If we all want to retire, how much do we need? How much does a person need? How much do they have, and how much money would government, or an employer or somebody else, need to fill the gap? Most people you know who are making minimum wages need about half a million dollars at age 62-63 to be able to retire. Say your annual salary is about $50,000. The rule of thumb is that you should have about eight to 10 times your annual salary at the time you want to retire in your mid-60s, in order to supplement Social Security, and you won’t see a big change in your living standard. It doesn’t mean you’re going to be able to travel around the world or walk the Great Wall with somebody carrying your suitcase, but you will be able to maintain your living standard.
Source: Why You Will Never Retire
We don’t know anyone that makes over 100K a year. Perhaps the owners of the businesses we’ve worked at, but that’s unlikely. Unless we migrate to some other country or become rich, we guess our retirement plan should be to go north as far as possible and then just walk until we can walk no more.