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03-19-2017, 03:50 PM
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#1
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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$$$ to be safe?
Just for fun... You are my age... 80.
You own your home, value $200K.
You don't do much traveling or live high.
You're married, and both in good health.
No extraordinary other ongoing obligations
No pension or other income stream other than Social Security.
How many dollars of net worth (excluding home) would make you feel safe?
No right or wrong answer. Just curious.
__________________
If you want others to be happy, practice compassion. If you want to be happy, practice compassion.
--Dalai Lama XIV
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03-19-2017, 03:55 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,595
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No amount - there are too many threats that money can't counter.
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03-19-2017, 03:56 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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It depends How much do you need to live on?
If your need is 80% of what you receive in SS then you're golden... if closer to 100% then you would want some $$$ 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.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-19-2017, 04:01 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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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.
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03-19-2017, 04:20 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
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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.
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03-19-2017, 04:26 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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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 happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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03-19-2017, 04:30 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,307
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agree with others - if SS covers daily needs, then a couple of hundred thousand would be plenty
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03-19-2017, 04:33 PM
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#8
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Recycles dryer sheets
Join Date: May 2015
Location: El Dorado
Posts: 187
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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.
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03-19-2017, 04:39 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,983
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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.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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03-19-2017, 04:52 PM
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#10
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 406
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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.
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03-19-2017, 05:00 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Posts: 5,342
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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.
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03-19-2017, 05:00 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,808
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Quote:
Originally Posted by imoldernu
....
How many dollars of net worth (excluding home) would make you feel safe?
No right or wrong answer. Just curious.
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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.
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03-19-2017, 05:26 PM
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#13
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Full time employment: Posting here.
Join Date: Aug 2011
Location: Atlanta
Posts: 507
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Quote:
Originally Posted by imoldernu
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
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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.
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03-19-2017, 05:28 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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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.
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03-19-2017, 05:59 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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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.
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03-19-2017, 07:36 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,173
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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.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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03-19-2017, 07:45 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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I think between $2-$5 million.
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03-19-2017, 07:50 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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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.
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03-19-2017, 07:51 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,203
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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.
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03-19-2017, 07:53 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Oct 2011
Location: Philadelphia
Posts: 1,372
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I think I would still like to have about $1m to hedge all sorts of personal medical situations.
__________________
Luck is when Preparation meets Opportunity.
FIRE'd 1/1/24
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