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Old 01-29-2011, 09:20 AM   #221
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1. Estimated floor income = zero. Roommate provides basics while we live in her paid-for home.

2. I person

3. Large city on the Great Lakes known for corrupt machine politics.

4. Fully FIRE'd. No wo*k, no part time business, no efforts to earn money whatsoever. Thank goodness........

"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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Old 01-29-2011, 10:37 AM   #222
Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2008
Posts: 15,892
Nice room mate you have. I guess you mean your DW.

I hope she would also give you some stipends for coffee money or for gas, if you find yourself on that "floor income". Else, man, I would go greet people at Walmart. Scratch that! Being a grumpy "non-people" guy that I am, I would not get hired. I would be in big trouble.

PS. I remember reading about Nixon. Being a politician, of course he had to go around campaigning, greeting people and shaking their hands. He said that at the end of day, his hand hurt. And once at the end of such a day, when asked about his supporters, he said "I want to kick their ass". Honest speech...

"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
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Old 01-30-2011, 09:53 AM   #223
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Join Date: Dec 2004
Location: Minneapolis
Posts: 3,946
1) $75K (after tax) for a few more years; $48K after kids out of college
2) 2 kids in college
3) Midwest
4) Working
May we live in peace and harmony and be free from all human sufferings.
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Old 01-30-2011, 04:56 PM   #224
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Posts: 731
1. $30K (no mortgage)
2. 2 people
3. Puget Sound area
4. Still working, so this is planning
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Old 01-31-2011, 05:21 AM   #225
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I just read Larry Swedroes August, 2010 book release The Only Guide You'll Need for the Right Financial Plan". He talks about having a Plan B if things go worst than expected. The idea is to figure out what are you alternatives: Going back to work, Spending less, taking fewer vacations, moving in with the kids, selling the second home. And then to take the pain of your alternatives into consideration when deciding how much risk you want to take in your investments.

I view this thread as an exercise in Plan B. In other words, my idea of a "floor" is the lowest I would comfortably go before thinking about making serious changes (that are less than comfortable). Swedroe actually asks you to do this as a mental exercise in the creation of your financial plan.

One way to think about it is take your lowest spending figure before you make big changes in your retirement. Then take that number and divide it by .04 (for the 4% SWR guideline). Now you know how much your portfolio can maximally decrease. This can give you a guideline for the amount of risk to take and you can actually compute a percentage of equities from this number.

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Old 01-31-2011, 05:49 AM   #226
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Posts: 994
1) Floor income in retirement: $35K (no mortgage $ included. We own a condo)
2) 2 people
3) Mexico
4) Working
Wherever you go, there you are.
(In other words, no whining!)
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Old 01-31-2011, 06:06 AM   #227
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Join Date: May 2010
Location: SW Ohio
Posts: 360
1. 42K w/mortgage
2 2 people
3. Midwest
4 Part Time, DW full time

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