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Started By
Message
What is your retirement number?
Posted on 7/30/13 at 1:12 pm
Posted on 7/30/13 at 1:12 pm
I'm 26 and fully expect I'm going to need $4 mill minimum to retire at 58. That's 32 years of inflation and I want to travel at least once maybe twice a year to new places around the world.
I'm aware this will be another "it's all relative" thread.
I'm aware this will be another "it's all relative" thread.
9
Posted on 7/30/13 at 1:14 pm to ell_13
eleventy billion.
Posted on 7/30/13 at 1:25 pm to ell_13
Its sad, but I haven't even started to calculate and end game dollar amount...
Posted on 7/30/13 at 1:26 pm to ell_13
no clue
I'm only 29, so I have no idea how much it will take for me to retire comfortably, therefore, I'm just going to put as much money as I can into my accounts, and hope I have a better understanding and enough money when the time comes
I'm only 29, so I have no idea how much it will take for me to retire comfortably, therefore, I'm just going to put as much money as I can into my accounts, and hope I have a better understanding and enough money when the time comes
Posted on 7/30/13 at 1:29 pm to Salmon
quote:
no clue
This. It's literally unknowable what that figure will be in 30 or 35 years. Even a .5% swing in inflation one way or the other can make a huge difference. Will SSI still be around? Medicare/Obamacare? What will the BTC-USD exchange rate be? These and a million other questions just can't be predicted whatsoever this far out.
Posted on 7/30/13 at 1:33 pm to Salmon
quote:
I'm just going to put as much money as I can into my accounts
This is what I'm doing as well. Personally though, it helps when I have a goal in mind. It can change, but I feel like I need to have this big number so I'm less likely to veer away from saving all I can.
Posted on 7/30/13 at 1:37 pm to ell_13
If you are planning to retire at 58, how many years are you planning on living?
Not taking into account inflation and all that other jazz, if you lived until 88, that would give you roughly $133k a year to live off of.
That seems a bit outrageous to me
Not taking into account inflation and all that other jazz, if you lived until 88, that would give you roughly $133k a year to live off of.
That seems a bit outrageous to me
Posted on 7/30/13 at 1:41 pm to ell_13
$3.8 million at 61 years old.
I don't anticipate falling under the income restrictions for Roth after age 36 bc of wife's career.
The best estimate I can come up with with the facts I have....I think I can make it work.
I honestly don't expect to live all that long. If I make 70 I'll be shocked, but I want the wife and family taken care of.
Ideally, the cap gains off of my nest egg combined with whatever social security contributions earned should be enough to live on.....but that's best case scenario. My expenses will undoubtedly grow over time.
I don't anticipate falling under the income restrictions for Roth after age 36 bc of wife's career.
The best estimate I can come up with with the facts I have....I think I can make it work.
I honestly don't expect to live all that long. If I make 70 I'll be shocked, but I want the wife and family taken care of.
Ideally, the cap gains off of my nest egg combined with whatever social security contributions earned should be enough to live on.....but that's best case scenario. My expenses will undoubtedly grow over time.
This post was edited on 7/30/13 at 1:52 pm
Posted on 7/30/13 at 1:45 pm to ell_13
My goal is to create an income stream that will pay me until my end of days and keep growing.
We'll see if it happens.
We'll see if it happens.
Posted on 7/30/13 at 1:48 pm to Lsut81
quote:
That seems a bit outrageous to me
In todays dollars, 133K ain't shite 30+ years from now.
The way I looked at it was as much as I could save. Really didn't start saving big money till I was 38 and planning to retire at 57. Forced into retirement at 52 and doing OK. Insurance/medical is a very big expense ever month. Sucks a big one.
Posted on 7/30/13 at 3:02 pm to Lsut81
quote:
Not taking into account inflation and all that other jazz, if you lived until 88, that would give you roughly $133k a year to live off of.
That seems a bit outrageous to me
Two things:
1) It's not like I would take all $4 mill out of my accounts at once. They would go into safer investments and keep with inflation at minimum. I could actually live off of earnings ONLY for a few years. (ETA: If you assume inflation = 3%, 3% of $4mil is $120k)
2) Because of Roth, much of that money would not be taxable. And with no debt (mortages, cars, etc.), it would all be going toward insurance, property taxes, and purchases.
ETA: Remember, you're not trying to "save" anymore in retirement. And I could spend $10k/month on random shite and possibly still be making money off my investments.
This post was edited on 7/30/13 at 3:15 pm
Posted on 7/30/13 at 3:09 pm to Salmon
I have no idea, but I want to hit 10 million by 60.
I know thats a big number, but I am terrified of future inflation and taxes.
I'm 25 and if I continue my current 401k contri. (which will go WAYYY up as I get paid more) I will have 2 million in there at 8% growth rate before taxes. I believe I could get 10 with the Roth IRA and 401k as I am not even in the same stratosphere as maxing those out right now.
I know thats a big number, but I am terrified of future inflation and taxes.
I'm 25 and if I continue my current 401k contri. (which will go WAYYY up as I get paid more) I will have 2 million in there at 8% growth rate before taxes. I believe I could get 10 with the Roth IRA and 401k as I am not even in the same stratosphere as maxing those out right now.
This post was edited on 7/30/13 at 3:19 pm
Posted on 7/30/13 at 3:15 pm to ell_13
Another good point.
You don't want to have a mortgage into your 60s. At least that expense will hopefully be gone.
If not, then prepare for it.
You don't want to have a mortgage into your 60s. At least that expense will hopefully be gone.
If not, then prepare for it.
This post was edited on 7/30/13 at 3:19 pm
Posted on 7/30/13 at 3:24 pm to TheCaterpillar
quote:
I will have 2 million in there at 8% growth rate before taxes.
By what age/year?
quote:
I believe I could get 10 with the Roth IRA and 401k as I am not even in the same stratosphere as maxing those out right now.
Roth IRA has a max/person per year. Right now it's 5500. It's supposed to increase some over time, but I don't see how that can contribute $2 mill over a 30 year period.
Posted on 7/30/13 at 3:26 pm to ell_13
Good you will die at 60 and your kids can splurge with your 4 mil 
Posted on 7/30/13 at 3:29 pm to ell_13
quote:
Roth IRA has a max/person per year. Right now it's 5500. It's supposed to increase some over time, but I don't see how that can contribute $2 mill over a 30 year period.
Well I put very little into both right now.
quote:
By what age/year?
35 years from now
I am 25 and I put it into an investment calculator if I continued my current contributions and it stayed at 8% it would be like 1.9 or something in 35 years.
Of course there are tons of variables. As of now I put less than 1/17th the maximum allowed. I will eventually max that out and gradually move up each year. Company match goes up as well the longer I am here.
Posted on 7/30/13 at 3:29 pm to bulldog95
Knowing my luck...
But I won't leave it to them. It's like I told my dad. "Don't leave me with shite." It's his money, his retirement; he better spend it. If my 30-something year old kids want to live it up, they had better work for it themselves like I had to do.
This post was edited on 7/30/13 at 3:30 pm
Posted on 7/30/13 at 3:30 pm to ell_13
But like someone else said, if I live to 70, I'm the luckiest motherfricker alive.
The way I live and have lived, 60 is an achievement
The way I live and have lived, 60 is an achievement
Posted on 7/30/13 at 3:32 pm to TheCaterpillar
quote:
I put it into an investment calculator if I continued my current contributions and it stayed at 8% it would be like 1.9 or something in 35 years.
Those online calcs only use 1 number as if it stays there. 4 years at 12% can be huge early on, just like 4 terrible years at 0% can kill you late. I built a spreadsheet that randomizes returns between 0%-11% while I'm working and 0%-7% while I'm retired.
This post was edited on 7/30/13 at 3:34 pm
Posted on 7/30/13 at 3:34 pm to ell_13
quote:
Those online calcs only use 1 number as if it stays there. 4 huge years at 12% can be huge early on, just like 4 terrible years at 0% can kill you late. I built a spreadsheet that randomizes returns between 0%-11% while I'm working and 0%-7% while I'm retired.
I know it can change. I admitted there being variables. But 8% isn't that far fetched for an overall average. I did it at 5% as well which might be more realistic, but I forgot what that number was. Regardless, I will go WAY UP with my contributions.
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