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Goal. Payoff the mortgage. Have no debt, credit cards, automobiles. How much I plan to be retired till death 40 yrs. W/O SS I will need about $1.5 million to get approx. $60k per year with about 3% inflation. Does not include emergency fund.
I reach this goal with a bit of luck, save 35% of my earnings, own some real estate that is paying for itself. Now, I pay cash for everything including cars. The goal maintain my current lifestyle and I am single.
We put away enough so we can retire with an IRA/stocks about 1.5 mill minimum- ($2 million hopefully)
Worst case scenario will be us living on $5000 a month when we retire- best case scenario $8K or $9K. Thats much less than we live on now, so I think its tough but hubby says we won't have private schools or mortgage then so its doable.
But still property taxes alone are almost $12K year on our home- I don't know how retirees do it with such high property taxes!
Goal. Payoff the mortgage. Have no debt, credit cards, automobiles. How much I plan to be retired till death 40 yrs. W/O SS I will need about $1.5 million to get approx. $60k per year with about 3% inflation. Does not include emergency fund.
I reach this goal with a bit of luck, save 35% of my earnings, own some real estate that is paying for itself. Now, I pay cash for everything including cars. The goal maintain my current lifestyle and I am single.
We just retired this year. Our retirement counselor has speculated that on $1.25M, we will have $70,000 disposable income a year with leaving the bulk of our principal to our children in 25 yrs.
Does this make sense to the rest of you? No mortgage, no debt other than a car every 8 years or so.
It's kinda tight trying to pack 1.5 mil into a ROTH. I have no faith in city bonds. What shelter did you have in mind?
Many investment vehicles provide there own tax sheltering. My portfolio is fully sheltered and extends it's sheltering out over most of my pension as well.
We put away enough so we can retire with an IRA/stocks about 1.5 mill minimum- ($2 million hopefully)
Worst case scenario will be us living on $5000 a month when we retire- best case scenario $8K or $9K. Thats much less than we live on now, so I think its tough but hubby says we won't have private schools or mortgage then so its doable.
But still property taxes alone are almost $12K year on our home- I don't know how retirees do it with such high property taxes!
That would be high.
Our property taxes on our farm have been $47 per year, which is more reasonable.
We just retired this year. Our retirement counselor has speculated that on $1.25M, we will have $70,000 disposable income a year with leaving the bulk of our principal to our children in 25 yrs.
Does this make sense to the rest of you? No mortgage, no debt other than a car every 8 years or so.
Yes that sounds very reasonable.
We have no mortgage, no debt [with the possible exception of if we should buy a car], and $30k tax-free income each year.
Your numbers sound very reasonable.
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