How much can we realistically spend for a long time?

[pb4uski]

My only comment is I'd just ignore the SS since it won't be there for the whole 70 years.....

And from where does one acquire such knowledge?

The SSA's Board of Trustees.... who are more in the know, don't agree with you (nor do I).

... Social Security’s cost will be financed with a combination of non-interest income, interest income, and net redemptions of trust fund asset reserves from the General Fund of the Treasury until 2035 when the OASDI reserves will become depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2093. ...

2093 is 72 years from now.

 

[RunningBum]

And from where does one acquire such knowledge?

I think the comment was that SS for the OP and spouse would not be there for 70 years because it goes away when you die. If the son is not working there will be no SS either. Nothing to do with the state of the SS program itself.

 

[JJpop]

It is time for someone to grow up.
Life is tough and treating him like a child will assure that he will always be one.

Maybe you can go out with him and find an inexpensive apartment, tell him you will pay the rent for 6 months, provide a absolute minimum income stream to get by for 6 months and tell him he is on his own after that.

Unless he has some mental health problem he will be forced to grow up.

 

[pb4uski]

I think the comment was that SS for the OP and spouse would not be there for 70 years because it goes away when you die. If the son is not working there will be no SS either. Nothing to do with the state of the SS program itself.

Ah, I see.... totally misread it.

 

[DayVee B]

With 4+Mil, spend as much as you want. When you pass your son will get whatever is left. If you haven't equipped him with the skills to manage his own life and be responsible with money he might just fritter it away in a blink of an eye regardless of your "plan" to take care of him. The best thing you can leave your son is wisdom and the tools of self sufficiency, not a big pile of money with neither of the other two things.

 

[JJpop]

With 4+Mil, spend as much as you want. When you pass your son will get whatever is left. If you haven't equipped him with the skills to manage his own life and be responsible with money he might just fritter it away in a blink of an eye regardless of your "plan" to take care of him. The best thing you can leave your son is wisdom and the tools of self sufficiency, not a big pile of money with neither of the other two things.

The OP has vanished most likely because of the many great comments like yours.
I do not think the OP expected to be taken to task but the truth has been spoken.

 

[Dtail]

The OP has vanished most likely because of the many great comments like yours.
I do not think the OP expected to be taken to task but the truth has been spoken.

Agree.

 

[Eastbayboy]

Agree.

I don’t think it is a grown child’s problem but a parenting problem. They are so frightful… a doomsday parent. Let the kid fail, it is a good teaching point. But one of the posters was saying, they are enablers.

Just reading OP pos, they are putting leg irons on the 25 year old man. Their thoughts that I read in between lines are saying, they believe he will always be doomed to fail. Really? Who doesn’t fail and then learn? That is life. But the OP is really saying that his son may be incapable of learning. Really sad.

This post is partially about money for them but it centers around that the OP that doesn’t want their son to leave. The parents need tough love .

Sorry to be so harsh, but reading the OP response was fruitless and painful. Family counseling would be a step in the right direction.

 

[RetiredHappy]

I don’t think it is a grown child’s problem but a parenting problem. They are so frightful… a doomsday parent. Let the kid fail, it is a good teaching point. But one of the posters was saying, they are enablers.

Just reading OP pos, they are putting leg irons on the 25 year old man. Their thoughts that I read in between lines are saying, they believe he will always be doomed to fail. Really? Who doesn’t fail and then learn? That is life. But the OP is really saying that his son may be incapable of learning. Really sad.

This post is partially about money for them but it centers around that the OP that doesn’t want their son to leave. The parents need tough love .

Sorry to be so harsh, but reading the OP response was fruitless and painful. Family counseling would be a step in the right direction.

You do not have all the information about OP's son to make such a judgment. Stop bashing OP for what they have decided as being right for their son. OP is not asking for parental advice on this board.

 

[ut2sua]

Here is the financial information:

Him/Her: 57/56. all assets: tax-advantaged, taxable, HSA, Roth, etc., total $4.8M as it is showed yesterday.

Asset allocation: about 70/30 (stocks/bonds+fixed income), about 18% of stocks are international. All in Vanguard/Fidelity Total Stock Market Index Funds, Total Bond Market Funds, Stable Value Funds, or equivalents.

Combined social security at 62: $40,000. House: worth about $700,000, paid off.

Location: in a low cost of living area, state tax rate 5% flat.

Initial annual expenses: minimum $100,000, including everything (health insurance, taxes, etc)

Things could have been easier, except I have a 25 year old unemployed son who does not seem to be interested in working for others. He has a computer science degree and is doing something computer related and hope to commercialize his game skills some day. I am not interested in comments about if we should take care of him. We decided to take care of him no matter what. That is why I am asking for a potentially long period withdrawal of my portfolio, covering my son's life if he is not successful.

I am tired of working. Assuming we both retire now. How much can we realistically spend for about 70 years? (beyond the minimum $100,000).

(I am a regular visitors to this forum and I am very familiar with the 4% rule, FIRECal, safe withdrawal rate, etc. I do have some ideas to answer my own question. I am thinking to spend about $100,000 (everything included) per year initially and maybe move up as the market goes up and time goes. But $100,000 seems to be my bottom number. I would love to have some comments and suggestions from other people).

OP, If I were you, I would put 1mil into a cheap index stock fund (VTI - 100% equity) as a separate fund potentially for your son. The thinking is this fund will be invested for 20 years or so. I will then calculate your WR based on the remaining $. You have more than enough, and that is why this will be doable. In 20 years or so, the 1mil should grow into some significant $. You and DW could do with it as you please (including using it to support your son). This will provide the peace of mind you were seeking (I think). I didn't read thru all the replies but want to give you my thought. Good luck.