Least amount someone has ER'd with

[dusk_to_dawn]

I got this idea from reading a post from Dreamer. What is the least amount someone here has ER'd with? If I didn't have a 10 year old son, I think my wife and I could ER with 500K. Our house is paid for and eventually we will get some pension (20 yrs away) and some SS (14 - 19 years away), but w/ 20K/yr in withdrawls, I think we could do it.

[Ed_The_Gypsy]

Quote:

I think my wife and I could ER with 500K.

I sure as h*ll hope it can be done.

Gypsy

[dusk_to_dawn]

Quote:

Originally Posted by Ed_The_Gypsy I sure as h*ll hope it can be done. Gypsy

I didn't say we were going to try. I said I think it can be done. I just want to know if anyone out there has done it. If they have, that is a heck of an accomplishment. I know there is a couple that travels the world on 24K a year.

I still plan on working until my son finishes high school. I don't want him to think know dad is a slacker.

[Hydroman]

We could do it on $500K but will wait a couple more years for the kids to finish school. Currently mortgage/debt free with SWR portfolio value of $550K. Expect around 650K when we ER in 2-3 years. Will be living on our 20 acres in North Idaho, off the grid (hydro, solar & wind), water from well, wood heat from our own forest, self sufficient garden, winters in asia and latin america.

[Ed_The_Gypsy]

d_to_d,

I was speaking for myself. I look forward to reading the responses. More power to anyone who succeeds...and please tellus all about it.

Cheers!

Gypsy

[dusk_to_dawn]

OK Gypsy, I got it now. I agree with you. I wish it could be done, but DW can't slum it quite like I can.

[razztazz]

The lowest amount anybody's actually retired on? Everybody's situation is different so some will need more while some can truly *live on peanuts.

The biggest problem, as we have cussed and discussed ad nauseam here, is the medical insurance thing.

I retired at 38 with a market value of 674,000.00 Clams U.S.

I am retired military so some of that is the imputed market value of the retirement pay and the medical insurance available to retired military. (starting paycheck + comparable medical policy cost *simulating a standard 60/40 *asset allocation divided by .035 because I intended to live more than the 4%SWR 30 year max)

Then I added my own money to that.

I did not own a house outright. I was always an apartment dweller. Well, except for the 4 yrs I "owned" (made payments on)* a house in Upstate NY

I retired 10 yrs ago, so all these figured might have to be adjusted upwards for realism

[Sam]

Quote:

Originally Posted by dusk_to_dawn I got this idea from reading a post from Dreamer.* What is the least amount someone here has ER'd with?* If I didn't have a 10 year old son, I think my wife and I could ER with 500K.* Our house is paid for and eventually we will get some pension (20 yrs away) and some SS (14 - 19 years away), but w/ 20K/yr in withdrawls, I think we could do it.

dusk_to_dawn,

Even with the house paid for, 20K/year is hard to get by for a family of 3 in the USA.* It certainly can be done, but it will be tough.

According to the latest data, the poverty level in the US is set at around $9.5K for one person, $13K for two, and $16.5K for three.* But that number also includes housing cost.* Since you already own a house, you are in better shape.* But still, you are not very far above that level.

I'm only talking about numbers here.* Definitely not trying to convince you to do one way or another.

20K/year and a house, however, is a significant sum outside of the US such as* Mexico, or most countries in Central America.* You should not have any problem living a middle or upper middle class life over there with that sum.

Best of luck,
Sam

[Maximillion]

$500,000 at 4% withdrawal gives you about $20,000, so just add other sources of cash until you reach your estimated living needs.

A Couple who receive $30,000 from S.S . would have $50,000 per annum with no other Pension Monies($500K X 4%).

I personally think 4% is to low and think 6% is closer to reality.

[Andre1969]

If I didn't have a mortgage, I think I could probably retire with $500,000. But I'm single, with no kids, so there's only one mouth to feed. My goal, though, is to have at least $1 million, plus no mortgage. Just to get a bit of extra cushioning in to ride out the rough patches, and so my existence doesn't have to be TOO bare-bones!

[unclemick]

Long ago and far far away - 200k, 1993, age 49.

Heh heh heh heh heh - ah yes with some pesky wrinkles:

6k/yr duplex rental then sold by owner, 1 yr temp job, her(da SO) 4k/yr pension, NO health insurance for 12 yrs, small 11k/pension at age 55, etc.

Would look very messy on a spreadsheet - but we got it done.

My favorites - I was a really cheap bastard(that was fun) and Mr Market was a cool dude in the 90's.

Fish camp over Lake Ponchartrain - it was a great run until Katrina and the SO died.

That was then - this is now.

Now - older phart with early SS, defined pension, high deduct. health insurance, 1 mil portfolio(+ or - Mr Market) and maybe 50k/yr expenses in MO(Yr ain't over yet).

To repeat - given the range of ER's/lifestyles posting here - you gotta glean the nuts and bolts and put together a plan that fits your personal situation.

My one yr - 12k budget back in the 90's was a source of pride - she bought a cast iron frying pan and threatened bodily harm if I ever attempted 'that' again.

Stepping outside the box - is in the view of the beholder!

heh heh heh heh heh heh

[youbet]

Quote:

Originally Posted by dusk_to_dawn * What is the least amount someone here has ER'd with?*

d_to_d:

Is there some common denominator we could put this in terms of?* With folks having a mix of financial portfolios, real estate, pensions, SS, part time work, working spouses, etc., it seems futile to only mention the value of the financial portfolio.

For example, my folks retired with hardly anything saved.* But with dad's generous cola'd public sector pension, including a free BC/BS deluxe policy, and SS, they lived just fine

Perhaps what's relevent is what we think we need to spend, our budget, in retirement rather than what we have?* * At least for this discussion.* Then a related, but seperate, subject would be how we achieve the income to meet that budget.

[Sam]

Quote:

Originally Posted by unclemick2 Long ago and far far away - 200k, 1993, age 49. Heh heh heh heh heh - ah yes with some pesky wrinkles: 6k/yr duplex rental then sold by owner, 1 yr temp job, her(da SO) 4k/yr pension, NO health insurance for 12 yrs, small 11k/pension at age 55, etc. Would look very messy on a spreadsheet - but we got it done.

Hat off to you, unclemick2. That's quite an accomplisment.

Sam

[justin]

Where's JG when you need him? He retired with nothing but a working wife, brains, brawn, good looks and will power.

My inflation calculator says that $200,000 in 93 corresponds to $276,000 today.

[Maximillion]

youbet, that has been my argument with FA's who tell you that you need X Gazilllion $'s to Retire, they rarely ask you how much you need to live on?

I have taken the approach that if I need $50,000 to live on, I subtract the Government Pensions, the present Value of Vested Pensions, the $'s that are still needed are what I need in my personal Savings and Pension Plans, assuming a 6% withdrawal.

I have a Brother who followed his FA's advice, drove old cars etc, now Retiring, when the math is done on his Estate and what he needs to live on, if he dies at 75 his only Daughter inherits $10,000,000.00

[HFWR]

Quote:

Originally Posted by justin Where's JG when you need him?* He retired with nothing but a working wife, brains, brawn, good looks and will power.* *

Well, one of the above... :P

[youbet]

Quote:

Originally Posted by Maximillion I have taken the approach that if I need $50,000 to live on, I subtract the Government Pensions, the present Value of Vested Pensions, the $'s that are still needed are what I need in my personal Savings and Pension Plans, assuming a 6% withdrawal.

Same here, only I'm sticking with 4% for now. *Will increase that if investment performance surprises in a happy way. *

BTW, since I'm on the eve of ER, there is no point in assuming anything other than what I've been doing! *I've accumulated enough that a 4% withdrawal supports a very livable budget........and here I go to try it out.......

[Nords]

Quote:

Originally Posted by justin Where's JG when you need him?* He retired with nothing but a working wife, brains, brawn, good looks and will power.* *

He's moved: http://www.raddr-pages.com/forums/pr...ewprofile&u=69

[cute fuzzy bunny]

There is always the "baguette maneuver", for the "old timers" around here.

Buy a one way plane ticket to switzerland or some other country with pretty decent prisons. Buy a baguette. Walk into a bank, announce you are robbing it, wave the baguette around in a threatening manner, surrender to the police the moment they show up, plead guilty and ask to have the book thrown at you.

When released, buy another baguette.

Low to mid three figures for an unlimited, no cost early retirement.