Can I retire yet?

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A few years ago I heard Suzies' net worth was around 35 million and the great majority of her money was invested in bonds. She has very little is the stock market. I guess why take risks in the market if you have 35 million or more?
 






anonymous said:
Suze wants everyone to work until at least 70. FIRE believes that people can retire at 30 and scrimp the rest of their lives on 40 or 50k a year. Stop listening to all of them. Like the person above says, run the numbers for yourself.
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FIRE is full of people who inherited property, money, etc. The other so called guru’s made most of their money from suckers who buy their books, attend seminars, tv payments, etc.
Their advice is mostly common sense, which much of the population lacks. Much is extreme like FIRE.
Live within your means or below. Use credit only when necessary. save/ invest 15-20% of your income every year, and invest it conservatively in low/ no load mutual funds. One or two to start. Don’t put money into individual stocks unless you can afford to lose it. The stock market is basically gambling and everyone will tell you they’re winners, just like all gamblers who never tell you their net winnings, just their big wins. Most are net losers.
Vogel, the founder of Vanguard has a great book with very solid advice. I’ve used it and have done well.....over time. I’m certainly not rich, but am very comfortable financially, and have nowhere mear 5 mil.
 












Not sure where the Size Orman $5 million is from. She was on Sirius radio today, and she said the amount you need to retire is when the interest you're earning from your investments equals your yearly expenses. Very simple. She added that you should have an extra $100,000 on hand for emergencies.
 






anonymous said:
Not sure where the Size Orman $5 million is from. She was on Sirius radio today, and she said the amount you need to retire is when the interest you're earning from your investments equals your yearly expenses. Very simple. She added that you should have an extra $100,000 on hand for emergencies.
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sorry, meant Suze (auto-correct).
 












My advice is going to be that everyone should work until 75 and aim for 5+ million.

That’s my advice however, I will retire at 60 with about 1.8 million and zero debt. This works for me and my lifestyle. I would appreciate you working until you drop and I will collect my SS and allow you to continue to fund it.
 






anonymous said:
My advice is going to be that everyone should work until 75 and aim for 5+ million.

That’s my advice however, I will retire at 60 with about 1.8 million and zero debt. This works for me and my lifestyle. I would appreciate you working until you drop and I will collect my SS and allow you to continue to fund it.
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You are part of the majority. I agree completely and add that when my money runs out, I will simply go on welfare, food stamps and every other freebie I have been paying for for 40 yrs that the public parasites are receiving whether they are actually citizens or not.
 






anonymous said:
Not sure where the Size Orman $5 million is from. She was on Sirius radio today, and she said the amount you need to retire is when the interest you're earning from your investments equals your yearly expenses. Very simple. She added that you should have an extra $100,000 on hand for emergencies.
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Not that I put much faith in anything Suzy says, but I wonder if she means you can retire when interest earned equals total annual spend including taxes/IE all in,- or when interest earned equals only your true expenses (utilities, taxes, insurance, groceries...). Some people might only need $50,000 to pay fixed expenses but their discretionary spend is another $50,000. Big difference between the two situations. I just always wonder what these financial 'experts' mean when they provide that kind of advice.

Her analogy is a bit silly regardless in my humble opinion, if you never touch principal and only take the earnings every year you can obviously retire. As long as your earnings also cover inflation. A little more in the way of specifics from her might be helpful; as in what if you also have Soc Security, a pension, passive income in addition to a retirement nest egg....

I think she means well but she tends to be overly simplistic with everything she says
 






anonymous said:
Not that I put much faith in anything Suzy says, but I wonder if she means you can retire when interest earned equals total annual spend including taxes/IE all in,- or when interest earned equals only your true expenses (utilities, taxes, insurance, groceries...). Some people might only need $50,000 to pay fixed expenses but their discretionary spend is another $50,000. Big difference between the two situations. I just always wonder what these financial 'experts' mean when they provide that kind of advice.

Her analogy is a bit silly regardless in my humble opinion, if you never touch principal and only take the earnings every year you can obviously retire. As long as your earnings also cover inflation. A little more in the way of specifics from her might be helpful; as in what if you also have Soc Security, a pension, passive income in addition to a retirement nest egg....

I think she means well but she tends to be overly simplistic with everything she says
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Who really cares what she or anyone else says what you need. You decide what you WANT.

And what age is she talking about retiring and needing 5 mil? 30? With 5 mil, and an average return of 8% would give you $400k of income. Are you even close to earning that now? And the question of the evening is how in hell do you expect to accumulate your 5 mil.
hit the lottery?
She and many others like her are all full of shit. Most are frauds.
 












anonymous said:
Who really cares what she or anyone else says what you need. You decide what you WANT.

And what age is she talking about retiring and needing 5 mil? 30? With 5 mil, and an average return of 8% would give you $400k of income. Are you even close to earning that now? And the question of the evening is how in hell do you expect to accumulate your 5 mil.
hit the lottery?
She and many others like her are all full of shit. Most are frauds.
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An average return of 8% is too high to count on unless you are young. Anyone in their late 50s should be in low risk investments and have a lot of cash on hand in case the stock market goes south for a few years.
 






























anonymous said:
I use 3.5% low risk investments and cash. It’s probably low, but it’s better to be conservative when estimating post retirement returns.
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I thought I was the only one playing it safe. When I run the numbers I use an estimated return of 3.75 with inflation at 3.
Sometimes I don’t assume any social security, other times I reduce the projected benefit by 50%. I’m aiming for 4 years expenses saved in cash to ride out a bear.

I’d rather be pleasantly surprised later than living under a bridge at age 73
 






anonymous said:
I thought I was the only one playing it safe. When I run the numbers I use an estimated return of 3.75 with inflation at 3.
Sometimes I don’t assume any social security, other times I reduce the projected benefit by 50%. I’m aiming for 4 years expenses saved in cash to ride out a bear.

I’d rather be pleasantly surprised later than living under a bridge at age 73
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GREAT minds think alike! I agree with you 100%. Better safe than run out of money and have to go back to work in your 70s or 80s.

Welcome to Walmart! Would you like a cart?
 






[QUOTE="anonymoo 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...[/QUOTE]

The Rule of 72 has that 2.3 million doubling in about 7 years. Financial planners like to plan how they can make money off of you. I would pay off the house and retire.
 












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