“I plan to retire at the age of 57 with a cost of living of $10,000/month, mostly for golf club membership and my wine collection. Society never gave me nothing, and I’ll return the favor.” “We will retire in our 30s to travel the globe, which we estimate will average around...
The reality is, to generate $300,000 a year from your invested capital would take at least $7,500,000 at a 4% rate of return. Therefore, havinga $5 million net worth may not be enough to retire early with kidsin a big city. The family could take on more risk to try and get h...
His reasoning reminds me of theSuze Orman spat5 years ago when she argued that nursing homes cost $300k a year. Of course, Suze argued you need a bazillion dollars to retire to pay for a nursing home, while Perkins uses the same argument to push you in the other direction...
Do you know what happens when a retiree has to take a Required Minimum Distribution and has a big income tax liability? Do you know what provisional income is? What happens when the market tanks with your clients about ready to retire? What to do you tell them, I am sorry?! You need...
At age 60, if our 401k was heavy on stocks (assumed 7%+ real CAGR), and we had an arbitrary goal of never paying tax at a rate higher than 10%, we might struggle to meet that goal if our 401k value was greater than $600k. (Or $1400k at 12%, or $2600k at 22%.) ...
If you have no investments outside of your primary residence, I'm not sure how you are ever going to be able to retire or reach Budget Financial Independence because Social Security alone is not enough to cover expenses after the age of 62. I'm not even sure the average Social Security...
“So the point of living like you are poor is to have enough money to retire in your 30’s and live like you’re poor… perpetually? No thank you.” So let’s break it down real quick so brand new Mustachians will know what this shit is about, while the old timers can stand ...
My wife and I hit our financial independence (FI) target number this summer, in our early 40s. We are both professional academics and are currently renting, and we will continue to rent until we actually retire—at which point we will move into one of our current investment properties. I ...
(or semi-retire) quite a few years ago. Nowadays, with investment returns and a few other bits and pieces, I average about 100-120K a month in terms of income. It's very difficult to put an exact monthly figure on it because it fluctuates considerably. It's certainly not a fortune ...
$1 million net worth— We were just starting out. My salary was at its lowest point and I had no additional sources of income. I had to pay off $5k college debt, $20k I borrowed on a car out of grad school (the last time I borrowed to buy a car), and ultimatelyour mortgage. ...