Reply to Insane to live off savings?

Forum Index » Money and Finances

Reply to "Insane to live off savings?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]
You can't keep living as if you make 530 if you only make 370---Something has to give.

[/quote]

But fundamentally, why not? So let's say we hypothetically use all the earnings in our brokerage account to account for shortfall (but not touch the principal, at least not much).  Our brokerage principal will still be $1.5 mil+, and our retirement will continue to get an annual boost of our contribution and continue to grow for 20 years. We can downsize once the kids are out and hopefully add to our savings from the home equity. [/quote]

I wouldn’t be comfortable living off of savings unless I was either a) in between jobs and needed to or b) was dipping into my savings for a carefully planned one time event like a major renovation or a child’s wedding. I’m the PP with the 530k HHI (somewhat similar to yours.)

How old are you? That’s the other question. If you’re 55 and talking about retiring early, that’s one thing. I am 35 and it’s too impractical for me to give up my prime earning years.

That said, our NW is lower than yours. We have about 500k+ in retirement, probably another 800k in brokerage/investments and 800k home equity on our 1.3m dollar home that’s appreciated since we bought it for considerably less. Maybe if I had another 1.5m in the bank I’d feel differently, but I sort of doubt it. I personally feel most relaxed being able to cover our expenses each year without dipping into savings. I value private school for our kids, which grandparents are not paying for, and my husband values travel. We work to make those luxuries accessible for us. But you only go around once so do as you please. 
[/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