[quote=cvmom]AN, where did you get your goal number of $5M savings for retirement? I am assuming that is for 2 people? Just comparing “numbers” (ER, I also liked that book).[/quote]
I when I retire, most of my money will be in a very safe investment (CDs laddering) and I’m only expecting to get ~3%. So, 3% from $5M will give me an income of $150k/year. That will be enough to cover all of my expenses, including medical insurance indefinitely. I want to leave the $5M to my heirs. My definition of financial independence is when my money will work for me instead of me working for my money. I also will be traveling a lot more than I do today, so, although I won’t have mortgage to deal with, my traveling and eating out cost will sky rocket. So, I want to make sure I have enough for that. Also keep in mind that I want to retire by the time I’m 55, so there will be many years where I won’t qualify for medicare and social security (although I’m not counting on either one of those to be there for me when I retire).
