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Ok, I spent a bit of time reading Mr Bernstein's advice. His big advice seemed to be to save 20-25x the annual amount you would want to spend over your social security and/or other pensions. Then take the entire amount and put it into TIPS, annuities and even short term bonds. WOW. I don't think I have much interest in further researching his advice or buying his books.
i don't particularly like bernsteins tips/short term bond/annuity model.
i think our own personal inflation rates can run much higher than tips will adjust for.
sounds good but i think in practice it will leave to many folks behind the inflation 8-ball or they will miss the point that anything over a 2% swr can be iffy..
i don't particularly like bernsteins tips/short term bond/annuity model.
i think our own personal inflation rates can run much higher than tips will adjust for.
sounds good but i think in practice it will leave to many folks behind the inflation 8-ball or they will miss the point that anything over a 2% swr can be iffy..
It makes a lot of sense in the context of retiring with a pension and SS. As noted previously that is the context it was presented in. As we have discussed our situations our very different.
It makes sense for Bernstein, who had a very high paying career, accumulated all the money he needs and wants to be very safe and secure. I am sure he has a enough that he is not concerned about everyday inflation.
It makes sense for Bernstein, who had a very high paying career, accumulated all the money he needs and wants to be very safe and secure. I am sure he has a enough that he is not concerned about everyday inflation.
This is money after accounting for your pension and SS.
This is the 3 legged retirement..pension, SS and personal savings.
For many the personal savings will not be their major source of income so 20X that could very well be a realistic savings goal.
It makes sense for Bernstein, who had a very high paying career, accumulated all the money he needs and wants to be very safe and secure. I am sure he has a enough that he is not concerned about everyday inflation.
I would guess so. I would bet he has his 25++ sitting in TIPS and annuities and another chunk of money invested elsewhere. Of course, there is no way to find out.
I do know he apparently had made enough by his mid 40's that he started to cut back on his neurology practice. He lived on the Oregon coast, Portland and I believe he is now living in Bend. If you have never been, I can tell you people who live in those places are weird. Portland is where the young go to retire.
I would guess so. I would bet he has his 25++ sitting in TIPS and annuities and another chunk of money invested elsewhere. Of course, there is no way to find out.
I do know he apparently had made enough by his mid 40's that he started to cut back on his neurology practice. He lived on the Oregon coast, Portland and I believe he is now living in Bend. If you have never been, I can tell you people who live in those places are weird. Portland is where the young go to retire.
We could get into a nice conversation on the topic of game over. I can tell you a number of posters in this forum are at that point. I just officially got there a week ago. We still discuss but are no longer in the game per se. It is the reason why I for the most part stay out of the draw down conversations. There are more in the forum who have reached that point than realize it per this thread. Our brother MattJak is there but still roams as a bull in transition looking for any stray cows.t
This is money after accounting for your pension and SS.
This is the 3 legged retirement..pension, SS and personal savings.
For many the personal savings will not be their major source of income so 20X that could very well be a realistic savings goal.
Bada Bing! Many in this forum and more than people realize. Everytime someone says they are not needing to touch their nest egg and are living off of their pensions and SS and still managing to save it is pretty much Game Over territory. Folks who comfortably have their nest egg in individual Municipal Bonds and that egg is still growing , probably game over etc etc etc.
I envy those of you for whom the game is over. I guess I am just late the to the game. I spent many years working and concentrating on my career. I paid no attention to my finances. I finally woke up and still need to understand my finances.
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