How much did you have saved up before you retired?

[Nash3222]

 60 years old here, looking at retirement at age 62.  Have about 800 K saved up.

Just curious how much you have or had saved up before you pulled the trigger and retired.

Whats your rate of return?  Is it working for you?  What are your annual expenses?

( Yes I know, one has to have a budget set up, spending taxes etc, to know your magic number).

[ysette9]

I suspect you are going to get a whole lot of answers that are a variation on the theme of “25x my anticipated expenses in retirement”.

What others do isn’t too helpful for your situation. At your age Social Security may well be a more important part of your retirement income than a FIRE type retiring in their 30s or 40s. Personally I recommend cFIREsim for running retirement scenarios to understand how likely your portfolio is to succeed. You can include things like pension and SS, mortgage payoff, changing asset allocation, and spending flexibility.

[Dicey]

What we have is irrelevant. We live in a HCOLA and $800k would be nearly impossible. What matters is your situation, not anyone else's. You will get a lot more advice tailored to your specific situation if you start a case study.

I'm not saying what you have isn't enough. There are too many variables to call based on the information you've provided.

[cool7hand]

My wife's parents do a fair amount of giving to help facilitate family gatherings, including funding a family vacation every other year or so. Because we want to continue this tradition when they pass on, we FIRED at about 1.5 times the typically 25x of expenses. Because I FIRED in a growing market, and my wife continued to work because she enjoys her job, I'd say we're now at about 1.8x the typical 25x of expenses. That just means more opportunities to give or enjoy life experience that otherwise might have been out of reach.

[Metalcat]

If people actually start giving you number answers that you are asking for, it's going to stress you out, since the numbers are going to be, on average, much, much higher than yours.

There are a lot of high earners here who live in regions where their homes alone cost more (or multiples) of 800K.

Their numbers are, and should be, completely irrelevant to you. But if you are looking for reassurance that you've saved enough, you aren't going to get it with the question the way you've asked it.

At 800K, you might be in great shape compared to someone who has saved over 2M, it all depends on the details. I work with a lot of people who will be in trouble if they retire on less than 5M. Meanwhile, there are retirees here who live on less than 20K/yr.

If you want reassurance of your own, unique situation, then I recommend a case study where people can help you assess your particular plan and how robust it is.

[ericrugiero]

I'm not retired but one big difference in your situation vs someone who FIRE's at ~35 is the amount of time your stache has to sustain you.  It's likely you will have SS coming in within a few years that can be a big portion of your expenses while a 35 year old would have at least 30 years before SS.  This makes a big difference in the amount you need. 

Most people here seem to FIRE with more than 800K but they also tend to be younger so they need more.  There are some people here who retire at ~35 with 800K or less but they tend to have very low spending.  At your age, you are looking at a more traditional retirement so the 800K would could be compared with the savings of most retirees.  I believe "most people" have less than 800K at retirement.  As others pointed out, it really comes down to your expenses and your specific situation.