Wealth by generation and asset class:
10-11-2023, 01:27 PM
#12
Ignoring; John Burke.
Joined APC: Jul 2022
Position: Wandering
Posts: 236
The one question I’ve never been able to get answered is “what’s my number?” What number am I shooting for in my retirement accounts so that I know when I can retire?
That question is always answered with more questions. More is better of course, but I’d sure like to know when I can pull the chute and be done.
That question is always answered with more questions. More is better of course, but I’d sure like to know when I can pull the chute and be done.
You’re asking pilots on an anonymous message board?
GET PROFESSIONAL HELP. I mean the financial planning type. Find a CFP and pay them. Best money you’ll ever spend.
If you have a retirement savings account at Schwab, they have a pretty inexpensive financial coaching program. I’d guess the other big houses have something similar.
If your too cheap for that, there are lot’s of books available. Try Jane Bryant Quinn.
10-11-2023, 09:07 PM
#13
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,205
You’re asking pilots on an anonymous message board?
GET PROFESSIONAL HELP. I mean the financial planning type. Find a CFP and pay them. Best money you’ll ever spend.
If you have a retirement savings account at Schwab, they have a pretty inexpensive financial coaching program. I’d guess the other big houses have something similar.
If your too cheap for that, there are lot’s of books available. Try Jane Bryant Quinn.
GET PROFESSIONAL HELP. I mean the financial planning type. Find a CFP and pay them. Best money you’ll ever spend.
If you have a retirement savings account at Schwab, they have a pretty inexpensive financial coaching program. I’d guess the other big houses have something similar.
If your too cheap for that, there are lot’s of books available. Try Jane Bryant Quinn.
But it's not going to change the basic math. Assuming reasonably conservative performance you need $1M to provide $40k/year income.
How much income do you want in retirement? How much income do you *need*? That's your window.
You can always adjust risk to suit your personal taste, that will change either your savings plan, your retirement QOL, or both.
If you want to have your cake and eat it too, you'll need a specialty investment advisor, with a name like Bernard or Jordan.
10-11-2023, 09:26 PM
#14
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,205
Your house can count towards that, if you don't need to leave it to heirs and you expect to downsize later.
10-21-2023, 10:55 AM
#15
In a land of unicorns
Joined APC: Apr 2014
Position: Whale FO
Posts: 6,609
Yes you need that just to avoid gross strategic errors, or getting raped by the tax man.
But it's not going to change the basic math. Assuming reasonably conservative performance you need $1M to provide $40k/year income.
How much income do you want in retirement? How much income do you *need*? That's your window.
You can always adjust risk to suit your personal taste, that will change either your savings plan, your retirement QOL, or both.
If you want to have your cake and eat it too, you'll need a specialty investment advisor, with a name like Bernard or Jordan.
But it's not going to change the basic math. Assuming reasonably conservative performance you need $1M to provide $40k/year income.
How much income do you want in retirement? How much income do you *need*? That's your window.
You can always adjust risk to suit your personal taste, that will change either your savings plan, your retirement QOL, or both.
If you want to have your cake and eat it too, you'll need a specialty investment advisor, with a name like Bernard or Jordan.
10-21-2023, 03:51 PM
#16
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,205
If you want to live off returns and dividends, it will likely require a much larger principle nest egg. You are of course free to save more, if you have the means.
That said, nobody has a crystal ball, so there's always a variety of risks not accounted for in any such plan. It's a tradeoff between:
1) Cost (money you could be spending on boats, hookers and blow in your youth) vs
2) Personal risk tolerance.
10-22-2023, 07:18 AM
#17
Gets Everyday Off
Joined APC: Aug 2016
Position: Fully Retired
Posts: 7,000
Philanthropic organizations, such as universities, charities, etc. use the 4% rule. The additional return from the S&P 500 is added to the principle to keep the buying power where it is. inflation is a profound thing over the years.
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