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Old 02-04-2017, 12:08 PM
 
Location: SoCal
13,191 posts, read 6,301,958 times
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Quote:
Originally Posted by goodlife36 View Post
Why did you say that? It is not a matter of listening. It is a matter of understanding.
Not you or your thread. It's on another thread for a 32 years old.
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Old 02-04-2017, 12:29 PM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,928,269 times
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Is the tax rate lower for people who are 65 years old?
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Old 02-04-2017, 12:32 PM
 
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effectively yes . they get an extra little deduction .

Tax Deductions for Over 65 Years Old | Finance - Zacks
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Old 02-04-2017, 01:19 PM
Status: "Gaining Stability." (set 7 days ago)
 
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I see. Thanks.
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Old 02-04-2017, 01:31 PM
Status: "Gaining Stability." (set 7 days ago)
 
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Does anyone know how to calculate the monthly draw on a savings of $220,000?
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Old 02-04-2017, 01:35 PM
 
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it depends what you have it in . you want at least a 90% success rate

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Old 02-04-2017, 03:00 PM
 
Location: NYC
2,898 posts, read 1,580,961 times
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Quote:
Originally Posted by goodlife36 View Post
Does anyone know how to calculate the monthly draw on a savings of $220,000?
The "typical" draw is 4% which in that case would be about $733 monthly, this is a good starting point anyway, you can adjust as health/circumstances change but this would be a typical draw percentage. (Should be roughly 50/50 - 60/40 stock & bond investments)
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Old 02-04-2017, 03:09 PM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,928,269 times
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I do not understand the table. I am just trying to get a ball park figure of what I can draw monthly on $220,000.


I got an estimation of between $600 and $800. Thank you G.

That is such a small monthly return for that sum of money. Thank God for pensions. It is really worth a pretty penny. It is good to listen to your elders. I did even know what a pension was back in the day. I was just told to stay put for at least 5 years. I ended up doubling my time. Wow!
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Old 02-04-2017, 03:13 PM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,928,269 times
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Quote:
Originally Posted by Hefe View Post
The "typical" draw is 4% which in that case would be about $733 monthly, this is a good starting point anyway, you can adjust as health/circumstances change but this would be a typical draw percentage. (Should be roughly 50/50 - 60/40 stock & bond investments)
Thank you.
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Old 02-04-2017, 03:38 PM
 
3,531 posts, read 1,770,937 times
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If you expect your income to be the near same in retirement then Roth is best. Are you sure your pension is 100% taxable? My dad is a retired NYC CO and iirc, it's not all subject to federal taxes.
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