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Reply to "Looks like I need 6.2M to retire "
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[quote=Anonymous]If you live on 250K now, which includes paying into SSI, taxes, 401Ks, etc., then you need to do your numbers based on taking that out. Calculate what you actual spend money on, what you will spend money on in the future. Then set up an account at SSI and as the PP said, determine what you are projected to receive from SSI at the different ages you are eligible. Example: We need 150K to live on, add in 30K (we have some tax free income) which puts us at 180K that we need to bring in. Then we subtract out 60K in SSI, 10K in a small pension, the 40K tax free bond interest, which leaves us with 70K that we have to cover with dividends, return on investments and/or drawdown the principal (which we want to avoid.) Granted, we are just starting to look at what kind of income tax we'll be looking at when we hit the required minimum distribution age when we hit 72. Which we need to get figured out before we retire. [/quote]
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