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Old 04-27-2011, 06:34 AM
 
Location: Bar Harbor, ME
1,920 posts, read 4,305,034 times
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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.
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Old 04-28-2011, 10:23 AM
 
31,672 posts, read 40,912,615 times
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Quote:
Originally Posted by Zarathu View Post
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.
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Old 04-28-2011, 01:24 PM
 
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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.
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