Hey all! Curious your thoughts. All else equal, roughly how much does the average couple spend in retirement per year? Trying to figure out how much cash we’d need saved assuming we retire at 60. Thanks!!

like
Posting as :
works at
You are currently posting as works at

If you have an employer sponsored retirement plan, they will have resources available to help you know how much to save, including lots of average data for different locations, etc.

For my husband and I, when we earned about 100k a year, AFTER taxes, we felt really comfortable with our finances. We weren’t blowing money right and left, but we ate out when we wanted, cooked what we wanted, and didn’t have kids yet. So I decided that amount adjusted for inflation was as good a guess as any for us to shoot for as an annual income in retirement. It forces us to save a fair amount, but not so much that we’re paupers.

like

Among the things that might change over those 3 decades, even when you’re being prudent with your money, is the lifestyle to which you may become accustomed.

I think you’re doing things the right way, but that doesn’t mean that things won’t change over time even while you’re still being reasonable.

But I’d also bet that you’ve modeled your growth conservatively, and, as a result, will have more in retirement than you’ve modeled.

Impossible to say.

I think the classic conventional wisdom is something like 70-80% of your pre-retirement income.

Personally, I’m retiring at 60 or 62 regardless of my savings, and will adjust my lifestyle to fit the money I then have.

My wife and I have a shorthand for what that might mean: if we end up on a tighter budget, I call it a “Civic retirement” and if I end up with more disposable income, it’ll be a “5 series” retirement - obviously because our range of disposable income may be such that those are the kinds of cars we may be able to buy when retired depending on how things work out.

Could I live on $100k/year in 2022 dollars in retirement? Sure. But I’m hoping that the number will be closer to $250k and that I’ll be mortgage free and able to have the 5 series, travel (while staying at a JW Marriott instead of the Hampton Inn) and help my kids if they need it (or if they don’t).

like

Where will you be living? When do you plan to retire? Still have dependent kids? Still have mortgage or renting?

like

I think it depends on too many factors. Will you have a mortgage still? Will you travel a lot? Etc.

Related Posts

How long does it take EY to adjust the 401K contribution amount? Promo bonuses are coming soon and I don't want them to put too much of my bonus into it

like

Is it possible to have zero tax with 13.5 lpa with the following tax benfits ?
80C 1.5 lpa , 80 CCD(2) NPS 50k ,
Home loan 2 lpa.

like

Any tax saving ninja technique??

like

Mutual funds you have your eye on right now?

like

Anyone took personal loan from HDFC !!
What are their interest rates and charges ?
Which bank is best for personal loan considering all charges/ interest rates and all ??

I am looking for a tool to help with determining how much money I will need monthly when I retire. Any suggestions?

Planning to buy home. What are the legal services i can enlist from hyatt legal. Do they cover title check, contract review. Trying to see how much legal expenses i can save by using hyatt legal.

like

Planning to call the bank today, but wanted to ask this here to see if anyone has experience with something similar.

I found a 6 unit property ( 5 apt + 1 coach house) that I’d like to buy and convert to a 4 apt unit. Is there any way to qualify for an FHA 203k loan since it will be a 4 apt unit after renovations?

Thanks!

like

If u have a house under my name if i move it to an llc what happens? Do i refinance to prevent a due on sale clause?

like

Does anyone know who the 401k benefits manager is at VMLY&R NY?

like

Is it mandatory to declare income tax in CGI.Otherwise they will cut extra tax?

like

Hi everyone!

Wanted to know if Amex uses a lot of proprietary softwares/ processes which have no value outside of Amex?

like

What did one investment banker say to the other?

like

Anyone seriously wanna start a hedgefund with me ? I can assure a 30% cagr with my quant

like

Renting a car vs buying, which is better in India?

like

Fixed ctc 2435000 Lpa with gratuity 3.5k pm and pf including both employer and employee 16k pm. Any estimated what will be take home pm post tax?

like

When did you buy your first house? How much is the down payment and monthly mortgage? City too would be helpful, as well as any general advice from your experience. Thanks!

like

All my investment is in real estate - 1 primary and 2 rental. Total 3.7 M value and 1.7 mortgage pending. About 400k in cash. I’ve 0 RRSP. Is my investment strategy terrible?

like

We all know how inflation can derail our Retirement Planning dreams!!Though it's better to start investing as early as possible,but HEY, all is not lost even if you start little late. We all have our family responsibilities when we start our career, so "INVESTING FOR SELF" takes a back seat.
Just a perspective, even if someone at the age of 45 years starts investin for his retirement, he can decently manage the same with discipline and regular investing.
Happy to discuss with anyone on this!!

More Posts

BCG folks - any other benefits besides the major ones that I should be aware about (e.g. gym membership reimbursement, mobile reimbursement etc). I’m joining at the end of March. Thanks!

like

Does anyone know who the 401k benefits manager is at VMLY&R NY?

like

How many days of marriage leave does KGS provide?

like

I am being promoted to Senior 1 with differentiating rating from October onwards.

How much hike I can expect?

How much VPB (bonus) I can expect? in offer letter mentioned as 5%

CCTC 12 LPA

TIA

like

For those working in FDD - what is the best exit you've seen someone make? I've seen a handful make it to actual front office PE but it's rare and mostly only happens in non-major cities at boutiques

like

What would be the pay for a grade 11 job at S&P?

like

Hello,

I got selected for S&P platts, can someone please give review about that?

like

S&P Global Hi All, can anyone please help me with salaries of SDE 2 at 9 grade for 5.5 YOE.


I’m in negotiations this would really really help S&P Global

like

S&P Global Can anyone share what package is offered for Data Resercher 1/2/3 or Data Analyst Post ? S&P Global
Grade 7
Fresher

like

Where do you all take folks when they come to visit you? I'm still pretty new so after the needle and Starbucks idk where else to go

like

Is there a hard limit on how frequent you can apply in a year at FAANG? (For instance: Amazon, Google)

Also, how many positions are we allowed to apply?
There are just many positions at different teams right.

like

NBA hiring package offers zero equity, how much signing bonus would you ask for to equate the loss? Director level position

likesmart

YOE : 7.8 i have an offer from IBM and HCL.
IBM : 18 fixed + 1 JB HCL : 21 ( 18 fixed + 1lakh approx (monthly variable) + 2 lakh Annual variable ) . Now i have a discussion pending with Robert Bosch , What should i quote ! Which will be better for job security and work life and overall career growth .

like

This is my first day on here. I’m an LPN working from home doing remote patient monitoring. I am looking for the average salaries for LPN Nurse contractors. I hope this is the right avenue for that question.

like

Are there any remote jobs left out there? I like my job but I’m exhausted from commuting. Interested in customer service and supply chain, 10 years of experience in sales and CS, 1 year in a management role. Looking for $100k minimum

like

Currently interviewing for a role at Amazon that is listed as a CW position, but I have direct experience in the product and capabilities this role is seeking, and the hiring manager is moving me forward. What is the likelihood that if I tried to negotiate from a CW to FTE, I would get the position?

How much does amazon pay for senior technical pm? How does that correlate to deloitte senior manager salary?

likehelpful

How is work culture in Netapp?

Hi folks, what CTC and grade can be expected from BNY Mellon for below profile?

VP (grade not known yet)
YoE - 8+
Tech - Power BI
CCTC - mid 20s

BNY Mellon | Pershing

like

Additional Posts in Personal Investment Chatter

Anyone have experience with or recs for a good moving / shipping company? Trying to gauge typical cost, have about 5 furniture items to ship between states (7h driving distance) and would like them to load / unload. Thanks!

like

Is anyone nervous about the whole Russia situation and how that may affect the market if an actual invasion takes place? Do you think it makes sense to take out investments just until things settle down, or even assuming the fed will increase interest rates? Thoughts?

likesmart

Will markets jump upwards the day Putin dies?

like

Would love to get insight from folks here as I’m not quite sure what to do. I currently have around 14K in student loan debt and enough saved up to pay it off in one fell swoop. What I’m struggling with is whether I should invest that money into the stock market (thinking less risky S&P 500 ETF) and pay off my student loans monthly with the average payment being around 1000 so I can pay it off in about 16-18 months (due to interest being around 5%) or pay it off all in one go?

like

Ally bank dropping rates again. CD a good choice?

Anyone US persons with Dual Citizenship who invest in the markets back home? I am wondering if it’s worth it to open an account next time I return, what are tax implications? I know we can get that global exposure through ETFs etc, but not sure that’s what I’m looking for. I also know US markets tend to do better, but does anyone else feel US innovation/ ideas tends to lag behind other countries? What are your thoughts? Am I being too extra on a Tuesday night?

like

I have been getting a lot of postal mail addressed to different people last couple of months including insurance, unpaid bills and federal mail as well. Not sure what’s going on because I have been living at this place for over 3 year and this just started last couple months. Could this be some of sort of identity theft attempt?

like

Thoughts on Marcus vs. Ally vs. Wealthfront? Looking for a place to park my emergency savings

Realized some gains from a trade and I have 5k to move. I’m looking at TGT or WMT as an alternative play to AMZN. I’m looking to start a long position 3-5 year hold/add and reap some dividend reinvestment. Any opinion of which one to go with?

like

I paid for my kid’s college fee this year and last year thinking I will use 529 in future for second kid but now I am having second thoughts as I need little more money to buy an investment prop cntd

like

I’m trying to buy my first house and my wife and I have a few IRAs from previous employers (Roth and non Roth). I read I won’t be penalized if I take out upto 10k from my IRAs for a first time house (except for taxes on the non-Roth accounts). Anyone know how true this is, how the process works, or have any advice? Is it a good idea

like

At what point does it make sense to buy a home? I have ~700k in the stock market and a lower than average salary currently (80k) and pay 1800 a month in rent.

like

Share the most interesting/spammy DMs you have received in Fishbowl

Post Photo
funnylike

I bought SQ at 10. (3k)
SHOP at 29 (1.5k)

Unfortunately sold the first at 23 and the second at 70.

C’est la vie

like

Recently received 30k and wondering what to do with it. Not yet a homeowner but also not sure if we’re ready to buy anyways. Have a young baby. Any advice on how to figure out best use?

What are your favorite personal finance books? I just read Rich Habits and really liked it. I am also reading the Psychology of Money. Looking to read some more!

like

Coinbase Premium - is it worth it? How do you get it?

like

I don’t get it: Why would anyone invest, for example, in a 6% dividend yield etf with a 0.50% ER (ie EMHY) instead of a 9% dividend yield etf with a 2.5 ER (ie YYY)? Wouldn’t you still be getting better results with the expensive one?

like

Max out HSA or IRA first?

like

What to do with a large sum of bonus money coming in in next couple months ? Suggestions

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal