Vegas Free-for-All - Happy Million Dollar Day.

ecomstoc

Feb 16, 2017
9:20pm

Block User

"coffee's for closers", does Billy wear a "Gold Blazer"? 7% of $1,000,000, good take home!

jphelan

Feb 16, 2017
9:45pm

Block User

A million ain't what it used to be. Prudent retirees will not dip into their nestegg at a rate > 4% per year or they risk running out of money in their lifetime. That means someone with $1 million has an "annual income" of ~ $40,000.

jphelan

Feb 16, 2017
9:45pm

Block User

A million ain't what it used to be. Prudent retirees will not dip into their nestegg at a rate > 4% per year or they risk running out of money in their lifetime. That means someone with $1 million has an "annual income" of ~ $40,000.

pjstroh

Feb 16, 2017
11:58pm

Block User

Quote

Originally posted by: jphelan
A million ain't what it used to be. Prudent retirees will not dip into their nestegg at a rate > 4% per year or they risk running out of money in their lifetime. That means someone with $1 million has an "annual income" of ~ $40,000.

Depends when you retire...and you can add social security onto that. A million will allow most 62+ year olds to still live comfortably presuming they don't have a mortgage or any significant debt. I'm aiming for 1.5 million but that's probably more than I'll need given my cheapskate lifestyle.

snidely333

Feb 17, 2017
12:31am

Block User

Quote

Originally posted by: pjstroh

Quote
Originally posted by: jphelan
A million ain't what it used to be. Prudent retirees will not dip into their nestegg at a rate > 4% per year or they risk running out of money in their lifetime. That means someone with $1 million has an "annual income" of ~ $40,000.

Depends when you retire...and you can add social security onto that. A million will allow most 62+ year olds to still live comfortably presuming they don't have a mortgage or any significant debt. I'm aiming for 1.5 million but that's probably more than I'll need given my cheapskate lifestyle.

Don't forget healthcare costs. That can take a bite out of your income.

I'm working to get my mortgage paid off.

billryan

Feb 17, 2017
2:35am

Block User

Quote

Originally posted by: jphelan
A million ain't what it used to be. Prudent retirees will not dip into their nestegg at a rate > 4% per year or they risk running out of money in their lifetime. That means someone with $1 million has an "annual income" of ~ $40,000.

Unless they are among the 99% or so of Americans collecting Social Security. Factor that in and you are looking at $55,000 or so.
If one has the right investments, you should be able to pull out four percent without touching the principle.