How much do you need / want, before you retire?

Just curious what everyone's retirement number is. You know, that dollar amount that you want to hit before you are ready to retire. It will obviously be different for everyone.
But I am also wondering if people have found themselves revising this number at all after seeing the inflation that is currently taking hold? Or has your number pretty much stayed the same?

 

$100,000/year (original plan was in 2008 dollars, but 2022 dollars would be plenty) and a paid off PPOR.
So let's call it a networth of $5m-$6m to leave some headroom.

 

Yes, this is good.

It was only a few years back I recall a FP advising you need $2M net worth and own your primary residence. Not anymore

Of course we are all different, dependent on lifestyle etc

 

I want to live on the full pension.
Set my bar real low - you can't be disappointing that way.

Do people actually care what they will have once they are 67 yo?

I just want to live awesome now. Enjoy what I have gain.
Once I have turn 67 at the official retirement age.
I will have SFA but just SUPER.
The rest I will probably try to spend it all before that.

 

This is something I have been giving a lot of thought over the last few years.
I am 64 years old and been retired for 5 years
My magic figures are:-
To get $100 passive income adjusted for inflation each year requires $1.6 mil in super and property and shares not including PPOR.
Assumptions:-
3% Inflation average.
6.5%PA gain for Super and shares.
Every 10 years financial collapse of 20%
4% Property gain.
$10k PA Cashflow positive rent adjusted for inflation.

Sell property as required and place cash into shares or super.
Draw down super and shares as required.

I have decided in the short term not to panic about inflation being higher ATM. I think it will balance out over the long term to continue around 2-3%.

The plan is to run out of money when I am about 85. I don't think I will be spending much then, and probably move into assisted care or at least downsize which will free up money in the PPOR.

So far the plan is working fine.

 

What about a part pension. Very popular strategy

 

Sounds good
I am in the process of slowly selling down some property, cashed up for the share correction…… we cant be too far off

 

With Covid not going anywhere soon.
People over 70 will probably catch it and die. That is the current data coming out with COVID.

My outlook for the living past 70 have diminish quite a bit.
Do you feel lucky punk? Dirty Harry would say.

 

I think @sash has also a handle on this

Mentioned in another thread

 

Fake news

 

Best case part pension, worst case full pension.
Like I said, I would probably be ****ed by the time I am 70s from all the modern old age diseases.

 

LOL he will probably catch something before hand.

 

Lol
Stop smoking, stop drinking, stop eating processed food. You may hit 85

 

That's no longer old by today's standards, there's another 15-20 odd years in retirement just up to the average mortality age.

 

On another note - 2/3 of Australian Adult are obese.
Good luck living a sweet problem free retirement.
Hooked up to meds constantly to be alive. That is not living mate. It is just prolonging the inevitable mortality age.

 

True

heart disease a silent killer

But life is a lotto, genes also play a significant part????

 

How much do you need? No more and no less than what's in the bank.

How much do you want? What you haven't got but wish you had.

 

If you structure it right you can retire with around 4.5m of investable assets and not pay tax.

3.4m inside super and the rest outside using the tax free thresholds to two individuals (the number outside super might change depending on the investment choice).

Long term tax planning can result in a tax free retirement.