Quote:
Originally Posted by NYNick
You guys have high priced lifestyles. $8 million Matt? You gotta be kidding me. Even at 5% that's $400k per year you'd be generating/spending. Most advisors do the math at 2-4% for your lifetime.
Don't forget there's other income if you ever decide to draw down on SS, even though I've been advised to stall that for as long as possible. And mortgages get paid off, college expenses go away, large purchases settle down and debt goes away. I found the highest outflow years were 40-60 for me, but I had my kids late.
One thing I learned after I retired. Our spending didn't go down.
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My wife is 37, so I figure I need 50 years worth of money even though I will likely be dead in less than 40. I do have a mortgage and unlike some of you others, have yet to acquire a second or third home. So figure at least $1 million of my number is just property. I also have a few other cars I want in my “collection”. I’m not going to retire if I can’t afford to purchase the things I want in the future and just exist at current asset levels. And I used the conservative earning number.
Or look at it another way. At my age I’m hitting my peak earning and expect to work another 20 years+/- How much money is that for you? I wouldn’t expect it to be too far off my walk away today number. The difference being of course taxes and interest.