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If I were to retire in 20 years and plan to be retired for twenty years, how much money should I save?


I'm not even finished with college yet so it's hard for me to estimate how much money I will need each year once I retire. I need to make this estimation using today's currency, or in other words without estimated inflation. I can add in my own leisure money needs, but how much money would you say I need a year to provide a good life for me and my wife? My professor suggested asking someone who has had real life experience with a retirement plan, so if anyone can help me it would be incredibly appreciated.

m not even finished with college yet so it's hard for me to estimate how much money I will need each year once I retire. I need to make this estimation using today's currency, or in other words without estimated inflation. I can add in my own leisure money needs, but how much money would you say I need a year to provide a good life for me and my wife? My professor suggested asking someone who has had real life experience with a retirement plan, so if anyone can help me it would be incredibly appreciated.
(This is for a project)

That is a complicated questions. But here a few things to consider.

1) If you are 22 and retire in 20 years you will need way more than 20 years of retirement money... unless you plan on dying at 62.
2) At retirement I plan to have my house paid off... so my estimated money for each year would be low with no living cost. I would say 20,000 a year per person would do if you are living simply and have no house payment.
3) See link below and play around with the numbers, it'll tell you a lot about what you need.

wow, you plan ahead...

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