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It's math
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Posted by OKSaabs (more from OKSaabs) on Thu, 15 Mar 2007 12:45:32 Share Post by Email
In Reply to: RETIREMENT -- How much $$ do you need ?, STICKMAN, Thu, 15 Mar 2007 12:20:52
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Start with Bill's current take-home($7000 per month, for example). Subtract what he is now adding to retirement savings (-$1500 per month). Subtract what he spends doing his work, such as buying uniforms, paying for continuing education, going to conferences, commuting, fancy lunches, etc. (-$500 per month). Bill needs $5000 per month to live on, assuming no big additions to his life style. Subtract what he can expect from SS ($2300) and a pension ($500) and whatever else.

So Bill needs to come up $26,400 per year somewhere, either by cutting expenses (cheaper house? one car?)and/or by working part time and/or by living off of savings. Assuming 5% interest, Bill would need a nest egg of $530,000 to maintain his principal. If Bill only has $300,000 set aside, then he could still maintain his life style by drawing down the principal over 15-20 years. (A lot of retirement advisors are now saying that this is actually OK because as you age, you will spend less).


posted by 156.110.35...

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