Reply to How much do you need for an UMC retirement?

Forum Index » Money and Finances

Reply to "How much do you need for an UMC retirement?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I know the answer will depend on a lot of factors, but how much invested do you think would be enough in the DMV area for a couple? When I was given a presentation by a financial advisor in 2010, the answer was $2M, presumably to generate $80k of income per year in retirement at a 4% withdrawal rate. So is it $3M now, or more?[/quote]

80k per year. This poverty level, not UMC. Your financial advisor doesn’t know DCUM.

$2M isn’t enough to retire. The consensus here is that you need at least $20M.
You need that much to continue to support your adult kids and the grandchildren.

After spending lavishly on your kids, fully funding top private colleges, spoiling them, you realize you have raised entitled kids who still need you to provide for them. They have underachieved. You need to buy them a car, pay for their wedding, buy them a house, pay for their children education.

That’s why you need more money in retirement.
The secret is to not raise entitled children. Set you kids for success and you won’t need to support them in your retirement.

[/quote]

I only had one kid and she's no entitled so that helps. We told her we can afford to pay for her college education wherever she decides to go and she said, "I don't want you guys to have to do that though-- I'd like to help pay if I can." Just an amazing kid (we explained the money is earmarked in a 529 so it's hers no matter what).

I think a big factor here is being in a community where people aren't constantly trying to one up each other with their vacations and home renovations and kids' weddings and entertaining. The people I know who are spending very lavishly in retirement are often doing things "for the 'gram" or because so-and-so down the street did it. This is so sad to me. The joy of getting older for me is being able to let go of what others think of me and live comfortably the way I want.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics