Can I retire yet?

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anonymous said:
I don’t care what u guys do but here but for discussion here is mine.

Retired last year at 62
No debt, house paid and own 2 new vehicles.
Social security for myself n wife 3950.00 mo
900K in 401K after I paid off house, I pull 2K each month from the interest and reinvest the remainder. Financial Advisor says if we live to 100 there will still b over 1 million in principal with current withdrawal rate.
Wife and I have a little home business that generates about 1500 month. Use that to pay for Merck retiree health and LTC with plenty left over.
I’d like to have 5 M but I’m fine without it.
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The key is that you have to keep your withdrawal rate constant over extended period of time. This could be tough if inflation kicks back up over 5%. I'd try to grow the business enough to add to your savings.
 






There are some that just troll the board because they got laid off and can’t find a job.
I see nothing flawed In above posters situation. That scenario is better than 90% of what most Americans retire with.
 






anonymous said:
The key is that you have to keep your withdrawal rate constant over extended period of time. This could be tough if inflation kicks back up over 5%. I'd try to grow the business enough to add to your savings.
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Oh, thank you, Skippy. He never would have thought of that without your expertise. You must have read this month’s Money magazine.
 






anonymous said:
Yea, I agree. 5 million minimum.
Retiring at 62 is a joke, you need to role until 67-70 and make sure you have at least 5 million or you will be poor and eating noodles at 72.
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5 million is the joke. It’s more like 10 if you want a decent roof over your head and food in your gut.
5 will get you a low- income apt in some dump in the ghetto, and you can treat yourself with a cheap tv dinner once a week from Walmart.
I’m 58, have 8 mil in investments, 3 of it in commercial rental properties. Going to say goodbye to Mama Merck next year when I should hit 10 mil.
 






anonymous said:
Not sure about that. Financial planner said don't forget to calculate extra money to offset inflation. The price of EVERYTHING will be higher in 10 years, 20 years, 30 years. Also need more cash for healthcare spending because aging people get sick, unlike when you were younger. Unfortunately, 2 million is not that much these days.
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Keep listening and paying your FP. He’ll be retiring long before you will milking suckers like you. 2 mil, SS, Medicare, easy street IF you’re smart and live comfortably.
 






anonymous said:
so over it here.
Just turned 53. Rep at Merck since 25. 2.3 million dollars in retirement and income accounts; Still owe money on my house but could sell and downsize. only want to work about 3 more years and then spend less than 80 grand a year and give it all up. Oh yeah and no other debt. No kids either
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yes yes retire and enjoy it... I just did and love it... it is the healthy thing to do..
I took the merck annunity 5.8 % of what the lump sum was ...very happy.
You don't need 3.5 M unless you have been and still are bad with you money.
 






anonymous said:
Depends on how long you think you'll live. I figured mine with an estimate to live to 90 due to good health and parents that loved long lives--I needed a bit MORE than what you mentioned to achieve that goal. The financial planner can help you calculate...
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It does depend on how long you live and your expenses... however I have found two years retired, you don't need it 2 M if you have done the right things on the way. The Merck annunity is the day to day... the 401K and the IRA are the growth parts of my plan. And yes my planner has me into my 90s too without touching the principle (projections are even higher than current pools).
There are laws of diminishing returns if you stay too long...
 












anonymous said:
I don’t care what u guys do but here but for discussion here is mine.

Retired last year at 62
No debt, house paid and own 2 new vehicles.
Social security for myself n wife 3950.00 mo
900K in 401K after I paid off house, I pull 2K each month from the interest and reinvest the remainder. Financial Advisor says if we live to 100 there will still b over 1 million in principal with current withdrawal rate.
Wife and I have a little home business that generates about 1500 month. Use that to pay for Merck retiree health and LTC with plenty left over.
I’d like to have 5 M but I’m fine without it.
Click to expand...

Not nearly enough. Don’t get too comfortable.
 






yes, go back to work please.
I need you people to work and fund my retirement

Seriously you guys are full of shite.
My dad is 81 and has been retired many years. Home is paid off and he lives off social security and about 200,000 savings just fine.
He is not some latte drinking snowflake, he is not rich but he is fine and happy..
 






anonymous said:
yes, go back to work please.
I need you people to work and fund my retirement

Seriously you guys are full of shite.
My dad is 81 and has been retired many years. Home is paid off and he lives off social security and about 200,000 savings just fine.
He is not some latte drinking snowflake, he is not rich but he is fine and happy..
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Is he able to have top tier cat food for dinner once a week, or is it hobo chili every night?
 






anonymous said:
Not nearly enough. Don’t get too comfortable.
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Don’t listen to this fraud. He’s a lying idiot or a so- called FP.....same thing. Stop the nonsense and scare tactics. 3-5 million is completely unattainable and completely unnecessary for 99% of the population.
Even most people’s net worth doesn’t come close to that.
You do not need 80% of your income saved to retire very comfortably....just another lie perpetrated by the FP parasites.
Another truth the FP parasites won’t tell you is that most people do as well or better by putting their money in solid mutual funds than having their money “ managed “ by an FP. Stats show you will do as well or better.....without paying their fees which reduce your return substantially over the years.
There are some great calculators from T.Rowe, Vanguard, Fidelity, etc. that are very useful and enlightening re: retirement needs. You just plug in your numbers and see where you stand and where you need to be based on your expenses.
Trying to gain valid advice/ info from this forum and these 3-5 million morons is ridiculous.
 






anonymous said:
yes, go back to work please.
I need you people to work and fund my retirement

Seriously you guys are full of shite.
My dad is 81 and has been retired many years. Home is paid off and he lives off social security and about 200,000 savings just fine.
He is not some latte drinking snowflake, he is not rich but he is fine and happy..
Click to expand...

A broken clock is right twice once a day. That’s the exception not the rule. 3M-5M is needed depending on location.
 




































anonymous said:
Don’t listen to this fraud. He’s a lying idiot or a so- called FP.....same thing. Stop the nonsense and scare tactics. 3-5 million is completely unattainable and completely unnecessary for 99% of the population.
Even most people’s net worth doesn’t come close to that.
You do not need 80% of your income saved to retire very comfortably....just another lie perpetrated by the FP parasites.
Another truth the FP parasites won’t tell you is that most people do as well or better by putting their money in solid mutual funds than having their money “ managed “ by an FP. Stats show you will do as well or better.....without paying their fees which reduce your return substantially over the years.
There are some great calculators from T.Rowe, Vanguard, Fidelity, etc. that are very useful and enlightening re: retirement needs. You just plug in your numbers and see where you stand and where you need to be based on your expenses.
Trying to gain valid advice/ info from this forum and these 3-5 million morons is ridiculous.
Click to expand...

Actually more than 80% of your income is needed. Hopefully no one takes this advice. It’s FAKE NEWS. More is needed.
 












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