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Reply to "What is your "magic number" for retirement?"
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[quote=Anonymous][quote=Anonymous]Our HHI were about $450 before we retired a little more than 2 years ago. Since everything is paid off, including all the rentals, our base annual expenses is about $85k. The rule of thumb of 70-80% of your salary is ridiculous.[/quote] Correct. That rule of thumb is for people earning actual middle class salaries. On this board of 1%ers, it's a stupid rule. For us 10%ers, because we will have 2 pensions (at 4% draw, we'd need $2.5M to generate these amounts) plus SS (at 4% draw, we'd need $1.8M), plus current $500k home equity, our magic number is $1M. But if we had $0 in the bank, we'd live very comfortably on just the pensions and the SS-- about $175k per year, or 60% of current HHI. More than enough, even if we still carry a mortgage. We are late 50s and plan to retire at 65.[/quote]
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