Rustic23
Thinks s/he gets paid by the post
I was wondering how many on this board are Millionaires. OK, here how I figure it. If you have a cola'd pension you divide it by 3.5%. You could use 4% but with current economic conditions, it seems like a SWR of 3.5% is a good number. If you have a non cola'd pension I would divided by 5% to 6%. This too could be a number up for a challange. But I figure it is a good bond rate. Add to this the equity in your house, some allowance for furniture and other goods, and savings.
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!
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!