What income are you aiming for in retirement?

[Anonymous]

Anonymous wrote:235K in present dollars. Between SS (70% of present value) and pension we have $150K of that covered. We currently have $1.7M in savings so close to the rest is currently covered using the 4% rule. We save $85K for retirement so that should cover the rest.

We maybe over saving but we also allocate $34K to fun money each year and that covers a lot of wants (vacations, etc) so I don’t feel like we are depriving ourselves now (though we did in the past to get to this place).

Help me with your math. I have only $120 in SS and pension, $3m retirement, $2m investments and $1m real estate and don’t calculate at $235k. More like just under $200k. Do have more than 10 years before pensions kick in, maybe that is the difference….

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s comical that so many posters will have retirement incomes higher than 97% of working Americans.

Welll, most of DCUM has current or previous earning much higher than the average American…..

What people are discussing is also very high for the DMV.

+1
Example: The $25k property tax bill.

DP. I remember the 25K property tax bill, but not sure where the PP lives. Property taxes can easily be that in a place like NJ.

[Anonymous]

Anonymous wrote:

Anonymous wrote:235K in present dollars. Between SS (70% of present value) and pension we have $150K of that covered. We currently have $1.7M in savings so close to the rest is currently covered using the 4% rule. We save $85K for retirement so that should cover the rest.

We maybe over saving but we also allocate $34K to fun money each year and that covers a lot of wants (vacations, etc) so I don’t feel like we are depriving ourselves now (though we did in the past to get to this place).

Help me with your math. I have only $120 in SS and pension, $3m retirement, $2m investments and $1m real estate and don’t calculate at $235k. More like just under $200k. Do have more than 10 years before pensions kick in, maybe that is the difference….

DP. I get 218K for the poster. And he says "close to the rest" is covered. (4% of 1.7mm = 68K + 150K = 218K)

[Anonymous]

Anonymous wrote:

Anonymous wrote:235K in present dollars. Between SS (70% of present value) and pension we have $150K of that covered. We currently have $1.7M in savings so close to the rest is currently covered using the 4% rule. We save $85K for retirement so that should cover the rest.

We maybe over saving but we also allocate $34K to fun money each year and that covers a lot of wants (vacations, etc) so I don’t feel like we are depriving ourselves now (though we did in the past to get to this place).

Help me with your math. I have only $120 in SS and pension, $3m retirement, $2m investments and $1m real estate and don’t calculate at $235k. More like just under $200k. Do have more than 10 years before pensions kick in, maybe that is the difference….

A guaranteed extra 30k per year in a COLA adjusted pension/ss stipend is far more valuable than an additional 300k in in savings. If you need help to figure this out it sounds like you are drastically overpaid regardless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:235K in present dollars. Between SS (70% of present value) and pension we have $150K of that covered. We currently have $1.7M in savings so close to the rest is currently covered using the 4% rule. We save $85K for retirement so that should cover the rest.

We maybe over saving but we also allocate $34K to fun money each year and that covers a lot of wants (vacations, etc) so I don’t feel like we are depriving ourselves now (though we did in the past to get to this place).

Help me with your math. I have only $120 in SS and pension, $3m retirement, $2m investments and $1m real estate and don’t calculate at $235k. More like just under $200k. Do have more than 10 years before pensions kick in, maybe that is the difference….

A guaranteed extra 30k per year in a COLA adjusted pension/ss stipend is far more valuable than an additional 300k in in savings. If you need help to figure this out it sounds like you are drastically overpaid regardless.

I am not the poster you are responding to. But I think there are enough of us here who don't have pensions, so give no thought to the idea that they will be accompanied by decent-to-significant COLA increases and figuring that into the calculations. As soon as you say it, it's like, ah, yes. That said, I don't believe your post makes that clear. Your presentation of numbers seemed current value, hence the confusion. They confused me as well.

More to my own point of reference, I wish I had a pension.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s comical that so many posters will have retirement incomes higher than 97% of working Americans.

Welll, most of DCUM has current or previous earning much higher than the average American…..

What people are discussing is also very high for the DMV.

+1
Example: The $25k property tax bill.

DP. I remember the 25K property tax bill, but not sure where the PP lives. Property taxes can easily be that in a place like NJ.

09:22 on page 11. Poster said "DMV".

We are in Fairfax County and our property tax bill and ours is just under $7,500.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s comical that so many posters will have retirement incomes higher than 97% of working Americans.

Welll, most of DCUM has current or previous earning much higher than the average American…..

What people are discussing is also very high for the DMV.

+1
Example: The $25k property tax bill.

DP. I remember the 25K property tax bill, but not sure where the PP lives. Property taxes can easily be that in a place like NJ.

09:22 on page 11. Poster said "DMV".

We are in Fairfax County and our property tax bill and ours is just under $7,500.

Got it.

[Anonymous]

Certain things once it goes up, does not come down. Like taxes.

Price of food and merchandise go up and will come down at some point. But, inflation is the new norm.

[Anonymous]

3K a month would be excellent

[Anonymous]

where are all these pensions? And at these income levels? I get the gov't workers get pensions but where does this still exist in the private sector?

[Anonymous]

Anonymous wrote:where are all these pensions? And at these income levels? I get the gov't workers get pensions but where does this still exist in the private sector?

Are people from the private sector commenting about their pensions? I’d have to skim back through the thread. It’s probably been mostly public sector. In my case and my pensions it’s public education.

[Anonymous]

The numbers in this thread are wild.

[Anonymous]

Anonymous wrote:Social security + 2 Fed pensions will give us enough to live off. We don’t anticipate having to touch retirement savings.

But you will be forced to. Does this make you save less? We just decreased our contributions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Social security + 2 Fed pensions will give us enough to live off. We don’t anticipate having to touch retirement savings.

But you will be forced to. Does this make you save less? We just decreased our contributions.

Can't you just reinvest the RMDs back into your normal taxable account?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:235K in present dollars. Between SS (70% of present value) and pension we have $150K of that covered. We currently have $1.7M in savings so close to the rest is currently covered using the 4% rule. We save $85K for retirement so that should cover the rest.

We maybe over saving but we also allocate $34K to fun money each year and that covers a lot of wants (vacations, etc) so I don’t feel like we are depriving ourselves now (though we did in the past to get to this place).

Help me with your math. I have only $120 in SS and pension, $3m retirement, $2m investments and $1m real estate and don’t calculate at $235k. More like just under $200k. Do have more than 10 years before pensions kick in, maybe that is the difference….

DP. I get 218K for the poster. And he says "close to the rest" is covered. (4% of 1.7mm = 68K + 150K = 218K)

$235K poster. This was my math as well. I don’t need 4% of the full $235K to come from investment/retirement accounts. I may end up with that amount based on our savings rate, but we certainly don’t need it given we have a COLA adjusted $150K coming in from other sources. Also our investment accounts are separate.

To the other poster saying it confusing to worked in present dollars; I find it’s confusing to work in future dollars. My pension statements and ss statements work in present dollars, and I know what our expenses and retirement accounts look like in present dollars. I can certainly extrapolate what it might look like in future dollars, but that’s a long horizon with 18 years left. I also find people have trouble thinking in terms on future dollars because the numbers seem huge (but aren’t, when considering 18 years of inflation).