Reply to How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?

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Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have never been able to max (teacher) and only have $350k at age 45.    I am [b]a bit jealous of all these company matches[/b].  This year I am finally in a position to max my 403b and 457b.  That along [b]with my pension paying $5k a month[/b] should have my wife and I pretty well set though.   I put 7.5% of salary into the pension.  Basically teachers pay 75% of the typical pension benefits. States pay about 25% on average for the typical state pension.[/quote]

Oh please..a public school teacher complaining? You are a [b]bit jealous of all these company matches[/b]..with[b] a pension paying $5k a month[/b], really?

Being saving for almost 43 years- maxed out 401k, IRA about $2M now..I can NOT get $5k/mo off my savings! 
Wife was a Catholic school teacher- had no connections to get a public school job- her pension? $5k PER YEAR! NOT Guaranteed, NO COL.

Teachers' pensions, created ridiculous property taxes for NJ & other Dem states- We paid over $15k/yr for an avg 3 bedroom house- which is why retired people can't afford to stay there. [/quote]

Why do you say that you can't get to $5,000/month with a $2 million portfolio?  If you use the 3% rule, you get a $60,000/year withdrawal, which works out to $5,000/month.[/quote]

Yep, and there’s $2 million left for your kids when you die.  [/quote]

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