As a ROUGH guide, most people here plan on about $25 to 30k a year for expenses for a couple assuming the house is paid off.
Taking 30k * 25 = $750,000 Plus paid off house.
That however is a minimum because it does not allow for unforseen circumstances.. eg a prolonged Stock market down turn, Medical calmity etc..
For me i just retired at 52 with $1.3M with a paid off house. Remember though that has a bunch of safety factors involved.
I.e..
1) Assumes a SWR of $52k per year (4%) but I think our expenses will be closer to $30k .. another way to view this is assume expenses will be $35k, then that is a 2.7% SWR.. I.e very conservative.
2) We get rental income of $16k per year (less expenses)... Will we be in this business in say 20 years from now?.. Will I be able to (or want to) deal with the upkeep?
3) My Wife and I have a SMALL pension.. Will a "Detroit" happen?
4) My Wife will work for 3 more years (about $29k/year)
4) Non of the above includes social security.
So you can see we have a number of safeties involved, probably in aggregate all of these are overly conservative, but there are things you simply cannot predict e.g, how will the Healthcare costs go in the next few years? Will SS really be there? etc.
The other thing worth a look is "
www.firecalc.com" By far the best predictor of how your investments will hold up over the life of your retirement. You can plug in some similar numbers to what I have above and in 20 minutes get a very good prediction. Since Firecalc will automatically calculate what would happen if you retired in 1871.. for say 30 years.. then 1872 etc etc... It will calculate each possible scenario (about 113 of them) using the ACTUAL returns for the market in each year, and give them to you in one huge graph, even including the great depression. This will give you a great start.
Frank