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Old 11-06-2016, 06:53 PM
 
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we are just talking the portfolio part with the 40k . 40k pretax is really not a lot of money , especially when all your medical insurance in retirement is in after tax dollars . not pretax like when working . that 40k would not have enough left over to pay just our health insurance and rent .
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Old 11-06-2016, 07:04 PM
 
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Quote:
Originally Posted by mathjak107 View Post
if you earned at least 40k a year as a household income you earned the equivalent income 1 million can safely generate .
so you would need at least 1 million to duplicate that
That's a bunch of crap.
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Old 11-06-2016, 07:07 PM
 
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really ? which part ? . to duplicate a 40k income you need 1 million today , maybe even more with rates and returns this low .

you may not need to generate 40k from savings plus ss but if your portfolio needs to provide that much that is pretty much the number . if you wanted to clear all the worst case scenario's it would actually safely generate about 36k or so inflation adjusted . that assumes at least 35-40% in equity's too . using cash instruments only we are talking about 20k inflation adjusted . you could draw more but your success rate drops to unsafe levels . .

Last edited by mathjak107; 11-06-2016 at 07:18 PM..
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Old 11-06-2016, 08:16 PM
 
1,945 posts, read 1,335,552 times
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Quote:
Originally Posted by PAhippo View Post
Not sure of your definition of 'life poor'. Never heard that expression before. Keep in mind a lot of seniors have had as much 'adventure' as they want by the time they retire. Or maybe a senior concept of adventure is different that a 20 yr old's concept of adventure.
I got that expression from a poster in some thread about a person being cash rich, but life poor. Saving all this money while depriving himself of experiences.

Some people really love the simple life. No travel, cheap hobbies, cheap entertainment, little to no friends, little relatives, little to no dating.

Some people would have to live to 200+ in good health in order to spend a million because the lifestyle is so Spartan.
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Old 11-06-2016, 08:39 PM
 
3,819 posts, read 1,973,542 times
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Quote:
Originally Posted by Stockyman View Post
I got that expression from a poster in some thread about a person being cash rich, but life poor. Saving all this money while depriving himself of experiences.

Some people really love the simple life. No travel, cheap hobbies, cheap entertainment, little to no friends, little relatives, little to no dating.

Some people would have to live to 200+ in good health in order to spend a million because the lifestyle is so Spartan.

True. It is absolute crap for people to insist that a million or more is needed before anyone can comfortably retire. Some people are so consumed with their love for money that they can't comprehend how the rest of us enjoy retirement with less,...much, much less. I wouldn't trade lives with the richest people on earth. There is an emptiness in them that their money can't fill.
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Old 11-07-2016, 12:30 AM
 
Location: Pennsylvania
16,343 posts, read 10,331,404 times
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Quote:
Originally Posted by Stockyman View Post
I got that expression from a poster in some thread about a person being cash rich, but life poor. Saving all this money while depriving himself of experiences.

Some people really love the simple life. No travel, cheap hobbies, cheap entertainment, little to no friends, little relatives, little to no dating.

Some people would have to live to 200+ in good health in order to spend a million because the lifestyle is so Spartan.
got it-makes sense now.


Agree with your point but friends don't cost money. Dates don't always either.
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Old 11-07-2016, 03:49 AM
 
71,507 posts, read 71,674,131 times
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Originally Posted by Javacoffee View Post
True. It is absolute crap for people to insist that a million or more is needed before anyone can comfortably retire. Some people are so consumed with their love for money that they can't comprehend how the rest of us enjoy retirement with less,...much, much less. I wouldn't trade lives with the richest people on earth. There is an emptiness in them that their money can't fill.
no one can say what others need or don't need . we all earned different incomes working , we all live in different places and we all live different lifestyles . retirement is no different . our plan has always been to live better in retirement than we did while working and raising a family and scrimping , saving and investing through out our lives . retirement was going to be our reward for reaching this point under the terms we wanted .

but what does apply is math . you may very well need the million depending on the demands put on your own savings. like i said , where we live, and have no intentions of leaving ,the income generated with that 1 million would not cover our rent , utility's and health insurance .

once retired the pile of money you have may mean little as a lump sum . that million dollar savings may generate no more income to live on than someones 40k pension with no savings . the only thing that matters is the after tax income it generates and the chances of your money not running out before you run out of time .

some folks are interested in current income , others are interested in legacy money and still others want a combo of the two . money may not buy happiness but the most important thing it does buy is choice's in life .

growing up as a kid on a pretty low family income i learned at a young age the importance of having choices in life . one thing you can never have to much of is CHOICES .

Last edited by mathjak107; 11-07-2016 at 04:37 AM..
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Old 11-07-2016, 04:11 AM
 
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Someone really shouldn't count an an inheritance, anyway. For whatever reason, some people prefer to leave their money to a charity rather than a child or other relative.
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Old 11-07-2016, 04:46 AM
 
10,604 posts, read 14,193,877 times
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Originally Posted by Eevee17 View Post
I'm not, either. Most people don't make it to SSI age healthy and happy. That's why they keep raising the age. They want to you die before collecting it or shortly after.
Most people don't make it to Full Retirement age healthy and happy? You mean SS not SSI, too.

You base this on what?

And how many times has the age been raised?
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Old 11-07-2016, 05:11 AM
 
29,772 posts, read 34,856,103 times
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Quote:
Originally Posted by Javacoffee View Post
True. It is absolute crap for people to insist that a million or more is needed before anyone can comfortably retire. Some people are so consumed with their love for money that they can't comprehend how the rest of us enjoy retirement with less,...much, much less. I wouldn't trade lives with the richest people on earth. There is an emptiness in them that their money can't fill.
Nor can many like you appreciate how they enjoy their retirement with more. If each is happy than we should be happy for them. If 3 million rocks your boat cool! If 30K navigates the river that is cool also. Neither has to prove the other is wrong to find THEIR own happiness! Right?
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