Investing: Can you retire on $1 million?

[NewsFeeder]

Investing: Can you retire on $1 million?



http://us.rd.yahoo.com/finance/exte.../10/23/can-you-retire-with-1-millio/17789939/

 

[FireWeatherMet]

The fact that the avg American has only 89K in their 401k, and the avg 55-64 yr old only has 165K in their 401k unfortunately makes the thread question kind of irrelevant.

401(k) balances hit record $89,300 last year

By Melanie Hicken @melhicken February 13, 2014: 12:27 PM ET
401(k) balances reach record highs, but many young workers still cashing out - Feb. 13, 2014

 

[RealMoneyIssues]

The fact that the avg American has only 89K in their 401k, and the avg 55-64 yr old only has 165K in their 401k unfortunately makes the thread question kind of irrelevant.

Then everyone give up, there is no hope...

Sheesh

 

[Lindoug]

Frankly, I'd like to think I am NOT the avg American, and I am definitely NOT the avg 55-64 year old (because I am not YET 55). That being said, I believe the thread question is relevant, and one I ask myself, and anyone else that might be listening inside my head, REGULARLY! Can I retire with 1 million in my TSP, or do I need even more?

 

[Frixxxx]

Frankly, I'd like to think I am NOT the avg American, and I am definitely NOT the avg 55-64 year old (because I am not YET 55). That being said, I believe the thread question is relevant, and one I ask myself, and anyone else that might be listening inside my head, REGULARLY! Can I retire with 1 million in my TSP, or do I need even more?

How much time do you have?
1. Where are you going to retire?
2. Will you have a house payment?
3. What is your annuity (provided you have one) going to provide you?
4. What lifestyle will you want when you have to fill 10 hours a day that used to be filled with work?
5. What age are you going to retire?
6. What age do you expect to live to?
7. What are the health issues you will have to deal with in old age?
8. Are you leaving anything to heirs?
Just a few questions and I've found that no one answers these the same way.

 

[sillbeer]

That's a cookie cutter statement that doesn't apply to everyone. Each of us have different amounts of debt and lifestyles. I would venture to guess it would be sufficient for the average American but as outlined above the average account isn't where it needs to be. Maybe we should combine all of our accounts and divvy them up equally amongst the masses.

 

[clester]

The thing is that the statement assumes no pension which applies to a lot of folks. But we have fers or csrs! I figure my fers is worth a million dollars. So tsp is gravy right?

 

[WorkFE]

The pension value would depend on the pension amount. A $25K pension is roughly equivalent to $300-400K?
Not fact just a number to work with.

 

[WorkFE]

i believe the number is for every $100 in monthly income it is equivalent to $18,000 saved. So $25K would be roughly $375K