Posted on 04/29/2014 9:09:54 AM PDT by SeekAndFind
A million dollars isn't cool. You know what's cool? Two million.
That's according to a recent USA Today article, which claims that having $1 million saved for retirement might not cut it.
"The new $1 million may be $2 million," it says.
Financial professionals explain that $1 million of retirement savings translates to $40,000-$50,000 annually once you've bowed out of the workforce. Sure, someone could live on that, but the question is: could you?
(Excerpt) Read more at businessinsider.com ...
I am about to retire and think I have planned fairly well ... for things I can control (mortgage - get it paid; car - don’t need a new one; expenses - don’t need all the movie channels or to eat out all the time; etc.).
But, what concerns me are the things I can’t control (stock market - not looking rosy in the near future; cost of living - the price of everything is increasing; tax rate - it’s bound to go up; Medicare coverage - it’s bound to decrease; Medicare Supplement cost - it’s bound to go up; etc.).
And, what’s most frustrating is that this president seems to be doing everything in his power to try to make my retirement as difficult as possible. What he doesn’t know is that my happiness doesn’t, in anyway, depend on him - it depends on Him.
They are talking about withdrawing 40-50k per year and adjusting the amount annually for inflation. This strategy gives a fairly high probability of allowing these kinds of withdrawals for 30+ years.
Will this provide for an adequate retirement? How much do you plan to spend? Do you have other sources of income? You planning on living to 96?
How can anyone survive on 40,000 or 50,000 a year? I’m wondering how I’m going to scrape by on over twice that amount. And that’s with a paid off house and no debt. The way prices are going up on everything I worry about my retirement years, which will be starting up on June 1.
Your opinion
I retired at 60. We had it all planned out to do so and live easily on our savings, soc sec and pensions.
Living expenses are as we expected.
But we did not anticipate what ObamaCare would do to insurance and medical costs before it actually kicked in this year (60% increases in premiums and deductable/co-pays over 2 years).
What we had saved and planned may get well zapped before we his 65.
Thanks Obamanomics. You’re the greatest.
Who’s going to have retirement accounts anyway? Some progressive will see that big pile of money and confiscate it some day. For the children of course.
but, but, some people today think the 5th TV is a necessity. Along with a cable package including HBO, Showtime, and God knows what other pay cable channels.
And some people eat out 4 nigghts a week, necessity of life for some.
And you gotta have a new leased car every 2 years.
Of coruse I’m being sarcastic.
How much will I need to live like King Barry?
You left out, the newest and most expensive smart phone and tablet to go with it. One for each member of the family including the failure to launch ones. The monthly connection charges would feed most retired couples. Heaven for bid using a good cell phone from Trax or Walmart with no monthly charges except what you use.
Since you aren’t working now and not stopping at Starbucks before and after work, you can go there with you new tablet and use their WiFi while sipping on several $5 coffees all afternoon and a couple of sweet deserts.
A two week cruise with a real state room each year.
Taking the grandkids and their parents to Disney World or on that cruise with you.
Adding an a 50 K outside kitchen, ceramic charcoal cooker and a brick pizza oven, that you might use twice in your lifetime. Of course the new kitchen sits on a 30K Redwood deck and granite patio.
The wife redoes her kitchen for 75 k, and doesn’t really cook anymore. If you don’t eat out, you buy take out on the way home from your tiring afternoon at Starbucks.
A new 50K SUV even though the only off road you go on is onto your 25K new driveway with solar lights and special security.
You now belong to a closed gate Country Club with monthly dues over 2K just to belong.
Last but not least your cash charity donations are enough to even document on your yearly IRS form.
Then, you write letters to the editor about the hardships of retirement and how America has gone to hell.
You hit lots of nails on their heads !! Thanks.
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