I’m a 67 years old widower with no debt and likely will live to 90 if I give up paragliding & riding motorcycles. I’ve run FIRE calc with a few hundred different scenarios and I still can’t saw I feel confident on the spending aspect, saving I’ve figured out.
Let me see if I get this straight for a practical application of the 4% withdrawal rate excluding pension & SS (I've read the discussion on 4% withdrawal).
If investments are worth 3 million (excludes home) yield $100,000 annually (some is tax advantaged), so 4% of 3 million - $120,000 + $25,000 for pension & SS = $145,000. I would have to triple my current spending to come up to that number. So I guess I need to figure out this spending thing.
The "kids" are doing great financially – both engineers. The boy is the black sheep of the family, getting his Ph.D., but it will pay off someday I’m sure. The girl is spinning wafers for Intel.
I’ve been following this forum for over a decade, but only decided to jump on board because it really is hard to talk about finances and I’m feeling a little lost right now. I keep things simple, that's what's worked for me.
Let me see if I get this straight for a practical application of the 4% withdrawal rate excluding pension & SS (I've read the discussion on 4% withdrawal).
If investments are worth 3 million (excludes home) yield $100,000 annually (some is tax advantaged), so 4% of 3 million - $120,000 + $25,000 for pension & SS = $145,000. I would have to triple my current spending to come up to that number. So I guess I need to figure out this spending thing.
The "kids" are doing great financially – both engineers. The boy is the black sheep of the family, getting his Ph.D., but it will pay off someday I’m sure. The girl is spinning wafers for Intel.
I’ve been following this forum for over a decade, but only decided to jump on board because it really is hard to talk about finances and I’m feeling a little lost right now. I keep things simple, that's what's worked for me.