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Old 06-12-2019, 05:24 AM   #41
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I hope this thread was a joke. I would say 90% of people in the united states retire on much less than $750k. People that post/contribute to financial forums are not the norm. We are a small group who are #woke when it comes to finances.
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Old 06-12-2019, 05:37 AM   #42
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OP, here is an article in the Atlanta paper by Wes Moss. He is a local fee only financial planner. In the article he suggests that $500k is a ballpark lower end retirement number.

"According to my research, with just a half-a-million-dollar nest egg, you can live a happy and financially secure retirement. While everyone’s financial retirement income needs vary, this number can work for retirees who carry little debt and who don’t live an extravagant lifestyle. "
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Old 06-12-2019, 06:02 AM   #43
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I'm in the pauper bracket of under a million when I started. Paid off housing and car, low MAGI for ACA, I don't feel like I'm suffering with some possum living lifestyle.
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Old 06-12-2019, 06:18 AM   #44
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Well, I just retired two weeks ago. The young wife is retiring this coming Monday. No way in hell would we have pulled the plug with only $750k in our portfolio (and that's with $100k in pension/social security income + retiree health care + a paid off house). But that's just us.

You need to evaluate your own situation and decide. Here is a list of questions to think about when you are pondering how much is enough. http://www.early-retirement.org/foru...ire-69999.html Tl:dr -- how much will you need to spend out of your portfolio every year?

Good luck with your planning.
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Old 06-12-2019, 06:35 AM   #45
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My mom retired on $1500 / mo social security and $30k in the bank. And she seems very happy.
People do that everyday. The media just does not write the stories about them. Do the companies just want them at the salt mine. It makes me wonder?
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Old 06-12-2019, 06:39 AM   #46
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For some of us, the number ( went down, the older we got and the fuller the BS bucket got!

I could see that happening. And, I've had a few close calls here and there, where I was tempted!


In my case, I think the number going up has more to do with simply having more experience, and a better handle on what things cost. Plus, inflation. When I originally got serious about retirement goals, I figured that if I got to $1M in investible assets, and mortgage free, I'd be comfortable retiring. But, that was when I was 30, back in 2000. Adjusting for inflation, that would be like roughly $1.5M and no mortgage today. And, I do have a feeling, that if I was at $2.0M and no mortgage, I'd be comfortable retiring...or at least, willing to take the leap, and get comfortable with it later!
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Old 06-12-2019, 07:54 AM   #47
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Anybody do it with less than a mill?

When folks ask about the size of a FIRE portfolio required to comfortably retire, it implies that the FIRE portfolio will be the main source of retirement spending funds. If it's not, why ask the question?

Pensions and other retirement benefits (such as retiree health plans), SS, spouses continuing to work, part time work or hobby-work, investing/financial management skills and willingness to spend some time at it, other assets (home, vacation home, corvette collection, etc.) are sometimes significant contributing factors.

For example, a DINK couple retiring from high level, long time employment with the Fed gov't and with reasonable expenses can easily retire with NO savings other than perhaps a decent emergency fund.

Asking if $0.75 MM is enough to retire on is meaningless...........
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Old 06-12-2019, 08:17 AM   #48
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The $750K is one aspect of my portfolio, while a $1500 pension could be considered an additional $540K, and the dual SS that my wife and I will get starting at 64 will be an another $792K. This will probably be supplemented by my shop fiddling with restoring cars, and tractors....i'm not too worried.
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Old 06-12-2019, 09:01 AM   #49
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We retired with $600k but through some probably risky investing the past three years we are now at $975k, and that is after spending ~45k a year. Hope to be at $1.5m in a couple more years.
it's pretty aggressive - 50% return in 2 years
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Old 06-12-2019, 09:04 AM   #50
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You can get your estimate at SSA.gov. If you've worked at least 10 years you'll have enough credits to get something when the time comes. Even if it's not that much, it's still good to know because it all adds up and you should count it.
I meant as of age 38. Today, yes-in-deedilly, I know exactly what it's gonna be!
Back when I retired the internet was brand new. You couldn't really access that kind of data easily. And at 38, 62, 65, 60-whatever was like 100 yrs in the future. SS was sort of a meaningless number and would not have impacted my retirement then anyway.
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Old 06-12-2019, 09:10 AM   #51
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Those ponies aren't gonna buy themselves, you know

750k wouldn't cut it for us. Our oldest DD is entering her third trimester of incubating our immortality. Spoiling grandchildren can be expensive, especially if it includes gifts that generate lots of noise and mess... in DD's house, not ours. (This is how parents get even with their adult kids!)
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Old 06-12-2019, 09:28 AM   #52
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OK. You have a net worth of close to $1 million. No, you can't invest the house but you don't have to pay a mortgage or rent. It is part of your net worth.
I agree about the house, technically. For purposes of determining whether one can afford to retire, I wouldn't include it, unless it can produce an income or easily be liquidated to put food on the table.
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Old 06-12-2019, 09:42 AM   #53
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My mom retired on $1500 / mo social security and $30k in the bank. And she seems very happy.
Same situation here --- My Mom gets $1411/mo SS/pension combined (net after Healthcare and dental care premiums) and has about $20K for emergencies -- She has Federal Employee Survivor healthcare combined with Medicare so very few outta pocket healthcare expenses. Owns her own place in a 55+ community.

It is tight but has been for decades. My Dad retired from Fed Gov. when he was about 52 on disability and made it to 77 and all they had together was his $1500 pension and $400 in SS combined -- When he passed she got half his pension but her SS went up.

She leads a simple life, gets reduced electricity though a county program, and reduced Property Taxes and makes things work ---
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Old 06-12-2019, 09:42 AM   #54
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Originally Posted by flintnational View Post

OP, here is an article in the Atlanta paper by Wes Moss. He is a local fee only financial planner. In the article he suggests that $500k is a ballpark lower end retirement number.

"According to my research, with just a half-a-million-dollar nest egg, you can live a happy and financially secure retirement. While everyone’s financial retirement income needs vary, this number can work for retirees who carry little debt and who don’t live an extravagant lifestyle. "

Thank God, that's how I early retired. First I made sure I devoted my career to a company with good benefits [401k, pension, heath insurance.] Second, I made sure I was totally debt-free [both house and new car paid off] before I retired. Since I had always preferred living a modest but comfortable lifestyle and I already lived in a lower cost of living part of the country [Dallas, Texas], I didn't have to sacrifice my preferred lifestyle.

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Old 06-12-2019, 09:43 AM   #55
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wow, I was looking through here because I was curious about the thread title, and people are saying you can't retire with $750,000 saved up

how in the world do you even save that much up anyway? that is a crazy amount of money to me! I'd feel like rihanna!
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Old 06-12-2019, 09:51 AM   #56
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wow, I was looking through here because I was curious about the thread title, and people are saying you can't retire with $750,000 saved up

how in the world do you even save that much up anyway? that is a crazy amount of money to me! I'd feel like rihanna!

The whole time I was saving enough money to retire early... I was a single working mother with a disabled child. Thank God, if I can do it anyone can if they have the right attitude, lifestyle and priorities.

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Old 06-12-2019, 09:58 AM   #57
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Er... I don't even know if I AM retired. I left my job with Megacorp in January 2015 (major stress), I had 455K total in taxable & 401K investments, and around 25K in savings.


I only spent between 22-24K annually (single, apt in the city) but I still didn't think I had enough to retire on. Thought I could at least take 2-3 months off...


But here I am, 4 1/2 years later & still not working. Have around 6K in checking, and 620K in my investment portfolio. (Been invested in same Total Stock Market & Small-Cap Funds for years.) I don't feel like I'm depriving myself at all, I have great health insurance (thanks ACA) for under $500 a year.


I'm 58, and hoping to not take SS too early!
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Old 06-12-2019, 10:04 AM   #58
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I hope this thread was a joke. I would say 90% of people in the united states retire on much less than $750k. People that post/contribute to financial forums are not the norm. We are a small group who are #woke when it comes to finances.
I wouldn't presume the OP is joking. What you say is true, but look at all the alarmist headlines that suggest that unless you've got 7 figures, you'll be working until you drop dead on the job.
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Old 06-12-2019, 10:04 AM   #59
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Wouldn't work for us. Family of 4 (today) possibly 5 in future. With projected College costs at 500k, and medical around 250-300 that would leave me with a gap.

1mil would make me feel better. 1.5mil and I wouldn't even hesitate and that is really 1 of 2 magic numbers. Retire at 50, with 1.5mil and no debts while healthy #s come back from the Dr. for both me and DW.

Although by that time, who knows what life could throw at us?
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Old 06-12-2019, 10:08 AM   #60
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Wouldn't work for us. Family of 4 (today) possibly 5 in future. With projected College costs at 500k, and medical around 250-300 that would leave me with a gap.

1mil would make me feel better. 1.5mil and I wouldn't even hesitate and that is really 1 of 2 magic numbers. Retire at 50, with 1.5mil and no debts while healthy #s come back from the Dr. for both me and DW.

Although by that time, who knows what life could throw at us?
Little different scenario than your sig line.
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