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Old 12-22-2009, 12:49 PM   #1
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Lets' get right to it. I'm 59 1/2. How can I live off $1million without touching prin?
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Old 12-22-2009, 12:51 PM   #2
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I'll get right to an answer: Invest it all in something like Vanguard Wellesley and learn to live on $40,000 a year.

Next question.
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Old 12-22-2009, 12:52 PM   #3
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I don't know. Often, the spirit is willing but the flesh is weak, and Prin is downright cute.

Ha
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Old 12-22-2009, 12:53 PM   #4
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And how much do you need to live on each year?
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Old 12-22-2009, 01:30 PM   #5
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All asked and answered here many times. Here, I'll make it easy for you:

Explain the 4% withdrawal rate

You probably need 25 to 30 times your current salary saved to retire??????

Next poll...hows your spending in retirement

How do/did you prepare for ER?

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Old 12-22-2009, 03:05 PM   #6
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Lets' get right to it. I'm 59 1/2. How can I live off $1million without touching prin?
Cautiously... and with great care.
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Old 12-22-2009, 03:48 PM   #7
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I'll get right to an answer: Invest it all in something like Vanguard Wellesley and learn to live on $40,000 a year.

Next question.
Aaaaaah - you really need to explain - there really really is no next question AND there will be a test.

If you flunk you will not get a secret decoder ring in the mail - no matter how good you convinced Santa you were.

heh heh heh -
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Old 12-22-2009, 03:55 PM   #8
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Aaaaaah - you really need to explain - there really really is no next question AND there will be a test.

If you flunk you will not get a secret decoder ring in the mail - no matter how good you convinced Santa you were.

heh heh heh -
Aha! Now I know where to find a secret decoder ring
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Are you all nuts?
Old 12-22-2009, 04:41 PM   #9
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Are you all nuts?

What kind of drival is this?
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Old 12-22-2009, 04:46 PM   #10
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What kind of drival is this?
Non-trivial drivel drival?
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Old 12-22-2009, 04:46 PM   #11
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What kind of drival is this?
Only the finest.

Actually it's the kind you get for free on an anonymous Internet forum but with a bonus of smart people giving you real advice of some resources that will help you decide for yourself how to support yourself on $1 million without touching the prin. Give it a try.
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Old 12-22-2009, 04:51 PM   #12
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What kind of drival is this?
You asked a question that has been addressed numerous times on this forum and does not have a simple answer. REWahoo has posted a simple solution that has a high probability of success.
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Old 12-22-2009, 05:02 PM   #13
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Leonidas offered some good leads. My situation is similar to yours, and I gotta tell ya, there's some very, very helpful information on this forum. And FIRECALC is awesome.
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Old 12-22-2009, 05:06 PM   #14
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You asked a question that has been addressed numerous times on this forum and does not have a simple answer. REWahoo has posted a simple solution that has a high probability of success.
Ahem ahem (dusting off his Curmudgeon certificate) the answer is so stone simple that I would venture better than 90% of the people you give it to can't believe it.

Sorta like the middle ages when everyone 'knew' the world was flat.



heh heh heh - To paraphrase a well known comedian - 'take my Sister-Please!'
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Get a clue
Old 12-22-2009, 05:27 PM   #15
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Get a clue

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What kind of drival is this?


Oh, Never Mind


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Old 12-22-2009, 05:29 PM   #16
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What kind of drival is this?

Buy real estate, since it never drops. Whoops...

Seriously, you got some pretty straight forward answers. Divine wisdon as received in these parts (and backed up with a fair amount of data) is that if you invest in a diversified portfolio you can take about 4% inflation adjusted out annually and be pretty sure you will not run out of money over a 30 year period. There are caveats, refinements and contingency plans worth hearing, but that is the heart of the matter.

And we are all dead in the long run. Ain't no pockets in a shroud, so what is so special about preserving principle?
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Old 12-22-2009, 05:38 PM   #17
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Oh, Never Mind

What do you mean "never mind"? Don't deprive me of pointing out that instead of doubling your chances of winning by "spending two dollars," imagine what $100 (or a thousand) would do for you.



(Disclaimer: Your chances of winning remain the same whether you purchase a 1,000 tickets or none,)
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Old 12-22-2009, 05:40 PM   #18
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What do you mean "never mind"? Don't deprive me of pointing out that instead of doubling your chances of winning by "spending two dollars," imagine what $100 (or a thousand) would do for you.
Ah, Brewer was restrained and pretty gentle instead of eviscerating and that shamed me into withdrawing my snide remark.

And it is Christmas after all
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Old 12-22-2009, 05:48 PM   #19
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Sent the million to me. I will send you money when you need it
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Old 12-22-2009, 05:48 PM   #20
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Sooo - given the choice between "42" and pssst Wellesley betcha many here can guess which one I'm going with.

heh heh heh - "never apologize Mr Cahill it's a sign of weakness." Speaking curmudgeon wise that is. .
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