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CQME t1_iudn1v3 wrote

> Fidelity and others say that I should have saved over 1 million by now. OTOH, the average American only has roughly $100k saved for retirement.

What do you expect to be your spend during retirement? If your spend is lower, that target would also be lower, yes?

Also, the average American family is probably not average 50 years of age, so that may be misleading.

I saved this article a while back from the WSJ describing some successful retirements, some with fewer (projected) assets than you have.

https://www.wsj.com/articles/heres-what-a-2-million-retirement-looks-like-in-america-11661702455?mod=hp_listb_pos5

If you hit a paywall, I can DM you the contents of the article.

>My spouse has some relatives who belong to a vacation club and basically live in resorts in the Caribbean for much of the year. My spouse would like us to sign up as well. To do that, I would need to cut our retirement savings rate in half at least.

>My parents will leave me and my sister $500k each when they pass on in a few years.

I would factor this into post retirement, or at least after the estate situation is a done deal. Right now you have far too many moving parts.

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BakeSoggy OP t1_iudpgd4 wrote

> What do you expect to be your spend during retirement? If your spend is lower, that target would also be lower, yes?

I think that in large part will depend on what kinds of medical conditions we'll have as well as whether Medicaid is still available in something resembling its current form. Right now, our living expenses are $60k per year, but we could cut that down to $40k and still live comfortably before factoring in inflation.

> Also, the average American family is probably not average 50 years of age, so that may be misleading.

That is a very good point. So far I haven't seen any statistics on how many folks in my age cohort actually have $1 million saved for retirement. Do you know if that's available anywhere?

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