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I got an email today from TRP with a 53-minute video about all that. One of the presenters was listed as having expertise in "Relationship Management." REALLY? Can't you just imagine Bogart, in a sweat-stained white linen summer suit, and a cigarette? ... "RELATIONSHIP! Who have you been talkin' to, kid???"
My rule of thumb, you need to save at least 20 times your annual expenses, not including SS. Example: if you need $50K annually then you should save a million dollars. If you are married and each has at least $1000-1500 SS then the withdrawal is at 3% max.
I retired with savings in the mid 20", now it's over 30 times and we need to withdraw under 1.5% (could be close to 1%) after SS. Part of my calculation was LTC which I estimated at $500K, $8K monthly for 5 years (this includes both us).
@FD1000 When the times come for you or the Mrs to spend $8K month on LTC consider taking a cruise around the world. At least you can say you went out in style. Why warehouse yourself in substandard accommodations when Carnival will provide you with better food, entertainment and medical attention?
@FD1000 thanks! good thing to keep in mind. I think we can do what it takes, i.e. no entertainment, vacations, etc. if that's what needs to be done in retirement. $50K + SS (assuming it is there) sounds reasonable unless inflation does not simply kill that idea. On the lookout for building some other "income source" on the side for odds and ends.
@Bee, I'm talking about LTC that you must do. BTW, we already visited many countries Far East, Middle East, many in Europe, most places in North America 2-3 times (all over Canada + 48 states) Out bucket list still has many more to see in Europe, Far East and New zealand+Australia. We always believed in work/life balance and having 4-5 weeks vacations.
@VintageFreak, We can do it all on $60K annually which includes several weeks vacations mostly abroad. Our income is only from investments + SS and no inheritance ever. I keep things very simple
Comments
"RELATIONSHIP! Who have you been talkin' to, kid???"
Example: if you need $50K annually then you should save a million dollars. If you are married and each has at least $1000-1500 SS then the withdrawal is at 3% max.
I retired with savings in the mid 20", now it's over 30 times and we need to withdraw under 1.5% (could be close to 1%) after SS.
Part of my calculation was LTC which I estimated at $500K, $8K monthly for 5 years (this includes both us).
When the times come for you or the Mrs to spend $8K month on LTC consider taking a cruise around the world. At least you can say you went out in style. Why warehouse yourself in substandard accommodations when Carnival will provide you with better food, entertainment and medical attention?
BTW, we already visited many countries
Out bucket list still has many more to see in Europe, Far East and New zealand+Australia.
We always believed in work/life balance and having 4-5 weeks vacations.
@VintageFreak,
We can do it all on $60K annually which includes several weeks vacations mostly abroad. Our income is only from investments + SS and no inheritance ever.
I keep things very simple