What's the number?

[Marshall Tucker]

The advise you are passing on (2.5% withdraw) is akin to RE agents telling you its always a good time to buy.

See, this is where the rub is. As you perceive this, I perceive you = "don't tell me what I don't want to hear, regardless of how right it is, because I want to feel good about my choices."

Personally, I could not conceive of leaving NOTHING for my children but "whatev." Carryon.

[XXX-er]

Personally, I could not conceive of leaving NOTHING for my children but "whatev." Carryon.

I give it to them now cuz they can use it right now, junior is down in disney land with the fam right now

[Marshall Tucker]

junior is down in disney land with the fam right now

This. I plan on being "more" generous when they show they can handle some responsibility.

[GiBo]

I don't think it's greed, it's trying to determine how much money one needs to have saved in order to quit working and that calculation requires a good estimate of how much you'll spend.

Well, I mean greed as in I can buy the bigger/nicer camp trailer, a bigger nicer truck to attach it to and stay in nicer Airbnb's etc... That's the tough part to estimate.

[El Chupacabra]

I don't think it's greed, it's trying to determine how much money one needs to have saved in order to quit working and that calculation requires a good estimate of how much you'll spend.

This. This is all it is, and it can be fairly simple or really complicated depending on how much you want to overthink it, or whether you have a realistic handle on your yearly costs and spending.

I've posted this before, but I think it was a long time ago. There are other calculators you can find online with more complex variables, but IMHO this'll get you in the ballpark to answer for yourself "what's the number":

https://firecalc.com/

Personally, I believe a 2.5% withdrawal rate is extremely conservative - - so much so that it produces either a 100% guaranteed success rate if you are able to achieve The Number, or produces The Number that is so large that you never get there.

My personal calculations are based on a lightly modified 4% rule and a couple layers of variables / fallbacks if needed.

[XXX-er]

just use a better quality cocktail napkin and you will be fine eh

[VTeton]

Was feeling pretty good in the Fall. Total Net Worth, not just stocks, is down 20%. A bit of a reality check to see such a swing. Glad I don't margin anything...

[xyz]

This. This is all it is, and it can be fairly simple or really complicated depending on how much you want to overthink it, or whether you have a realistic handle on your yearly costs and spending.

I've posted this before, but I think it was a long time ago. There are other calculators you can find online with more complex variables, but IMHO this'll get you in the ballpark to answer for yourself "what's the number":

https://firecalc.com/

Personally, I believe a 2.5% withdrawal rate is extremely conservative - - so much so that it produces either a 100% guaranteed success rate if you are able to achieve The Number, or produces The Number that is so large that you never get there.

My personal calculations are based on a lightly modified 4% rule and a couple layers of variables / fallbacks if needed.

Yeah 2.5% is super duper conservative and may add years to your working years, for no reason. Even 4% is pretty conservative. We can probably get away with 5-6% as some new estimates say. They are both based on zero income, ever again. That’s not realistic either.

I retired early a couple years ago and picked some consulting work on my terms for fun. It pays twice as much as my last job lol. If I knew I’d be doing this I would have retired a couple years earlier.

[XXX-er]

I don't actulay do anything but i still have really cheesy business cards that say " Al's consulting " they are printed on copier paper & rough cut with scizzors,

IME business cards are a dime doz but if you give someone a really cheesy card they will always remember you, even talk about you in a bar somewhere

[El Chupacabra]

I don't actulay do anything but i still have really cheesy business cards that say " Al's consulting " they are printed on copier paper & rough cut with scizzors,

IME business cards are a dime doz but if you give someone a really cheesy card they will always remember you, even talk about you in a bar somewhere

You could get them printed on a sponge that expands when put in water. They'd remember that.

[J. Barron DeJong]

You could get them printed on a sponge that expands when put in water. They'd remember that.

If you really want them to remember, get them printed on these sponges:

[Danno]

Then you have to decide who is sponge worthy.

[riser4]

Then you have to decide who is sponge worthy.

Heh.

[liv2ski]

As far as determining your monthly expenditures, if like myself and about 95% goes on the sky miles card, then look at your last 12 months statements to get an average speeding amount. Add in $250 for medicare add ons and bam, there is your number. I am shocked how much we spend, but we have it covered.

[jm2e]

As far as determining your monthly expenditures, if like myself and about 95% goes on the sky miles card, then look at your last 12 months statements to get an average speeding amount. Add in $250 for medicare add ons and bam, there is your number. I am shocked how much we spend, but we have it covered.

Well then, looks like I can retire at 50 ……
………..
…….
………..
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As long as I die before I hit 52.


Sent from my iPhone using TGR Forums

[ötzi]

If you really want them to remember, get them printed on these sponges:

For a second I thought that said "Birth Control Spooge". I was confused.

[The AD]

I'm thinking more and more that "the number" is going to be whatever number I'm at when I turn 55. Although that's probably easier to say now than when I actually need to decide that I'm done cashing in a nice paycheck every two weeks.

[jackstraw]

Then you have to decide who is sponge worthy.

Damn funny episode.

[subtle plague]

Then you have to decide who is sponge worthy.

All canadian waitresses.

[dunfree]

See, this is where the rub is. As you perceive this, I perceive you = "don't tell me what I don't want to hear, regardless of how right it is, because I want to feel good about my choices."

Personally, I could not conceive of leaving NOTHING for my children but "whatev." Carryon.

i dunno, seems more like you are giving practical advice that being old and poor is really really shitty and unless you are kevorkian it it’s hard to plan an exit

[The AD]

i dunno, seems more like you are giving practical advice that being old and poor is really really shitty and unless you are kevorkian it it’s hard to plan an exit

Unless you're in Canada: https://www.washingtonpost.com/world...468_story.html

[liv2ski]

I'm thinking more and more that "the number" is going to be whatever number I'm at when I turn 55. Although that's probably easier to say now than when I actually need to decide that I'm done cashing in a nice paycheck every two weeks.

Retiring at 55 would be sweet, BUT you will need to have plenty of cash socked away unless you have other passive streams of income coming in each month. Bottom line, look at what you spend and can you cover that going forward until you die. I would hate for you to have to go up to Alberta at 57 and end it all cuz the money ran out, BUT that is the future for many.

[The AD]

Retiring at 55 would be sweet, BUT you will need to have plenty of cash socked away unless you have other passive streams of income coming in each month. Bottom line, look at what you spend and can you cover that going forward until you die. I would hate for you to have to go up to Alberta at 57 and end it all cuz the money ran out, BUT that is the future for many.

I do have a couple things working in my favor. One is that I've got retiree medical covered by my employer until I'm 65. The other is I've got a defined benefit pension as well as a good sized 401(k). I guess a strong third is I've got no kids.

[liv2ski]

Sounds promising. In our case the kids are adults and no longer cost us an arm and a leg. Wife has her pension and in 3 years I can collect my full SS income + passive income from rentals, so I think we are good. Lucky for you to have the medical insurance covered, as that costs me $1k a month for just me. 65 can not get here soon enough.
It is nice to fuck off all day and to have to find things to keep myself busy. You should try it once you're ready to give up that nice check.

[The AD]

Lucky for you to have the medical insurance covered, as that costs me $1k a month for just me. 65 can not get here soon enough.

It is, but it's also something that needs to be negotiated at each contract (I'm in a union). The company has been constantly eroding benefits for new hires, so at some point those people are going to be in majority and might wonder why all these retirees need a good deal on medical insurance when their own benefits are getting shittier all the time.