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How so? If I am, there isn't much I can do about it as it's my father in laws properties, and his retirement income. He might have it in some sort of trust for his kids, but I don't know that at this point.
I won't claim to know everything or even a lot about estate planning. Wife and I have wills and life insurance that takes care of our son in the event of, but at 36, we haven't had the need or assets yet to explore the world of trusts and the like...
How so? If I am, there isn't much I can do about it as it's my father in laws properties, and his retirement income. He might have it in some sort of trust for his kids, but I don't know that at this point.
Both questions were not about asset value or income potential but rather if you would actually end up getting it. It's not even your family's money that's one of many potential issues
Both questions were not about asset value or income potential but rather if you would actually end up getting it. It's not even your family's money that's one of many potential issues
Well, I'm not concerned about the health of my marriage if that's what you are getting at.
Well, I'm not concerned about the health of my marriage if that's what you are getting at.
There could be plenty of reasons other than a divorce that it doesn't work out as expected. Health concerns for owner where they need to liquidate. When properties get passed over, they likely need to be split up. What if all others want to sell their portion and the real estate market is down, so you only get a portion of what you thought the value was? How old is the individual? What if they live to 100? You could not receive the inheritance until you were in your 70s or 80s. If you are waiting for 10 million to retire and half of that is from the inheritance that would force you to hold off on retirement until the individual passes.
This scares me. I am 32. And I started 2 years ago with the 401Ks. I don't think there is anyway I can retire in the high cost area I am in, right now. Not unless, my rate of savings change.
I , hopefully, will hit 4-6 M$. That would be used by me and my spouse.
Best of luck to everybody, we are going to need it.
If you are waiting for 10 million to retire and half of that is from the inheritance that would force you to hold off on retirement until the individual passes.
Didn't he say that he's targeting $10-$12 Million in TODAY'S dollars...... At 3% inflation, what's a measly $23.5 Million 29 years from now worth anyway?
Kickingprop, if you are fortunate enough to be able to gain such wealth, I really do hope you use some of it for charity than just traveling and "living the way you want to live"
Didn't he say that he's targeting $10-$12 Million in TODAY'S dollars...... At 3% inflation, what's a measly $23.5 Million 29 years from now worth anyway?
Kickingprop, if you are fortunate enough to be able to gain such wealth, I really do hope you use some of it for charity than just traveling and "living the way you want to live"
Good luck to ya!
Given that we are on pace to have our own retirement holdings of around $4-6mm and will probably only increase our savings rate as our income increases, I think we'll be fine with or without the inheritance, but that extra income would allow us to do a lot more, and that includes charities that are important to us, which we are already active in.
And thanks!
And OP, sorry for the thread hijack, certainly didn't intend it to go this direction.
Last edited by kickingprop; 07-22-2015 at 09:01 AM..
Reason: Can't spell... or type...
When I was in grad school and my wife was still in training, we were getting by on about $70k/year in a very high COL area. I imagine that if we're talking about "need", we could get by on $70k in today's dollars.
As for retirement goals, that $10M number sounds good to me.
As you get older (and, you will - like it or not) your taste for toys diminishes.
You must fully own your home(s) and your car(s).
As of today, after 65, 2.8 - 3.0K/month + full SS is enough for all but big spenders.
As a rule of thumb, retiring today requires 1.2 to 1.5 mil in fixed, non-invested funds, for one person (including owned real estate which should be no more than 30% of that total). You will eventually downsize there and will keep the extra money for other things.
But that said - the old saying still holds - you almost never have enough. So, always overestimate. And remember, just assume "2008" ain't gonna happen just once.
Theoretically, we need savings of 0 to retire as my pension and our ss should yield more than 100K/yr at current value while our monthly expenses excld. daycare are 3000ish. However, since we are 20-30 yrs away from retirement, we are saving as much as we can. We plan to pay our kids' higher education and first home down payments.
In short, we do not have a solid number but are happy for what we have
Last edited by fzx; 07-22-2015 at 10:14 AM..
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