Retirement Income and Budget Plans - Critique? Advice? (retired, friends, travel)
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A "side gig" that pays $140,000 is extremely rare. Don't look a gift horse in the mouth...
Agreed, most people on here probably didn't make that much working full time in their regular jobs.
Only the OP knows what they need, how they live and want to live, and what that will require. It sounds to me like they can easily afford to retire and enjoy life. Debt free, for the most part, with no mortgage. Seems to me the perfect opportunity to go do what they want.
Agreed, most people on here probably didn't make that much working full time in their regular jobs.
Only the OP knows what they need, how they live and want to live, and what that will require. It sounds to me like they can easily afford to retire and enjoy life. Debt free, for the most part, with no mortgage. Seems to me the perfect opportunity to go do what they want.
Right. You don't see me asking for other people's opinions on my plan. OP is asking for opinions. I get sick of getting scolded on here for proffering my opinions.
Right. You don't see me asking for other people's opinions on my plan. OP is asking for opinions. I get sick of getting scolded on here for proffering my opinions.
which is why i never give one on one advice . i dont know enough about anyone .
i will only comment on flaws in their thinking or things they missed and bring up points they may want to consider or reconsider
i don’t give answers to these kinds of questions …. i will address flaws in thinking but i can’t say what is enough for anyone else .
heck i can’t even say what’s good for us ….things can change in life and what one thought adequate may be inadequate if situations change.
if i take the fact we are now 8 years in to retirement with 8 years of life less and throw it in to firecalc , it says we can spend another 60k a year then we are .
but with uncertainty about life and all the unexpected spending that can come with kids and grandkids we don’t even consider that increase an option
Someone mentioned the cash flow under all 3 circumstances (she's alive, he's alive, both alive). Great advice. Along those lines, check out your wife claiming SS at 62 and you waiting till 70. That maximizes the biggest SS check, and that's the one you get as soon as one of you dies.
i don’t give answers to these kinds of questions …. i will address flaws in thinking but i can’t say what is enough for anyone else .
heck i can’t even say what’s good for us ….things can change in life and what one thought adequate may be inadequate if situations change.
if i take the fact we are now 8 years in to retirement with 8 years of life less and throw it in to firecalc , it says we can spend another 60k a year then we are .
but with uncertainty about life and all the unexpected spending that can come with kids and grandkids we don’t even consider that increase an option
The guy has very little cash. His idea to work his side gig longer and delay SS is a reasonable reaction to his own situation. You have somewhere between $7-$10 million. I'd say unless you massively screw up (which is unlikely considering your considerable attention to your money) at $160k spending per year you are certainly going to far outlive your money. You're actually too far away from his situation to even relate. I mean if you consider reality.
The guy has very little cash. His idea to work his side gig longer and delay SS is a reasonable reaction to his own situation. You have somewhere between $7-$10 million. I'd say unless you massively screw up (which is unlikely considering your considerable attention to your money) at $160k spending per year you are certainly going to far outlive your money. You're actually too far away from his situation to even relate. I mean if you consider reality.
i never said how much we have. and no it isn’t 7-10 million ..especially after paying taxes on it
At least 7 million before taxes... No one is talking after tax amounts on all these posts for the most part.
You were taking $160k whether you were working or not. You say you can take $60k more. Just doing basic math you can see that it takes $5.5 million to throw off $220k at 4%. I probably did math like that at some point in the past that had me have in mind the amount you were likely working with. I still think it is $7 million (likely from other info you posted).
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