Quote:
Originally Posted by Tom Hannon
My best friend is a financial planner. I think most of these so called experts spend too much time smoking funny cigerettes. According to him and most planners, we would need 2 million dollars behind us before the thought of retirement. HEY! WE worked all our lives. It is time to play. And if I run out of money when I'm 98 years old...will it matter? Retire and enjoy it. If everyone listened to these planners, The Villages would have ten thousand people living here. Reire, live and enjoy.
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Wow $2 million that's a lot. @ 4% that's $80K per year very sweet.
Say $1 Million @ 4% plus SS plus any pension should be enough for TV especially if you have a little mortgage.
Found this on Yahoo finance how to keep your $1 Million. Just an excerpt.
Smoother ride
Why not go 100% into stocks? Bear markets can last a long time; nevertheless, two spouses retiring at 65 and spending 5% of their portfolio each year will have a two-thirds chance of their money lasting until they die (assuming the actuarial average ages of death) if they put all their cash into stocks, but their money has only a one-half chance of lasting if it is distributed 20-80.
Here, however, is the catch: A 60-40 stock-bond portfolio does almost precisely as well as an all-stock portfolio, and the ride is a good deal less thrilling. Bernstein's research finds that an ideal combination for retirees is a 60-40 portfolio with a drawdown of 4% a year. That gives the couple an 85% chance of having their money last till death.
If the couple retire at age 55, then spending should be around 3.4% of assets. Retirement at 70 means a couple could be comfortable spending at a 4.5% rate; at 85, the rate could go to 7%.