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View Poll Results: Well?
100-k 4 3.85%
200-k 1 0.96%
500-k 6 5.77%
A million 13 12.50%
2 million 36 34.62%
5 million 27 25.96%
10-million 11 10.58%
Hjgher 0 0%
I'd never stop increasing wealth 6 5.77%
Voters: 104. You may not vote on this poll

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Old 12-18-2018, 09:43 PM
 
Location: Portugal
5,850 posts, read 2,849,744 times
Reputation: 11153

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Quote:
Originally Posted by ericp501 View Post
Touché.. my point being the poll is pointless as someone in their 30s will need larger amounts than someone who’s in their 50s answering the poll
I'm not so sure. If you run stuff thru firecalc and cfiresim you find there is point of expected retirement length (about 40 years) where adding more years doesn't really change the chance running out of money, assuming an equal starting amount and withdrawal rate. In other words:

Someone who retires at 50 needing 70k/year would probably be fine with 2 million.
Someone who retires at 30 needing 70k/year would also probably be fine with 2 million, despite much longer retirement.

Someone who retires at 70 needs less.
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Old 12-23-2018, 07:37 PM
 
Location: Andorra
95 posts, read 26,540 times
Reputation: 108
My number is $3m. But that's for my whole family.
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Old 12-24-2018, 04:38 PM
 
Location: Portugal
5,850 posts, read 2,849,744 times
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Quote:
Originally Posted by mathjak107 View Post
success rates still drop the longer you go out the less equities you use . the higher equity levels don't see such a big drop . bill bengen found you went from 4.1 at 30 years to 3.50% at 45 years .
Of course, but neither this (nor your chart) has much to do with my post which specifically mentioned how quickly changes to success rate tapers off after 40 years.
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Old 12-25-2018, 04:24 PM
 
Location: Olympus Mons, Mars
5,623 posts, read 8,548,414 times
Reputation: 5681
Default Retirement amounts by age

Interesting article, lists what you should have by age. By 65 it says you should have $1.4 million saved. What I want to know is are these amounts BEFORE the CRASH or AFTER the CRASH? LMAO!!

https://money.cnn.com/gallery/retire...irement/5.html
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Old 12-25-2018, 04:28 PM
 
Location: North Carolina
2,860 posts, read 1,984,410 times
Reputation: 5759
These lists have a couple of major problems.

First, they're way too generic. Does the investor have a pension? Significant home equity? Does the investor have a modest lifestyle or are a big spender? All of these items determine if someone can live comfortably on $30,000 a year or $300,000 a year.

Also, the amount is usually staggeringly high so that if someone isn't even close to this (as many people aren't), they have a tendency to get discouraged, throw up their hands and do nothing to save/invest in their future.
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Old 12-25-2018, 04:34 PM
 
9,978 posts, read 4,590,199 times
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instead of saying you need $X by age 65, if you hit 65 and don't have that amount, you ran out of time to get more

here is a better article
The Ideal Amount of Savings at Age 30

save $250k by age 30 for retirement. Don't spend it for anything else but retirement. After 30, 100% of your income can go towards lifestyle/home because retirement savings are no longer an issue. Work a minimum wage job from age 30-60 and still retire a millionaire
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Old 12-25-2018, 07:54 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,403 posts, read 39,732,014 times
Reputation: 23426
or... replace your income with an inflation protected / growth oriented income. Sooner the better!) (create and sell a business or product, acquire active rental income, hire employees to fill your business requirements, be a value add (or principle) to a start-up company and grab company equity stake. . )

Age 15 retirement is possible, age 30 likely attainable (unless you spend 6-8 yrs in college...) age 50 quite expected / ez.

Many in our homeschool group had employees before they were High School age. My dad had (3) employees before he was age 14.

I meet a lot of Asian 20 somethings who run their own international companies.

Retire early, retire often.

Being 'home' when your kids are around is a good idea! You can return to the salt mines late (if you must).


Enough is very subjective, as is age (Had many friends die before age 40.)

FIRE is a very diligent way to accomplish some life goals, rather than punching a clock for 40 yrs. Adding WEALTH to others.

For starters to FIRE, consider where you invest your time. If it is 40 - 60 hrs / week for 'wage income' (incrementally additive), you may be looking at FI-VL (very late) or FI-PA (Prolonged Actualization).


Gotta dig, be purposed, be diligent, be unique.
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Old 12-25-2018, 11:29 PM
 
25,959 posts, read 28,369,321 times
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Quote:
Originally Posted by k374 View Post
Interesting article, lists what you should have by age. By 65 it says you should have $1.4 million saved. What I want to know is are these amounts BEFORE the CRASH or AFTER the CRASH? LMAO!!

https://money.cnn.com/gallery/retire...irement/5.html
It says $1.4M at 65 if your income is 115K. Actually, I think that's kind of low if you spend most of your 115k income.
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Old 12-26-2018, 03:19 AM
 
70,886 posts, read 71,245,628 times
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once again , without considering what that money buys you may need 1/2 as much or 2x as much depending on your location and lifestyle .

these kinds of articles are just click bait and pretty meaningless .

we all back in to the life with what we have when the time comes .
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Old 12-26-2018, 04:33 AM
 
1,609 posts, read 527,409 times
Reputation: 3444
Quote:
Originally Posted by k374 View Post
Interesting article, lists what you should have by age. By 65 it says you should have $1.4 million saved. What I want to know is are these amounts BEFORE the CRASH or AFTER the CRASH? LMAO!!

https://money.cnn.com/gallery/retire...irement/5.html
Are you talking about the 2008 crash? Markets recovered from that a long time ago.

Those numbers seem very low, if anything.
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