Just Retired

[jrvasterling]

I am a single woman, 67, with $1M in a conservative portfolio at TIAA. My expenses are high: $7000/month. Suggestions on making my money stretch?

 

[Whisper66]

Probably need to provide some more information to get good suggestions. For example, unless you have some income you didn't mention (still working, social security, pension, other?), you need to make some drastic changes to your expenses to make your money stretch. You could modify your portfolio for higher risk but it wouldn't make the kind of differences you might need. Some numbers to see where this comment comes from:

a typical 67 woman has ~10% chance of living another 30 yrs
https://personal.vanguard.com/us/insights/retirement/plan-for-a-long-retirement-tool

If we look at your assets / expenses in FIRECalc: A different kind of retirement calculator over a 30 yr timeframe with no added income.....
~85% chance you will run out of money
would need to cut expenses to ~ 40k per year (down from 84k/yr) to have a 95% of outliving your money.

Hopefully you still have some income so the above isn't your situation. Let us know a bit more about yourself / goals with this money. Lots of good people to help here.

 

[DrRoy]

Do not pay someone else to manage your money. Do it yourself and save the fee, if you are not already.

 

[Walt34]

Not enough information on (hopefully) other sources of income. But standing alone $1m is not nearly enough with the posted spending level.

 

[Blue Collar Guy]

I am a single woman, 67, with $1M in a conservative portfolio at TIAA. My expenses are high: $7000/month. Suggestions on making my money stretch?

I certainly have a suggestion. option #1-Marry rich, or option #2- drastically reduce your expenses. i suspect you also have social security which you did not tell us about , then your spending reduction will be less drastic. Im in favor of option 1,

 

[Golden sunsets]

In addition to other sources of income can you give us more info on where the $7,000 goes every month(what caregories of spending). Do you have any debt? Do you own your own home? Live in a High or Low cost of living area?