Here's a calculator, WalletBurst's "Coast FIRE" Calculator, which can help get you to an answer. Basically, you enter your age, when you want to retire, how much you have, and how much you're saving and it tells you how long you need to work before you can stop saving any more to hit your goals.
The calculator doesn't have an input field for it, but since you'll be receiving Social Security, you can reduce your "annual spending" by the amount you expect to receive from Social Security. You can check your estimated benefits online on the Social Security website.
> My parents will leave me and my sister $500k each when they pass on in a few years.
With my personal planning, I've explicitly decided to not include any potential inheritance. With elderly people, sometimes that money can go away very quickly if intensive care or retirement home scenarios come up, and I don't want to let myself ever get in a mindset where I'm letting thoughts about what might remain factor into my decision making.
Illadvisedusername t1_iudnsjo wrote
Reply to Have I done enough to save for retirement? by BakeSoggy
Here's a calculator, WalletBurst's "Coast FIRE" Calculator, which can help get you to an answer. Basically, you enter your age, when you want to retire, how much you have, and how much you're saving and it tells you how long you need to work before you can stop saving any more to hit your goals.
The calculator doesn't have an input field for it, but since you'll be receiving Social Security, you can reduce your "annual spending" by the amount you expect to receive from Social Security. You can check your estimated benefits online on the Social Security website.
> My parents will leave me and my sister $500k each when they pass on in a few years.
With my personal planning, I've explicitly decided to not include any potential inheritance. With elderly people, sometimes that money can go away very quickly if intensive care or retirement home scenarios come up, and I don't want to let myself ever get in a mindset where I'm letting thoughts about what might remain factor into my decision making.