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Re: $3M
Posted by PT (more from PT) on Fri, 3 Aug 2012 07:54:30
In Reply to: $3M, Sam 3, Thu, 2 Aug 2012 19:50:05
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Most people seem to be advised to aim for $2-3M. I know somebody who's planning to retire at 62 this year. He is divorced, no dependents (2 grown kids), has retirement investments and probably 3-400k equity in his home, and figures he needs about $4k a month overall. He's not mega wealthy, but still better off than most people, in a position that is very realistically attainable for an average middle class American. His plan is that his retirement investments will sustain him to age 70, when he will start to collect social security. By that point, he will still have some retirement investment money left, but he will have done most of his expensive retirement bucket list things, so SS will meet most of his living expenses. The longer you wait to collect SS, the more you get. He will get almost twice as much at 70 than he would get at 62. At some unspecified point, when the market conditions are favorable, he will downsize his home. He has a good chunk of money, but not into multiple millions, and he should still be ok. He will be able to give his kids a worthwhile amount of money at some point, but not leave them independently wealthy when he passes. The 2-3M figure is often bandied about, but it probably not entirely realistic or necessary for most people.
posted by 38.223.231...
Posts in this Thread:
- How much $$$ you need to RETIRE, STICKMAN, Thu, 2 Aug 2012 12:01:37
- Re: How much $$$ you need to RETIRE, Licensed FA, Fri, 3 Aug 2012 20:59:45
- Good investment real estate, Janik, Fri, 3 Aug 2012 17:30:13
- $3M, Sam 3, Thu, 2 Aug 2012 19:50:05
- Re: $3M, PT, Fri, 3 Aug 2012 07:54:30 <-- Viewing This Message
- $1 Million will yield a continuous $40K per year at 4%, MI-Roger , Thu, 2 Aug 2012 18:51:21
- Re: How much $$$ you need to RETIRE, Justin VanAbrahams , Thu, 2 Aug 2012 12:15:43
- ... tried to be clear, STICKMAN, Fri, 3 Aug 2012 07:08:33
- Re: Start off by determining your income needs, paul de k, Thu, 2 Aug 2012 13:29:45
- Re: How much $$$ you need to RETIRE, BarryMabel , Thu, 2 Aug 2012 12:49:25
- Re: How much $$$ you need to RETIRE, Mark from Toronto, Thu, 2 Aug 2012 12:43:59
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