knucklehead 61
Recycles dryer sheets
- Joined
- Nov 3, 2008
- Messages
- 169
still am a couple of times over, but not enough to retire yet.
hopefully in 3 more years...
hopefully in 3 more years...
OK, if it's bragging rights only, I am.
I've also lost enough in the last year to let 2 more of you join the club.
Many of us do not have 1M in assets or IRA's, however, we do have pensions, and SS. I chose to value those is a simple capitalization formula as it was quick and easy to do.
Social Security of $1,500 a month is equal to about $515,000. So if you are already take SS, then it does not take much in the other catagories to be a millionaire. However, I sure don't seem to live like what I thought a millionaire would!
If 4% SWR is the "rule" would not GROSS INCOME times 25 give a better gauge? For example if your GI was $40,000, from clearly continuing income, would equal $1MM. Used here, continuing income, means COLA'd PENSION (Retired Pay), SS Benefits, dividends and/or interest (fixed assets) and not anything that could disappear tomorrow (like a job income, home value, contents value, auto value) and others maybe including stocks (unless they could not disappear tomorrow), that do not fit my purely arbitrary description.
But, I have to admit, compared to 95+% of the world, I'm (most of us on the board are) rich, RICH, RICH!!). It all depends upon whom you compare yourself to. I am so blessed I almost hate myself when I feel "poor". Yet, my lifestyle seems quite ordinary. Guess what I'm saying is that this isn't an easy call. Millionaire is just a number. It has little to do with the way you feel about your assets or life style IMO.
SS benefits and a COLA'd pension could disappear tomorrow if you die. A $1MM portfolio that is throwing off 40K of income goes into your estate.
I think anybody who can't make it on six figures in WV has a spending problem.
If you have $40K/yr coming in some of which is SS income you will not be taxed like a "millionaire." You will be in the bottom bracket. You probably won't even reach the point that your SS starts getting taxed at that level. Now those with the $3M+ portfolios will start seeing some substantial tax hits, but they are "multi-millionaires"The poll is about as I figured it would be. Almost 70% of the members of this board are at or close to being 'Millionaires'. Yet, most if not all of us do not live like what we would believer millionaires live like. However, we will be taxed like them.
Do you really believe that anyone on this board age 62 or older would pay 515K for an 18K government-guaranteed COLA'd annuity? If so, maybe the SS Administration should get into the business of selling these. It would certainly close the SS deficit pretty darn quickly.