Can I retire yet?

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anonymous said:
Ten mill will barely keep the lights on. Need at least 15 to retire comfortably if your in your mid 70s. Doesn't really matter how much you have. Ninety percent of people don't have ten bucks to their name. Those people will elect politicians that'll tax money coming out of your 401k at 90 cents on the dollar. Just wait. Good luck.
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Serious posts only. We all agree 3 million is the sweet spot?
 



anonymous said:
Ninety percent of people don't have ten bucks to their name. Those people will elect politicians that'll tax money coming out of your 401k at 90 cents on the dollar. Just wait. Good luck.
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You don't think the above is serious? Check the national stats on those nearing retirement age. The savings rate is abysmal. While you and your pharma buddies are wondering if 2 or 3 million is the sweet spot the vast majority of baby boomers haven't saved enough to buy a bottle of champagne for their retirement party. Who's going to support them? We savers are, that's who. Don't get to cocky.
 



anonymous said:
Ninety percent of people don't have ten bucks to their name. Those people will elect politicians that'll tax money coming out of your 401k at 90 cents on the dollar. Just wait. Good luck.
Click to expand...

You don't think the above is serious? Check the national stats on those nearing retirement age. The savings rate is abysmal. While you and your pharma buddies are wondering if 2 or 3 million is the sweet spot the vast majority of baby boomers haven't saved enough to buy a bottle of champagne for their retirement party. Who's going to support them? We savers are, that's who. Don't get to cocky.
 



anonymous said:
Ninety percent of people don't have ten bucks to their name. Those people will elect politicians that'll tax money coming out of your 401k at 90 cents on the dollar. Just wait. Good luck.
Click to expand...

You don't think the above is serious? Check the national stats on those nearing retirement age. The savings rate is abysmal. While you and your pharma buddies are wondering if 2 or 3 million is the sweet spot the vast majority of baby boomers haven't saved enough to buy a bottle of champagne for their retirement party. Who's going to support them? We savers are, that's who. Don't get to cocky.
 



anonymous said:
You don't think the above is serious? Check the national stats on those nearing retirement age. The savings rate is abysmal. While you and your pharma buddies are wondering if 2 or 3 million is the sweet spot the vast majority of baby boomers haven't saved enough to buy a bottle of champagne for their retirement party. Who's going to support them? We savers are, that's who. Don't get to cocky.
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Let's stick to the original topic at hand.
 









anonymous said:
Serious posts only. We all agree 3 million is the sweet spot?
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I think that's a decent amount. I actually have 4 million. We live below our means, and my wife and I don't buy expensive cars or go on expensive vacations. I'm 58. I think I'll probably work 2 more years, and then I'm out. The money is good, and the work...except for the b.s. isn't hard. no mortgage, no huge house, no expensive 2nd home etc. etc. etc.
 









anonymous said:
20 years here and $2.2M fully vested in 401k. Another 8 years and I'm retiring at 55. Mother Merck has provided me with the American Dream.
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You're approaching 50 years old with 20 years service at Merck? Better have a Plan B, you'll never last another 8 years, the target on your back very large already. Mother Merck will be providing you with a pink slip nightmare very soon. It's what she does.
 



I've been hearing that every year for the last 20 years and I'm still here. The low ranked ones need to worry, not COE award/trip winners like myself. Advice for you, get a job, don't get fired again, and stop bumming on CP all day !
 



anonymous said:
I've been hearing that every year for the last 20 years and I'm still here. The low ranked ones need to worry, not COE award/trip winners like myself. Advice for you, get a job, don't get fired again, and stop bumming on CP all day !
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"Stop bumming on CP all day" says the guy who posts at 8:47am. LOL - I won awards too. All you need is a new supervisor who either hates your guts or is given a mandate to downsize. You'll be gone in a heartbeat. And don't worry about me, I'm making more money now than I ever made at Merck (except for that year of 2 paychecks when I immediately got a new job and banked Momma's severance checks to me). And all this with the added benefit of a lower blood pressure now that I am outside of Momma's toxic atmosphere.
 






anonymous said:
Yes, 3 million minimum for places like Alabama and Idaho. 5 million or more for your bigger metro areas.
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Depends on your debt and lifestyle. 3 million is a lot. 5 million is not going to happen for the vast majority of Americans. No mortgage or debt of any kind, pension from spouses job and great lifetime insurance, some real estate holdings, and 700K in 401K is perfect for us. Live in a red state with low taxes. I do not encourage anyone from a blue state to move to a red state. You people don't have enough sense to realize it's how you vote that makes your cost of living so high, and would just move to a better taxed state and bring your stupid ass voting habits with you. Please stay where you are.
 



People posting on this board are either manipulating others or just ignorant

How can you say that 3 million or 5 million or any other figure you pull from arse is correct.

It's completely contingent upon your debt and lifestyle.
If you own your home and auto and your debt free then you can retire with very little in savings. In this scenario you could have a few hundred thousand and be fine. Obama care and other subsidies are based on income not assets. Therefore you could live in a million dollar home on a golf course at 60 years old, show less than 24K in annual income and exist just fine.

Let's say you own your home, debt free and have 1 million in savings. Take the million and get 7/8% annual return, adjust for inflation, pull out 50K per year. Your minimizing your tax liability, have spendable income and you will never touch your principal in your lifetime with social security. You don't need 5 million dollars.

Now, if you want to travel a great deal, buy new homes and new cars every year then your going to need more money. if your not Debt free, your going to need more money.
 









anonymous said:
People posting on this board are either manipulating others or just ignorant

How can you say that 3 million or 5 million or any other figure you pull from arse is correct.

It's completely contingent upon your debt and lifestyle.
If you own your home and auto and your debt free then you can retire with very little in savings. In this scenario you could have a few hundred thousand and be fine. Obama care and other subsidies are based on income not assets. Therefore you could live in a million dollar home on a golf course at 60 years old, show less than 24K in annual income and exist just fine.

Let's say you own your home, debt free and have 1 million in savings. Take the million and get 7/8% annual return, adjust for inflation, pull out 50K per year. Your minimizing your tax liability, have spendable income and you will never touch your principal in your lifetime with social security. You don't need 5 million dollars.

Now, if you want to travel a great deal, buy new homes and new cars every year then your going to need more money. if your not Debt free, your going to need more money.
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That's not the issue. You need 3 million+ because people are living longer and retiring earlier. My plan projects money to last until I am 95, based on family history. Because of the need for healthcare and perhaps even long term care, financial planners project 3- 5 million. If you retire at 60, that's 35 years of income for which you need to plan. Now if you retire at 65 and die at 75, that's another story.
 






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