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Reply to "How to start financial planning at 50?"
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[quote=Anonymous][quote=Anonymous][b]Have adult child move into their old room and rent out the basement to someone else to bring in money[/b]. Figure out how much money you need for retirement by figuring out your expenses, then figure out how much you will need pre-tax to cover those, then multiply your annual number by 20 (for a withdrawal rate of 5% a year) to give you a number as far as what you need saved for retirement. I'm guessing your Social Security will be minimal. [/quote] I think you are actually going to be just fine. Kind of agree with the bolded, it will also motive them to launch to be more independent/private. Put the 400k in a money market account. it will double in a decade, and then double again in another decade. That is plenty of money. Put a tenant in the basement. If you really start running low on funds at some point in your life, you can always move to the basement unit and rent out the house for probably a lot more money. [/quote]
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