A 57 yr old unsure if he can retire article

[shotgunner]

I am not sure what the point of this article is. He has $1M in invested assets. He has 15 years of a mortgage left. He has an unspecified amount of income from rental property. If I added up his monthly spending in 2015 correctly his starting WR is 7%. Given what I know from the article I would not be comfortable spending that much. Your thoughts?

http://finance.yahoo.com/news/heres-budget-57-old-1-150000517.html

 

[haha]

No thoughts yet.


Sent from my iPhone using Early Retirement Forum

 

[REWahoo]

Keep trying!

 

[shotgunner]

Well without knowing much and assuming he would get $20,000 a year in SS starting in 2020 Firecalc gives his odds between 50 and 57% for 30 years. I thought his spending was too aggressive. What I don't understand is what the author of the article is trying to accomplish, I don't see where readers can comment and there is no conclusion to the article, so what is the point? Seems like another piece of financial junk reading but maybe I am missing something.

 

[Evie]

Readers can comment. It's down toward the bottom and already has 450+ comments.

I think if he redoes his spending, he'd probably be okay. Bummer that he didn't get his mortgage paid off while he was earning $120k though.


Sent from my iPhone using Early Retirement Forum

 

[Dog]

The article was confusing. His goal was to retire at 50. Changes jobs after turning 50 and continues working, then gets laid off and now at 57 trying to decide if he should work until 60. For a planner and tracker of spending, he didn't appear to plan well.




Sent from my iPhone using Early Retirement Forum

 

[bclover]

I think he could, he has a well padded budget, I didn't run his numbers just looked over the chart.

For example he has a budget for entertainment, eating out, travel and boating. whew, that's a lot of non essential "stuff".
Also why did his home insurance jump up 700 bucks?

He also doesn't mention other stuff. does he have a pension, annuity, social security.