Well take it from someone who has retired- sort of. I retired when I turned sixty with multi millions in the bank. Yet I was asked to go back to work consulting for a major construction company.

I caved in and did it. Some months I will work 2 weeks in a row or every other week. On average working forty to 80 hours a month. Right now I make substantially more an hour than I did over my thirty five year career.

Now you don’t need $10,000,000 in the bank however I strongly believe you should have at least one million in addition to social security. Depending on your hobbies which mine can be expensive since I like restoring sixty’s muscle cars and travel. You can go though a lot of money in a month. However you should factor that you will withdraw 4000 to 6000 a month. You still need enough to grow your account at a rate of about four percent. Just remember you can’t take it with you when you die. I am fortunate that my wife still works as a teacher, so my medical insurance is covered. For many this will be the greatest expense.