Things The WATCHTOWER never taught you - How much do you need to retire?

I'm going to weasel a bit on this and just say in opening that it is probably more than you think it is.

Too many people imagine that Social Security is going to take care of them. Then they are shocked - SHOCKED! - to discover that the retirement dreams they had have evaporated.

For the benefit of others, what amount do you think is a reasonable amount to provide for your retirement, and how would that retirement egg be used?

I'll start by throwing out a figure - $3 million dollars, and my plan would be to use the interest from it combined with some of the principle so that when I exhaled for the last time there would be nothing left. My last words would be "PFFfffftttttttttttttttt!"

A fellow here in the USA named bob Brinker has a radio talk show about money, and he uses the term, "the land of critical mass" to describe a situation in which a person can live off of their assets while sitting on their comfortable living room sofa.

I like that term.

That depends on how long until retirement, what kind of lifestyle you are currently used to, what is your expected pension. I could throw a figure out there, but it wouldn't mean anything. I agree with you when you stated it is more than most people think it is. Way more.

Musky, I agree with your other points, but I think you mis-spoke when you said,

"That depends on how long until retirement,"

I can't see how retirement being 5 years of 50 years away matter at all, unless you mean to account for the effects of inflation.

For my purpposes, your pension is part of that total package of retirement assets.

Nathan, I am referring to inflation as you guessed. If you feel you need 1 million to retire 5 years from now, That figure should be increased if that were to change to 50 years from now. Inflation is a huge factor. I think 3 million may be a bit high, but it all depends on what you plan on doing in retirement.

Nathan. I really like these financial posts your doing here lately...definitely things worth thinking about.

lurk3r

The reason the writers of the WT or the GB members never mention saving up for retirement is because they are already living off of their

retirement fund the WTS, such as it is they have no concern over these matters. 

Why do you think they stay there until they die.

The WTS is their livelihood.   

Yes, it seems to me the first item in a plan for a very comfortable old age plan is to buy a printing press and then develop the income into a multi-media publishing, travel, leasing, banking, insurance, event sponsoring, real estate development, construction business, in the context of a non-profit corporation.

For me, retirement is more of an issue of standard of living, and how long will I live? 

           

I ran the numbers on my personal needs about five years ago and came up with 11 million. That's assuming a monthly needs based income today of three thousand dollars a month. Assuming 3% yearly inflation, that 3 grand becomes 11 grand a month in 45 years. Considering that my annuity savings were just cut in half by the recent stock tumbles, I'm not very optimistic about reaching my goals.

My new plan is to put my money into land. If a person can own their own land and a home on it, their need for pension income will be substantially decreased.