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answer?
Posted by sally7a (more from sally7a) on Tue, 3 Apr 2007 21:18:57
In Reply to: RETIREMENT -- How much $$ do you need ?, STICKMAN, Thu, 15 Mar 2007 12:20:52
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I read somewhere that they did a calculation. If you get a low rate of return, live to 100, and spend ($50,000?????) per year, you need $2M. I think most people don't save nearly that amount. The trouble is if you save that much and die early, the IRS will take the majority of the money even though you paid taxes on it when you earned it. That's why I am opposed to the estate tax. So what if Bill Gates gets away with not paying taxes twice on the same income when he dies?
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