My wife and I are 33, live in New York and earn $270,000. Can we retire at 55?

A couple in their 30s who both have high-paying jobs, a rental property, and are saving approximately $53,000 a year toward retirement can expect to have around $1.8 million respectively by the age of 55, suggesting they are saving enough and can continue their current lifestyle.

marketwatch.com

Relevant topic timeline:

8/20/2023

Gen Z and Millennials Need $3M–$5M To Retire: Report

Gen Z and millennials need to save between $3 million and $5 million due to inflation, which has led to a three- to five-fold increase in the recommended retirement savings target, according to a Bloomberg study.

8/21/2023

Americans Are More Afraid Of Going Broke Than Dying — Reports Indicate Financial Insecurity Is Becoming A Harsh Reality

A recent survey conducted by Allianz reveals that 61% of Americans are more afraid of depleting their savings during retirement than dying, highlighting the concern over outliving one's financial means in old age.

8/28/2023

44% of savers in their 20s and 30s want to retire by 60, but few are on track—see how you stack up

Many young investors have high expectations of retiring by 60, but the reality is that most are not on track to do so, with the median 401(k) balance for Americans in their 30s being $18,400 and $5,400 for those in their 20s, according to data from Fidelity.

9/3/2023

You must start saving for retirement by this age to be successful, report finds

Starting no later than 25 years old, Americans should save $100 a week to generate savings of over $1.1 million by age 65, according to a report from the Milken Institute.

9/6/2023

Here's how much investing $1,000 a month will equal when you're ready to retire — and yes, you can be a millionaire if you get the timing right

Investing $1,000 a month starting at age 30 or younger can potentially result in a retirement savings of over $1 million, while even starting at age 60 can still yield around $81,623, thanks to the power of compound interest.

9/6/2023

Advice

Summary: It is important for young adults to start saving for retirement in their 20s due to factors such as the potential impact on their take-home pay, the power of compounding, the need to develop the habit of saving, the risk of inflation, and potential changes to Social Security.

9/13/2023

Social Security Benefits May Rise $57 Per Month in 2024, But Medicare Costs Could Offset Gains

The Senior Citizens League estimates a 3.2% Social Security cost-of-living adjustment in 2024, potentially raising the average monthly retirement benefit by about $57.30, but the official calculation will be revealed in October and may be influenced by factors such as inflation and Medicare Part B premiums.

Topics

Posted 8/26/2023, 9:54:00 AM

My wife and I are 33, live in New York and earn $270,000. Can we retire at 55?

marketwatch.com

Relevant topic timeline:

8/20/2023

Gen Z and Millennials Need $3M–$5M To Retire: Report

8/21/2023

Americans Are More Afraid Of Going Broke Than Dying — Reports Indicate Financial Insecurity Is Becoming A Harsh Reality

8/28/2023

44% of savers in their 20s and 30s want to retire by 60, but few are on track—see how you stack up

9/3/2023

You must start saving for retirement by this age to be successful, report finds

Starting no later than 25 years old, Americans should save $100 a week to generate savings of over $1.1 million by age 65, according to a report from the Milken Institute.

9/6/2023

Here's how much investing $1,000 a month will equal when you're ready to retire — and yes, you can be a millionaire if you get the timing right

9/6/2023

Advice

9/13/2023

Social Security Benefits May Rise $57 Per Month in 2024, But Medicare Costs Could Offset Gains