aja8888
Moderator Emeritus
This thread is a mess......
This thread is a mess......
This thread is a mess......
True! About everything you said.Honestly, I know no one that had $750k to retire on. Think Mom had about $25k. Dad and his wife had $7k when he passed. Probably had about that much when he retired. Coworker friend got the boot to ER at 55 with almost a half million and thought he'd be fine and actually is. A close relative is retiring at FRA SS this year with a negative networth. Any time I spoke with these people they rarely complained about money. Always complained about health issues. As a group we worry about money on this forum way too much.
This thread is a mess......
Ain't that the truth!
How so? Not sure I follow...
I truly don't mean to be rude or snarky and If I've missed something about the intent of the original OP's question (as in... it's just a fun question to toss out and discuss), let me know. But why ask a question, qet 10 pages of responses (many requesting more info). and then never participate in the conversation? Isn't that what this forum is all about? I apologize it this hijacks the thread and sends it in a different direction. Mods....feel free to do your thing and delete my concern if takes a nasty turn.
Also sorry if I missed an earlier response from the OP.
yep... agree
Annual Spending < (investments x 4%)+SS+Pension*
As most of us know, "How much do I need to FIRE?" is a fairly simple math equation. Entering a zero for either investments, SS or pension, does not really change the basic formula. Income is income and spending is spending. To a large degree, the source or income or the purpose of spending is irrelevant.
So yes, one person would be able to retire with $750K in investments while another would not be able. The formula provides the correct answer for both individuals.
*If the pension does not have a cola, you would need to make an adjustment for inflation.
I know I am not retiring with .75M. I'd like a thread on who is retiring with $500,000. Where do you plan to live? Do you plan on getting a part-time job? Will you be collecting Social Security at 62? Do you have a pension?
I retired 8 years ago with less than that in a HCOL. My wife was working and we had low debt and free medical. Now we're enjoying life, moved to a LCOL area and still have under $1 million. Oftentimes life is not about money.
Agree with the overall concept, but wonder in a scenario if spending is 40k, would more folks rather have that 40k covered by SS/Pension rather than 1mm in investments in a theoretically either/or scenario.
I'd like that thread as well!
+1
We are doing fine with just over 500k, my small pension $900/mo, 50/50 healthcare from last employer & my bit is $600/mo, DH's ss $1900/mo) plus $100k or so liquid and about$100k in items that can easily sold.
It helps that we have no debt of any kind and have installed solar on our roof, so no electricity bill). We also live in a LCOL area- Houston suburb- where services & shopping is cheap. DH has been going through cancer treatments and our out of pocket on on the problems have yet to exceed $300/ yr since the 2017 diagnosis.
We continue to travel (going to Seattle/ Vancouver in week) and doing all of the things we want to dot. If you like to hike like we do, it is a very cheap and fun thing to do.
I've yet to dip into the kitty yet (increasing value & can be easily sold) and I do not intend to take SS until 67 at least and 70 if able. I have long term care policy for me (through ex-employer) as I have longevity in my blood.
I truly don't mean to be rude or snarky and If I've missed something about the intent of the original OP's question (as in... it's just a fun question to toss out and discuss), let me know. But why ask a question, qet 10 pages of responses (many requesting more info). and then never participate in the conversation? Isn't that what this forum is all about? I apologize it this hijacks the thread and sends it in a different direction. Mods....feel free to do your thing and delete my concern if takes a nasty turn.
Also sorry if I missed an earlier response from the OP.
......I think I'll have a go at coming up with a few more -
I just bought a van. I have 15K in savings. Can I retire? Yes, down by the river!
I'm tired of working. Can I retire? Yes, and live in a van down by the river!
I have (insert amount of money here). Can I retire? Yes, get with the guy that owns the van.
However, I just splurged and purchased a rather nice older Airstream Class B* camper. As a result, my WR is about to go up quite drastically, unless I move into it! We'll see how things go from here.
*NW-Bound made me do it. That's my defense,
... My WR has been hovering at about 2% for most of this time. However, I just splurged and purchased a rather nice older Airstream Class B* camper. As a result, my WR is about to go up quite drastically, unless I move into it! We'll see how things go from here.
*NW-Bound made me do it. That's my defense,
I know I am not retiring with .75M. I'd like a thread on who is retiring with $500,000. Where do you plan to live? Do you plan on getting a part-time job? Will you be collecting Social Security at 62? Do you have a pension?
... she did not bother to mention another account with $100K in it that she didn't count in her "just $750K" to retire.
So people weren't even getting correct info in the first place by an apparently confused poster.