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Old 05-03-2015, 07:28 PM   #101
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1.5 million. That's just for me though. Hoping future wife can contribute like 500k or a mil lol.
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Old 05-03-2015, 07:47 PM   #102
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Originally Posted by ziggy29 View Post
And even where interest is not tax-exempt, in this era of sub-1% yields on savings, even a $2 million bank balance might get you just $10-15K a year.

Of course, I think people who have that much in regular savings accounts (as opposed to laddered CDs, bonds and such) are probably doing it wrong.
I said interest, but I was actually talking about income from muni bonds which isn't as low as taxable bank savings.
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Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
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Old 05-03-2015, 10:32 PM   #103
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Magic Numbers....

If ER in Midwest (FI now):
Net Worth: $2.5M (includes paid off house valued at $300k)
College fund: $150k for kids college fund (has about 9 - 10 years to grow)
Expenses: 33x saved to keep WR less than 3.5%
Age: 50 (just my thing, turning 46 in 2015)

If ER in CA (almost FI now):
Net Worth: $3.25M (projected house valued at $750k to be purchased)
College fund: $150k for kids college fund (has about 9 - 10 years to grow)
Expenses: 33x saved to keep WR less than 3.5%
Age: 50 (just my thing, turning 46 in 2015)

Or: when BS bucket reaches 100%, only a few days the last few years.
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Old 05-04-2015, 08:44 AM   #104
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Yes, I am sincerely sorry for your very difficult situation.
Didn't mean to sound like I'm complaining.

That book did have me increasing my allocation to Roth vs tax-deferred accounts while I still haven't received my step increases.
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Old 05-04-2015, 10:39 AM   #105
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Guess I need to figure out how to get some qualified dividend income

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Old 05-04-2015, 02:15 PM   #106
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It's interesting to see the spread between the younger and older folks.

The reddit FI subforum (whose members are mostly <35 years old based on a recent poll) has a similar thread running and the numbers tend towards the lower end (averaging around $1MM, with some ridiculously low ones like $150k and $250k).

The numbers here, where the folks appear to be mostly in their 50s and 60s (based on the stats thread), tend towards $2MM.

I think when you're young and penniless, $1MM is a lot and seems so far out of reach. Once you're grayer and have a couple of pennies to rub together, maybe that $2MM or $5MM isn't too far off and OMY sets in...
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Old 05-04-2015, 05:12 PM   #107
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I agree with all who have mentioned pensions, my magic number would have been half again what I have if not for the addition of a pension...but it didn't really matter, since, as my name implies, it wouldn't matter what I had if I were dead ��
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Old 05-04-2015, 05:58 PM   #108
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Originally Posted by AnonEMouse View Post
It's interesting to see the spread between the younger and older folks.

The reddit FI subforum (whose members are mostly <35 years old based on a recent poll) has a similar thread running and the numbers tend towards the lower end (averaging around $1MM, with some ridiculously low ones like $150k and $250k).

The numbers here, where the folks appear to be mostly in their 50s and 60s (based on the stats thread), tend towards $2MM.

I think when you're young and penniless, $1MM is a lot and seems so far out of reach. Once you're grayer and have a couple of pennies to rub together, maybe that $2MM or $5MM isn't too far off and OMY sets in...
The ACA has made very early retirement more of a realilstic possibility without huge amounts of savings. Pre-ACA going off COBRA caused our health insurance, not including co-pays, out of network charges and deductibles, to go to over $2K a month for premiums alone. It takes a lot of savings to be able to withstand health costs like that for 10 years or more, especially for a family with kids. Even if the four percent "rule" holds true going forward, if a family needs $30K a year for health care on $40K of asset income that doesn't leave much money leftover for non-medical expenses. I hope the ACA stays put but it seems to always be politically under attack so who knows if the subsidies and more reasonable rates for retirees will be around long term.

I think this is one factor in different mindsets between the age groups. Plus the older generation here is thinking about the possibility of one or both spouses needing $80K a year for multiple years of nursing home care at some point.
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