Anyone here have a retirement plan and if so how much money do you deem enough to retire on? I listen to a lot of financial people on setting retirement goals but I always find that every time I make a plan, it has to be completely updated after a few years! Life happens and laughs at my plans.
I have a vague goal starting to take shape recently. I don't think I'll save enough money with a savings account alone to retire, as you probably need something like a million dollars to retire 'comfortably'. So I'm looking toward longer term investments and hoping those work out well enough that I can eventually turn profits into seed money that nets me passive income.
I don't know, that's not the most creative approach in the world but it has worked for many. Invest in the stock market and other emerging markets steadily for the next 5-20 years and then eventually real estate and land.
My wife and I don't really have a "set number" and instead are focused on growing our diversified portfolio for the time being. We'd love to retire in our mid-late 50's, but it's not a necessity so long as we continue to enjoy the work we're doing.
There are a ton of things that will help determine when you can retire. Do you have a child or children you're intending on leaving an inheritance to? Do you lead a lifestyle rich in travel and adventure or are you more of a home body who hasn't ventured out of a 100 mile radius in years? Do you intend to stay that way when you retire or not?
The main thing I want to be sure of when my wife and I retire is having enough money to travel a minimum of 3 times a year for as long as we're able to. We're not flashy people when it comes to houses and cars, but we certainly love to travel and will be doing a whole lot of it when we retire.