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View Poll Results: Almost 2021 - Is $1 Million still a relevant number as a retirement target?
Yes, we can retire with $1 Million 88 33.21%
No, we need $1.2 Mllion - $1.9 Million 64 24.15%
Higher, we need $2 Million - $4 Million 95 35.85%
Highest, $5 Million - $100 Million ... Sky's the limit 18 6.79%
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Poll:Is $1 Million still a relevant number nowadays for 2 retirees?
Old 04-13-2021, 05:11 PM   #201
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Poll:Is $1 Million still a relevant number nowadays for 2 retirees?

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Unless you are the rare individual who has both high financial literacy and emotional control, don’t try to DIY your investments. Get a solid, professional plan together with a planner who can be trusted, like at Vanguard Personal Advisor Services or Schwab or Fidelity. We have and my mother has and we wouldn’t do anything else. Once you have ALL of your goals, ALL of your assets and ALL of your income, present and future, plugged into their expensive, proprietary software, your portfolio spending picture is likely to look one heck of a lot better, because it is more surgically suited to you, than some blunt tool “4% Rule” or other. Go with one of those pros above regarding your specific, unique situation and you might be delighted.

free2020,
I re-read the paragraph I wrote and, yeah, I’ll stick with it. Given the OP’s question, the couple might well be candidates for a good, inexpensive advisor vs. the DIY approach, IMHO. I didn’t mention FireCalc. From my own personal experience, Vanguard’s software, coupled with their Dynamic Spending model, can allow someone to spend more than 4%, which adjusts each year, allowing people to retire much earlier than the 4% Rule allows. The 4% Rule works, I’m sure, since it is so very conservative but I still personally view it as a blunt tool, because it does not allow for social security or other wealth events. And I disagree with the critique of Vanguard and, from what I know about them, Schwab and Fidelity. They are the relative white hats in the industry. YMMV.
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Old 04-13-2021, 06:03 PM   #202
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free2020,
I re-read the paragraph I wrote and, yeah, I’ll stick with it. Given the OP’s question, the couple might well be candidates for a good, inexpensive advisor vs. the DIY approach, IMHO. I didn’t mention FireCalc. From my own personal experience, Vanguard’s software, coupled with their Dynamic Spending model, can allow someone to spend more than 4%, which adjusts each year, allowing people to retire much earlier than the 4% Rule allows. The 4% Rule works, I’m sure, since it is so very conservative but I still personally view it as a blunt tool, because it does not allow for social security or other wealth events. And I disagree with the critique of Vanguard and, from what I know about them, Schwab and Fidelity. They are the relative white hats in the industry. YMMV.
The 4% "rule" is only based on investment assets. If one has SS or a pension, then that income is taken into account and added to the income spending results when calculating the 4%.
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Old 04-14-2021, 08:43 AM   #203
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DH gets zero SS. He worked for a state agency were no SS was withheld. I don’t believe I am entitled to collect SS on first husband’s record either.
As I understand it, if you were married to someone else more than 10 years who has SS that would benefit you, you can claim on it? Or maybe once remarried that goes away....
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Old 04-14-2021, 09:05 AM   #204
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As I understand it, if you were married to someone else more than 10 years who has SS that would benefit you, you can claim on it? Or maybe once remarried that goes away....
I don't know the answer to this, because it is not relevant to my life, but if I were the OP, I wouldn't make an assumption that I can't get SS based on an ex spouse. I'd contact social security and get an actual answer from them.
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Old 04-14-2021, 10:38 AM   #205
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I don't know the answer to this, because it is not relevant to my life, but if I were the OP, I wouldn't make an assumption that I can't get SS based on an ex spouse. I'd contact social security and get an actual answer from them.
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Old 04-14-2021, 11:52 AM   #206
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When I start to collect SS I will certainly ask if I can collect on ex. I can even make it easy on them as his SS# is a permanent part of my memory. If I could collect it will be a pleasant surprise as I am sure he has been paying max SS his entire career which my dear late father played a large roll in.
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Old 04-14-2021, 03:36 PM   #207
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free2020,
I re-read the paragraph I wrote and, yeah, I’ll stick with it. Given the OP’s question, the couple might well be candidates for a good, inexpensive advisor vs. the DIY approach, IMHO. I didn’t mention FireCalc. From my own personal experience, Vanguard’s software, coupled with their Dynamic Spending model, can allow someone to spend more than 4%, which adjusts each year, allowing people to retire much earlier than the 4% Rule allows. The 4% Rule works, I’m sure, since it is so very conservative but I still personally view it as a blunt tool, because it does not allow for social security or other wealth events. And I disagree with the critique of Vanguard and, from what I know about them, Schwab and Fidelity. They are the relative white hats in the industry. YMMV.
I would never discourage the use of a fee-only advisor, but, honestly, I found it harder to find such a person than I did figuring out an appropriate DIY approach - and I'm not very wise in the ways of financial products. I subscribed (pretty much) to the Scott Burns couch-potato AA with a sleep-well-at-night level of stocks, decent cash equivalents and a hand-full of PMs. Haven't really changed that in 15 years. Not setting the world on fire, but I only worry about black swans. Full disclosure: I DO have more than 1MM so YMMV.
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Old 04-14-2021, 04:16 PM   #208
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We I start to collect SS I will certainly ask if I can collect on ex. I can even make it easy on them as his SS# is a permanent part of my memory. If I could collect it will be a pleasant surprise as I am sure he has been paying max SS his entire career which my dear late father played a large roll in.
See attached.
https://www.ssa.gov/benefits/retirem...applying7.html
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Old 04-14-2021, 04:16 PM   #209
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I see Suze has a net worth between $40M and $75M, maybe she has lost perspective of what the little people can prosper on.

That's not enough to own a private jet, let alone a yacht.

No wonder Suze is still working.
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Old 04-14-2021, 04:43 PM   #210
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That's not enough to own a private jet, let alone a yacht.

No wonder Suze is still working.
With that kind of money, she sure can rent one whenever she wants to. Then again, most of US here could as well - maybe only once, but... Think I'll get a C8 instead. YMMV
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Old 04-14-2021, 04:54 PM   #211
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If you are happy in retirement, the amount of money you have is largely irrelevant. If you are unhappy, more money is unlikely to change that.
Heh heh heh - . 1993 - ballpark 250k yes that's a k. Hindsight makes me prone to brag about my coping mechanisms. 27 years of ER later - much higher net worth..
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Old 04-14-2021, 05:05 PM   #212
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Heh heh heh - . 1993 - ballpark 250k yes that's a k. Hindsight makes me prone to brag about my coping mechanisms. 27 years of ER later - much higher net worth..
Impressive!
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Old 04-14-2021, 05:09 PM   #213
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As I understand it, if you were married to someone else more than 10 years who has SS that would benefit you, you can claim on it? Or maybe once remarried that goes away....

I gave quotes from the SS website and the link to the site in post #194.


One of the criteria is,



"Be at least 62 years old and not currently married."
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Old 04-14-2021, 05:15 PM   #214
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With that kind of money, she sure can rent one whenever she wants to. Then again, most of US here could as well - maybe only once, but... Think I'll get a C8 instead. YMMV
If I had Suze's assets, I'd have a NetJets subscription.
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Old 04-14-2021, 05:24 PM   #215
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With that kind of money, she sure can rent one whenever she wants to. Then again, most of US here could as well - maybe only once, but... Think I'll get a C8 instead. YMMV
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If I had Suze's assets, I'd have a NetJets subscription.


Renting? It depends on whether one has an ego big enough to want his/her name painted on a personal jet.

About charter jet, I dunno about most of us here being able to fly it. For me who lives in the SW to go to Hawaii, it would be around $50K one way. That would bump up my WR a bit. If I have to figure out how much something is in terms of WR, it's too rich for me.

If you are from the east coast, the ride to Hawaii is of course quite a bit more. But it would be cheaper for you to go to Europe.
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Old 04-15-2021, 02:25 PM   #216
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Renting? It depends on whether one has an ego big enough to want his/her name painted on a personal jet.

About charter jet, I dunno about most of us here being able to fly it. For me who lives in the SW to go to Hawaii, it would be around $50K one way. That would bump up my WR a bit. If I have to figure out how much something is in terms of WR, it's too rich for me.

If you are from the east coast, the ride to Hawaii is of course quite a bit more. But it would be cheaper for you to go to Europe.
Well, I did say "once" but your point is well taken. Of course, if you get a dozen of your similarly inclined friends to rent a G5 to Hawaii from (say) Boston, it might only be 2 or 3 X the First class ticket. Having flown in a G2 a few times, I can assure you that walking up to the executive terminal and just getting on the aircraft (no security or cavity search) is really nice! Just might be worth expanding the WDR - ONCE! Of course, YMMV.
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Old 04-15-2021, 03:05 PM   #217
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Well, I did say "once" but your point is well taken. Of course, if you get a dozen of your similarly inclined friends to rent a G5 to Hawaii from (say) Boston, it might only be 2 or 3 X the First class ticket. Having flown in a G2 a few times, I can assure you that walking up to the executive terminal and just getting on the aircraft (no security or cavity search) is really nice! Just might be worth expanding the WDR - ONCE! Of course, YMMV.

No, I did not miss that you said "once". And I already know how nice it is to not have to go through the commercial terminal, or have to wait in the first-class lane at the boarding gate.

But, but, but what is the point of doing it "once"? How can you ever go back to having to take your shoes off through the TSA checkpoint?


"A luxury once sampled becomes a necessity" --- Anon.


It's better not to do it. I see no point in doing it once.

I am still psych'ing myself up to fly business class from now (and to have to pay for it, instead of megacorp footing the bill). Even that is tough enough for a peasant like me.

For curiosity, I checked out the price of a business seat to Sydney, and to Paris. Darn, the price has gone up quite a bit since pre-Covid time. I hope that's only temporary, and it will go down when travel is normalized.


PS. I got to fly on a megacorp jet once. It was one of the smaller jets (my workplace was a smaller division of megacorp), and nothing luxurious. However, the ease of boarding/unboarding and bypassing the commercial terminal was darn nice.
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Old 04-15-2021, 06:08 PM   #218
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Having flown myself around the US and Canada, I'd have a hard time paying that kind of cabbage and not sitting up front. And I sure don't have the cabbage in the garden for my own Citation or Lear!
My meager twin Cessna was only 180 knots block to block, but the terminal time savings meant that I could drive to the hangar, launch, fly 3 hours out, and meet you at the commercial gate after you left my house and drove to the international airport and took a commercial flight. After that 3 hour circle you would win.
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Old 04-15-2021, 06:52 PM   #219
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No, I did not miss that you said "once". And I already know how nice it is to not have to go through the commercial terminal, or have to wait in the first-class lane at the boarding gate.

But, but, but what is the point of doing it "once"? How can you ever go back to having to take your shoes off through the TSA checkpoint?


"A luxury once sampled becomes a necessity" --- Anon.


It's better not to do it. I see no point in doing it once.

I am still psych'ing myself up to fly business class from now (and to have to pay for it, instead of megacorp footing the bill). Even that is tough enough for a peasant like me.

For curiosity, I checked out the price of a business seat to Sydney, and to Paris. Darn, the price has gone up quite a bit since pre-Covid time. I hope that's only temporary, and it will go down when travel is normalized.


PS. I got to fly on a megacorp jet once. It was one of the smaller jets (my workplace was a smaller division of megacorp), and nothing luxurious. However, the ease of boarding/unboarding and bypassing the commercial terminal was darn nice.
I was treated to a trip on a leased lear to get to a DR site a couple hours early. On the way back, after a full week working 36 on 12 off shifts, we came back coach without our shoes. I didn't know what to feel at that point, I either wanted to sleep or die.
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Old 04-15-2021, 08:33 PM   #220
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I've lost/made in one day enough to pay for the Charter Jet to Hawaii. Having said that, I feel pretty confident in stating that I will never in my lifetime experience Charter Jet travel, at least not intentionally. (That is to say, I would only do it if someone's life depended on it.)

I do plan on splurging this summer on a cross-country train trip in a sleeper, and might even go up from a Roomette to a 1 BR on part of the trip in order to have an in-room bathroom. However, the return airline trip is likely to be in coach with the rest of the cattle.
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