12 Answers

I've just come across your question and I've done the calculation for you. This is the exact amount of money that you will need, assuming that you spend your money wisely.

$2,476,103,488.52

Ducky

I can't be wasteful. I may live to be 100.

you do need a auwful lot of Money you need to speak to a Finacial Adviser and you must take into that Inflation rises all the time

I would say you'd have to finance your retirement and at the same time your children's education.   You may live until age 90, possibly more.  That's 50 more years of living.  Say you have 3  children and they all attend private school at $20,000 a year. 

You would contribute more to your IRA, Roth IRA, and 401K plan.  You would not be paying too much into the social security system as they only take an "up to" limit and very few years of contribution. 

 Your wife is a housewife so she won't be working. 

Adjusted for inflation and laziness,  I think you'd need $5 Million

Let me guess, you either work for Apple or Google, right?

Very little. Buy yourself a good squeegee and you'll last till eternity.

Ducky

Some financial advisor you are! phhhttttttt.....

Much more than I have and I'm already retired (early, of course!)

start saving 25 percent of salary into a 401

If you need to ask you haven`t got enough.

You need to add up all your current living expenses and try to predict what future emergency costs might occur. Then you need to factor in inflation and estimate how long you might live. Multiply your life expectancy by your estimated expenditures. That will give you an idea of the amount you need.

If it's less than a few million dollars, I'd be surprised. I'd also be surprised if you can acquire such a sum by age 35.

A better plan would be to open a brokerage account with TDAmeritrade or its equivalent, and also open a Roth IRA wsith TDAmeritrade. Try to max out the Roth contributions and put as much as possible in the taxable account. In both accounts, buy closed-end income funds and closed-end global equity funds.

You may not retire at 35, but you'll be well on the way to financial security.

Lets assume you are now living on $50,000 a year after taxes. Assume everything is in todays dollars ( which is not necessarily correct). Assume you retire at age 40 and will live for another 45 years. To maintain the same standard of living you would need $2,250,000 in saving/investments when you retire. Of course this may or may not be enough depending on how you invested you savings. This assumes you earn 2% on your investments over escalation. You would have $6,000 left in savings at age 85.

How long is a piece of string?