Caroline said:Ninety-thousand dollars for a first year withdrawl? Geez Louise, would I be hosed if I needed that to live on.
(Other than that -- good info -- thanks for the link!)
It was $90K expenses, $50K withdrawal after accounting for SS and other income (pension?).Caroline said:Ninety-thousand dollars for a first year withdrawl? Geez Louise, would I be hosed if I needed that to live on.
(Other than that -- good info -- thanks for the link!)
New Thinking said:The danger in this message is the idea that a 4% SWR is necessary for everyone and thus you need 25X your income need in the form of savings..For many outside this board, this scares them away and is completely unnecessary. Many individuals who are scruggling to create $40,000 of income should not focus on $1 million but should focus on getting enough to buy a $40,000 SPIA and having an emergency fund on the side. Pooling mortality risk is the best way for many of the boomers. They will not have the luxury of leaving retirement assets to heirs or managing a Safe withdrawal strategy...There was little wrong with the pension for life strategy that our father's generation had.
brewer12345 said:So how much is your typical SPIA commission?
Just takes one well-paid lifer plus a low-to-middling or non-earning spouse (1.5 x 1 good-earner's SS benefit). DH and I together expect to receive ~$25k at age 62.tryan said:Who's gett'n 25K from SS ... dual income lifer's (30 year employees)??
New Thinking said:Brewer - I don't sell SPIAs for commission. I can say that I am trying to make direct access to SPIAs WITHOUT PAYING ANY COMMISSION more easily available. Institutional pricing for those who don't want to seek advice...I think the public needs greater access to SPIAs without having to go through an advisor if they so desire.
Not everyone can manage a SWR, but people will need access to more SPIA choice without having to go through an intermediary as this creates a higher monthly benefit for (potentially) 30+ years.
Hunh? Don't all high income workers? I don't get any SS (Fed Civil Service). But I looked at DW's most recent statement and it says she will get $2,128/mth at age 66 and $2,852/mth at age 70. At 62 she wouldn't get $25K but Schwab probably can't conceive of anyone retiring at that tender age.tryan said:Who's gett'n 25K from SS ... dual income lifer's (30 year employees)??
tryan said:Who's gett'n 25K from SS ... dual income lifer's (30 year employees)??