Really? The libs live in Cally, Walla Walla and the upper right quadrant?Just avoid the northeast, CA and WA that's where all the liberals are and the blue states rip you off big time.
Does anybody think and plan for themselves.
Do you really think financial planners have your best interest in mind. NO! They want you to have huge portfolios so they can make lots of $$$$$$. You can learn from them but please think for yourselves and don't be led astray.
Merck retiree health care is 388.00 for a single in 2018. It's a 80/20 with a 1500 deductible. Plan come with preventative care no deductible.
So now you have a idea what health care will be until 65. Pay off your house, car, credit cards and be 100% debt free.
Now if you can get together one million in savings, live off the return and never touch the principal. If your debt free that should not be a problem. Even a down year and you managed 4%. That's 40,000 and you have 0 debt. You would be just fine. Yes, the zombie apocalypse may occur, if it does then 20 million will not save you. The economy is cyclical and some years you will get a better return and earn 10% and others will bet you maybe 4% however, you will be just with a diversified portfolio. When you turn 62 your eligible to begin taking social security which you can add to your income (the longer you wait to begin SS the more you will receive monthly). Your overall income is much lower so your tax rate is much lower as well. You have no debt so all your income is paying utilities, food, 388.00 health care and your fun
Unless you just have an overwhelming need to live an extravagant lifestyle you can easily walk away by being debt free with just one million dollars. All this crap from advisors about needing to have a % of pre retirement income and multi million dollar nest eggs is designed to allow them to make big dollars from your retirement.
ugh, no thanks not with all those Trumpies.
Don't let them talk you into an annuity, it is a sucker's bet. Put your lump mainly in an S&P index fund. Keep enough in cash to last you one year. You will make out fine.
Don't let them talk you into an annuity, it is a sucker's bet. Put your lump mainly in an S&P index fund. Keep enough in cash to last you one year. You will make out fine.
Thank goodness for a BULL Market!Hope people will actually read this post. Previous poster is absolutely correct.
Financial industry is crooked as hell.
The best thing anyone could do for themselves is be debt free and then you acquire "F$&k You" money. That's where you pay off your house and car and put a little back. Then you are in control of your life and anyone tries to make you do something you don't want to do: F$&k You.
Most people today need a $6.00 latte each morning and blow money of interest because they are up to their eyeballs in debt on the way to buy a $80,000 vehicle that they lease. Yea-that guy needs six million to retire.
I retired 5 years ago, paid off my house and all debt. Had less than 800K in retirement. Today that is now almost one million, I still have no debt, live off the gains and pick up over 2K each month in social security.
It depends greatly on your spending habbits ...expenses and debt...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.
I love this thread. I'm saving money galore. never know when this gig will end. I figure 2.5 million is a necessity for me personally to retire.
Yes, 2.5 million will do the job and hopefully you do not have a house payment to make this amount last.
This is not a lot these days. One needs a minimum of 5.
$2 million if you are single and $2.8 if you are married with modest life style... no worries here..64 retired happy to be "out"!I agree 100% with this poster...I think 5 million is the minimum these days, and I am not talking about having an extravagant lifestyle...it is just that the dollar buys so little now, and people are living so dang long as well...I have about 2.5 and I am scared Sh*tless about my future...
$2 million if you are single and $2.8 if you are married with modest life style... no worries here..64 retired happy to be "out"!
Maybe if you are in your 60s already, but if you are in your mid 50s, unemployable due to
a lifetime of pharma on your resume, and hemorrhaging your savings, 2 or 2.8 ain't even close
to what you'll need cochise...
Unless you call Dr. Kervorkian I guess?
Agreed. 5 is the magic number for some but need more than that.
Just turned 47 and crossed the 3 million threshold. I feel so behind the curve. Hopefully, my number isn't called soon.
Cute. Impossible, even if you maxed your 401k AND IRA since 25.
2 million I believe cuz Im right there with ya, but not 3.
