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Re: How Much is Needed To Retire? (A Twist)
Old 07-29-2004, 03:14 PM   #61
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Re: How Much is Needed To Retire? (A Twist)

To those who don't know this (I just made a guess and it worked) you can drag across and copy bongo2's data, paste it into a text file, and then save that text file with a *.csv extension. Then double click on it and it pops up in Excel. Takes about 5 seconds to do and you'll be able to see it in well defined columns.
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Re: How Much is Needed To Retire? (A Twist)
Old 07-30-2004, 09:12 AM   #62
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Re: How Much is Needed To Retire? (A Twist)

Thanks Bob. You can also copy and paste the data directly into Excel, and then go to Data/Text to Columns, select "delimited", then check the "comma" box.
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Re: How Much is Needed To Retire? (A Twist)
Old 07-30-2004, 01:37 PM   #63
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Re: How Much is Needed To Retire? (A Twist)

I am currently 36. I plan on semi-retiring at 40 with about $900K net worth. I can earn about $30K a year in semi-retirement working only 3 hours a day only 2 days a week in my own home-office doing consulting work.

I could fully retire at 42 at over $1 million net worth, but I may continue the 6 hour workweek until I get sick of it, probably by age 45. I like the benefits of writing off travel and entertainment expenses and some of the other perks that go along with self-employment and being able to contribute to Roth IRAs for my wife and me, so I may just "earn" enough to max out the Roth IRA contributions and justify the writeoffs.

I may get $150K as inheritance at some point in the future, but I'm not counting on it for deciding on ERing. I will just add it to the pot to lower my withdrawal rate.

I need $45K present value to live the lifestyle I want, but can survive with $35K.
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Re: How Much is Needed To Retire? (A Twist)
Old 07-30-2004, 02:39 PM   #64
 
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Re: How Much is Needed To Retire? (A Twist)

All you need is $15k return on your $900K so you're in great shape. I wonder how many of us at age 40 would choose to work only 6 hours/week at $100/hour? Personally I would be inclined to put in a few more hours!

CC
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Re: How Much is Needed To Retire? (A Twist)
Old 07-30-2004, 02:58 PM   #65
 
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Re: How Much is Needed To Retire? (A Twist)

Re. "put in a few more hours ", not me! Every hour
lost can not be replaced. This is true for everyone
on the planet. You want an absolute certainty?
That's it!

John Galt
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Re: How Much is Needed To Retire? (A Twist) Age ER
Old 08-02-2004, 07:59 AM   #66
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Re: How Much is Needed To Retire? (A Twist) Age ER

Anon,


Age ER'd: 57 (Spouse 56)
Year: 2004
Assets: $450K Cash (Post Tax)
$500K 403b, IRA's, TSP (Pre-Tax)
House equity $300K
No Debt
DBP's $60k/yr

Don't plan to skrimp on expenses. Expect $90/yr income


Grumpy





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Re: How Much is Needed To Retire? (A Twist) Age ER
Old 08-02-2004, 12:41 PM   #67
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Re: How Much is Needed To Retire? (A Twist) Age ER

Quote:

DBP's $60k/yr

Hi Grumpy,

What is DBP, a pension?

MJ
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Re: How Much is Needed To Retire? (A Twist)
Old 08-02-2004, 01:08 PM   #68
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Re: How Much is Needed To Retire? (A Twist)

Anon,

I guess I'll add my $2.35 worth.

I plan to ER at 57 (single) in April 2005
Anticipated Assets:
$750K Cash (Post Tax)
$300K 401K, IRA's (Pre-Tax)
House equity $450K
I also get an income of $6K for apartment rental
I have no debt.
I expect about $20K at 62 or $28K at 66 from SSA

I would like to live on $45K to $50K a year.
In a down market I could survive on less $17K if I needed to.

MJ,57,,2005,750,300,450,50,6 rental,44,20,none

MJ
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Re: How Much is Needed To Retire? (A Twist)
Old 08-02-2004, 06:12 PM   #69
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Re: How Much is Needed To Retire? (A Twist)

MJ,
Your picture look a lot like mine.
I think the results of this survey point out one thing.
There are a lot of people out there with a lot of money.
My plan.
Retile @ 50 - single with
IRA 225k
Other 975
Penson 13K @ 60
SS max at 63 - I think it is about 25k infuture dollars 17K in current dollars.
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Re: How Much is Needed To Retire? (A Twist)
Old 08-02-2004, 06:13 PM   #70
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Re: How Much is Needed To Retire? (A Twist)

I forgot to add looking for annual post tax spending of 45K
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Re: How Much is Needed To Retire? (A Twist)
Old 08-02-2004, 09:26 PM   #71
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Re: How Much is Needed To Retire? (A Twist)

Hi dex,

I see a one minor difference, you are planning to ER 7 years sooner.

Congrats!

By the way, the SS I quoted are future $.

MJ
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Re: How Much is Needed To Retire? (A Twist)
Old 08-03-2004, 03:36 AM   #72
 
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Re: How Much is Needed To Retire? (A Twist)

Several people here have talked about ERing at 50 or younger with max SS benefits. There must be something I don't understand about the benefit calculation - don't you need 35 years of max SS earnings to get the max benefit? At 50 or younger wouldn't most people still have some "zero" years in their history?

My confusion on this started last fall with one of those retirement "check-up" articles in USA Today. It was a single guy 55 I think who had left private industry at 50 for a government job. His retirement "plan" included both the government pension and $1900/mo. SS at age 62! I e-mailed the author to ask how that was possible but got no reply...
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Re: How Much is Needed To Retire? (A Twist)
Old 08-03-2004, 08:45 AM   #73
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Re: How Much is Needed To Retire? (A Twist)

CC (guest):

I was out of soc. sec. system at age 49.

Had 5 no counts. (Total of 30 in systems).

At age 62, almost 5 years ago, drew just a little short of max. Soc. Sec. (About $75.00 short of max.)

If I had continued in system for the additional 13 years, would have paid over $50,000 more into soc. security.

The formula they use is very non-punitive for the amount of soc. sec. you receive if you are close to 35 years.
I always paid the max. into soc sec., and for me there was very little difference as you can see.
Hope this helps, Jarhead
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Re: How Much is Needed To Retire? (A Twist)
Old 08-03-2004, 09:51 AM   #74
 
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Re: How Much is Needed To Retire? (A Twist)

Thanks for the info - I was aware that "diminishing returns" set in as you complete the 35 years but I didn't realize you could drop out 5 and still be that close. I'll have to play around with the benefit calculator a little more to get a better feel for it...

CC

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Re: How Much is Needed To Retire? (A Twist)
Old 08-03-2004, 11:56 AM   #75
 
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Re: How Much is Needed To Retire? (A Twist)

Hello Jarhead! Good post. I have wondered about
some of that myself. When you say you get
"75.00 short of maximum" SS, I assume you mean short
of what would be max. for retirees at 62. Correct?

Awaiting your answer I will continue to ponder
"Adams apples" and related gender issues

John Galt
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Re: How Much is Needed To Retire? (A Twist)
Old 08-03-2004, 03:59 PM   #76
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Re: How Much is Needed To Retire? (A Twist)

John Galt: ("Walking Eagle")

The amount I received was for age 62. (Very little difference between what I would have received if I had full 35 years at age 62. My income always put me in full contribution each year, so of course, if income is less that would be consideration.
By the way, the advance information the Soc. Sec. sends out was almost exactly right on target.
Have to credit Steve Garvey of the Dodgers for "Walking Eagle" handle.
When I was coaching baseball in So. Calif. attended a coaches conference, and Steve Garvey was one of the guys there. We were talking during a break, and I asked him about Tommy Lasorda. Said he was a good guy, and absolutely loyel to the Dodgers, but behind his back, team members called him Walking Eagle. So full of s---, couldn't fly.
Regards, Jarhead

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Re: How Much is Needed To Retire? (A Twist)
Old 08-04-2004, 07:02 AM   #77
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Re: How Much is Needed To Retire? (A Twist)

I just want to thank everyone for their responses. ER seems much more grounded when there are actual stories and metrics, with locations, assets, etc.

I am actually more concerned currently with the FI portion of FIRE - I want the remaining debt I have ("own") gone - and I want the freedom to tell my cold faceless corporate employer to shove it.

Profile: I'm 29 and married, no kids but one on the way. $65k in 401k, $20k in cash (emergency fund). School loans are now paid off (earned too much income to get any deduction benefit the last few years), we owe on my car, @ $14k (new car, but I drive 75 mi. round trip daily), and still owe $130Kish on the house, approx value $230k, on a 15 year loan.

Our conservative target goal is to have $200k in liquid net worth by 35 - I think this should be so easy as to be laughable, but realize that I want the house paid for and gone (being debt free, or close to it, feels damn good). Note that I'm not setting longer-term goals - it's too far out to calculate with any assurance at this point.

Again all, thanks for posting this information, and this forum is fantastic.

Sunrunner4
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Re: How Much is Needed To Retire? (A Twist)
Old 08-04-2004, 09:15 AM   #78
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Re: How Much is Needed To Retire? (A Twist)

I should add by way of introduction:

I'm a writer/artist/slacker, but this doesn't pay the bills so by day I masquerade as an internal auditor (I fake it well).

But it always bothers me when people ask: "what do you do" when they really mean: "tell me about yourself". I refuse to believe that my career gives a summary, indeed, even an insight, as to who I am.

Since this is a post for random thoughts (and I should probably move this to another thread later), has anyone noticed that most corporate automatons forget their hobbies? Most of them "golf", and then give you the blank deer-in-headlights look if you ask for additional activities. Me, I think that's sad. When I get home, I can barely decide what to do, since there's so much I'd like to get to. Maybe that's why some people see such an inherent value to ER.

Sunrunner4
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Re: How Much is Needed To Retire? (A Twist)
Old 08-04-2004, 10:04 AM   #79
 
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Re: How Much is Needed To Retire? (A Twist)

Heloo sunrunner4.............Re. "so much I would like to get into", me too and I believe that makes for a healthy
approach to ER (or R for that matter). Anyway, today
I slept late and haven't done a damn thing except eat
breakfast, diddle on the computer and a little financial
planning. But, that's the beauty of it! If you so choose,
doing nothing can be doing something, just like when you were a kid.

John Galt
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Re: How Much is Needed To Retire? (A Twist)
Old 08-05-2004, 09:49 AM   #80
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Re: How Much is Needed To Retire? (A Twist)

Quote:
I want the remaining debt I have ("own") gone - and I want the freedom to tell my cold faceless corporate employer to shove it.

Our conservative target goal is to have $200k in liquid net worth by 35 - I think this should be so easy as to be laughable, but realize that I want the house paid for and gone (being debt free, or close to it, feels damn good). *
Hey Sunrunner,
We are both in about the same situation. I can completely emphathize with telling corporate to 'go get bent'. I, too, am hoping, to be completely debt free, albeit a bit earlier, age 33. How liberating that is gonna feel . Although, I'm fully expecting we'll have a rugrat by then, so it's hard telling how that will affect things. But by then, I'm shooting for approx. 350k-ish of liquid net worth.

Cheers to ER goals!

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