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Title: Is 1 million savings enough for retirement? Post by: xnan on June 19, 2009, 06:23:48 pm I wonder, how much do you need to retire? Is one mil enough?
Title: Re: Is 1 million savings enough for retirement? Post by: nolosoft on September 24, 2009, 09:18:39 pm I wonder, how much do you need to retire? Is one mil enough? You forgot to mention the currency. If you are talking about Rupee, than not much. :)) If you are talking about Australian dollars, then ok. Here is a sample calculation from a financial calculator: Assumptions: Current savings balance $1,000,000 Proposed monthly withdrawal amounts $5,000 Annual before-tax return on savings: 4% Result: Your money will last approximately 27.6 years with systematic withdrawals of $5,000/month totalling $1,650,664. Title: Re: Is 1 million savings enough for retirement? Post by: xnan on October 03, 2009, 03:49:46 pm Wow, that sounds good. What interest rate did you use in your calculation?
But it is a long way to go to save 1 mil. How can one make 1 million dollars? Title: Re: Is 1 million savings enough for retirement? Post by: Pansophic on January 21, 2011, 06:02:53 pm i million indian ruppees is not enough for retirement but yeah US dollars are enough :)
Title: Re: Is 1 million savings enough for retirement? Post by: Jacqueline Stoedter on March 28, 2011, 08:50:03 am It depends where you live. If you live in Sweden, you probably do not need much for retirement as the government sponsors a lot of what you need, for example health care, social benefits, etc. If you live in the USA, you better have at least one million. Just a FYI... heart surgery - $100 000. Cancer treatments go even higher.
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