How Much Do I Need to Retire at 55?

You got to keep in mind inflation as well. And for some unfortunate people the cost of medicines or supporting kids (even in their old age). Of course, those are things that you don’t think you will ever need, but, its best to add a sum for these type of emergencies in your estimated monthly retirement needs.

I highly doubt in this economy that many people can afford to retire at 55. With the real estate market and recent stock market decline many people have lost most if not all of their investments.
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The goal of retiring at 55 is a dream. However there is nothing more that would frighten me than to quit my job and ten years into retirement having to go back to work again.

We still have a ways for retirement – but we are doing our best to be smart with out money and keep our credit scores high.

This is a very fantastic information that provide all those calculator that I click through one by one to find out how all this can help me to retire rich early. I love it very much. But, I still agree by making more money, you can only do investment and saving. or else all money go will back to your bank.
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With the country facing massive unemployment during the Great Depression, Social Security was a way of providing older workers with guaranteed income so that they could leave their jobs, freeing up slots for younger workers.
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Hi Phil,

The “funny” thing is that everyone better prepare to have health insurance that will cover ALL of the retirement period. Banking on a concept that is literally insolvent is not a good and safe plan.

Mikael

The international financial crisis changed all the variables that were used to retire five years ago. Honestly before put my money in an investment fund, rather I would have two good retail websites. With some experience and some work, that is also a retirement.

Retiring at 55 was a possibility five years ago, but like many people, I suffered a significant set-back this past year. I am hopeful that the next ten years will be a decent one for stock returns. But I am putting fewer “eggs” in the riskier baskets than I used to.

I really hope I am able to retire at age 55. I still have a while but will keep this post in mind as I get to that age.

Advice here is all well and true but we still have the problem with the economy that is causing us problems. It is quite a common belief that the worst has yet to come. That our US dollar will start to devalue substantially making inflation go up over the roof. With whatever good plans that we might have, faced with problems like potential double figure inflation even the best plans could go to waste.

I know it sounds all the bit of doom and gloom but really we are at a time when we are expecting things to get worst. The best advice I can give is to save save save and get whatever opportunies that you have and run with it.

With the state that the UK economy is in at the moment and with our new coailition government moving the goal posts for retirement ages – retiring at 55 seems a bit of a pipe dream for most – ofcourse there will always be those few at the top of the ladder that won’t have to worry about little things like this.

Interestingly a recent poll by Newsnight (A popular national news programme in the UK) revealed that 50% of the people surveyed would expect to retire at the age of 66, 18% by the age of 75 and 8% said that they expected never to retire at all.

It’ll be interesting as the economy prepares for a double dip recession to see if that 8% (never to retire) will grow.

I don’t think we can blame a single party of people as many circumstances have contributed to this including but of course not limited to:

- People are more health conscience, perhaps because they are more educated due to better communciation channels ie. internet etc and therefore live longer.

-The state of the economy – in reality our economy (no matter how strong it seems in the boom times) has always stood on very rocky foundations – for many years there have been problems with the pension deficit and we all knew it but now that the whole subprime issue (I won’t vent on that) has impacted on more mainstream economy – its become very apparent (even to people who don’t pay attention to these issues)

- Following on from the downturn in economy, house prices slide – in the UK many potential retirees relied on their high house prices as a retirement nest egg – but now high prices have essentially plummeted – this leaves them having to work a lot harder (and potentially longer) to retire more comfortably.

Ofcourse there are many other things that contribute to this but I could rattle on forever.

This really can only mean one thing, that future generations of retirees to come will suffer.

Hi. I just retired this year at 56 years old. I have all the funds to live beyond 100 years old, provided that I live a US middle class income level. I am fortunate that I have inherited from my late mother a small fortune to be able to retire at 56. I’ve only been in retirement for 5 months (since my last job of 15 years.)
However, I’m already regretting it very much. I would very much like to go back to work, but can’t find a job to go back to. I feel purposeless, and aimless, even though I can live comfortably.