Depends and your lifestyle and how you want to lie while retired.
Best way to look at it is calculate your comfortable monthly expenses (housing, utilities, groceries, eating out, car note/insurance/gas, subscription services, etc.) and multiply that by how long you think you'll live post retirement age without a job (hopefully a lot). This would be the minimum you should have in your account.
Example: If your monthly expenses now are $3700 for your lifestyle, you retire at 67 and want to live until 97, you'd want to have at minimum $1,332,000 to live your current lifestyle during that timespan. This doesn't include contributions to savings account, build emergency funds, medical expenses, and other discretionary spending. Bump up your monthly expenses and do the calculation again.
IndigoTaco t1_jegvas7 wrote
Reply to Is there a time where I can stop saving for retirement? by [deleted]
Depends and your lifestyle and how you want to lie while retired.
Best way to look at it is calculate your comfortable monthly expenses (housing, utilities, groceries, eating out, car note/insurance/gas, subscription services, etc.) and multiply that by how long you think you'll live post retirement age without a job (hopefully a lot). This would be the minimum you should have in your account.
Example: If your monthly expenses now are $3700 for your lifestyle, you retire at 67 and want to live until 97, you'd want to have at minimum $1,332,000 to live your current lifestyle during that timespan. This doesn't include contributions to savings account, build emergency funds, medical expenses, and other discretionary spending. Bump up your monthly expenses and do the calculation again.