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Old 07-03-2019, 03:47 PM
RickG is offline
Charter Member
Join Date: Apr 1999
Location: Boulder CO USA
Posts: 818
I am 55. My Social Security full retirement age is 67, but it's unlikely I will be able to work that long, because I have a degenerative retinal disease and am already legally blind. That means I could go on SS disability at any time and get something between the early retirement benefit and the full retirement benefit at any time; the disability benefit includes Medicare. That would replace about 1/4 of my gross income. Using a rule of thumb that one should have 30x the income you want to replace, I'd need another $3 million in savings. My wife is a teacher with about 6 years to go to retirement, at which point she'll get about 75% of her current salary as a pension. Add another million to replace the difference there. So call it $4 million to maintain our current lifestyle in perpetuity. Much less if we're ok with dying as the last dime is spent.

Not happening soon, in any case.