Merrill Lynch study says you need $738.4K on average to retire

[97guns]

Quote:

Originally Posted by Blue Collar Guy i believe u, some day if u care to share this strategy with me id appreciate it

No strategy, just a leap of faith, no timing involved, I let returns on my money dictate my timing. in 2009 when my money in the bank stopped making the 5% on cd's I began looking for some return on my money. I had dabbled in RE before but it didn't work out and I got out but I had always wanted to be in it because I've seen most of my family members build serious wealth with it.

The RE bubble popped in 2008 and homes that topped out at $375k were now 75-80k, I snapped one up but it took me almost a month to find a tenant, I was worried but after I filled the vacancy I bought 2 more through financing, then #4 all cash. In 2013 my dad passed away and left me 200k so I added another at $160k, so my total investment is 90k for the first house, 20k and 30k on the 2nd and 3rd, 75k on #4 and $165k for #5 for a total of $380k which nets me around $65k a year and that's what I've been living on for the past 8 years and throwing all reserve monies to physical gold and silver

Values are now back up to $280k and my net worth sits at 1.7 mil

[UnrealizedPotential]

Quote:

Originally Posted by 97guns Really don't care if any of you believe my story or not,, I didn't tell it to make friends , I told it because I'm proud as hell of my accomplishments and savvy, sharkl like investing

You are right. I am sorry.

[Blue Collar Guy]

i have an uncle thru marriage, he like most of the brides family doesnt have 2 wooden nickles to rub together, much less 738 thousand. he is retired i think he gets 1060 a month soc sec and 194 in food stamps, and medicare, medicaid and a free cell phone. drives a broken down jalopy buys lottery tickets and goes to the casino. he currently lives with my mother in law (his sister). this is how a huge percentage of our population retires. 738k ,PFFF they make this stuff up

[Mulligan]

Quote:

Originally Posted by Rustic23 Easy, my IRA $400,000 nets me $130,000. Oh, I left out Wife's IRA, and SS, and several pensions. But hey, it only a study.

That is funny, yet true...I know people who live a very comfortable retirement with zero net worth...As long as those pension checks show up each month there is no problem!