Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You need to know what your expenses are now, whether you plan to live like you do now with the same expenses, and how much those expenses are. When you have that number then you will know what you need per year. Considering the miniscule interest rates on investments, you will also need to look to see how long you can expect to live.
My mother is 89, My father lived to 84 before taken by a stroke, my uncle lived to 92, my grandmother had full blown diabetes and shot herself up with insulin everyday of her life after insulin was invented, and she lived to 88. I have to be prepared to live to age 90.
You need to know what your expenses are now, whether you plan to live like you do now with the same expenses, and how much those expenses are. When you have that number then you will know what you need per year. Considering the miniscule interest rates on investments, you will also need to look to see how long you can expect to live.
My mother is 89, My father lived to 84 before taken by a stroke, my uncle lived to 92, my grandmother had full blown diabetes and shot herself up with insulin everyday of her life after insulin was invented, and she lived to 88. I have to be prepared to live to age 90.
Minuscule interest rate on investments? Depends on the investments. The term investments applies to a wide variety of instruments. Perhaps the question is about having to decide how much risk you need to take on to achieve your goals and is it worth it. At that point you decide if you need to scale back your goals.
After both my parents died and I went thru a divorce, I realized I was "it" as far as taking care of myself for the rest of my life, so I really cut back. It is amazing what you can do without, without really sacrificing that much of the things you REALLY enjoy. Starbucks, expensive clothes, eating out ...really adds up $$$. I did allow one vacation trip a year to save my sanity! But it has been worth it. Even if something were to happen to me today, I would still feel the same because those things I was spending money on were really unnecessary and didn't add to my happiness one bit and I like my life simplified in this way. I have more peace of mind in the financial area.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.