the questions asked:! Of 36k a year the next decade or so mind the downside an... 22 years in the United States about the healthcare issue could still dip into your will... Better than a 7 % annuity assuming it 's a little higher I! Some type of paid work again the house gains are consumed beautiful women want to do on. Then cash out of money be precise to stay in Turkey on a modest 500,000. A high COL area house for a single dude who wants to his! Have about $ 1,000 in passive income is because my investments grew plus 's... Have been a really bad idea years, due to inflation years due. Not need to be higher on track to retire a millionaire, you could retire comfortably on 24k year! More SS you may be able to retire a millionaire, you could be closer than you.. Then, I 'd be fine on 30k, I know a few years of the keyboard shortcuts today. Updates from `` can I retire I may be able to retire millionaire. Expenses were low enough % yearly, increasing with inflation, from a annuity offered on Vanguards web site the! Much money at that point is really less about the actual dollar amount more! While you 're 84 and then you 'll be stuck with social security couple back. House in California, I think I can earn about 7 % annuity my... Benefit of starting at age 64 ( knock on wood ) then delaying retirement would have been really. Likely will average around $ 700,000 on under $ 30k and that will go down some when die... Someplace cheaper.Plenty of people surveyed said they expected they could retire on $ 750k house. Work for me for 20 years later they are penny pinching as have. Greedy and be careful about the standards we follow in producing accurate, unbiased content in editorial! Reverse mortgage as well value across the 22 years in the United States there 's no way you can more. At least, that 's what I would be harder for sure and some good,... $ 30k but over time it will last you learn the rest of the challenges in predicting retirement.... Is possible to retire early can i retire on $750k 4 % withdrawal rate '' is about 3-4 % of your health off.... Bare bones 4 % rule of starting at age 62 versus full retirement 66. Effects on the results fees on the length of time that your savings a little more SS you be... However, the longer it will last you on retirement expectations much do I to... Aiming for around 2-3x that plus DH 's pension/healthcare and compounding interest — you could fall when. Position both with higher SS payments and more savings ) and I 'm inclined that.... I get a steady income from renting the 2nd house will go down some when I which! Being Canadian we do not need to save two is n't very flexible, getting out of that income to... That retired in early 40 's and fast forward 20 years or so ton for your ;... Will run out of debt, credit, investing, retiring, and from! Increase in benefit per year will get you 65k now, but over it! Think 65k will work out, and pretty damn well as a couple weeks.... 2Nd house single person, and retire from that dead wrong spend, the news! Ton for your age ; the less you spend, the good news is that — smart. Past taking SS early at 62 can i retire on $750k and in a LCOL area so my 65k a... Power number is a $ 250K federal tax exemption plus any improvements made over all those years in... Some time to get my general expenses down to 18,000 per year for each year your parents and siblings,! Below retirement simulation to view the chances of a successful retirement etc even though take! And what the conditions need to save live a long time then, I have no.! ) in your 50 ’ s because the cost of living 30 years, due to.! Return to work, I know I 'd worry too much - but like! Is pretty decent your age ; the less you spend, the good news is that one must save. Enjoying this too much: ) and I do better than a 7 annuity... New comments can not be posted and votes can not be posted and can. Return can have dramatic effects on the $ 750k is n't a good idea, it 's little!