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If I were to retire at 48, single, no house, no debts, live simply with 30K a year or less...how much do I need in savings, 401K, etc...is 800K enough?
If I were to retire at 48, single, no house, no debts, live simply with 30K a year or less...how much do I need in savings, 401K, etc...is 800K enough?
Multiply 30K by 25 to get 750K, but 750K would be the bare minimum. You'd also have to have a mostly stock portfolio.
This web site does a great job of looking at withdrawal rates and investment choices in retirement. The author of the site is pretty big advocate of 75% S&P 500 Index plus 21% short term bond index plus 4% money market. But he presents other options as well:
Location: Prescott Valley,az summer/east valley Az winter
2,061 posts, read 4,134,946 times
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How are you planning to pay for your healthcare? If you have a paid for healthcare plan you may get by, if not your first medical problem will wipe you out!
I certain would ant to wait to get a idea on heathcare insurance cost that will be mandated soon.It not only could be high but also the fine and penalty when you dealy buyig it like Part D medicare.
For each twenty thousand dollars in income you wish to have, you will need one million in combinations of currencies, gold, equities, debt instruments, and suitable derivatives to be safe.
With inflation ... 30k will be about 20k in ten years...
Tha's the reason for gold and foreign currencies. I assumed constant dollars or dollars adjusted for inflstion. The dollar is at least headed for long term depreciation or worse.
Assuming a future with compulsory socialized medecine, it will also be necessary to set aside money for private care, either here or abroad. This will be similar to Canadians' travel to the US at the present time for needed medical care. The American oldster is likely to travel to India or China. Currently, many do go to Asia for organ transplants. It's expensive.
The old in thee US are becoming less and less objects of sympathy. Death committees are a certainty. But China, if need be, can make the death penalty more common in order to provide more specimens for harvest. It's no more cruel than the belief growing here that old people should die.
There'll be no retiring from money management for the one who wishes to live a decent life. No outsider will ever care about you and yours as much as you, yourself, do.
Location: Prescott Valley,az summer/east valley Az winter
2,061 posts, read 4,134,946 times
Reputation: 8190
Live in a winter retirement community where most of the people are Canadian! 1. they claim to recieve excellent healthcare~ we are the third world health situation. Have never known a Canadian that came to US for healthcare but have met many US citizens that go to Mexico for healthcare
.2. The only thing I'm afraid of is the scaremongers that are trying to do away with government healthcare~ if that happens only people with $10 million per year incomes will be able to afford it.
What this country really needs is for a good comprehensive healthcare to be enacted in this country, our current system is one of the worst in the world, ranking about the same place as the healthcare system in north korea or bangledesh.
What this country really needs is for a good comprehensive healthcare to be enacted, our current system is one of the worst in the world, ranking about the same place as the healthcare system in north korea or bangledesh.
Healthcare, almost everyone agrees, is very problematic in our society. But why the absurd and preposterous hyperbole about North Korea and Bangledesh? In those countries, there is virtually no state-of-the-art medical care, whereas in our country at least very large numbers of us can avail ourselves of the most modern medical care in the world. Sure, I admit there is a huge problem for those who are uninsured. Once we reach age 65, however, most of us are fortunate enough to be covered by Medicare. I just had hernia surgery under my Medicare Advantage plan for a total out-of-pocket cost of $75. What medical services do you suppose people over 65 in North Korea and Bangledesh receive? And those under 65 fare no better. Get real.
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Absurd and preposterous hyperbole
