Posted on 06/26/2017 7:45:52 AM PDT by SeekAndFind
Edited on 06/26/2017 8:44:25 AM PDT by Admin Moderator. [history]
https://www.usatoday.com/story/money/personalfinance/retirement/2017/06/23/is-1-million-really-enough-to-fund-your-retirement/102924076/
In a few years, they are going to realize that they are screwed. Then, of course, they are going to claim that we owe them a better retirement. Because they are in the majority, they will elect some commies who will agree with them and require those who invested to "share." I fear for our kids.
OR, some of today's under- and unemployed will start making more than they are today due to Trump's new economy. Then they get smart and start making their money grow.
$5 X 365 = $1,825 (five bucks a pack/day for a year)
$1,825 X 51 = $93,075
I have no idea how much a pack costs in South Carolina but, even if you go to $20/pack you’re nowhere close.
Go here (or any of a huge number of sites that do the same) and enter your $150 a month for 51 years at whatever rate you think you’ll make if you invest all the smoke money. 2% is bad, 5% is conservative, 8% is more realistic. You will be stunned by what simple compound interest does in 51 years with what you thought was just $93,000.
It’s enough to make you stop smoking yesterday.
If you take up sky diving and motocross as hobbies.
If you take up sky diving and motocross as hobbies.
“you shouldn’t be taking ANY of your principal during retirement... you should be living off the interest or the cash flow generated by the funds.”
Easier said than done if retirement funds are subject to required minimum distribution rules of IRA etc..... unless you are a younger retiree and willing to assume some investment risk.
Musta taken Safari a bit to noodle it out, started with a micro print thread and that link stretching out to the aleutians, but it shows OK now :-)
Because that principle needs to be intact at your death so the state and it’s remoras can feed on the carcass.
Do you even get SS if you never worked in this country (or never after age 23)? I like your scenario but I feel that once I inherit I’d damn well better know a lot more than I do right now.
I feel like that could be doable for me, if things don’t hit the fan too much.
You can’t put much as lump sum into an IRA though. When it comes time, I will be faced with where to invest.
“The secret is to be as debt free as possible and to live realistically.”
Yes. What is also interesting is that I have friends - several whom are millionaire 2/3x over who live more conservative than myself because they either fear, have no interest in, or are too cheap to enjoy the benefits of leisure time like travel, entertainment, better home etc. I have learned that a lot of money does not always make for a pleasurable retirement. Good health, family, friends, and doing what you want to do is more important than living a more upscale life.
You better call Saul. ;)
Thanks, Diana. I have heard a bit of him here and there. He would be someone I would love to spend time with privately on what I should do when it is time. I will look for his stuff. It wouldn’t apply to me now though.
There are many excellent investment firms able to help you with an appropriate stratagy to secure your future. Freep mail me for a name or two if you like.
Forget the clickbait: it’s a great subject. What if you ended up near retirement age and had $1 mil? How to make it last? To me that is a fascinating question, since I won’t have pensions and 401ks and such.
You should be working on this RIGHT NOW, raising kids or not. Nothing is guaranteed in this world, you know. ;)
BUT - just give him a look. If you want someone local to work with, he has people that teach his program at churches all over the place.
Sounds like my parents. Dad retired at 60 and neither he nor mom were easy to find. He took on three part time jobs - subbing for other docs on vacation, being an expert witness, and doing the books for younger doc practices or getting their books set up. He was his own accountant for his practice and his personal investments. Mom had hobbies and activities and they had season tickets to their beloved college sports, plus they traveled. They got almost 20 years of life with as you say “all Saturdays” before they came down with Alzheimer’s, dad first. But they did have those magical 20 years of good health and freedom.
Just showed your pic to mom (who has Alzheimer’s but still got her sense of humor) and said “That is gonna be you, Mom, trying to take all your stuff with you!” She laughed and agreed. ;)
I guess my big query is what if the $1 mil IS your only pension? I will get some small amount from my other country I worked in, but it won’t be much.
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