Reply to How much to retire in late 50's?

Forum Index » Money and Finances

Reply to "How much to retire in late 50's?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How could this not be enough money? Please. Just find an online calculator. I just ran one assuming you're 58 and plan to retire at 65, earn $100k per year and want 90k per year in income. It said you'll have $5.8M when you retire, you can live to 100 and still die with $11M in the bank. Shut up.[/quote]

This is a very aggressive post for someone who didn't read the OP.[/quote]

This is PP, apologies for the rudeness, but I still don't get how this isn't more than enough money. The question gave me a head-to-desk moment. A simple retirement calculator is online here:
https://www.nerdwallet.com/investing/retirement-calculator

[b]I entered it assuming OP was 58 now and wants to retire at 60, and have $100K in annual income[/b]. The tool assumes a 5% rate of investment return in retirement, which is quite conservative, but absolutely critical to keep some of your money invested, and you have quite a lot of it!

This calculator says you will need $2.81M to retire and you already have more than that. You likely have more in retirement savings than maybe 98% of people when they retire. Just don't assume you are going to take it all in a lump of cash and spend X amount per year; the key is ensuring you continue to make retirement income while you are retired. It sounds like you have modest spending plans and it's likely that you could have your estate continue to earn more in investment value every year than your income needs are, so your retirement account will still be growing every year while you're in retirement. 
[/quote]

NP: I think this is where you are experiencing a disjunct.  OP says annual spending is 100k NOW, but that they would have to add significant health insurance costs to that.  It's also unclear whether OP has figured in taxes to the annual spending or unexpected expenses outside of current annual spending.   So that annual amount should be more like 120-150k depending on that.[/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