Retire with 5,000 a Month?!
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- Опубликовано: 16 сен 2024
- Reacting to: @Briannazfinance
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True, if you're depending on Social Security alone, you're looking at a much smaller monthly income
I’ve been reading about strategies that could help stretch that $ 5,000. Things like lowering your living costs by relocating to a more affordable area or downsizing. But even that only goes so far
I’ve been reading about strategies that could help stretch that money. Things like lowering your living costs by relocating to a more affordable area or downsizing. But even that only goes so far
Exactly. And let’s not forget, medical expenses can be a huge wildcard in retirement. I had a friend who was doing fine, but then a health issue ate up a big chunk of their savings
That’s why I've been trying to diversify my income streams. I’m looking at ways to supplement my savings with a mix of investments, like rental properties or dividend-paying stocks. It’s not just about cutting expenses, it's about making sure that $$$$$ works for you
I agree. A good strategy can make a world of difference. I’ve been working with my financial advisor, Joseph Nick Cahill, for a while now, and he’s helped me build a solid plan.
Her comment about 3.5% inflation seems steep. Then realized it got crazier from there...
Just commented on that myself lol, yah it’s averaged 2.5% over last 30 years and 2.7% last 40 years. Would not assume over 3% at all and maybe that’s high since inflation doesn’t hit everything a retiree depends on
These numbers mean NOTHING, unless you go to the trouble of specifying whether the $5,000 per month means “gross” (i.e., before taxes are accounted for) or “net” (i.e., the spendable amount that you have left over after you’ve multiplied the $5,000 by .78, or whatever decimal figure represents your marginal federal tax rate). The failure to distinguish, EXPLICITLY, between these different amounts (amount types) in online calculators and “expert” analyses drives me nuts.
You know what's really high? Brianna.
😂😂
Thank you, azul. Your look at things is always refreshingly realistic.
So no answer at all? Thanks.
I can smell shite. That’s what you’re saying Azul. Good man 👍🏻
Since I don’t have heirs to leave anything to, putting part of my retirement savings into a single life annuity (plain vanilla, very low commission) makes sense. It gives me a higher annual income stream than I could realize by drawing down the recommended 3% or 4%. And since it came from a Roth account into a Roth account, that income isn’t taxable. I would not put my whole nest egg into that, but I put 25% in.
CALPERS w COLA annually but you have to work 30 years!
Isn’t that what Dave Ramsey advocates? 12%. I always thought that was over the top
My assumption is a 7% average return after inflation. And my assumption is that the next 10 years are going to have a 5% average return after inflation and things will recover later.
Yeah, I like to be conservative on my estimates. I figured inflation higher than I think it'll be, the rate of return lower than long term market averages. I'd much rather be a few years in and have the CPA say "you've got too much money" than "you need to cut back, how do you feel about Ramen noodles for the next 6 months?" ;)
The last 30 years inflation has averaged 2.5% so no way would you assume 3.5% , most I would assume would be 3%
3.5 is excessive
1.25 Million
She is a fool, first of all you don't use the word times you use the word multiply. Secondly inflation is only one component😂