Can I retire yet?

Quote
Nonsense; add up your pension and social security. You should be able to live on that providing your house is paid for and your kids are out of the house, paid car, no debt, etc. Then at 70 hit 401K. You will be fine and leave high cost of living states. $ 4 million, etc. is nonsense.
 






anonymous said:
Totally disagree. 3M minimum to retire. 5 to retire comfortably. You must live in assbackwards behind the times Mississippi.
Click to expand...


3 Million + is what my financial advisor told me. Anyone who disagrees with this figure is not getting advice from a professional. For you own good, please check with a professional financial advisor and and find out the truth! 3 Million + is what they calculated for me and my spouse. We are just regular people, living a regular lifestyle. We'll take a beach vacation now and then, but we're not jaunting off to Europe or Hawaii on elaborate vacations. We drive average cars and live in an average house. The financial planner said these are things that people fail to consider when making retirement estimations:

1. People are living longer. If you retire at 62, you might have 30+ years of life left to finance! He asked about the age/health/death of our parents. He calculated that we might live to age 90 based on our parents.
2. Over those 30 years from retirement to death, EVERYTHING is going to get more expensive. Calculate for inflation that will occur over those 30 years that you are in retirement.
3. People who are 62 and older have MORE HEALTH PROBLEMS and the health related COSTS can be huge.
4. You will be old and will have to PAY people to do things that you used to do. (Mowing grass, repairs, etc.)
5. Long term care in a nursing home can be $15,000 or $20,000 per MONTH. Yes, PER MONTH. What are the chances that either you our your spouse will have to go into a nursing home at some point over those 30 years of retirement? This can occur after the first spouse dies and there is noboby left to take care of other person. Plan for it.
6. You should NOT add in your home equity when you are calculating how much you've saved for retirement. You will always need a place to live and housing prices fluctuate greatly. Do not count home equity as part of retirement nest egg.
7. You will still need to do home repairs over those 30 years that you are in retirement New roof = $15,000-$20,000 etc.
8. Money always seems to dwindle more quickly that you think it's going to--plan ahead.
 






anonymous said:
3 Million + is what my financial advisor told me. Anyone who disagrees with this figure is not getting advice from a professional. For you own good, please check with a professional financial advisor and and find out the truth! 3 Million + is what they calculated for me and my spouse. We are just regular people, living a regular lifestyle. We'll take a beach vacation now and then, but we're not jaunting off to Europe or Hawaii on elaborate vacations. We drive average cars and live in an average house. The financial planner said these are things that people fail to consider when making retirement estimations:

1. People are living longer. If you retire at 62, you might have 30+ years of life left to finance! He asked about the age/health/death of our parents. He calculated that we might live to age 90 based on our parents.
2. Over those 30 years from retirement to death, EVERYTHING is going to get more expensive. Calculate for inflation that will occur over those 30 years that you are in retirement.
3. People who are 62 and older have MORE HEALTH PROBLEMS and the health related COSTS can be huge.
4. You will be old and will have to PAY people to do things that you used to do. (Mowing grass, repairs, etc.)
5. Long term care in a nursing home can be $15,000 or $20,000 per MONTH. Yes, PER MONTH. What are the chances that either you our your spouse will have to go into a nursing home at some point over those 30 years of retirement? This can occur after the first spouse dies and there is noboby left to take care of other person. Plan for it.
6. You should NOT add in your home equity when you are calculating how much you've saved for retirement. You will always need a place to live and housing prices fluctuate greatly. Do not count home equity as part of retirement nest egg.
7. You will still need to do home repairs over those 30 years that you are in retirement New roof = $15,000-$20,000 etc.
8. Money always seems to dwindle more quickly that you think it's going to--plan ahead.
Click to expand...

Spot on post!
 






anonymous said:
3 Million + is what my financial advisor told me. Anyone who disagrees with this figure is not getting advice from a professional. For you own good, please check with a professional financial advisor and and find out the truth! 3 Million + is what they calculated for me and my spouse. We are just regular people, living a regular lifestyle. We'll take a beach vacation now and then, but we're not jaunting off to Europe or Hawaii on elaborate vacations. We drive average cars and live in an average house. The financial planner said these are things that people fail to consider when making retirement estimations:

1. People are living longer. If you retire at 62, you might have 30+ years of life left to finance! He asked about the age/health/death of our parents. He calculated that we might live to age 90 based on our parents.
2. Over those 30 years from retirement to death, EVERYTHING is going to get more expensive. Calculate for inflation that will occur over those 30 years that you are in retirement.
3. People who are 62 and older have MORE HEALTH PROBLEMS and the health related COSTS can be huge.
4. You will be old and will have to PAY people to do things that you used to do. (Mowing grass, repairs, etc.)
5. Long term care in a nursing home can be $15,000 or $20,000 per MONTH. Yes, PER MONTH. What are the chances that either you our your spouse will have to go into a nursing home at some point over those 30 years of retirement? This can occur after the first spouse dies and there is noboby left to take care of other person. Plan for it.
6. You should NOT add in your home equity when you are calculating how much you've saved for retirement. You will always need a place to live and housing prices fluctuate greatly. Do not count home equity as part of retirement nest egg.
7. You will still need to do home repairs over those 30 years that you are in retirement New roof = $15,000-$20,000 etc.
8. Money always seems to dwindle more quickly that you think it's going to--plan ahead.
Click to expand...
You are a fuckin idiot
U have long term care insurance
These financial advisors make money from your portfolio, of course they Want u to have loads of money. U know what percentage of people retire with greater than 1 million I. Assets: <10%. What’s the 90% gonna do. Oh my the sky is falling.
Please.
 












anonymous said:
3 Million + is what my financial advisor told me. Anyone who disagrees with this figure is not getting advice from a professional. For you own good, please check with a professional financial advisor and and find out the truth! 3 Million + is what they calculated for me and my spouse. We are just regular people, living a regular lifestyle. We'll take a beach vacation now and then, but we're not jaunting off to Europe or Hawaii on elaborate vacations. We drive average cars and live in an average house. The financial planner said these are things that people fail to consider when making retirement estimations:

1. People are living longer. If you retire at 62, you might have 30+ years of life left to finance! He asked about the age/health/death of our parents. He calculated that we might live to age 90 based on our parents.
2. Over those 30 years from retirement to death, EVERYTHING is going to get more expensive. Calculate for inflation that will occur over those 30 years that you are in retirement.
3. People who are 62 and older have MORE HEALTH PROBLEMS and the health related COSTS can be huge.
4. You will be old and will have to PAY people to do things that you used to do. (Mowing grass, repairs, etc.)
5. Long term care in a nursing home can be $15,000 or $20,000 per MONTH. Yes, PER MONTH. What are the chances that either you our your spouse will have to go into a nursing home at some point over those 30 years of retirement? This can occur after the first spouse dies and there is noboby left to take care of other person. Plan for it.
6. You should NOT add in your home equity when you are calculating how much you've saved for retirement. You will always need a place to live and housing prices fluctuate greatly. Do not count home equity as part of retirement nest egg.
7. You will still need to do home repairs over those 30 years that you are in retirement New roof = $15,000-$20,000 etc.
8. Money always seems to dwindle more quickly that you think it's going to--plan ahead.
Click to expand...


Reasonable advice if you are under 40.
 
























anonymous said:
Need 4 million. Case closed.
Keep working until you get it.
Click to expand...


I agree. My wife and I are 58.5, have no children, live in Midwest and have over 4 million. We will work another year or two. We are taking SS at 62. I want something rather than nothing. I would never wait until 70.

I would like 5 million before we quit. We have no children and live below our means. We could live 30 years or more so want 5 million. We are close. I've been in this industry for over 20 years.

I don't care if most have less than 1 million, that's nowhere near enough. You people are in denial. 3 or 4 million is the minimum. I don't need a financial adviser to tell me this stuff. I can learn it on my own. I do my research.
 






anonymous said:
To the one poster that tries to act like he/she is several people posting, NO ONE NEEDS 3 to 5 million to retire and you know it. You are an annoying stupid ass douche.

For everyone else who is posting about retiring, just pay off all debt, pay off your house, and have enough stashed in retirement vehicles to live comfortably only withdrawing 4 % annually. That is a good rule to start with. I plan to retire at 54. Government pensions are great too, if you are lucky enough to have one of those in your retirement equation, then what you will need decreases exponentially.
Click to expand...


You are in denial. Yes, most who live the way Pharma reps live, need 3 to 5 million. We have 4 and want 5.

I want 200K per year to spend.
 






Bunch of typical pharma double speak on this topic. I’ve been at this awhile and one thing I’ve noticed about most pharma people, not a creative thought in those minds.

I worked for everyone’s favorite Wells Fargo in a previous life. A financial advisor makes money from your portfolio. The fatter it is, the more I could make. I wanted you to have 10 million.
Here are the facts, NOBODY can tell YOU how much YOU need to retire. That is a YOU issue.
Do you want to live in a “tax me please state” (NY, NJ, CA etc) or are you cool living elsewhere.
Is you house paid for?
Have long term care insurance?
Vehicles paid for—debt free?
If you can answer yes, you are way ahead of the game.
We will not lose social security, they will simply raise the income rate applied to social security taxation.
You do realize most people (more than 90% of population) retires with less than 50,000 in net worth.

Next, do you want to travel the world, live on a yacht or own multiple properties? If yes, you made need 5 million.

If your debt free, home is paid off, have LTC insurance then let’s look at a couple scenarios
You have a 1 million portfolio. Let’s say you earn average 6% return on that. Withdraw just the 6%, that’s 60,000 a year and u have not touched your principal. Now add social security, for fun lets just say 24,000. That’s 84,000 per year. If your debt free in a non high tax state you can live very well and never touch your principal savings.
If you have 2 million, double that 60 to 120 + 24 that’s 124K

You will outlive your 1 or 2 million at this pace and leave that lump sum to your heirs.
Now you do have to account for inflation, however even that is misleading. Depends on what you are purchasing.
How much you need is an individual thing. People on this board sharing what their “financial advisors “ told them are a perfect example of non thinking pharmaceutical reps, they just do what they are told.
The idiot constantly posting 4-5 million is a little turd who lacks the ability to rationally explain their position beyond the sky is falling layoffs.
 






$4M boy/girl is just messin' with you all. Clueless indeed

I'll lay this out in a much more conservative fashion

Couple retires at 60 with $2.5M nest egg ($2M tax def/$.5M taxable)
S.S.: To be safe, we'll reduce projected benefit of $35K at age 65 by 50%. So $17,500 taken at age 65
Pension: Modest $7K/year with no COLA
Projected conservative return on 60/40 portfolio 5.5%. To be more conservative, we'll reduce again to 4.75%
Inflation of 3% from age 60 until death at 96
LTC policy in place, either single lump premium or annual premium. Covers 50% LTC cost for two retirees/replace remaining 50% of LTC cost with home sale at advanced age
No mortgage/No debt at retirement age 60
Medicare beginning at age 65, but must purchase private health insurance ($26K/year increasing 6% annually) age 60 to 65

The couple in this scenario can draw down $.5M taxable portfolio between age 60 and 65, with funds to purchase private health insurance until Medicare eligible included. At age 65 tax deferred portion is now $2.5M if growing at 4.75%

This couple, using stock/bond/cash returns of the past 80 years, then reducing again because future returns may be less indeed....will not run out of money if they spend $110,000 or less per year (taxes must be paid out of the $110K). In fact, they will end up with a several million dollar inheritance at the end of their lives if past market performance remains constant. Only one spouse receives SS in the above scenario. If both receive SS, outcome improves.

If you have no debt, and are willing to adjust your annual spending during bear markets, it is certainly possible to retire comfortably with less than $3M to $5M. Many, many people live comfortably in retirement with less than $110K per year. If $4M boy requires $200K/yr in retirement...he needs more.

Go away $4M boy
 






Nonsense; take your pension and if you have been here for decades plus social security you have enough per year. Not counting the 401 K. If you move to a low cost state, have a paid for car, etc. no kids/grand kids responsibility you will be fine. Retired and enjoying life; travel all of the time. Have not touched 401K. Do not need expensive clothing. People scale down consumerism at 60 or so. Rest is all BS on these posts. Know tons of retired reps from all different companies; we all are doing quite fine and retired at 62, 63, and we are in mid to late 60's. You can manage to travel all the time; social security is my additional play money and I waited for my maximum payment at 65. Do the numbers, do not have a mortgage or financial dependents and you will be just fine; the rest of us are.
 






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
Click to expand...


Are you married? Does your wife make any money? I'm married, I'm almost 5 years older than you are, and I've been in the industry 24. Wife made good money too, We have over 4 million in the bank. We want 5 million to retire in a year or two.

I will take SS at age 62. One never knows how long it will be solvent. Of course, the govt. wants you to wait until you are 70 as they want you to die before you get it--DUH. We don't have LTC insurance so I need to prepared for costs as we age.

No way is 1 or 2 million enough. These people on this thread are clueless. One doesn't know how the market will fare. It's so volatile, and people are not bringing in 6% or more on average per year on their investments. I don't want to scrimp the last 30 years of my life. And yes, we could live more than 30 years. My money has to stand the test of time, and no living on a small amount per month. I want 150 K in today's dollars for the rest of my life per year.
 






anonymous said:
Bunch of typical pharma double speak on this topic. I’ve been at this awhile and one thing I’ve noticed about most pharma people, not a creative thought in those minds.

I worked for everyone’s favorite Wells Fargo in a previous life. A financial advisor makes money from your portfolio. The fatter it is, the more I could make. I wanted you to have 10 million.
Here are the facts, NOBODY can tell YOU how much YOU need to retire. That is a YOU issue.
Do you want to live in a “tax me please state” (NY, NJ, CA etc) or are you cool living elsewhere.
Is you house paid for?
Have long term care insurance?
Vehicles paid for—debt free?
If you can answer yes, you are way ahead of the game.
We will not lose social security, they will simply raise the income rate applied to social security taxation.
You do realize most people (more than 90% of population) retires with less than 50,000 in net worth.

Next, do you want to travel the world, live on a yacht or own multiple properties? If yes, you made need 5 million.

If your debt free, home is paid off, have LTC insurance then let’s look at a couple scenarios
You have a 1 million portfolio. Let’s say you earn average 6% return on that. Withdraw just the 6%, that’s 60,000 a year and u have not touched your principal. Now add social security, for fun lets just say 24,000. That’s 84,000 per year. If your debt free in a non high tax state you can live very well and never touch your principal savings.
If you have 2 million, double that 60 to 120 + 24 that’s 124K

You will outlive your 1 or 2 million at this pace and leave that lump sum to your heirs.
Now you do have to account for inflation, however even that is misleading. Depends on what you are purchasing.
How much you need is an individual thing. People on this board sharing what their “financial advisors “ told them are a perfect example of non thinking pharmaceutical reps, they just do what they are told.
The idiot constantly posting 4-5 million is a little turd who lacks the ability to rationally explain their position beyond the sky is falling layoffs.
Click to expand...

Blah blah blah, 5 million just like I said
 












You guys are full of shite
Pull out the top 1% net worth households, evaluate the remaining 99%. Further, look at household net worth of this 99% in the 50 year old and above age group. The average net worth including home ownership is 50,212.00
That is nowhere close to 1 million let alone 5 million. Somehow, all these people will retire.

Stop listening to trash spewed by idiots on this board
 












anonymous said:
You guys are full of shite
Pull out the top 1% net worth households, evaluate the remaining 99%. Further, look at household net worth of this 99% in the 50 year old and above age group. The average net worth including home ownership is 50,212.00
That is nowhere close to 1 million let alone 5 million. Somehow, all these people will retire.

Stop listening to trash spewed by idiots on this board
Click to expand...


YES and they do nothing--stay at home--eat out at a $8 meal once a week at 4 pm, don't travel and live hand to mouth.

Yes, many do live with little. It doesn't mean it's fun. I've worked hard ALL of my life and saved. I want to do some traveling, go out to eat, go on vacations, etc. That's why I want 4 to 5 million. Got it now!?????????????
 






Top Bottom
Back
Quote