Poll - How much is enough / what's your number?
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Poll - How much is enough / what's your number?
When I was younger I thought I'd work my butt off and retire at 65 with a pile of money. Once I had my son, I decided I wanted to work no longer than 50 so I can spend all of high school with him without working (perhaps a fools decision as he probably won't want anything to do with me by then ). I managed to hit $2M just before turn 40, and now I'm thinking $5M is all I need to live an "upper middle class" lifestyle without working and without feeling like I'm living on a budget.
Right or wrong, I won't feel like I "made it" and the effort was worth it if I retire only to have to carefully watch my expenses for the rest of my life, but the yacht and jet will need to wait until the next life (unless a retirement hobby or two becomes the next big business idea -- which I don't think it will).
What about you? What do you want? What's your number?
Right or wrong, I won't feel like I "made it" and the effort was worth it if I retire only to have to carefully watch my expenses for the rest of my life, but the yacht and jet will need to wait until the next life (unless a retirement hobby or two becomes the next big business idea -- which I don't think it will).
What about you? What do you want? What's your number?
You can do anything you want in life. The rub is that there are consequences.
- MN-Investor
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Re: Poll - How much is enough / what's your number?
Of course, this will also differ depending on the age of the person responding.
The key to success - Save early, save often, invest well.
Re: Poll - How much is enough / what's your number?
Since I am getting nearer to the 60 mark; $1-2 (closer to $2) should do it.
I will work part time when I retire, just keeping the clients I choose.
If I were 18/19 my number would be closer to 3-5.
I will work part time when I retire, just keeping the clients I choose.
If I were 18/19 my number would be closer to 3-5.
Re: Poll - How much is enough / what's your number?
If my number is $2 million, which option should I select?
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Re: Poll - How much is enough / what's your number?
I'll go ahead and assume you'll earn $0.01 of interest on that money the next morning, so you can choose $2M - $5Mmptfan wrote:If my number is $2 million, which option should I select?
You can do anything you want in life. The rub is that there are consequences.
Re: Poll - How much is enough / what's your number?
Inflation ~ one more year is now one more million.
Re: Poll - How much is enough / what's your number?
I don't think that the poll results are meaningful because a person who wants to respond with $2M does not know whether to select the second or third option. And so on...2tall4economy wrote:I'll go ahead and assume you'll earn $0.01 of interest on that money the next morning, so you can choose $2M - $5Mmptfan wrote:If my number is $2 million, which option should I select?
Re: Poll - How much is enough / what's your number?
I don't understand polls in this scenario, because it doesn't matter what I consider enough. How much do you need to spend every year to have your "upper middle class" life style? Once you know that number, figure out a reasonable SWR and there you go, you have your number.
"Confusion has its cost" - Crosby, Stills and Nash
Re: Poll - How much is enough / what's your number?
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Last edited by Confused on Fri Nov 06, 2015 12:46 am, edited 1 time in total.
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Re: Poll - How much is enough / what's your number?
Net worth of $5M by 50 in 5 years and my wife and I will be out.
Last edited by CloudNine33 on Mon Sep 14, 2015 1:53 pm, edited 1 time in total.
Re: Poll - How much is enough / what's your number?
My number is a function of age, at least in the age range of 50-60 years old.
my number = -0.2*age + 14 (age in years, my number in millions of dollars, today dollars)
At least this is how I feel today.
my number = -0.2*age + 14 (age in years, my number in millions of dollars, today dollars)
At least this is how I feel today.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
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Re: Poll - How much is enough / what's your number?
15 years ago, while out jogging with my then high school aged son, I said $4MM, today I answered the poll at $5MM which given inflation over the last 15 years is not that far off.
The market goes up, the market goes down.
Re: Poll - How much is enough / what's your number?
Whatever I have the day I decide I really don't want to work any more or my employer decides I need to go.
At that point I will take what I have and make it work. If I am a little light I can work part time at some easy job (so one can argue if that is truly retirement or not). Every year the later is less and less likely.
At that point I will take what I have and make it work. If I am a little light I can work part time at some easy job (so one can argue if that is truly retirement or not). Every year the later is less and less likely.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
Re: Poll - How much is enough / what's your number?
Although I voted a number on the survey, I mostly agree with Rodc's statement. I really don't have a "magic" number- when the time comes, I'll figure out what my budget has to be, and make it work. My number is more of a goal than a magic number.Rodc wrote:Whatever I have the day I decide I really don't want to work any more or my employer decides I need to go.
Re: Poll - How much is enough / what's your number?
Between $4M and $5M. Planning to retire in about 18 months, and we're at the low end of that range already.
Dave
Re: Poll - How much is enough / what's your number?
The number is what it is. I'm just waiting for the executive order from the commander in chief at home.
"..the cavalry ain't comin' kid, you're on your own..."
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Re: Poll - How much is enough / what's your number?
There are also people who anticipate a nice pension, making the amount they need less.
Unfortunately, I'm not one of those lucky people.
Unfortunately, I'm not one of those lucky people.
Re: Poll - How much is enough / what's your number?
I have less than $1M invested and doing very well......nice cruises and other vacations annually, new cars regularly, nice home, lots of entertainment and restaurants..
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
Re: Poll - How much is enough / what's your number?
$12million has always seemed like a nice number to me. It's one of those numbers that I feel like once I hit it, I could sleep well with 100% stock or 100% bonds. I can keep my expenses low and use less than 1% of
That being said, I don't think I'll hit it. My total yearly income right now is about $50k per year, and my wife is likely going to be in the $30k-$35k range once she starts working this fall. By the time we're both 25, I anticipate our total pre-tax income to be about $100k. I look at a couple scenarios. Let's look at a conservative scenario: yearly after-inflation raises of a real 1% per year, saving 20% of income, real return on savings after inflation of 4%. That puts my age 65 net worth at $3.4mil in 2015 dollars. That's probably be much more than I actually need, but not enough that I'll feel like I never need to worry again.
A more optimistic scenario: yearly after-inflation raises of a real 3% per year, saving 40% of income, real return on savings after inflation of 8%. That would give me $12.2mil at age 65. Of course, the higher % I save, the more raises I get, the higher the market returns, the better off I'll be. And if I don't discount my future returns/raises for inflation, then reaching $12mil becomes a lot easier! Heck, if you assume 3% inflation per year, even my conservative estimate would net me $10.8mil at age 65. My aggressive plan would be worth $37.4mil at age 65!
So I may very well hit $12mil in savings in nominal terms in my lifetime. But in real terms, it's a bit of a stretch.
That being said, I don't think I'll hit it. My total yearly income right now is about $50k per year, and my wife is likely going to be in the $30k-$35k range once she starts working this fall. By the time we're both 25, I anticipate our total pre-tax income to be about $100k. I look at a couple scenarios. Let's look at a conservative scenario: yearly after-inflation raises of a real 1% per year, saving 20% of income, real return on savings after inflation of 4%. That puts my age 65 net worth at $3.4mil in 2015 dollars. That's probably be much more than I actually need, but not enough that I'll feel like I never need to worry again.
A more optimistic scenario: yearly after-inflation raises of a real 3% per year, saving 40% of income, real return on savings after inflation of 8%. That would give me $12.2mil at age 65. Of course, the higher % I save, the more raises I get, the higher the market returns, the better off I'll be. And if I don't discount my future returns/raises for inflation, then reaching $12mil becomes a lot easier! Heck, if you assume 3% inflation per year, even my conservative estimate would net me $10.8mil at age 65. My aggressive plan would be worth $37.4mil at age 65!
So I may very well hit $12mil in savings in nominal terms in my lifetime. But in real terms, it's a bit of a stretch.
Re: Poll - How much is enough / what's your number?
My notional number is a moving target but I expect it to be around $5M if I want to retire before age 60. As I get older the number gets lower, which is sort of counterintuitive but I guess also makes sense because I'll have fewer years of income to replace and greater income from a pension and social security.
It's also about 45x my current estimated annual expenses including income tax, which is a little absurd now, but as inflation increases "45x" will eventually decline to something closer to 25x to 30x. Also, the $5M is in dollars 15-20 years from now. I'm not sure what I'd need in order to feel like I could retire today.
It's also about 45x my current estimated annual expenses including income tax, which is a little absurd now, but as inflation increases "45x" will eventually decline to something closer to 25x to 30x. Also, the $5M is in dollars 15-20 years from now. I'm not sure what I'd need in order to feel like I could retire today.
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Re: Poll - How much is enough / what's your number?
As bobk has pointed out many times, and I agree with: IMHO the focus on " the number" is silly.
You need to focus on what a yearly source of income, which you need to cover your needs and some extras to be comfortable and be secure and comfortable in retirement.
The discussion of "the number" leads you down the slippery slope of Safe Withdrawal Rate , inflation and maybe that should you happy to die early or be sorry that you live to be a hundred plus.
The better discussion might be how to ensure safe income to cover the yearly needs. In this Social security, pensions and SPIA's would play the major role.
Most people, who retired on one tenth or one hundredth of Boglehead networth survey of wealth are comfortable and do not end up under a bridge and eating dogfood.
I did not vote, because my number is what ever covers my and my partners SSI at 70 and we have made it.
FWIW the better question would be what money stream you need yearly for one to be happy ( a definition of happiness which come to my mind may be a "fullfilled life", and what fullfilled life /happiness constitutes is left to everyone's imagination).
PS I hope I invoked bobk correctly
You need to focus on what a yearly source of income, which you need to cover your needs and some extras to be comfortable and be secure and comfortable in retirement.
The discussion of "the number" leads you down the slippery slope of Safe Withdrawal Rate , inflation and maybe that should you happy to die early or be sorry that you live to be a hundred plus.
The better discussion might be how to ensure safe income to cover the yearly needs. In this Social security, pensions and SPIA's would play the major role.
Most people, who retired on one tenth or one hundredth of Boglehead networth survey of wealth are comfortable and do not end up under a bridge and eating dogfood.
I did not vote, because my number is what ever covers my and my partners SSI at 70 and we have made it.
FWIW the better question would be what money stream you need yearly for one to be happy ( a definition of happiness which come to my mind may be a "fullfilled life", and what fullfilled life /happiness constitutes is left to everyone's imagination).
PS I hope I invoked bobk correctly
The Golden Rule: One should treat others as one would like others to treat oneself.
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Re: Poll - How much is enough / what's your number?
Sheepdog wrote:I have less than $1M invested and doing very well......nice cruises and other vacations annually, new cars regularly, nice home, lots of entertainment and restaurants..
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
Sheepdog - -
Are you digging into your capital or are you able to do that with just the interest.
I'm not where near $1M invested, so I don't appreciate how much money that functionally is.
Thanks!
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Re: Poll - How much is enough / what's your number?
My guess is that of the 2 people who voted over 20 million and the 3 people who voted over 50 million are making fun of this poll, are psychotic or having really high expenses.
Who is judgemental here?
Any of the 5 willing to respond?
Who is judgemental here?
Any of the 5 willing to respond?
The Golden Rule: One should treat others as one would like others to treat oneself.
Re: Poll - How much is enough / what's your number?
Keep in mind that some of them could be 20 year olds expecting high inflation. For example, let's say you think inflation will average 6% over the next 50 years (there are some countries where this has occurred so this isn't completely impossible). $50mil in 50 years would be the equivalent of $2.7mil today. That allows for a safe withdrawal rate of about $108k per year. I wouldn't call that really high expenses. I would call that upper middle class. So just to stay upper middle class over the next 50 years, they would need a nominal $50mil in the year 2065.Wildebeest wrote:My guess is that of the 2 people who voted over 20 million and the 3 people who voted over 50 million are making fun of this poll, are psychotic or having really high expenses.
Who is judgemental here?
Any of the 5 willing to respond?
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Re: Poll - How much is enough / what's your number?
I selected 50+ but I'm not sure why.
Re: Poll - How much is enough / what's your number?
It is "digging" into "total return" (dividends, interest and capital gains). In 16 years, the portfolio has grown even after taking out an average of 4.5% a year. Those distributions are added to SS to meet expenses.Purelife304 wrote:Sheepdog wrote:I have less than $1M invested and doing very well......nice cruises and other vacations annually, new cars regularly, nice home, lots of entertainment and restaurants..
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
Sheepdog - -
Are you digging into your capital or are you able to do that with just the interest.
I'm not where near $1M invested, so I don't appreciate how much money that functionally is.
Thanks!
Last edited by Sheepdog on Mon Jan 12, 2015 9:59 pm, edited 1 time in total.
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
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Re: Poll - How much is enough / what's your number?
I selected 50 million because it's a nice, round number. Also, it's enough.Wildebeest wrote:My guess is that of the 2 people who voted over 20 million and the 3 people who voted over 50 million are making fun of this poll, are psychotic or having really high expenses.
Who is judgemental here?
Any of the 5 willing to respond?
Re: Poll - How much is enough / what's your number?
Knowing my number won't help you at all.
All you need to know is what your yearly living expenses will be and what your income will be. If the income is more than the expenses, you don't need much at all. Assumedly your expenses will drop if the kids are gone and the house is paid off. Those were our 2 largest expenses.
I can confirm your son most likely won't want to spend time with you when he is in his teens. Spend time with him NOW. (And if you overwork yourself now, YOU may not be around to see his teen years.)
All you need to know is what your yearly living expenses will be and what your income will be. If the income is more than the expenses, you don't need much at all. Assumedly your expenses will drop if the kids are gone and the house is paid off. Those were our 2 largest expenses.
I can confirm your son most likely won't want to spend time with you when he is in his teens. Spend time with him NOW. (And if you overwork yourself now, YOU may not be around to see his teen years.)
Last edited by celia on Mon Jan 12, 2015 10:05 pm, edited 1 time in total.
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.
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Re: Poll - How much is enough / what's your number?
I am, fortunately. Out of curiosity, at age 50 I will receive a pension that should be worth about $130k/yr. Each year it adjusts for cost of living. How do I equate that to what size portfolio would be needed to pay that amount each year (in other words, what's the "value" of the pension)?Artsdoctor wrote:There are also people who anticipate a nice pension, making the amount they need less.
Unfortunately, I'm not one of those lucky people.
Re: Poll - How much is enough / what's your number?
Use the 4% rule. So your pension is worth a bit over 3 million. It isn't quite right (the 4%er is likely to have a ton more money in 30 years but has the slight risk of going broke. It also is assuming your pension pays a survior) but it is close enough. You could also price out how much it would cost to buy an inflation adjusted annuity but I find doing that to be a pain.BogleBoogie wrote:I am, fortunately. Out of curiosity, at age 50 I will receive a pension that should be worth about $130k/yr. Each year it adjusts for cost of living. How do I equate that to what size portfolio would be needed to pay that amount each year (in other words, what's the "value" of the pension)?Artsdoctor wrote:There are also people who anticipate a nice pension, making the amount they need less.
Unfortunately, I'm not one of those lucky people.
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Re: Poll - How much is enough / what's your number?
Fully agree, yet any boglehead worth his salt would have their expense coverage needs fully contemplated in their number.Wildebeest wrote:As bobk has pointed out many times, and I agree with: IMHO the focus on " the number" is silly.
You need to focus on what a yearly source of income, which you need to cover your needs and some extras to be comfortable and be secure and comfortable in retirement.
The discussion of "the number" leads you down the slippery slope of Safe Withdrawal Rate , inflation and maybe that should you happy to die early or be sorry that you live to be a hundred plus.
The better discussion might be how to ensure safe income to cover the yearly needs. In this Social security, pensions and SPIA's would play the major role.
Most people, who retired on one tenth or one hundredth of Boglehead networth survey of wealth are comfortable and do not end up under a bridge and eating dogfood.
I did not vote, because my number is what ever covers my and my partners SSI at 70 and we have made it.
FWIW the better question would be what money stream you need yearly for one to be happy ( a definition of happiness which come to my mind may be a "fullfilled life", and what fullfilled life /happiness constitutes is left to everyone's imagination).
PS I hope I invoked bobk correctly
You can do anything you want in life. The rub is that there are consequences.
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Re: Poll - How much is enough / what's your number?
I don't believe that the area you live in should have much of an impact on the level of "income generating net assets" you're targeting for retirement.Sheepdog wrote:I have less than $1M invested and doing very well......nice cruises and other vacations annually, new cars regularly, nice home, lots of entertainment and restaurants..
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
Depending on where you live there is only a slight increase or decrease if you exclude the cost of your primary residence, and since I carefully titled my poll to exclude primary residence, it should be relatively aligned for all pollsters (in my personal experience living all over the USA and Asia, other stuff just isn't THAT much more expensive anywhere, including Manhattan, maybe a 20% premium from highest to lowest, so $400k on a $2M asset pile):
The most interesting thing I've noticed about wealth recently is that there are definite thresholds. This was a new concept for me this year when I stopped thinking about a bank account number and started thinking about expenses.
At $1M-$2M, you don't have to work anymore if you can watch your spending. You probably won't increase your net worth much, and if you overspend consistently you'll start to dig into your capital.
At $5M you don't have to work and don't have to watch your day to day spending and can keep up with the Joneses if that's your bag, but there are some big "toys" you can't reasonably purchase, such as *multiple* rolls royces/ferraris (1-2 is probably ok), expensive watches, private jets, and yachts, and you can afford all but the top luxury homes in most states, or an average home in Silicon Valley/Manhattan. Again, if you go too crazy, you may dig into capital.
At $10M you can get pretty much everything except the jet, yacht, and the top luxury homes in California / New York (Many states don't even have homes costing $10M). Even without working and spending a lot, you probably will have continuing net worth increases annually, at a pretty good clip, and never touch your capital.
At $50M you can get the rest; the biggest house and the jet/yacht. No material possession is out of reach that I can imagine, anywhere in the world. There's a LOT of time between $10M and $50M though (my personal forecast says an additional 25 years of watching budgets and continuing to work - no thanks).
Beyond $50M it's all about power and control: political, charity, and/or business influence. I really see no other use of money once you hit that level: there's nothing new to buy, it's just multiples of what you already have, and there's nothing new to experience, other than controlling your fellow man (through business, politics, or charity causes).
My forecast suggests I might reach $50M or beyond, if I worked hard until 65 and then let my assets increase for another 15 years, and I do like wielding power , but then I'd be too old to actively participate in it, so I decided there was no point. Now I'm taking a hard look at whether $10M is really what I want to achieve or if $5M will do. At the moment, $10M is winning out, slightly.
Last edited by 2tall4economy on Tue Jan 13, 2015 5:15 am, edited 3 times in total.
You can do anything you want in life. The rub is that there are consequences.
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Re: Poll - How much is enough / what's your number?
Good on you to put together a forecast; I did the same thing once I started getting serious (around age 28, sadly - just chased skirts and lived large/expensive before that). A couple comments:toto238 wrote:$12million has always seemed like a nice number to me. It's one of those numbers that I feel like once I hit it, I could sleep well with 100% stock or 100% bonds. I can keep my expenses low and use less than 1% of
That being said, I don't think I'll hit it. My total yearly income right now is about $50k per year, and my wife is likely going to be in the $30k-$35k range once she starts working this fall. By the time we're both 25, I anticipate our total pre-tax income to be about $100k. I look at a couple scenarios. Let's look at a conservative scenario: yearly after-inflation raises of a real 1% per year, saving 20% of income, real return on savings after inflation of 4%. That puts my age 65 net worth at $3.4mil in 2015 dollars. That's probably be much more than I actually need, but not enough that I'll feel like I never need to worry again.
A more optimistic scenario: yearly after-inflation raises of a real 3% per year, saving 40% of income, real return on savings after inflation of 8%. That would give me $12.2mil at age 65. Of course, the higher % I save, the more raises I get, the higher the market returns, the better off I'll be. And if I don't discount my future returns/raises for inflation, then reaching $12mil becomes a lot easier! Heck, if you assume 3% inflation per year, even my conservative estimate would net me $10.8mil at age 65. My aggressive plan would be worth $37.4mil at age 65!
So I may very well hit $12mil in savings in nominal terms in my lifetime. But in real terms, it's a bit of a stretch.
A good rate for your raises is hard to estimate, but I think your optimistic scenario is the more correct one to use: My base salary raises would suggest an annual increase of 6.7% (nominal), however total comp, including bonsues and stock, was more like 13.9%. Would caution that I'm not the most successful person I know, but I'm more successful than anyone I knew until I got to 35 or so, so guage how sucuessful you'll be when you pick your number (there's no wrong answer of course).
On the flip side, 8% real returns isn't realistic. I would estimate your real investment returns at 4%-5% real annually (which comes from buffet and is 3% stock market + 2% dividends, it would be slightly lower if you have bonds).
Savings rate is the one you control the most, so suggest you target that 40% and hit it, every time.
I also planned to be well above $10M at reitrement, but once I got over $1M, my interest in continuing to work began to wane. I'm too young to retire, but it's feeling pretty attractive right now, even if I have to give up hitting $10M for it.
You can do anything you want in life. The rub is that there are consequences.
Re: Poll - How much is enough / what's your number?
There are apartments not far from me that cost well over $50M. There are paintings that would set you back much more than that. A 757 costs about twice that much (Paul Allen used to own two). There are yachts that go for more than $50M.2tall4economy wrote:<>At $50M you can get the rest; the biggest house and the jet/yacht. No material possession is out of reach that I can imagine, anywhere in the world. There's a LOT of time between $10M and $50M though (my personal forecast says an additional 25 years of watching budgets and continuing to work - no thanks).<>
Your imagination seems a bit limited.
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Re: Poll - How much is enough / what's your number?
Just over $2MM in 2014 dollars to retire in around 10 years in my late 40's. It would be a lot more than that to retire any sooner. If I wait to retire until full SS age, I only need about a quarter of that.
Re: Poll - How much is enough / what's your number?
pacodelostigres wrote:Just over $2MM in 2014 dollars to retire in around 10 years in my late 40's. It would be a lot more than that to retire any sooner. If I wait to retire until full SS age, I only need about a quarter of that.
+1
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Poll - How much is enough / what's your number?
Send me your geographic location, I'm moving when I retire.Sheepdog wrote:I have less than $1M invested and doing very well......nice cruises and other vacations annually, new cars regularly, nice home, lots of entertainment and restaurants..
It is according to where you live and your particular expenses. I live in a low cost area. (example, $200 K homes here may be sold at $2 mil or more somewhere else)
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Poll - How much is enough / what's your number?
Having retired,I have been rather surprised what one can "live comfortably'on.
I spent 46,271 in 2014
All insurances (health,auto homeowners),Utilities(phone ,water,electricity,cable),taxes =18,458
about 39% of expenditures went to the above categories,
I spent 27,811 On everything else.
I spent 46,271 in 2014
All insurances (health,auto homeowners),Utilities(phone ,water,electricity,cable),taxes =18,458
about 39% of expenditures went to the above categories,
I spent 27,811 On everything else.
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Re: Poll - How much is enough / what's your number?
This is what's written into my IPS under the goals section - I've always read/heard about the $75k/yr happiness benchmark - the magic income number beyond which people's day to day happiness no longer improves. I consider myself more or less an average dude, so I'm shooting for a minimum of that number over 4% - $1.875M. For an early retirement I'm shooting for it over 3% - $2.5M. I believe that study was in 2010 so I'll probably adjust the number for inflation once every few years.
https://www.google.com/webhp?sourceid=c ... +benchmark
https://www.google.com/webhp?sourceid=c ... +benchmark
FIRE'd. Mid-40s.
Re: Poll - How much is enough / what's your number?
I am one of the very few who selected below a million
I am so not in the same league as the majority of the posters in this thread.
I guess I'm a bobblehead not a bogglehead. Lol
I just follow along, shake my head, and do what I'm told but on a smaller scale because my income is so much lower than the rest of the board.
And it's worked. Over time, even with my salary, if you live below your means and save every month, it works.
Honestly, I will be thrilled with 500k and my mortgage paid off.
I am so not in the same league as the majority of the posters in this thread.
I guess I'm a bobblehead not a bogglehead. Lol
I just follow along, shake my head, and do what I'm told but on a smaller scale because my income is so much lower than the rest of the board.
And it's worked. Over time, even with my salary, if you live below your means and save every month, it works.
Honestly, I will be thrilled with 500k and my mortgage paid off.
Re: Poll - How much is enough / what's your number?
Between $2.5M and $3.5M, depending on when we retire. I think we can hit that $2.5M in 15 years and we could retire right then if we choose.
You really don't need to begin saving for retirement before you reach 60. At that point, simply save 250 percent of your income each year and you'll be able to retire comfortably at 70. -Jonathan Pond
Re: Poll - How much is enough / what's your number?
What is your initial withdraw rate?pacodelostigres wrote:Just over $2MM in 2014 dollars to retire in around 10 years in my late 40's. It would be a lot more than that to retire any sooner. If I wait to retire until full SS age, I only need about a quarter of that.
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Re: Poll - How much is enough / what's your number?
If you want to peruse people's situation more comprehensively and accurately, the net worth survey will do a far better job than this poll. Just open the net worth spreadsheet and scour everything you care about. The poll question is extremely ambiguous -- "how much money do you want"??? If it is unbounded by capabilities, the sky's the limit, right? Why not put $50m, or $100m, or $100b? If it is bounded by capabilities, then why not look at capabilities directly, as in the net worth survey?
Re: Poll - How much is enough / what's your number?
bkinder wrote:Although I voted a number on the survey, I mostly agree with Rodc's statement. I really don't have a "magic" number- when the time comes, I'll figure out what my budget has to be, and make it work. My number is more of a goal than a magic number.Rodc wrote:Whatever I have the day I decide I really don't want to work any more or my employer decides I need to go.
My professional career just ended a little sooner than expected, so I'll make my current number work too. If I look back ten years, I didn't project that I'd hit the 2.5-3M mark by 60. We've been very fortunate in life and somewhat frugal.
thanks...
Re: Poll - How much is enough / what's your number?
Igetit, you and I are virtually in the same boat.
Sheepdog is correct in that it does matter where you live. I have experience with the Chicago area and downstate Illinois. Not every thing is more expensive in Chicago but a whole lot of things are. I would imagine my cost of living does not differ significantly from Indiana, Sheepdog.
I find Sheepdog to be an inspiration!
Sheepdog is correct in that it does matter where you live. I have experience with the Chicago area and downstate Illinois. Not every thing is more expensive in Chicago but a whole lot of things are. I would imagine my cost of living does not differ significantly from Indiana, Sheepdog.
I find Sheepdog to be an inspiration!
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Re: Poll - How much is enough / what's your number?
The expenses number is actually the one that most people nearing retirement need. But people doing these pools are interested in knowing what other people's numbers are to have an idea to shape their own (for longer term planning). So these numbers should be considered as ballpark numbers and should not be taken seriously.Wildebeest wrote:As bobk has pointed out many times, and I agree with: IMHO the focus on " the number" is silly.
You need to focus on what a yearly source of income, which you need to cover your needs and some extras to be comfortable and be secure and comfortable in retirement.
The discussion of "the number" leads you down the slippery slope of Safe Withdrawal Rate , inflation and maybe that should you happy to die early or be sorry that you live to be a hundred plus.
The better discussion might be how to ensure safe income to cover the yearly needs. In this Social security, pensions and SPIA's would play the major role.
Most people, who retired on one tenth or one hundredth of Boglehead networth survey of wealth are comfortable and do not end up under a bridge and eating dogfood.
I did not vote, because my number is what ever covers my and my partners SSI at 70 and we have made it.
FWIW the better question would be what money stream you need yearly for one to be happy ( a definition of happiness which come to my mind may be a "fullfilled life", and what fullfilled life /happiness constitutes is left to everyone's imagination).
PS I hope I invoked bobk correctly
As I mentioned in the net worth survey thread, around $2M looks good for most (boglehead) people to accumulate for a comfortable retirement.
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Re: Poll - How much is enough / what's your number?
I'm such a greedy bastarde.
I'd like to know the others.
I'd like to know the others.
Rev012718; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax TBT%. Early SS. FundRatio (FR) >1.1 67/70yo
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Re: Poll - How much is enough / what's your number?
So the working class doesn't even control enough to have a slice of the pie (chart)?
Re: Poll - How much is enough / what's your number?
This.2tall4economy wrote:When I was younger I thought I'd work my butt off and retire at 65 with a pile of money. Once I had my son, I decided I wanted to work no longer than 50 so I can spend all of high school with him without working (perhaps a fools decision as he probably won't want anything to do with me by then ). I managed to hit $2M just before turn 40, and now I'm thinking $5M is all I need to live an "upper middle class" lifestyle without working and without feeling like I'm living on a budget.
Right or wrong, I won't feel like I "made it" and the effort was worth it if I retire only to have to carefully watch my expenses for the rest of my life, but the yacht and jet will need to wait until the next life (unless a retirement hobby or two becomes the next big business idea -- which I don't think it will).
What about you? What do you want? What's your number?
My favorite quote --> "Man is never satisfied."