Hi, I came across this site as I was looking for the avg net worth of people like me. Also, how did they achieve early retirement and specifically,how is their income produced. Congratulations to all of you. I hope you can guide me...
*50yrs old, married 22 yrs
*son 16 UGMA acct for college 70,000
*daughter 10 UGMA acct for college 25,000.
I started investing in mutual funds (around 1991)after listening to an AM radio show late at night. I opened up a Janus/Janus IRA and Gabelli acct and began dollar cost averaging. The store where I work began offering a 401K in 1995 so I signed up for that also. In the early days of AOL about 1991/92, I came across a investment board. Individual stocks were discussed so I started buying them. One in particular was very successful leading to my overall portfolio value of about 1.7m excluding assets like home/cars..ets. I've never earned more than 50,000 per year in the retail environment that I chose to work in. I wish I had done a better job with a tax plan but you can't win them all. The only funds that are protected from the tax man are the IRA's.
*cash: 30,000
*taxable stock mutual funds: 437,000
*individual stocks : 830,000
*my IRA: 163,000
*her IRA:118,000
*my 401K:157,000
Now a change may be coming in a year or two where I work so I'm beginning to research some options. I don't mean early retirement but just something I can fall back on in case I can't find work. What I've been unable to find is what do retirees do with their portfolios to produce income? I've been so focused on growth that producing income is a blur. Everything I read talks about drawing down the funds. I don't want to draw from them, I want them to produce income and keep the principle. I'm very use to risk, so do you sell everything and buy 5 or 6 high quality dividend stocks? I would really like to see a specific example of someone with say 1.2m , what would you buy and how much would it produce per month/qtr or year?
Thanks,
Tom
*50yrs old, married 22 yrs
*son 16 UGMA acct for college 70,000
*daughter 10 UGMA acct for college 25,000.
I started investing in mutual funds (around 1991)after listening to an AM radio show late at night. I opened up a Janus/Janus IRA and Gabelli acct and began dollar cost averaging. The store where I work began offering a 401K in 1995 so I signed up for that also. In the early days of AOL about 1991/92, I came across a investment board. Individual stocks were discussed so I started buying them. One in particular was very successful leading to my overall portfolio value of about 1.7m excluding assets like home/cars..ets. I've never earned more than 50,000 per year in the retail environment that I chose to work in. I wish I had done a better job with a tax plan but you can't win them all. The only funds that are protected from the tax man are the IRA's.
*cash: 30,000
*taxable stock mutual funds: 437,000
*individual stocks : 830,000
*my IRA: 163,000
*her IRA:118,000
*my 401K:157,000
Now a change may be coming in a year or two where I work so I'm beginning to research some options. I don't mean early retirement but just something I can fall back on in case I can't find work. What I've been unable to find is what do retirees do with their portfolios to produce income? I've been so focused on growth that producing income is a blur. Everything I read talks about drawing down the funds. I don't want to draw from them, I want them to produce income and keep the principle. I'm very use to risk, so do you sell everything and buy 5 or 6 high quality dividend stocks? I would really like to see a specific example of someone with say 1.2m , what would you buy and how much would it produce per month/qtr or year?
Thanks,
Tom