Anyone else have such a large range?

[haha]

From your title I thought this was about a kitchen appliance for cooking. I was eager to see your large range.

Ha

 

[HFWR]

From your title I thought this was about a kitchen appliance for cooking. I was eager to see your large range.

Ha

It's not the range, but the size of the burner that counts...

 

[panhead]

I obsess over my budget, financial projections, retirement nest egg, etc. One of the things I'm finding is that the nest egg I will need in about 13 years for retirement varies wildly depending on the variables. Right now my range of desired savings is about $1.2 Million to $2.2 million. The former number assumes not that much travel, driving cars to the ground, skipping organic groceries, etc. The latter number leaves alot of room for travel, newer cars, etc. I think realistically I will need somewhere in the middle. Some days I strive for the former depending on how crappy my job is making me feel. Anyone else have such a large range in their numbers?

Yeah, well, I'm definitely guilty of this as well. I have to admit tho, over the years things have gotten more and more refined. Of course I started this analysis when I was about 28 and I'm 42 now. As I learn more and more (much of it from this forum) my budget has gotten more refined (you can see it in Live & Learn's other thread, "why is my budget so high"). When I compared it to other peoples budget over the years, I added things in that I hadn't thought of. Also, I'm getting a better handle on what I want the withdrawals to look like. My latest thinking (which is getting more and more firm) is that I would like to be able to take a maximum of 4% out of my taxable accounts and a maximum of 3% out of combined taxable/tax deffered accts, whichever is lower. With these two pieces, I am able to develop a "necessity" budget with which I can calculate a "necessity" number. This isn't complete bare-bones, but doesn't include any extra $$ for travel or more extravagent fun, but does have cable, boat/motorcycle expenses and enough $$ for hiking and camping. I will hit this number hopefully by early next year (although I would have to sell some assets, but nothing necessary). So, after that, every dollar I add to the pile goes in the "fun" category. My early goal is to have the "fun" category large enough to cover all (foreseeable) out of pocket health care costs each year not covered by health insurance. I'm in Mass, so this is somewhat easier to calculate. At that point, every $$ just goes toward more fun. All of this is my latest thinking on how this is all gonna work, and as I said, it gets revised as I learn new things, but I think I'm getting close.
I guess the bottom line is, there is a point when you have enough, for me that's when fun#=out of pocket health care costs. Then of course, you have to decide if you want any more $$ for fun. Hmph, I guess this doesn't help after all, lol!!

 

[fanmail]

Glad to hear other people obsess over this as much as I do. I would really love to be able to get a set it and forget it approach, but I don't think I'm capable of that.

 

[obgyn65]

My range is even larger, due to 1) my age (47) so I plan on a 48-year retirement to 95 2) the significant impact of inflation 3) whether I practice medicine part time after I FIRE, hopefully this year.

I obsess over my budget, financial projections, retirement nest egg, etc. One of the things I'm finding is that the nest egg I will need in about 13 years for retirement varies wildly depending on the variables. Right now my range of desired savings is about $1.2 Million to $2.2 million. The former number assumes not that much travel, driving cars to the ground, skipping organic groceries, etc. The latter number leaves alot of room for travel, newer cars, etc. I think realistically I will need somewhere in the middle. Some days I strive for the former depending on how crappy my job is making me feel. Anyone else have such a large range in their numbers?

 

[Meadbh]

Every time I rerun the numbers and re-think things, it seems like I reach a different conclusion about when I can get out. To a large degree it depends on the stability of my wife's new career in ministry, but as of now I'm eyeing 2016 as the time when I get out (maybe not complete retirement, but at least to something a lot less stressful with less demands on my time). That would make me about 50 at the time. But we'll see.

But what does Rev. Mrs. Ziggy say? God will provide?

 

[rescueme]

It's not the range, but the size of the burner that counts...

It's not the size of the burner, but the total heat generated ...

 

[Fermion]

As I have mentioned a few times, it is all about healthcare that is causing a large range in my estimations.

If I assume zero healthcare costs, I can get a barebones budget that is based on working 40 hrs/week for minimum wage. This would be around $18,000 a year, or around $17,000 after SS and medicare tax.

This is worst case scenario and I would want an investment income that allowed me at least this lifestyle because I know I could survive on that budget since millions in the USA already do.

$17,000 from a SWR of 3% would need a portfolio of $570,000. Double that for two people and you get about the 1.2 million as the lower end. This assumes no social security income.

Anything above that and you can do extra fun stuff besides just walks in the park and library visits. On the other hand, having the 1.2 million means you can take walks in the park and library visits instead of working 40 hours a week as a walmart greeter.

I want a little extra buffer, so we established the lower magic number at $1.5 million.

 

[packrat44]

From your title I thought this was about a kitchen appliance for cooking. I was eager to see your large range.

Ha

My first thought was a cattle ranch.

 

[Finance Dave]

Hello fellow obsessor.

I think such a range is expected, especially given that you're 13 yrs away from retirement.

+1...it's the distance from FIRE that is partly to blame. Shoot for the top end for now, and then in 4-5 years, your range will be $600k versus the $1M range you see now...then 4-5 years after that it will be $300k....etc.

Hang in there.