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Linkedin Article on retiring with $1,000,000
Posted on 3/25/14 at 3:48 pm
Posted on 3/25/14 at 3:48 pm
First of all... $1,000,000 is the low end of a successful retirement account, IMO
LINK
2nd... article says "chart below, by the way, assumes a 6% annual return, which is a lot for a balanced portfolio, especially after tax. Stock prices are so high today that they will likely return a lot less than 6% over the next 10 years."
anyone else feel like the market will only return 6% average over the next 30 years?
LINK
2nd... article says "chart below, by the way, assumes a 6% annual return, which is a lot for a balanced portfolio, especially after tax. Stock prices are so high today that they will likely return a lot less than 6% over the next 10 years."
anyone else feel like the market will only return 6% average over the next 30 years?
This post was edited on 3/25/14 at 3:49 pm
7
Posted on 3/25/14 at 3:50 pm to DucksnBucks37
I'm shooting for 1,000,000 by 50, so I hope I don't have to worry about any of this.
Looks like I'm doing enough monthly based on this chart, thank God.
I used the Dave Ramsey calculator even though I don't subscribe to his philosophy. I just thought the calculator was easy to use.
Looks like I'm doing enough monthly based on this chart, thank God.
I used the Dave Ramsey calculator even though I don't subscribe to his philosophy. I just thought the calculator was easy to use.
This post was edited on 3/25/14 at 3:58 pm
Posted on 3/25/14 at 3:58 pm to Teddy Ruxpin
I'm about $600 a month in just my 401K....I'm 30 and my house will be paid off by 40, so after that I'll be golden and have a shite ton more flex to save.
Posted on 3/25/14 at 4:00 pm to DucksnBucks37
quote:
First of all... $1,000,000 is the low end of a successful retirement account, IMO
Million bucks probably puts you in the top 5%. That being said, if you're 25 you better be aiming for much more than that because even at low inflation rates $1M won't be shite in 2050.
Posted on 3/25/14 at 4:04 pm to tylercsbn9
quote:
I'm about $600 a month in just my 401K....I'm 30 and my house will be paid off by 40, so after that I'll be golden and have a shite ton more flex to save.
Very nice. I'm saving for a house right now AND paying rent. Can't wait for that house money to free up just a little bit after I buy.
I turn 29 this year but didn't start working until I was 26, so I'm playing a bit of catchup. Same thing for my fiancee, but we're all on the ball now.
This post was edited on 3/25/14 at 4:06 pm
Posted on 3/25/14 at 4:04 pm to DucksnBucks37
What I gathered from these article is that I am significantly ahead of the game. Good for me and my wife.
Posted on 3/25/14 at 4:10 pm to PurpleAndGold86
quote:
What I gathered from these article is that I am significantly ahead of the game
Yup...
Posted on 3/25/14 at 4:12 pm to Cold Cous Cous
quote:
Million bucks probably puts you in the top 5%. That being said, if you're 25 you better be aiming for much more than that because even at low inflation rates $1M won't be shite in 2050.
Exactly. I'm 25. Want to have 2.5 by 55 years old. This would allow me to withdraw 100,000 a year (4%) indefinitely
Only 2,495,000 to go
Posted on 3/25/14 at 4:13 pm to Lsut81
Well, the other thing is this article assumes retiring at 65. I just don't think that is very realistic. Just think of your parents (or whomever). I know plenty hitting the 60 mark with no slow down in sight.
Plus, I'm terrified of retiring and dying. I'd much rather be in a position where I work and come and go when I want, to keep my heart beating.
Plus, I'm terrified of retiring and dying. I'd much rather be in a position where I work and come and go when I want, to keep my heart beating.
This post was edited on 3/25/14 at 4:15 pm
Posted on 3/25/14 at 4:19 pm to Teddy Ruxpin
quote:
Well, the other thing is this article assumes retiring at 65. I just don't think that is very realistic
True... I think by the time I get to "Retirement" the avg person will be working into their mid 70's.
Especially being that a majority won't have near enough to come close to retiring. The greatest thing our country could do right now is begin trending SS upward to ensure its there in 40yrs.
Posted on 3/25/14 at 4:21 pm to Teddy Ruxpin
With pensions being damn near non existent in the private sector it's even that more imp to save save save. I have older clients with barely anything saved throughout their lives yet still get 150k pensions a year for life. You won't get that now a days.
Posted on 3/25/14 at 4:23 pm to roguetiger15
quote:
With pensions being damn near non existent in the private sector it's even that more imp to save save save. I have older clients with barely anything saved throughout their lives yet still get 150k pensions a year for life. You won't get that now a days.
I have a 401k with a company match. As an attorney, I'm very thankful to have that, as its not a profession where every one gets one. I probably won't move companies/firms unless there is a substantial raise or something similar.
quote:
True... I think by the time I get to "Retirement" the avg person will be working into their mid 70's.
Ya, I'd say mid-70s might even be conservative the way things are going. Unless the future tech yet to come reduces the amount of years someone needs to work, because life span is pushing it up at the moment. That's not a bad thing, people are looking a lot better at 70 than my grandfather did when he hit 70.
I swear from 70 to when he died at 81, he looked the same. REALLY REALLY OLD. 70 year olds that take care of themselves these days don't look like that any more.
This post was edited on 3/25/14 at 4:26 pm
Posted on 3/25/14 at 4:29 pm to Teddy Ruxpin
Another thing I have going for me as grandparents and parents who have money.
I'm not banking on it at all, but I'm sure down the road something would eventually come my way. Makes saving for retirement or paying off the house easier.
Job I have pays a decent salary, but I am trying to get into the O&G field for my profession. Pay would be better from what I gather.
I'm not banking on it at all, but I'm sure down the road something would eventually come my way. Makes saving for retirement or paying off the house easier.
Job I have pays a decent salary, but I am trying to get into the O&G field for my profession. Pay would be better from what I gather.
This post was edited on 3/25/14 at 4:30 pm
Posted on 3/25/14 at 4:35 pm to Teddy Ruxpin
quote:
Well, the other thing is this article assumes retiring at 65. I just don't think that is very realistic. Just think of your parents (or whomever). I know plenty hitting the 60 mark with no slow down in sight.
Not the case for my parents. My dad owned his own business and sold it when he was around 50 and has just managed rental property and played the market since then. Basically retired. My mother will retire this year at 60.
ETA: I would love to be able to do that, but not sure it will happen. Don't know if I agree with the mid-70's yall were saying though.
As for my situation, I'm 25 and with some conservative estimates regarding return and salary increases, I should easily have $1.5M by 65. More realistic estimates give me something a little closer to $2.5M which I would be pretty content with.
This post was edited on 3/25/14 at 4:37 pm
Posted on 3/25/14 at 4:39 pm to DucksnBucks37
yeah I wouldn't count on 6% after you retire.....more like 4%
Posted on 3/25/14 at 4:39 pm to DucksnBucks37
quote:
Exactly. I'm 25. Want to have 2.5 by 55 years old. This would allow me to withdraw 100,000 a year (4%) indefinitely
Ah, but so much shite happens between 25 and 55 that you cannot anticipate. And most of it involves women, children, and the govt.
Posted on 3/25/14 at 4:39 pm to tylercsbn9
No freaking way I am gonng work into my late 60s. Ive seen too many guys retire and die a couple years later (in one case it was a couple weeks). Or not even make it to retirement at all. Once my retirement portfolio gets up to a decent amount ($2-3MM) Im out and going to sit my wrinkled arse on a beach.
Posted on 3/25/14 at 4:40 pm to kennypowers816
I'm 32 and I have $175K in the 401k. I'm aiming for $3,000,000, but that is going to be tough. Guess we will see what happens..
Posted on 3/25/14 at 4:53 pm to BigBoyTiger
quote:You are in the top .000000000000000001% then
I'm 32 and I have $175K in the 401k
Posted on 3/25/14 at 6:10 pm to lsugradman
I think the chicken or the egg question applies to people who retire and die soon after. Did they retire due to medical reasons? Were they such a personality that retiring took away their purpose in life? When I retire, I plan on volunteering just so I can have a purpose in life. Basically still work, but on my own terms, leaving plenty of time for traveling, gardening, etc.
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