Reply to How much to retire at age 55? We are 50

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm 60.  I retired at 53 with almost exactly $4 million in assets outside of home equity.  I've been living off of about $200k a year ever since.  I now have almost exactly $7 million in assets outside of home equity thanks to market and real estate appreciation.

I'm having trouble understanding how OP calculates having $100 million to leave their kids when they die.  How is that possible given the amount that they have now, at their age, unless they don't plan on spending anything at all for 30 or 40 years?

I'd like to see the math, please, because that's not my reality.  [/quote]

Go to fidelity calculator and use 50 as age and 5M as current assets and 10k per month as expenses in 4 years. Use average model that’s what I got.[/quote]

There are so many Fidelity calculators; not sure which one you're talking about.  But I just can't imagine the $100 million number being right.

I'm obviously not as well positioned as OP in terms of age, assets, and anticipated spending.  And I understand the tremendous effect of compounded investment gains, etc.  Still, I've been at this (retired) for more than seven years so I can offer some numbers based on actual experience for readers to chew on.

For starters, I downloaded the Personal Capital app several years ago.  It does a great job of tracking income, expenses, your budget, investment gains/losses, etc., and updating your net worth.  Really useful.  It also has a retirement planner.

I'm already retired, as I said.  But, for example, looking at the app right now it says that if I were to retire today, at aged 60, I'd have a 99 percent chance of "meeting my retirement goal."  This is based on my current retirement assets ($5.8 million) my average annual spending based on what the app has been tracking for years now ($194k annually), and taking social security at aged 67.  But it also calculates that, in an average market, I'd (choke) die with $7.8 million left over or, in a consistently poor market, I'd only die with $2.8 million.

Again, I realize that I'm disadvantaged over OP in significant ways and also have been spending more, but still . . . $7.8 million versus $100 million?  The number just seems entirely unrealistic to me.  $100 million is a LOT of money.

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