How Much You Need at 62 to Retire Comfortably?

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[EliaszPass]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[paulpeters]

The key is no mortgage, no car payments, no cc debt...this from a retiree 3 years in.

[theodfw]

I retired at the end of 2020 at age 64 with no debt and around 10x my salary in retirement funds. My total expenses are just under 60% of my pre-retirement salary and things are going great. Thank you Josh for all your great advice and services over the last five years.

[JohnHobbs-oz]

Does not matter your net worth, as long as you are comfortable in retirement, you will be okay.

[ErnestSanchez-ik]

600k at 62, retired and living the dream. Even with cc debt but with a paid off house. Keep on truckin' Josh!

[lorimcmahon]

Josh, thank you for making these videos and sharing your knowledge with us. Media makes it seem like middle income people can never retire. If you have no debt, low expenses and paid for home, can retire with moderate income.

[chriskredlo]

It's all about sustainable cash flow that you can create through your productive life. Never tolerate letting yourself earn less than you spend.

[JavaPR]

Love the channel ...been watching for a few years now....Josh, the only improvement i can suggest is an external microphone that will help us old people hear you better !

[Skott]

Thanks Josh! That word 'comfortable' is the pricky part of any discussion. Everyone has their own idea of what comfortable is. There is no standard. If I were to go by this example Josh shows I'm ahead of their suggestions. Good? I hope so.

[xlerb]

I didn't manage to hit 10x my salary at retirement time, I'm poor at planning, I wound up with 16x. And that's not counting a paid off house and such. We maybe could have spent a little more on our todays and not saved/invested quite so much for out tomorrows. But now that tomorrow is here I'm not totally sad about it.

[commosection]

There is no real answer to this question. We all lived different life styles some are overly fussy and some managed to live a simple life

[billb]

11 years into retirement. No debt, no crap I don't have time to use. Course, that's how I lived before retirement. I had new cars but I kept them for 10 years or more. The current one I paid cash for in 2014. Cash is probably not always wise, but I retire that year too, so I had no debt while living off of my stash.

[davidpipes]

I'm debt free across the board and have 13x / I retired at 62 I'm now 65 so I do have a fiduciary who talked me into retirement I was a little weary at first but I'm glad I did give up working my crappie job just my social security pays all my monthly bills not to mention that I haven't even touched my liquid assets and other income stream that I have on hold until I have to start spending down , yes life is good now , and I sleep good at night knowing that I made the right investments and don't have to worry about running out of money ..

[NineToes]

If you’re old enough, the key to reverse mortgage, especially if house is paid off, is to get the reverse mortgage, move to a cheaper country, rent the house until the loan is paid off then give bank the house when you die.

You can still use that address as a USA address but have your mail, etc. sent to you in whatever cheaper country you’re in via many legal and safe methods.

Your mail never goes to the house address of your reverse mortgage.

More than you think are doing this.

Successfully.

And, your money can go 40-60% farther in a country that takes less money to live in.

[DrBilly]

As you point out, since the answer to the question "How much do I need to retire [at age "X"]?" is completely dependent on the answer to the question "How much do you want to spend in retirement?", most (all?) people would be much better served figuring out their expenses and formulating a budget, than watching videos about how much they need to accumulate.

[Will-knkw]

Opened a Coors Light my friend Josh, I haven’t heard a video from you in a month- sun is setting give it to me!

[dforrest]

No matter what the number, it should never be “you need to save X times your salary” when it’s all about expenses.

[JC-]

Thanks Josh for keeping things REAL for average folks. I love how your videos just cut to the FACTS and do not promote the you need a Gazillion dollars to retire narrative!

[Rodriguezpaul-]

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.

[jayholiday]

Josh, Dave Ramsey told us how horrible reverse mortgages are, and annuities too, and we’re supposed to drive used Camrys