DorkMoment: if I actually want to live comfortably after retiring at the age of 55, provided all my fixed costs are all paid off, I will need to save $7500 every month till I am 55. This number is realistic if I actually get to live until I am 95 years old with no sort of fixed or variable income or no government to rely on for any type of financial aid. So that means, at my current age and I retire at the age of 55, I need to have about $2M and should be debt free. If there is any type of adjustment in the number of years or a little bit of lifestyle cut, I will still need to have $1.5M towards my retirement account. And that is just considering my own sustenance for the next 40 possible years of living past my working life. If i got other dependents then I have to multiply it to the number of my dependents. The value of the $2M will be less by the time I get to spend it due to inflation so I will need a buffer to cover the inflation. WOW! I wish I dont get to live that long. Thats a harsh and scary reality.
Posted on: Sun, 06 Apr 2014 01:58:48 +0000
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