Hey babes! How much does one normally need for retirement? I thought it was close to 1million but I had a discussion with someone a few days ago and now that number has jumped to 2.5-3million. How the hell does one save that much $? Thoughts?

Hi Ashley. Sent you a PM.

Its done by methodically saving over decades, and then investing smartly. Let's say you saved up a million dollars. Over the past year and month, if you invested in stocks, your return may be $200k to $300k conservatively if you invested in stocks, and not even the 'right' stocks.  

The answer is...it depends.  Where will you live in retirement?  Big city like NYC, LA, DC?  $1 million will not be enough.  Take the $1 million in a smaller, lower cost city, and it may be enough for retirement.  
The preferred method for investing is dollar cost averaging where every month, a little is invested...over time (twenty, thirty years), the little amount becomes a great amount.  In your case, it may be best to open an individual IRA funded whenever you can.  There are many options for individual IRAs...best to consult a financial advisor or do your due research.  
Good luck!

This is hilarious. Did you get this from the book, Investing for Dummies? Lmfao. So there will be a linear 10% to 11% return in the market for 10 years? You are an idiot. Stop reading books and learn real life. You don't know shit about her financial situation: her earnings, assets, risk tolerance, debts. What a tool. Hilarious that everyone thinks that they know it all. Lmfao. This fool is the epitomy of why you shouldn't trust everything  you read on the net.

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Lmfao. How do u know it wont be enough? You're also a tool. What do you know about her financial situation? Do you know her assets, lifestyle, debts, earnings, tax situation?  Don't talk about what you don't know. Don't try to give advice about other people when you have no clue about their situation.

It was a simple example, and you just proved that you're poor living from paycheck to paycheck. By the time you're early to mid 50s, you should easily have net assets - house, retirement/investments, well over a million if you're married. Her income, should be a modest $100k a year net - cash income. I used 10% because its an easy number - apparently not easy enough for a stupid ass poor person like yourself.

Looks like somebody's little brother figured out the password to the computer in Mom's basement.

I am married and retired a few years ago at 65.  I have 2 million in assets along with $35,000 social security.   I spend about 15 k per year traveling.   Two million is plenty for us without worries.   We live 60 miles north of Philadelphia and the cost of living is average.

As others have mentioned, it really depends on lots of individual factors. They include: (1) the age you want to retire, (2) whether you plan on earning any income after you retire from full time employment, (3) your expected expenses (eg will you travel a lot, do you have expensive hobbies), (4) your anticipated Social Security income, (5) cost of living where you will be, (6) whether you have a primary residence that is paid off or will have a mortgage/are renting. And so forth.
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I have a financial advisor and a plan that gets updated every year, and am working toward that. There are online tools available now where you can do a lot of this planning yourself.  
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One question that might be relevant if you have spent many years providing is expected Social Security income. If you can delay collecting it until your full retirement age (67 for me) or even beyond that makes a difference in the level of savings you'll need.

As s professional in this business I can say your advise for her is on the mark Barry.

It's nice to see people sharing valuable knowledge on such a broad general topic. Sending a pm isn't necessary. Who does that?!

No talking about retirement. I find this disturbing since we have yet to meet !

Lol and your primitive example was helpful? You're such a simpleton. You cannot give advice to someone without knowing facts about their financial situation, risk tolerance, debts, assets, income earned, etc. You are lacking of any common sense lol. Like your post was helpful lol hilarious.

Unless you're willing to put in the time to learn the ins and outs of investing and managing your own portfolio, it's wise to hire someone trustworthy and with experience dealing with non-traditional jobs, especially cash businesses. I've been meeting with mine to develop a sustainable, conservative (the market scares me) investment strategy and working on how I can qualify for more deductions while showing more money so I can make sure I qualify for SS & Medicaid when I need it, as well as starting to plan for a second career after it makes sense to retire/slow down in escorting. My goal is to save a little over 1mil, but I also have grandiose plans for a rural homestead and living mostly off-grid and off the land when I'm older.

Harlowe  is right in what she says - there are a lot of variables to take into account. But don't be scared of the stock market; you will need to put some money there. Contact me if you need some help.

The trick is to start as soon as possible....and consistently save...

Agree with Harlowe, find yourself a Certified Financial Planner. Without asking a LOT of questions, some of which are necessarily private information, its almost impossible to answer your question. it's kind of like asking how long is a string? It really depends on many things and the right answers clearly matter to you.

Harlow is correct in her response, especially making sure to qualify for SS and medicare.   i disagree with her avoiding equities as in the long run they are the best hedge against inflation and for capital gains.  While my greatest gains have been in individual stocks the majority of the portfolio is in ETF's that cove the broad market.  In planning we assume a 1% long term market growth above inflation and a life span to 92 as suggested by multiple investment advisors.   You will need to do the work to figure out your monthly cost of living when you retire (start with current cost and back out non ongoing costs). It will be higher than you thinks.  Work with CPA or financial advisor to figure out SS benefits and Medicare costs.  Remember taxes on retirement income unless you move to a non state tax state.  

Yeah, no useful contribution to this forum or thread, other than letting it go down in flames.

Damn people chill the hell out lmao!

Look up financial independence / early retirement on Google. Lots of good info!

100% correct. Many people make overly optimistic assumptions about investment returns. Even pros like Dave Ramsey, Suze Orman etc..  It is much more important to start early, save consistently,  and don't use too much debt.

You actually got some decent, although rather general advice with only one idiot trying to derail the thread by trying to prove to the board how smart he is. One moron out of a dozen different responders is DAMN GOOD on any TER board. lol

Three million was a minimum for me 12 years ago; if you are in your 30's and don't expect to work anymore, better make it 5 million

The best advice is don't give up. Just do it. Whether its stocks, mutual funds, etc., just start putting money away. You will reach a point where you may very well be making more from your investments than you are now.  

And now what ? Like cosell said “and down goes Frazier ! Down goes frazier !”

Kind of weird reading all the recommendations of you need this or that number of millions.  To last how long?  If you are retiring from prostitution at the peak of your game (35? 40? 45 latest?) with no follow on career, and need to fund to 85 that's a long time.   Of course you can live on a million and social security, the vast majority of Americans live on less in retirement... but it depends on the lifestyle you are seeking, in what part of the country.  DC, or Delaware?  

Idk why I didn't do this when I first started in the business! I'm starting to SERIOUSLY regret not investing my money now

Is anyone here a financial consultant? Lol

Awww thank you! I remember the last thread in LA we went back & forth on. What a disaster that turned out to be LOL

Don't hate yourself, just get started as soon as you can. You're young. It's definitely not too late.

As the old addage goes...better late than never. Now that you know, work towards your goals and get a good certified financial planner. Revisit your retirement goals annually and rebalance your portfolio semi annually.

No but they play one on TV 😃👍

To make sure you're comfortable with them and that they have your best interest in mind.

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If I were you, I wouldn't mix the two worlds...

You have a long life ahead of you. It is never too late to start saving. Time is your friend, you have a lot of time left.