OTAlexFA
08/25/2014 08:56
Subject: Re:Will I have money until I die?
Do you have long-term care insurance in place? If not, and you eventually require care, you'll burn through that money quickly.
Anonymous
08/24/2014 20:45
Subject: Will I have money until I die?
Anonymous wrote:Age: 57
Unemployed and given up getting a job
$1.4 million invested, 75% total stock fund, 25% total bond fund
Taking out (selling) $90,000 annually
Will I run out of money before I die?
Take a look at this: http://www.marketwatch.com/retirement/tools/retirement-planning-calculator
I punched in your numbers, and you'll go broke taking out 90K. It says you can take out 67K per year if your last salary was ~50K and 70K per year if your last salary was ~150K (differences in SS payout)
That's assuming a 5% return.
Anonymous
08/24/2014 19:17
Subject: Will I have money until I die?
Remember, you don't need to earn back all of your salary to survive, but you can stretch your savings by getting kind of part time job. You want to spend that much, think about what kind of dent you'll make in the downward trajectory if you just get a small job to earn your "walking around/fun money". My parents are retired and my dad freelances a bit to get out of the house and they pay for their vacations with that money. They pay the bills out of their SS, small pension, and investments.
Anonymous
08/24/2014 19:17
Subject: Will I have money until I die?
Anonymous wrote:Anonymous wrote:Yes, you will likely run out of money before you die. 3 or 4 percent is a safer amount to withdraw.
The economy is improving; try to get a job.
OP here. Thanks for the suggestions. Yes, I'll look at spending.
The job search. I'm feel utterly defeated. I agree the economy is getting better. S l o w l y.
I am sorry.
Ideally you should not withdraw more than 3 or 4 k a month from your portfolio at your age. If you could close the gap with another 2 or 3000 in earnings that would do it, if you cut spending too. Part time work is a good idea - you could earn 20 bucks an hour doing 3 or 4 hours a day of after school care, for example. What are your skills? What are you spending 90k/year on?
Anonymous
08/24/2014 19:11
Subject: Will I have money until I die?
Anonymous wrote:Anonymous wrote:Yes, you will likely run out of money before you die. 3 or 4 percent is a safer amount to withdraw.
The economy is improving; try to get a job.
OP here. Thanks for the suggestions. Yes, I'll look at spending.
The job search. I'm feel utterly defeated. I agree the economy is getting better. S l o w l y. [/quote
Georgetown is hiring a pt MBA admissions director. Assuming you've had 30 years of real experience, they might like you.
Anonymous
08/24/2014 18:53
Subject: Will I have money until I die?
Anonymous wrote:Yes, you will likely run out of money before you die. 3 or 4 percent is a safer amount to withdraw.
The economy is improving; try to get a job.
OP here. Thanks for the suggestions. Yes, I'll look at spending.
The job search. I'm feel utterly defeated. I agree the economy is getting better. S l o w l y.
Anonymous
08/24/2014 17:24
Subject: Will I have money until I die?
How much Social Security will you get at various starting ages?
Anonymous
08/24/2014 17:22
Subject: Re:Will I have money until I die?
Can you get a part time job or move somewhere very inexpensive if you don't want to work ( even perhaps abroad)?
Anonymous
08/24/2014 17:20
Subject: Will I have money until I die?
Yes, you will likely run out of money before you die. 3 or 4 percent is a safer amount to withdraw.
The economy is improving; try to get a job.
The economy is improving; try to get a job.
Anonymous
08/24/2014 17:14
Subject: Will I have money until I die?
According to firecalc, if you live to age 87 you have a 43% chance of having enough.
57% chance of running out.
Can you spend less?
http://www.firecalc.com/
57% chance of running out.
Can you spend less?
http://www.firecalc.com/
Anonymous
08/24/2014 14:42
Subject: Will I have money until I die?
There is some research that points to 4% as a reasonable long term withdrawal rate, but that would be more like 55k for you.
Also +1 to making your portfolio a little safer.
Also +1 to making your portfolio a little safer.
Anonymous
08/24/2014 14:36
Subject: Will I have money until I die?
Sure hope that $90k is supporting a family, not just for you yourself.
+1 to PP, get out of DC to a lower cost of living place, and you can do better. And probably switch your asset allocation to something at least somewhat less risky.
+1 to PP, get out of DC to a lower cost of living place, and you can do better. And probably switch your asset allocation to something at least somewhat less risky.
Anonymous
08/24/2014 14:23
Subject: Will I have money until I die?
Are you healthy? Do you have children? Is your house paid off? I would move to a lower COL area and one with the least investment taxes.
I don't know much about investing but seems that your mix is more volatile if you don't have other income.
At 90k per year if you don't make significant gains on the capital you're looking at 14 years in which you will spend your capital.
I don't know much about investing but seems that your mix is more volatile if you don't have other income.
At 90k per year if you don't make significant gains on the capital you're looking at 14 years in which you will spend your capital.
Anonymous
08/24/2014 14:22
Subject: Re:Will I have money until I die?
That probably depends on when and how you die, and your expenses and QOL expectations while you're still living.
Anonymous
08/24/2014 13:39
Subject: Will I have money until I die?
Age: 57
Unemployed and given up getting a job
$1.4 million invested, 75% total stock fund, 25% total bond fund
Taking out (selling) $90,000 annually
Will I run out of money before I die?
Unemployed and given up getting a job
$1.4 million invested, 75% total stock fund, 25% total bond fund
Taking out (selling) $90,000 annually
Will I run out of money before I die?