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I know a former Fidelity exec who decided 1 mil in the bank was enough when she was about 45-47 or so and quit early to full time parent her two teenagers. She’s 58 now and trying to build a new career in real estate sales, having been forced to sell her own houses year or so ago. She wasn’t living high on the hog either, just whittled it down over time. 2.5 sounds realistic to me- maybe even a little low.Quote:
Originally Posted by SkiCougar
little blurb in the paper the other day said financial independence was achieved when you had saved/accumulated 25X your annual expenses. Sounds not too far out of line, scaled to your expenses.Quote:
Originally Posted by SkiCougar
I'd love to make that number lower -- I'm all ears for any suggestions. But yeah, that would come out to about 25x our annual spending...we live in a fairly expensive area, but most of the other places I'd like to go are expensive too - close to skiing tends to be $$$. And then healthcare is the big question mark, like I said.Quote:
Originally Posted by SkiCougar
That would so disappointing...but as a Fidelity exec, she should have known better!Quote:
Originally Posted by Brownskii
Financial Advisors always want you to save more. That's their business.Quote:
Originally Posted by Mofro261
That's the age-old 4% rule and/or multiply-by-25 rule, depending on how the blurb was phrased. But those rules are incomplete rules as one nears SS age because age and SS and defined benefit pensions matter, e.g., a couple aged 70 and 62 with no debt and a paid-off house who collect Social Security benefits and/or defined benefit pension payments covering 80% of their annual expenses can have financial independence with retirement/savings of far less than 25X annual expenses.Quote:
Originally Posted by Mofro261
treefiddy
this would be the key to her failureQuote:
Originally Posted by Brownskii
$1m isn't shizz when you are living the lifestyle of multiple homes
Quote:
Originally Posted by Brownskii
A Vanguard exec wouldn't have splurged so much.
I don't feel too bad for her, because I was forced to pay Fidelity exorbitant fees for minimal choices in my 401k for years, at multiple companies, and they also sucked money out of my profit sharing and "savings plan" while I watched with no power to do otherwise. And, no doubt, there was somebody or somebodies in my companies who received a nice "fee" to give them all of our business. No, I shed no tears for the finance leeches that aren't living the life they thought they could.
The s was a typo- should have been singular. I’m not expecting anybody to feel sorry, just pointing out that a mil isn’t as much as it seems nowadays.Quote:
Originally Posted by babybear
No it's not. However there is some stock in choosing a location you can afford. I wouldn't be able to afford retirement in Whistler or Aspen, but I can in Terrace.Quote:
Originally Posted by Brownskii
Ya G has it ^^ we would be the night clerks at 7-11 or Walmart greeters wearing that blue vest with all the badges down south but up narth we live like fucking kings eh ?
Well, she also had a lot of her money "invested" in a very poor performing asset over that time period. Unless she was actually living in Aspen. Stock market would have done her a lot better, holding through downs. But, then again, I'm not a Fidelity exec. They charge 1-2% for financial advice on captive money that they're already getting up to 4 or 5% (with fees) just to "manage". What do I know.
There are millions and millions and millions of people paying way too much for their shelter these days.
But, then again, real estate never goes down, right?
you mean like 2 people in a 2000-3000 sq' house in a gated community ?
3000? pfffft. I could show you shit here that would blow your mind. Fuck, the garage/poolhouse is probably close to that.Quote:
Originally Posted by XXX-er
But, no, that's not what I meant. Everyday people living in half million dollar homes.
I worked for a huge medical group. Fidelity charged us a pittance--and the group picked up the fees as long as we stayed with the handful of company sponsored investments--a stock index fund, a intermediate term conservative bond fund, that sort of thing. The group figured out that the young guys and gals did all the work while the old farts sat around collecting the biggest salaries, so they made early retirement very attractive.Quote:
Originally Posted by Benny Profane
It happens benny. Half million isn't shit. Always think about liquidating and moving to the adirondacks or buying a trailer in Apache junctionQuote:
Originally Posted by Benny Profane
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Says a Breck resident. You live in a home surrounded by empty million and two million plus empty mini mansions. I know, you're jaded.Quote:
Originally Posted by fastfred
But, I'm not talking Breck. I'm talking about whatever is left of the middle class of America paying way too much of their income on shelter, and then there's the whole issue of people who aren't on that train trying to get on, like young people with 1.5 trillion in education debt and crappy jobs. It was a stupid market in 2004, and it's even stupider now.
BTW, I'm ok. I'm not living in Breck. That would have been a mistake.
You might be surprised at what you were actually paying that company. They have a large advertising budget they need to cover. Go back and read the fine print.Quote:
Originally Posted by old goat
Greatest mistake I ever made in lifeQuote:
Originally Posted by Benny Profane
But yeah look at suburban dc what people are paying for over sized shit holes with granite counter tops heck might as well throw in suburban denver to that mix
If 2.5 is the number I'm goid should retire this year
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Nope. We're big enough, savvy enough, and honest enough to get a good deal from Fidelity. It also helps that the employees covered by the plan and the shareholders of the group are the same and we elect the BOD, which includes the retirement committee. I don't have the yearly retirement fund report from the group so I can't quote what the group is paying fidelity but my expense ratio is 0%. This is for group specific funds not traded on the open market. If I wanted to invest in a publicly open fund offered by Fidelity I would pay the same expense ratio other Fidelity customers pay.Quote:
Originally Posted by Benny Profane
Quote:
Originally Posted by Benny Profane
No one pays 5-6 percent in a 401k. Sometimes you are so full of shit Benny.
I saw a story recently that Meadow Park Rec Centre in Whistler has a lifeguard shortage. I believe the pay is about $20/hour. I wonder how many hours I'd need to work per week to be able to afford to live there? Oh shit, I probably can't get a job anyway because I'm American. :)Quote:
Originally Posted by garyfromterrace
maybe but what Benny ain't full of shit about is the everyday people living way above their means
From my perspective as a gentleman skier it be be 15 yars in june with no job
you can look like you are livving large, or just ski a lot,
IME half a million IS shit so I spent half that figure and rented to tenants ... who pay my way
.