Portal Forums Links Register FAQ Community Calendar Today's Posts Search Log in

Join Early Retirement Today
Reply
Thread Tools Search this Thread Display Modes
$$$ to be safe?
Unread 03-19-2017, 03:50 PM   #1
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Central Illinois
Posts: 4,096
$$$ to be safe?


Just for fun... You are my age... 80.
You own your home, value $200K.
You don't do much traveling or live high.
You're married, and both in good health.
No extraordinary other ongoing obligations
No pension or other income stream other than Social Security.

How many dollars of net worth (excluding home) would make you feel safe?

No right or wrong answer. Just curious.

__________________

__________________
old age is 10 years older than me
imoldernu is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Unread 03-19-2017, 03:55 PM   #2
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 648
No amount - there are too many threats that money can't counter.
__________________

__________________
socca is offline   Reply With Quote
Unread 03-19-2017, 03:56 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 14,292
It depends How much do you need to live on?

If your need is 80% of what you receive in SS then you're golden... if closer to 100% then you would want some $$$ to fall back on if you had a spate of 'bad luck'.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Unread 03-19-2017, 04:01 PM   #4
Recycles dryer sheets
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 423
Assuming you and your spouse are both drawing SS and are spending under $75K per year, I would feel financially secure with a net worth of about $800,000.
__________________
Sojourner is offline   Reply With Quote
Unread 03-19-2017, 04:20 PM   #5
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,239
I'd feel comfortable with at least one million. Health care and long term care costs are unpredictable. If I outlive DW I plan to travel as much as my health allows. Or maybe I'll just buy a Ferrari.
__________________
Dash man is offline   Reply With Quote
Unread 03-19-2017, 04:26 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 17,976
If SS covers my expenses, and Medicare takes care of my medical needs, then I would only have to worry about my roof, my car, my appliances that may need replacement from time to time. A few hundred $K should be more than enough. My mother has only that much. And she is not worried. My inlaws had much less.

But I want more. It is not for security as much as the joy of counting. I don't call myself Uncle Scrooge for nothin'.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Unread 03-19-2017, 04:30 PM   #7
Recycles dryer sheets
 
Join Date: Oct 2015
Posts: 403
agree with others - if SS covers daily needs, then a couple of hundred thousand would be plenty
__________________
euro is online now   Reply With Quote
How much?
Unread 03-19-2017, 04:33 PM   #8
Dryer sheet wannabe
 
Join Date: May 2015
Location: El Dorado
Posts: 17
How much?

Because you are smart and focused you can get by with zero. Of course a few hundred thou wood be nice but you wouldn't spend it. I think you are golden friend.
__________________
steveark is offline   Reply With Quote
Unread 03-19-2017, 04:39 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,232
SWAG - I would guess somewhere between 100k and 2.5mil. My DM at 87 has barely the former number and is not concerned. Personally at age 60 I pretty much feel the die have been cast. If I have enough, fine. If some catastrophe hits there's not much more I can do.
I am really beginning to realize the nonmonetary things are what's important. Health and happiness are paramount in addition to that good slug of cash.
__________________
"What's the worst thing that could happen - I keep my job."
foxfirev5 is offline   Reply With Quote
Unread 03-19-2017, 04:52 PM   #10
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 71
Due to human nature, I don't think there is a safe number that can easily be reached. It moves up as you do. Most people start with "if I have X,Y, and Z covered then I could retire." Then when they have X,Y and Z covered they are happy for a while. Then they start playing the what if game. "What if the market crashes? What if there is global warming? What if there is a nuclear winter? etc. Short of having multi-millions and an island to escape to, there is always something to keep you from feeling like you are untouchable from global events and 100% safe. Even the uber wealthy worry about something. In the long run you have to settle for safe enough and go with it.
__________________
Palmtree is offline   Reply With Quote
Unread 03-19-2017, 05:00 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,839
At age 80? I would feel comfortable with just SS. Maybe an extra $100,000. I think there is less than a 50-50 chance of even living to that age for me. If I still have multiple hundreds of thousands left then I worked longer than I needed to.
__________________
aaronc879 is offline   Reply With Quote
Unread 03-19-2017, 05:00 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,217
Quote:
Originally Posted by imoldernu View Post
....
How many dollars of net worth (excluding home) would make you feel safe?

No right or wrong answer. Just curious.

The only answer that means anything to you is your current net liquid net worth i.e. the reality you must live with.

There is no way I can put myself into your shoes with your health, your goals, your total situation. Best of luck.
__________________
Lsbcal is online now   Reply With Quote
Unread 03-19-2017, 05:26 PM   #13
Recycles dryer sheets
 
Join Date: Aug 2011
Location: Atlanta
Posts: 415
Quote:
Originally Posted by imoldernu View Post

Just for fun... You are my age... 80.
You own your home, value $200K.
You don't do much traveling or live high.
You're married, and both in good health.
No extraordinary other ongoing obligations
No pension or other income stream other than Social Security.

How many dollars of net worth (excluding home) would make you feel safe?

No right or wrong answer. Just curious.d

I know a guy who retired with zero in the bank at 63 years old.

he lived on $1,200 per month
pension and ssn were $3200 per month.
__________________
SJ1_ is offline   Reply With Quote
Unread 03-19-2017, 05:28 PM   #14
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,820
100 billion.

A castle with a moat filled with piranha. Armed guards with fully automatic weapons and dogs. Video (visable and infrared) cameras. A paid off police force. A fully armored military HumVee to travel in.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Unread 03-19-2017, 05:59 PM   #15
Full time employment: Posting here.
 
Join Date: Oct 2009
Posts: 842
At 80, assuming I did not have a good long term care insurance coverage, I'd probably want to have enough "cash" to cover 5 to 7 years for wife and myself.

So I would like to have $120,000 (conservative cost of AL care for two per year) minus SS times 7. So if SS is $50,000 for the year, I would want around $500,000 to $700,000.
__________________
LARS is offline   Reply With Quote
Unread 03-19-2017, 07:36 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 5,578
Given the conditions you mentioned, I would say about $667,000 will do. If it is non taxable such as in a Roth IRA then $500,000.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is online now   Reply With Quote
Unread 03-19-2017, 07:45 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 1,278
I think between $2-$5 million.
__________________
Fedup is offline   Reply With Quote
Unread 03-19-2017, 07:50 PM   #18
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,820
I know it was a sorta "jokey post"

I never want to feel safe. I want to have fun!

If I wanted to feel "safe" I wouldn't own 4 motorcycles.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Unread 03-19-2017, 07:51 PM   #19
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,470
For us it is $201,000 ok maybe less, your guidelines make me count the house.. SS two gov pensions cola'd, two private not cola'd. From an accounting point view, these don't count to net worth. Yet, they cover more than twice our monthly expenses.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Unread 03-19-2017, 07:53 PM   #20
Recycles dryer sheets
 
Join Date: Oct 2011
Posts: 343
I think I would still like to have about $1m to hedge all sorts of personal medical situations.
__________________

__________________
Luck is when Preparation meets Opportunity.

Closet_Gamer is the FIRE artist formerly known as "krotoole"...it was time for a change.
Closet_Gamer is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Safe Deposit Boxes - not so safe? plsprius Life after FIRE 29 06-07-2015 11:48 AM
Can 95% Safe = 100% Safe? halo FIRE and Money 3 10-14-2008 06:56 PM
"Is the Safe Withdrawal Rate TOO Safe?" Nords FIRE and Money 13 10-20-2004 10:36 AM
Jaye Jarrett Safe Withdrawal Study intercst FIRE and Money 25 05-01-2003 06:46 AM
Assets to include in Safe Withdrawal studies RedOscar FIRE and Money 12 07-10-2002 01:29 AM

 

 
All times are GMT -6. The time now is 07:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.