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re: Here’s What a $2 Million Retirement Looks Like in America
Posted on 8/30/22 at 6:32 am to rickgrimes
Posted on 8/30/22 at 6:32 am to rickgrimes
Sorry but the cut out for the cop is not genuine. Saying he has 2mm but leaving out pension and insurance while showing a total spend is leaving out half the story.
0
Posted on 8/30/22 at 7:53 am to rickgrimes
Why are y’all worried about retirement? In the future president hunter will just make us into dog food when we hit 60
Posted on 8/30/22 at 7:53 am to FinleyStreet
The 4% is full of flaws. Find the guy who "created" this, who now says he was in great error.
I want 100% of my pre-retirement income during retirement. Any other plan is less than perfect.
I want 100% of my pre-retirement income during retirement. Any other plan is less than perfect.
Posted on 8/30/22 at 7:59 am to BestBanker
100% of pre retirement income? Why? Agree 4% won’t cut it in todays world, but 100%. If you’re clocking $250k+ when you retire, there should be no reason you need that during retirement. I look at my expenses now (mortgage in one of highest COL areas of the country, 2 kids in private school, all those expenses associated with kids and living). There’s no way I’ll need anything close to $250k when I’m 65. Unless you just want to ball out all day everyday.
Posted on 8/30/22 at 8:01 am to FinleyStreet
quote:
"frick the 4% rule."
-these people, apparently
Those amounts arent coming out their totals. They have pensions, social security, likely filling out a lot of those gaps.
For example my parents have a very healthy nest egg that rarely gets touched (pretty much only for vacations) as they both get social security and my dad has a very healthy pension from Coca Cola which they easily live off of. They also have a mortgage only because of the tax implications of selling off a portion of their portfolio to pay it off. Back in 2019 they had lived mortgage free for like 10+ years. They sold their house for like $290k and bought a $450k house. Instead of just liquidating a sizable chunk of their portfolio and getting hit with a huge tax bill they took like a 3% 10 year mortgage out on the balance and have been paying that for the last few years on their new house.
Not sure what their expenses are in a year but I would guess at least $100k because they pay $1500 alone a month on the house + have insurance, taxes, HOA, etc on top of that. They also take probably about 6-7 vacations a year.
This post was edited on 8/30/22 at 8:08 am
Posted on 8/30/22 at 8:19 am to Im4datigers
quote:
There’s no way I’ll need anything close to $250k when I’m 65.
Yeah me neither, but then again, I'm a money-board poor.
Posted on 8/30/22 at 8:28 am to BestBanker
quote:
I want 100% of my pre-retirement income during retirement. Any other plan is less than perfect.
Considering that a (presumably) healthy percentage of your take home went towards your retirement accounts, if nothing else, you should at least be able to remove that percentage from the equation. I suppose we can quibble over the rest
Posted on 8/30/22 at 8:56 am to BestBanker
quote:
I want 100% of my pre-retirement income during retirement. Any other plan is less than perfect.
Most people spend less in retirement.
Your tax liability is wayyy lower in retirement.
You don’t need to allocate money to savings in retirement.
Posted on 8/30/22 at 8:57 am to Im4datigers
quote:
Agree 4% won’t cut it in todays world
Why not?
Posted on 8/30/22 at 10:06 am to rickgrimes
I'm in my 30s and I don't think I'll ever be able to retire 
Posted on 8/30/22 at 10:17 am to Boh
quote:
You don’t need to allocate money to savings in retirement.
True point. There’s $25k right there. Tax bracket will be much lower in retirement so It’s hard to say I need to make x% of what my gross salary is right now. It should really be a net - net comparison.
Posted on 8/30/22 at 10:28 am to JohnnyKilroy
quote:
Your tax liability is wayyy lower in retirement.
Especially if you can juice up ROTH investments.
Could just get stuck with RMDs on your taxable part of portfolio and thats it (outside of S.S.)
This post was edited on 8/30/22 at 10:33 am
Posted on 8/30/22 at 10:33 am to rickgrimes
quote:
James Compton
Savings and Investments: $1.5 million
Annual Spending: $100,000
James Compton, 84, only recently fully retired.
frick that. I'm not working until I die.
Posted on 8/30/22 at 10:42 am to BestBanker
quote:
The 4% is full of flaws. Find the guy who "created" this, who now says he was in great error.
The guy (Bill Bengen) changed his reccomendation two years ago to 4.7% based on his most recent research.
https://www.thinkadvisor.com/2022/05/09/bill-bengen-revises-4-rule-says-to-cut-stock-and-bond-holdings/#:~:text=Bill%20Bengen%2C%20the%20inventor%20of,a%20retirement%20nest%20egg%20actively.
Personally, I will use https://www.bogleheads.org/wiki/Variable_percentage_withdrawal as a guide to what I will withdraw each year.
This post was edited on 8/30/22 at 10:43 am
Posted on 8/30/22 at 11:10 am to gpburdell
4% is a good baseline to work from but agreed that variable withdrawal is gonna be the play.
Posted on 8/30/22 at 11:55 am to JohnnyKilroy
quote:
Most people spend less in retirement. Your tax liability is wayyy lower in retirement. You don’t need to allocate money to savings in retirement.
Just to expound on this, if you and your spouse have the current max social security benefit at 62, you can net $120,000/yr with just $133,000 in gross income, and that’s assuming all of your non-SS income is taxed as regular income.
Posted on 8/30/22 at 12:01 pm to slackster
quote:
Just to expound on this, if you and your spouse have the current max social security benefit at 62, you can net $120,000/yr with just $133,000 in gross income, and that’s assuming all of your non-SS income is taxed as regular income.
That's also assuming SS will even be around when you retire.
Posted on 8/30/22 at 12:46 pm to boomtown143
quote:
That's also assuming SS will even be around when you retire.
The Biden SS that puts us on the train to the fema camp will still be here
Posted on 8/30/22 at 1:35 pm to rickgrimes
All fine and dandy if they don’t plan on living more than 10 years after retirement. Also doesn’t say how much of their principle they are burning of it that $100k a year includes about $25k from social security and maybe another $20-30k from rental income etc
Posted on 8/30/22 at 1:52 pm to fallguy_1978
quote:
frick that. I'm not working until I die.
My dad did. My mother-in-law did. My father-in-law is currently on that track. My wife will almost certainly do that as well.
I can assure you that I will not. I'll be fishing somewhere.
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