View Poll Results: i have 1.4 million, 41.5 years old, own 400k home free and clear,married, wife will work pt, need in
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just from the look of it -YOUR CRAZY!!
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3 |
4.76% |
do your own dd
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4 |
6.35% |
my best "GUESS"is NO
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20 |
31.75% |
go for it - i would
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10 |
15.87% |
just from the look of it -YOUR DONE! welcome to ER
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7 |
11.11% |
my best "guess" is YES
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12 |
19.05% |
enough with your polls!
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4 |
6.35% |
go to bed!!!
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3 |
4.76% |
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sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 04:05 AM
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#1
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 186
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sorry guys, i like using polls to get a quick look ,short answer
need reassurance .... i.e. hand holding
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 04:08 AM
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#2
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 186
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Re: sorry guys, i like using polls to get a quick look ,short answer
a quick review only....
__________________
We should all feel blessed!
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 09:18 AM
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#3
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Moderator Emeritus
Join Date: Jul 2005
Posts: 2,811
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Re: sorry guys, i like using polls to get a quick look ,short answer
More data is needed.
How much $$ will DW generate from PT?
Will she have medical insurance? If not, how will you cover the cost as it looks like it is not in your $5k per month expenses.
Does the $5k/month include taxes?
$1.4M will generate $56k at 4% SWR. Your $5k per month=$60k per year not counting insurance or taxes. With these limited figures I would say you are a bit short of ER.
__________________
Work? I don't have time to work....I'm retired.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 09:26 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
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Re: sorry guys, i like using polls to get a quick look ,short answer
The question might be asked better as: If my wife walks out and takes the part time income and health insurance and 50% of the home equity and portfolio... Only you know that answer.
But cynical thought/comment process aside, it looks close to spittin distance to me!
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 10:02 AM
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#5
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Full time employment: Posting here.
Join Date: Aug 2005
Posts: 945
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Re: sorry guys, i like using polls to get a quick look ,short answer
If you were a little older, say in your mid 50's, I would say yes, but you are only 41 and therefore have a long time horizon. Think what 1.4 mil will be worth in 30 years after inflation and then look at your numbers.
Also, you did not say, but I am assuming there are no pensions or other income to rely on besides your investments. Also, as Soc. Sec is on shakey ground, I would not rely on that 100%. Hopefully, it will be there, but most likely at a reduced amount.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 10:07 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2004
Posts: 1,463
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Re: sorry guys, i like using polls to get a quick look ,short answer
Steve hit the high points - Insurance and taxes.
Other than that - you'd be close.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 10:31 AM
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#7
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Full time employment: Posting here.
Join Date: Jun 2006
Posts: 718
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Re: sorry guys, i like using polls to get a quick look ,short answer
What does firecalc say?
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 10:32 AM
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#8
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Full time employment: Posting here.
Join Date: Aug 2005
Posts: 945
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Re: sorry guys, i like using polls to get a quick look ,short answer
Re-thinking my reply. First of all, we have no idea what your wife's part time job will be contributing to your monthly income needed. I voted no, because of your monthly nut requirement. ($4,500 to $5,000)
If on the other hand, you wanted to scale that back and adapt a more modest lifestyle, perhaps an expate life, or move to a cheaper area in US, and put yourself on a tighter budget, then perhaps it would make sence.
If you could keep your withdrawels to not more than $3,000 per month, and your wife could contribute the rest, then you would probably be safe. But then again, I am ultra conservative in my thinking and projections.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 04:15 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Re: sorry guys, i like using polls to get a quick look ,short answer
You're right on the edge but not quite. Now if you were willing to cut your housing down, that would free up cash and probably reduce your expenses.
You don't mention anything about possible pensions. You do have SS coming (maybe) in a couple more decades. Like me, heathcare is your wildcard. DW may not like you goofing off while she works for the health benefits.
If you really hate what you are doing and where you are at, you certainly have the luxury to look at something else and even to look at some PT activities you might like better.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 05:10 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Re: sorry guys, i like using polls to get a quick look ,short answer
Unless your working wife has a chip implanted in her brain, and you have the controller under lock and key your retirement could walk right out the door any day.
Be sure to keep your job skills up!
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 05:21 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Re: sorry guys, i like using polls to get a quick look ,short answer
When you say you need 4500-5000 - I assume per month. Is that NEED or WANT.
My formula is: (( Bare Bones annual spending * 2) - Annual Pension Amt) * 25 = NEST EGG
Bare Bones is to maintain your current living Quarters and basics.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 05:40 PM
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#12
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 186
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Re: sorry guys, i like using polls to get a quick look ,short answer
4500-5000 is "want"
barebones= about $2600 x 12 = 31200 x 2= 62,400 x 25 = 1,560,000
so i got a bit to go.
i am assuming barebones is just living expenses ... not 'perks' like buying wants and not needs ~correct?
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We should all feel blessed!
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 05:55 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Re: sorry guys, i like using polls to get a quick look ,short answer
Quote:
Originally Posted by wstu32
4500-5000 is "want"
barebones= about $2600 x 12 = 31200 x 2= 62,400 x 25 = 1,560,000
so i got a bit to go.
i am assuming barebones is just living expenses ... not 'perks' like buying wants and not needs ~correct?
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Yup, those are the things you have to pay to live. I mulitply it times 2 to give you flexibilty to buy things you want - travel, dining out etc. - Just a guideline but, it seems to work for most folks.
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 05:57 PM
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#14
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 186
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Re: sorry guys, i like using polls to get a quick look ,short answer
thanks cut-throat
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We should all feel blessed!
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Re: sorry guys, i like using polls to get a quick look ,short answer
03-20-2007, 06:09 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Re: sorry guys, i like using polls to get a quick look ,short answer
The 25 is for an approximate 4% withdrawal rate.
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