To: SmithL
So let me ask for opinions. I'm 56. If the house is paid for and I have no health issues or expensive hobbies or habits, the kids are through college and I have a side income of $20K per year, is a million enough to retire on?
There was a time I would have been able to answer that question but now I'm not so sure. BTW, Social Security does not figure into my plans. If it happens great but I'm not counting n it.
367 posted on
04/23/2006 4:11:52 PM PDT by
muir_redwoods
(Free Sirhan Sirhan, after all, the bastard who killed Mary Jo Kopechne is walking around free)
To: muir_redwoods
According to Clark Howard, you need to figure out how much it will cost for you to live at what ever level you want to be living. Then, figure that annual amount should never exceed 4% of your retirement savings. That will give you the amount of money you need to save.
Something that many people forget to do is figure the amount of taxes and insurance your home will be costing you, even after you've paid it off. I know that in the 15 years that I've owned my home, that portion of the mortgage payment has trippled.
Mark
400 posted on
04/23/2006 5:27:04 PM PDT by
MarkL
(When Kaylee says "No power in the `verse can stop me," it's cute. When River says it, it's scary!)
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