How much do you have to have, to have 'enough?'

[Life_is_Simple]

Is it X months living expenses?

Is it a specific number?

Is it an amount of money which enables you to work part time instead of full-time?

Is it an amount to retire on?

Is it a different amount, depending on your life circumstances?


I keep wondering what I'll think 'enough' is. I must not have 'enough' yet?

What are your thoughts?

[bae]

$0, and the right attitude.

[sweetana3]

Question is to broad. Enough of what?
Enough to cover current monthly living expenses?
Enough of an emergency saving account?
Enough retirement savings?
Etc.

do some brainstorming to figure out where you are, what you are doing, where you want to go, and how you will get there financially. Then you can "try" to figure out enough.

[RosieTR]

$2 million right now, or probably about $5 million when I'm 65. Some amount less than this is probably what we would NEED, but I'm certain this would provide a more than adequate lifestyle. I suppose it wouldn't be the simplest lifestyle perhaps though we might use some of the yearly income for stuff like volunteer vacations, green home modifications, and the like. Of course, if I didn't have to work our food budget would probably go down but some other stuff might go up such as travel, pets, health care, electricity and water. Of course mortgage would be eliminated.
Enough would be to cover basics, comfort and a little luxury without having to work at all. Preferably without having to scrutinize every dime, though still keeping track of most of the dollars.

[loosechickens]

To me, "enough" is far more a state of mind than something that can be assessed by any certain amount of money. Because I know people with millions of dollars in assets who feel they most certainly don't have enough, and others living on small Social Security checks who feel quite comfortable.

I'm a person who's usually, throughout life, felt like we had "enough". No matter WHAT the number was. Yet my sweetie, has just watched the number that represents "enough" to him, be ever adjusted higher, because as he reaches the goal he has set as being "enough", all of a sudden it no longer seems like "enough", and only a larger number will be "enough". I've watched this process in him go from "no debts and several thousand dollars in the bank" to "X number of hundreds of thousands", without ever reaching that feeling of having "enough".

He's finally getting over that, both because we've finally amassed a net worth where any reasonable person would think it "enough", and I can show him in black and white figures where we stand against the averages for U.S. household net worth, so he understands that it "not being enough" surely is in his mind, as opposed to any rational assessment. But in his heart, I'm sure that he thinks that "if we only had about 10% more, I'm sure THAT would be enough", although he won't admit that anymore because he knows I won't listen.

Financial planners will toss around numbers like "at least a million dollars", but the huge majority of people retire in this country with way, way less money than that, sometimes only a small fraction of that amount, and manage quite comfortable retirements. Almost half of Social Security recipents depend almost completely on Social Security for their total income. VERY few families come even close to that million dollar mark, let along several million.

[Gina]

What is 'enough' depends of so many things. Do you own a home (Do you need a home?), and is it paid for. What are your taxes? Where do you live and what are the local costs (food, housing, taxes, transportation, untilities, insurance...)? What are your expectations - base-line living or travel or ? How old are you and what is your health? How frugal are you really? There are so many questions that only you can answer - and then interpret the answers you give yourself.

You many not need a million, but you certainly need something. I was lucky and 'retired' before I reached 40. But then I am second generation 'financially independent' (but not rich) so I knew that it could be done and was familiar with the life-style.

Actually I never made the decision to retire per se, but rather quit my last job and took some time off. I never thought whether I had 'enough' or not. I always figured I'd go back to work at some time doing something, but I never have. Years later, I now never intend to work again since I know I can make it relatively comfortably.

That is always an option - if you think you have 'enough', give it a try, then if it doesn't work out for any reason, go back to work. Of course this would be very different if you currently have a job you like - but if that's the case, you wouldn't want to quit anyway. And if you do quit, it might be difficult to find a good job after taking a few years off. Or you could supplement with part time work.

I don't think it's a specific amount that's needed but rather self confidence that you can make it work with what you have, and that you can handle anything that comes along in an appropriate manner - and that includes returning to work if necessary.

[goldensmom]

Question is to broad. Enough of what?

I agree with sweetana3, your parameters are too wide for a specific answer. As I look only at my situation then I raise my eyes and look further about me, the answer to your question is that I have way too much of everything.

[fidgiegirl]

Interesting how some people think this question is too big and others think it is just right. I lean toward the just right side. To ask too narrow a question would rule out those for whom enough is not related to money, or time, or however they define it.

Now that I've chimed in on the quality of the question, I will admit I have no idea. I think I would tend to be like loosechicken's honey! This is something I want to get a handle on . . . what are some criteria that we could reach for me, or DH, to leave paid employment? A dollar amount? Our mortgage paid off? I really want to define this because we are kind of just churning lately. Anyway!! Good luck as you figure it out! I look forward to reading more replies on this one.

[dmc]

Ive always had enough. A roof over my head and plenty of food.

[SRP]

I'm pretty comfortable where I am and could be comfortable on a far lower income, except for two things: the driving need to maintain a rather large emergency fund, and the need to know I have health insurance. Actually, I'd say the need for health insurance comes first. Otherwise, I'd snap up the first fun, part-time job that came my way.

But yes, I have more than enough right now as far as income goes, and a big chunk goes into savings. I have enough stuff too - not too much at all, and I'm very happy with that part of it.