How much $$$ does a 60 year old Baby Boomer need to have

[Raven]

safely put away to retire in reasonable comfort and live until age 90?

When people say the "the economy" is a major issue in this coming election, make no mistake about it, the millions of Baby Boomers out there are thinking about their retirement. I think they'll vote for the candidate who makes them most comfortable on that issue.

[lisa58]

1. $2,000,000

...that was the advice my husband got from asking that specific question.

[REACTIVATED IN CT]

2. Well, I'm screwed n/t

[Arkansas Granny]

7. So is this baby boomer.

For many years as a single parent, I had no opportunity to put any money aside for retirement. It took every penny I made just to feed and clothe 4 kids and keep a roof over their heads. It's just been in the last few years that I've been able to start a IRA and it's not going to be a large amount when I retire.

[On the Road]

4. To be Guaranteed a Nice Upper-Middle-Class Lifestyle, I Agree on $2 Million

although it depends on when that amount is measured and when the person begins to draw it down.

I have heard it said that these estimates are too high, and that people in their 80s spend less money regardless of whether they have it available. So the figure might involve some scare tactics to get people to invest more. I suspect retiring at 65 with $1 million or less is more than livable, especially if you own your house at that point.

Personally, I am not going to be anywhere near the higher figure. I expect to live into my 90s, and plan to wait until 70 to start collecting Social Security to increase the monthly check. Should turn out OK.

Even with no savings, you can live on Social Security alone, but not well, and not in every city. I have prospective tenants all the time who only have $700 in SSI, and somehow they keep going month to month. But the lifestyle is not good.

[izquierdista]

8. Answered by a pitch man?

With a $2 million dollar annuity to sell?

The numbers ginned up by Wall St. investment types to these questions are predictably ludicrous. Their assumptions of lifestyle, Social Security, pensions, income and expenses are pulled out of thin air. Their number is shockingly high so that they can shock suckers, er, I mean "potential clients" into deciding that they better buckle down and slog more of their income into investments offered by you-know-who.

I have known numerous people who have made it into their 90's, none of them started out with $2 million (even calculating back in constant dollars) when they were 60, and they all have had comfortable retirements, and are not bust now.

[Adelante]

3. A lot of retirees live on very little, like me

I like Obama's idea of dispensing with income tax for seniors making less than $50,000. He also is committed to safeguarding people's pensions and I like his long term view on protecting Social Security and Medicare.

[high density]

5. Most people say a 4% withdrawal rate is appropriate

So if you want $50k a year, you're looking at $1.25 million. (Then remember inflation...)

[Speck Tater]

6. When I was 60...

I had about $150.00 and several grocery bags full of refundable soda pop cans.

I've been comfortably retired for a few years now.

It helps, of course, to have enough land for gardens, orchards, vineyards, berry patches, compost heaps, and woodlot, with no mortgage and no debts, no car payments, no tractor payments, and a long-time lifestyle of voluntary simplicity. I have a little income from assorted sources such as dealing online in rare and specialty books, and growing Christmas trees on part of my property.

So you can plan on having money to be able to buy stuff, or you can plan on having the stuff you need so you don't need so much money. Thing is, as time goes on and inflation grinds away at the value of money, I figured it was better to invest in tangible stuff instead of intangible money. I get a better rate of return when I invest in tangibles.

[Uben]

9. I've got $26 and a can of hominy

How long will that last me?

[whatchamacallit]

10. The rest of the day

[Uben]

11. Shiot!

I guess I better cancel the investment counseling for tomorrow.

[whatchamacallit]

12. Lol!

[TheCowsCameHome]

13. Depends on how much your pension is...

...for openers

$2 mil sounds way too high.

[marlakay]

14. We have a pension of $2,800/mo

we semi-retired in our 50's and both have part time jobs where we each make $1,000 a month. Its
enough for us for now. We still have some money in 457 plan and social security for when we are ready to stop working all together. Working part time isn't tiring, we moved to the mountains, built a small home so life is peaceful and relaxing.

It all depends on if you expect to travel the world and take expensive cruises all the time or maybe join a home exchange group with other seniors and travel all over the world for less. Thats what we are doing.

There are ways to make anything possible. We are lucky that we retired with a union company that has medical for only $79 per month. We do have a large mortgage but i took it out for only 15 yrs so in 12 yrs when its paid off I will be 65 and ready to stay home or maybe not...who knows?

[Mz Pip]

15. Depends on what you want todo

and where you want to live. If I want to keep doing what I'm doing and live where I'm currently living without any earned income coming in then I suppose $2,000,000 would be about right.

Since I don't have $2,000,000 there will be downsizing in my future.

[Old Codger]

16. depends

Like others have said it depends, basic rule of thumb is at if you want to continue your pre-retirement lifestyle you will need at least 75% of income that you have before your retirement... I figured I needed 50,000.00 yearly so that comes to 1.5 mill to last 30 years... you can figure yours like that very easily.... all you need a financial planner for might be to help you get that together.