Millionaire

[monkey1950]

Lets' get right to it. I'm 59 1/2. How can I live off $1million without touching prin?

 

[REWahoo]

I'll get right to an answer: Invest it all in something like Vanguard Wellesley and learn to live on $40,000 a year.

Next question.

 

[haha]

I don't know. Often, the spirit is willing but the flesh is weak, and Prin is downright cute.

Ha

 

[Bestwifeever]

And how much do you need to live on each year?

 

[Leonidas]

All asked and answered here many times. Here, I'll make it easy for you:

http://www.early-retirement.org/forums/f28/explain-the-4-withdrawal-rate-19234.html

http://www.early-retirement.org/for...our-current-salary-saved-to-retire-27061.html

http://www.early-retirement.org/forums/f28/next-poll-hows-your-spending-in-retirement-19726.html

http://www.early-retirement.org/forums/f29/how-do-did-you-prepare-for-er-20952.html

http://www.early-retirement.org/forums/f28/fire-recommended-reading-list-22300.html

 

[RonBoyd]

Lets' get right to it. I'm 59 1/2. How can I live off $1million without touching prin?

Cautiously... and with great care.

 

[unclemick]

I'll get right to an answer: Invest it all in something like Vanguard Wellesley and learn to live on $40,000 a year.

Next question.

Aaaaaah - you really need to explain - there really really is no next question AND there will be a test.

If you flunk you will not get a secret decoder ring in the mail - no matter how good you convinced Santa you were.

heh heh heh -

 

[Bikerchick]

Aaaaaah - you really need to explain - there really really is no next question AND there will be a test.

If you flunk you will not get a secret decoder ring in the mail - no matter how good you convinced Santa you were.

heh heh heh -

Aha! Now I know where to find a secret decoder ring

 

[monkey1950]

Are you all nuts?

What kind of drival is this?

 

[REWahoo]

What kind of drival is this?

Non-trivial [-]drivel[/-] drival?

 

[Bestwifeever]

What kind of drival is this?

Only the finest.

Actually it's the kind you get for free on an anonymous Internet forum but with a bonus of smart people giving you real advice of some resources that will help you decide for yourself how to support yourself on $1 million without touching the prin. Give it a try.

 

[IBWino]

What kind of drival is this?

You asked a question that has been addressed numerous times on this forum and does not have a simple answer. REWahoo has posted a simple solution that has a high probability of success.

 

[Bikerchick]

All asked and answered here many times. Here, I'll make it easy for you:

http://www.early-retirement.org/forums/f28/explain-the-4-withdrawal-rate-19234.html

http://www.early-retirement.org/for...our-current-salary-saved-to-retire-27061.html

http://www.early-retirement.org/forums/f28/next-poll-hows-your-spending-in-retirement-19726.html

http://www.early-retirement.org/forums/f29/how-do-did-you-prepare-for-er-20952.html

http://www.early-retirement.org/forums/f28/fire-recommended-reading-list-22300.html

Leonidas offered some good leads. My situation is similar to yours, and I gotta tell ya, there's some very, very helpful information on this forum. And FIRECALC is awesome.

 

[unclemick]

You asked a question that has been addressed numerous times on this forum and does not have a simple answer. REWahoo has posted a simple solution that has a high probability of success.

Ahem ahem (dusting off his Curmudgeon certificate) the answer is so stone simple that I would venture better than 90% of the people you give it to can't believe it.

Sorta like the middle ages when everyone 'knew' the world was flat.



heh heh heh - To paraphrase a well known comedian - 'take my Sister-Please!'

 

[Leonidas]

Get a clue

What kind of drival is this?

Oh, Never Mind


http://www.youtube.com/watch?v=efz5Wl_WdOw&feature=related

 

[brewer12345]

What kind of drival is this?

Buy real estate, since it never drops. Whoops...

Seriously, you got some pretty straight forward answers. Divine wisdon as received in these parts (and backed up with a fair amount of data) is that if you invest in a diversified portfolio you can take about 4% inflation adjusted out annually and be pretty sure you will not run out of money over a 30 year period. There are caveats, refinements and contingency plans worth hearing, but that is the heart of the matter.

And we are all dead in the long run. Ain't no pockets in a shroud, so what is so special about preserving principle?

 

[RonBoyd]

Oh, Never Mind

What do you mean "never mind"? Don't deprive me of pointing out that instead of doubling your chances of winning by "spending two dollars," imagine what $100 (or a thousand) would do for you.

YouTube - How To Win The Lottery

(Disclaimer: Your chances of winning remain the same whether you purchase a 1,000 tickets or none,)

 

[Leonidas]

What do you mean "never mind"? Don't deprive me of pointing out that instead of doubling your chances of winning by "spending two dollars," imagine what $100 (or a thousand) would do for you.

Ah, Brewer was restrained and pretty gentle instead of eviscerating and that shamed me into withdrawing my snide remark.

And it is Christmas after all

 

[oldtrig]

Sent the million to me. I will send you money when you need it

 

[unclemick]

Sooo - given the choice between "42" and pssst Wellesley betcha many here can guess which one I'm going with.

heh heh heh - "never apologize Mr Cahill it's a sign of weakness." Speaking curmudgeon wise that is. .

 

[Gumby]

What kind of drival is this?

Are we all nuts? No, I am the only one who is nuts. And my comments are offal, thank you, not drival.

 

[freebird5825]

The real question is...are you single?

That in itself could drastically affect your withdrawal rate.

 

[Tesaje]

(Disclaimer: Your chances of winning remain the same whether you purchase a 1,000 tickets or none,)

Not so! If you buy zero tickets, your chance is zero. If you buy 1 or 1000, it is close to, but not zero.

I still rarely ever buy one.

 

[Meadbh]

Sent the million to me. I will send you money when you need it

Is that you, Bernie?

 

[Meadbh]

What kind of drival is this?

The standard of drival is equal to the standard of the question.