might want to contact a doctor or plumber if 4/5 of your income goes to the shitter

ha-ha. :321GFY

Sid70s financial contributions have kept me in vodka for years :thumbsup

I command you to elaborate for the retarded :winkwink:

I think 1 million (in today's dollars) should be a number for many to strive for. Assuming that we can all collect Social Security and that our home has been paid off along the way, a million dollars should provide some comfort and a bit of room to live out the golden years.

As noted, health care costs can mount. The amount of coverage present will have a lot to do with how much cash you need on hand. Do you like to travel, drive a luxury vehicle, wear high end clothing? These are all things to consider when you determine how much to need to have socked away for retirement. Some prefer all of the above, while some prefer the simple life.

I personally began my retirement planning at 28. I have diversified my funds into high yield savings, IRAs, stock portfolio, an SEP account, and an art collection. I also have my home on a 10 year mortgage which was recently financed away from a 30 year. As for my child, I've planned accordingly with a mix of bonds, high yield savings and investment into a 529 plan.

My goal for retirement is to have enough to be comfortable, and I think that is what everyone wants. I don't personally have a retirement # in my mind, but I'd like to have at least $1m in today's dollars on hand for an overall sense of security, as well as comfort of life. This is of course assuming that my wife and I are both collecting on Social Security as well and that our home is paid off.