f7ben Posted March 12, 2020 Author Share Posted March 12, 2020 (edited) 1 minute ago, AKIQPilot said: Well using basic Cola increases and expected earnings in retirement your $1million will last 17 years if you pull $6000/month out. You will have to try to live on $6000/month for a decade before you become eligible for SS and Pension. Then at 65 you will have to reduce your draw from your 401k to 3000/month or it will be empty by the time you are 70. Keep in mind $6000/month is before taxes and before you pay health insurance. $4200/month after taxes and health insurance is not much to live on. Not much at all. 17 years if its making 0% yearly come on Tom , you’re not this fucking dumb Edited March 12, 2020 by f7ben Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 (edited) 1 minute ago, f7ben said: 17 years if its making 0% yearly come on Tom , you’re not this fucking I based that on 6% annual returns and a 2% cola. And a 15% income tax rate. But you have state taxes so the 15% is low. Edited March 12, 2020 by AKIQPilot Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, AKIQPilot said: I based that on 6% annual returns and a 2% cola. And a 15% income tax rate. But you have state taxes so the 15% is low. Can you imagine what the taxes would rise to if Sanders won and added UHC. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 Just now, ArcticCrusher said: Can you imagine what the taxes would rise to if Sanders won and added UHC. Sanders would be a disaster. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, ArcticCrusher said: Can you imagine what the taxes would rise to if Sanders won and added UHC. Subtract having to buy health insurance on the exchange which would be $1000 - $2000 a month. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 3 minutes ago, Anler said: Subtract having to buy health insurance on the exchange which would be $1000 - $2000 a month. Your taxes are gonna go up though. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 2 minutes ago, Anler said: Subtract having to buy health insurance on the exchange which would be $1000 - $2000 a month. You would have a UHC tax and supplemental private HC insurance to cover everything UHC doesn't cover. At best it would be a wash. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, ArcticCrusher said: Your taxes are gonna go up though. But your expenses would go down.. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, AKIQPilot said: You would have a UHC tax and supplemental private HC insurance to cover everything UHC doesn't cover. At best it would be a wash. Who would do that? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 Just now, Anler said: Who would do that? UHC won't cover but less than a third of what you have covered currently. It's not hard. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 Just now, Anler said: Who would do that? Who would have supplemental HC Insurance? Probably almost everyone. Just like many do now with medicare. If you want dental or eye coverage you need a supplemental plan. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, ArcticCrusher said: UHC won't cover but less than a third of what you have covered currently. It's not hard. Says who? Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 Just now, AKIQPilot said: Who would have supplemental HC Insurance? Probably almost everyone. Just like many do now with medicare. If you want dental or eye coverage you need a supplemental plan. Even the 28 million who dont have any insurance now? And i care for 3 seniors, only 1 of them has supplemental insurance and thats because she still works. Medicare has been pretty good. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, Anler said: Says who? I don't think you know what UHC really is. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 12, 2020 Author Share Posted March 12, 2020 15 minutes ago, AKIQPilot said: I based that on 6% annual returns and a 2% cola. And a 15% income tax rate. But you have state taxes so the 15% is low. Your math is wrong then Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 Just now, f7ben said: Your math is wrong then So plug your numbers in and what do you get? What is your anticipated rate of return? What is your anticipated annual Cola? What is you anticipated tax rate, state and federal? lets see your numbers. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 12, 2020 Author Share Posted March 12, 2020 3 minutes ago, AKIQPilot said: So plug your numbers in and what do you get? What is your anticipated rate of return? What is your anticipated annual Cola? What is you anticipated tax rate, state and federal? lets see your numbers. You said taking 72k per year on 1 million invested with a 6% rate of return would be gone in 17 years. That is way off just running numbers in my head Sorry seniletom Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, f7ben said: You said taking 72k per year on 1 million invested with a 6% rate of return would be gone in 17 years. That is way off just running numbers in my head Sorry seniletom Ben, in 20 years 1 million will have the same PV as less than 500K. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 https://www.calcxml.com/do/how-long-will-my-money-last?skn=#results Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 You need like $5 mil to retire. With inflation in 20 years 5 mil wont be shit anyways Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 (edited) 4 minutes ago, Anler said: You need like $5 mil to retire. With inflation in 20 years 5 mil wont be shit anyways You definitely need more than most people here realize. $1million in retirement in 2036 will be enough to live a very meager existence. Many people wrongly assume their post retirement spend will be half of what they spend while being employed. That is factually incorrect unless you significantly change your lifestyle. Edited March 12, 2020 by AKIQPilot Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, AKIQPilot said: You definitely need more than most people here realize. $1million in retirement in 2036 will be enough to live a very meager existence. Many people wrongly assume their post retirement spend will be half of what they spend while being employed. That is factually incorrect unless you significantly change your lifestyle. One million aint shit for retirement unless you plan on dying soon. And at my age I dont know if I can even count on SS. Im socking away like a mofo. Plus I am hoping to have my business incomes still but you know nothing is guaranteed. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 12, 2020 Share Posted March 12, 2020 Just now, Anler said: One million aint shit for retirement unless you plan on dying soon. And at my age I dont know if I can even count on SS. Im socking away like a mofo. Plus I am hoping to have my business incomes still but you know nothing is guaranteed. Ive been saying that for a decade on this forum. Ive also been ridiculed by many here for saying such a crazy thing. Those that ridicule will never answer these two questions. How much do you expect your monthly income to be in retirement? What is your monthly income now? Quote Link to comment Share on other sites More sharing options...
Anler Posted March 12, 2020 Share Posted March 12, 2020 2 minutes ago, AKIQPilot said: Ive been saying that for a decade on this forum. Ive also been ridiculed by many here for saying such a crazy thing. Those that ridicule will never answer these two questions. How much do you expect your monthly income to be in retirement? What is your monthly income now? Pfft its going to be tough to get my wife to live on a budget, I might have to divorce her if it comes to that! Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 12, 2020 Share Posted March 12, 2020 1 minute ago, AKIQPilot said: Ive been saying that for a decade on this forum. Ive also been ridiculed by many here for saying such a crazy thing. Those that ridicule will never answer these two questions. How much do you expect your monthly income to be in retirement? What is your monthly income now? I've also been accused of not knowing what I'm doing. There is little chance my retirement won't generate a 7 figure income, that is why I can take chances and ask others if their money/strategies are working for them. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.