DevonMiles19
Dryer sheet wannabe
- Joined
- Oct 31, 2013
- Messages
- 24
I'm 38. Wife, 2 kids. Overall....I've had a mixture of good luck and also doing things right in that business life has been a success, and ditto family life.
My sin: I've neglected health and planning. NOT confirmed but reason to believe I have kidney disease. Oh, and my life insurance is frankly 60% SHORT of what I should've had.
Wife has never worked. Other than cutting coupons, NEVER done anything investing/financial related. Haven't told Wife anything yet...but have gotten very aggressive putting her thru basic finance 101. BUT.....I need to plan for this worse case:
*How can I leave proper income producing nest egg so Wife and kids can live without me* Money details:
*Say I'd croak in 5 years.
*$4,000,000 would be what I leave behind for her. (I hope to God that's enough, cause that's the number)
I know there's no perfect answer, but I'm hoping for some solid opinions:
*When figuring out "how long with my money last"....what are realistic assumptions for investment returns, AND yearly inflation?
Right now I'm using 3.5% yearly withdrawal increases, and 2.75% yearly investment returns. (Hoping to do 50% in CD's that by then will earn 2.5% hopefully. The other 50% in conservative equities....with hope of earning 4% per year, minus 1% wealth manager fee....so 3% on that.)
Very thankful for any thoughts. Right now, I wish I could go back in time, and shoot myself so I don't start a family.
My sin: I've neglected health and planning. NOT confirmed but reason to believe I have kidney disease. Oh, and my life insurance is frankly 60% SHORT of what I should've had.
Wife has never worked. Other than cutting coupons, NEVER done anything investing/financial related. Haven't told Wife anything yet...but have gotten very aggressive putting her thru basic finance 101. BUT.....I need to plan for this worse case:
*How can I leave proper income producing nest egg so Wife and kids can live without me* Money details:
*Say I'd croak in 5 years.
*$4,000,000 would be what I leave behind for her. (I hope to God that's enough, cause that's the number)
I know there's no perfect answer, but I'm hoping for some solid opinions:
*When figuring out "how long with my money last"....what are realistic assumptions for investment returns, AND yearly inflation?
Right now I'm using 3.5% yearly withdrawal increases, and 2.75% yearly investment returns. (Hoping to do 50% in CD's that by then will earn 2.5% hopefully. The other 50% in conservative equities....with hope of earning 4% per year, minus 1% wealth manager fee....so 3% on that.)
Very thankful for any thoughts. Right now, I wish I could go back in time, and shoot myself so I don't start a family.