Poll:What's your number?

[sheehs1]

I voted and used:
1. Value of all current liquid assets ( stocks, bonds, CD's and cash)
2. K1 income X 20 years (historical average of: functions like a pension)
3. Value of stock in family business

Excluded:
- SSN
- Value of home (all but 20K paid off), worth about $300,00-$400,000 (who knows)
- Husband's assets (he's still working on it)

Did Not factor In:
Any material changes to items #1, #2 or #3 above (cross fingers)

[obgyn65]

After reading all the posts so far, it appears that these survey results are no longer valid.

[audreyh1]

Since I retired in 1999, I converted my retirement goal (which I met) in 1999 dollars to 2012 dollars. It's been a long time.

[SumDay]

Quote:

After reading all the posts so far, it appears that these survey results are no longer valid.

They never were - there's no way to make this valid with only one question. This is a back of the envelope type thing.

Again, if someone wants to come up with the questions, I'm happy to create something that will give us more relevant results and then y'all can analyze away.

[ERD50]

Quote:

Originally Posted by SumDay If someone (or a group of someones) wants to put together a more complex survey, I'll be glad to put it in Survey Monkey (anonymous) and run it here. It would be interesting. We use Survey Monkey at work all the time. I'd want someone else to come up with the questions though.

A more complex survey would get very complex, and I think you would end up with just a bunch of data points that represent individuals. Plus, there are a few jokers among us I just don't see what could be learned.

Overall, people have some combination of portfolio/pensions/SS/income, some COLA'd, some not. And then people have different comfort levels with their WR and their AA. Different people are at different ages and may have different ideas on their longevity. Some may have spouses much younger or older than they are with different survivor benefits. Some may have dependents. Some are planning on spending decreasing with age, others fear their expenses will increase with age. Some may want to leave an estate to individuals or charity. And probably dozens of other things I didn't think of.

How do you capture that in a survey? What would you do with all those numbers?

-ERD50

[bondi688]

When I put together an estimation of the net worth, I realize I forgot to factor in the government. And the real number is less than what shows on paper after the taxman takes its bite, when I sell the investments. And I suspect the bite will only get deeper as time goes on from here.

[traineeinvestor]

Quote:

Originally Posted by ERD50 What would you do with all those numbers?

Select the data points that fit whatever thesis you are selling and ignore the rest?

[traineeinvestor]

Quote:

Originally Posted by bondi688 When I put together an estimation of the net worth, I realize I forgot to factor in the government. And the real number is less than what shows on paper after the taxman takes its bite, when I sell the investments. And I suspect the bite will only get deeper as time goes on from here.

Happily this is something of a non issue for me (at least under the law as it currently stands), but I do have a lot of investments denominated in HKD which is pegged to the USD and, worse, a lot of my equities are in companies whose main business is in China which currently has a managed currency. At some point in the future currency fluctuations could have a material impact on our plans (for better or for worse).

[bondi688]

Dr. Wolff at NYU estimated, using data from the Federal Reserve, the net worth of top 1% is over 9 millions dollars. According to the response to the survey here, over 6 millions dollars in net worth does not even put one in the top 5% (at this time 6.1% of people taking the survey have assets over 6 million dollars).

[bondi688]

Quote:

Originally Posted by traineeinvestor Happily this is something of a non issue for me (at least under the law as it currently stands).

I just realize you are located in HK, where they do not tax capital gain (and dividends?). There is a flat income tax. And there is no estate tax. Lucky dog! ! Carnac the magnificent says: May the cost of your apartment or rent there eat you alive.

[audreyh1]

Quote:

Originally Posted by bondi688 Dr. Wolff at NYU estimated, using data from the Federal Reserve, the net worth of top 1% is over 9 millions dollars. According to the response to the survey here, over 6 millions dollars in net worth does not even put one in the top 5% (at this time 6.1% of people taking the survey have assets over 6 million dollars).

Now remember, those are people's target/goal numbers for when they will leave the workforce, or people's target or actual when they did leave the workforce in the past. This is not a poll of people's current assets.

Quote:

What's your number? In other words, how much retirement savings do (or did) you really need in order to leave the w*rkforce for good?

[bondi688]

Quote:

Originally Posted by audreyh1 Now remember, those are people's target/goal numbers for when they will leave the workforce, or people's target or actual when they did leave the workforce in the past. This is not a poll of people's current assets.

Oh, I got confused, I thought this is a poll of current net worth. I should have read the comment of SumDay, the OP, more carefully. But how did that one person figure he/she will only need <250,000 for ER? He/she will win the thread "pleased with food budget" hands down.

[audreyh1]

Quote:

Originally Posted by bondi688 Oh, I got confused, I thought this is a poll of current net worth. How did that one person figured he/she will only need <250,000 for ER? He/she will win the thread "pleased with food budget" hands down.

Well, based on some of the comments, you are not the only one. And the specific question was kind of buried in the OP. I already had an idea what the polster was after from a prior discussion, and I still had to read carefully to catch the exact question.

[bondi688]

Quote:

Originally Posted by audreyh1 Well, based some of on the comments, you are not the only one. And the specific question was kind of buried in the OP. I already had an idea what the polster was after from a prior discussion, and I still had to read carefully to catch the exact question.

And just think, I started that thread "Do you have a net worth goal and did you achieve it before ER ?"

[traineeinvestor]

Quote:

Originally Posted by bondi688 Oh, I got confused, I thought this is a poll of current net worth. I should have read the comment of SumDay, the OP, more carefully. But how did that one person figure he/she will only need <250,000 for ER? He/she will win the thread "pleased with food budget" hands down.

Possibly a decent pension (the value of which wasn't included)?

[audreyh1]

Quote:

Originally Posted by bondi688 And just think, I started that thread "Do you have a net worth goal and did you achieve it before ER ?"

Oh, right!

[Major Tom]

I don't own any real estate, and didn't include future SS, so just used the current value of my liquid assets. Dead easy.

[bondi688]

Quote:

Originally Posted by traineeinvestor Possibly a decent pension (the value of which wasn't included)?

You are probably right. That respondent is the retired city manager of Bell in California.

[Gumby]

I pick 7, because I've always liked the number. Angular, but not angry; toward the top of the scale, but not flaunting it. And, as I understand it, if you get triple 7s on the slot machine, you win. Yeah -- Lucky Seven -- that's my number.

[traineeinvestor]

Quote:

Originally Posted by bondi688 I just realize you are located in HK, where they do not tax capital gain (and dividends?). There is a flat income tax. And there is no estate tax. Lucky dog! ! Carnac the magnificent says: May the cost of your apartment or rent there eat you alive.

No tax on capital gains, dividends or interest. No estate duty.

Taxes on employment income, property income and business income are quite low. It's a progressive system that effectively peaks out at either 15% or 16.5%.

Stamp duty on property transactions are quite high. Stamp duty on securities transactions are minimal.

And the best part ... filling in my tax returns takes hardly any time at all because the laws and regulations are so simple. The hardest part is usually remembering where I kept the recepits for charitable donations.

The downside - living in apartments which are both small and extremely expensive and breathing badly polluted air.