Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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#17
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Re: Guaranteed income
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Actually that required minimum withdrawal from an IRA is the same as above. The calculation is based on you living to 100. Whatever you've saved into your IRA will be zero IF, you live to 100. Budget? As my mother used to say, man plans and god laughs. All you need to know is when you will die, the rate of inflation till you die, the taxes that will be take from you till you die, and the return on your investments till you die, oh and what will kill you some diseases are far more expensive to die form than others. Few people can know the answers and fewer still can honestly face the answers. |
#18
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It all depends on how much the company will give you in a lump sum vs taking a pension. A conservative way to estimate the value of a pension is to multiply the yearly amount you get by 20.
When I retired I had my financial adviser take a look at the numbers. He told me to take the pension because the lump sum payment they were offering was so pathetic. He told me that in almost all cases he recommends the lump sum but with my case he couldn't go in that direction. Now, that is an honest adviser because you know he would rather be managing that money and getting his yearly commission than having me taking the pension !
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"The secret of successful managing is to keep the five guys who hate you away from the four guys who haven't made up their minds." - Casey Stengel |
#19
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Clark Howard's 6 percent rule does not only consider the math calculation. He also lists several other factors that you need to consider before deciding which way to go. You can pay a financial advisor to do the math, but in the end, it is really your personal decision to make.
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