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Jul 7, 2020
6:28
:05
pm
BYU'01
Playmaker
What reputable financial advisor says you’re set w/ $1M at 50?
Any one of my generation counting Social Security is just negligent
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BYU'01
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BYU'01
Joined
Jan 18, 2003
Last login
Jun 20, 2024
Total posts
7,910 (118 FO)
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Messages
Author
Time
POLL: At what point would you consider yourself “set for life”?
blackandblue
7/7/20 2:40pm
Most people (not cb) easily at 1 million. Most if not everyone on CB by $3
Baron
7/7/20 2:43pm
$1M? Maybe if dividends were higher or there was even a touch of interest from
crack
7/7/20 2:45pm
You could basically live off $40k for the rest of your life without running out.
Baron
7/7/20 2:52pm
I think you are right. But I just don't see how living on $40k when I am 50
crack
7/7/20 2:55pm
4% is the safe withdrawal rate based on the Trinity study. And you can actually
Baron
7/7/20 2:58pm
Thanks. I will take a look at the Trinity study. I haven't heard of that before.
crack
7/7/20 2:59pm
Here is a blogger talking about it:
Baron
7/7/20 3:02pm
Thanks.
crack
7/7/20 3:06pm
I wouldn't consider myself "set for life" if I have to live a lifestyle that's
Scratch
7/7/20 3:03pm
Yes. I agree.
Baron
7/7/20 3:05pm
4% is too high when you have such low interest rates on your savings.
scott715
7/7/20 4:08pm
No it isn't. It is very conservative.
Baron
7/7/20 4:12pm
RE: No it isn't. It is very conservative.
scott715
7/7/20 8:58pm
What a dumb article. Look at my link who looks at the numbers not
Baron
7/7/20 9:03pm
That wouldn't even cover my SF rent.
ReyOso
7/7/20 3:14pm
For 50, that seems low. If 65 or 70, then yes.
blackandblue
7/7/20 2:48pm
You are right on the $1 million number. I made some assumptions that may not be
Baron
7/7/20 2:53pm
$3 MM won't even cover my yearly yacht expenses.
Broda
7/7/20 2:49pm
What reputable financial advisor says you’re set w/ $1M at 50?
BYU'01
7/7/20 6:28pm
A million at 50 is totally fine if you are planning on working until 65
LaserCoug
7/7/20 9:12pm
Now.
grandpacoug
7/7/20 6:28pm
Assets quickly liquidated? Or assets in total?
immacougar
7/7/20 2:43pm
I wouldn’t include primary residence in this since I don’t consider that an
blackandblue
7/7/20 2:45pm
I'd look more at what kind of monthly cash flow you have, not money in the bank
CougarHut
7/7/20 2:45pm
Next assumption- your only cash flow is coming from this total sum.
blackandblue
7/7/20 2:46pm
You'd still want a nestegg for emergencies
CougarHut
7/7/20 2:49pm
$1mil a year is easy. That’s 50k/yr without touching principal. Income goes up
valleus
7/7/20 2:48pm
assuming all debts are paid, i agree with you.
blueaussie
7/7/20 2:53pm
Net worth is assets - liabilities. You don't have 1mil if you owe half of it.
TailgateU
7/8/20 2:19pm
yeah, but depends on your age. 50k/yr will not be much for someone in 60 years.
viper
7/7/20 2:55pm
It’s not even much right now.
JohnnyComeLately
7/7/20 2:56pm
Where are you getting a risk free 5% return these days?
crack
7/7/20 2:57pm
Historical return of an index fund is above 5%/yr for the past 100 years. So if
valleus
7/7/20 3:04pm
$50k a year is "set for life: or "just scraping by?"
Plato
7/7/20 3:39pm
It makes me wonder how much money kids costs me.
Belboz
7/7/20 3:56pm
You want to be a grandpa that spends some money on grandkids. Don’t be scraping
blackandblue
7/7/20 4:23pm
Mine are all rolled together. I have 2 grandchildren already.
Belboz
7/7/20 5:28pm
It is not hard to live well on 50k a year. 50k a year provides a decent house,
valleus
7/7/20 4:56pm
Not when your family's health insurance premium is $22,000/yr
Plato
7/7/20 5:52pm
If you make 50k you can get health insurance way cheaper than that
BYUFootballisBack
7/7/20 10:31pm
$1M probably isn't going to provide enough income to live on
Doctor Rosenrosen
7/7/20 2:55pm
$3M and debt free
Croweater
7/7/20 3:07pm
One can survive with that.
Archaea
7/7/20 3:08pm
<< Deleted >>
Croweater
7/7/20 3:10pm
The reason people set higher numbers is the current coupon rates are so low,
Archaea
7/7/20 3:07pm
Of course it depends on what the $3MM is. House? Bank account with lousy interest? Stocks?
hitechcpa
7/7/20 3:13pm
It's all fungible.
TailgateU
7/8/20 2:22pm
A million at 50 makes me feel good about being ready to retire in a decade or so
LaserCoug
7/7/20 3:23pm
One of the toughest parts for a lot of us around that age
Belboz
7/7/20 3:53pm
If I had a million, I could theoretically live off the interest, so I guess that would be "set for life"
RUNBYU1
7/7/20 3:26pm
You can live off $10,000 per year? That is impressive
Croweater
7/7/20 3:51pm
Average index fun is 5% return per year over the past 100 years = $50,000 per year. No mortgage, car payments, etc. so
RUNBYU1
7/7/20 3:55pm
Calling and Election.
lyrok
7/7/20 3:35pm
Home paid off and $1M would do it. There are a couple of part-time gigs I am
DC12
7/7/20 4:11pm
Props to all of you who can or do live off of 50k/year.
blackandblue
7/7/20 4:48pm
And that's cheap!
Plato
7/7/20 4:51pm
My wife says 3 million, but I've seen her Amazon addiction in action, so I'mma
DeekLyfter
7/7/20 7:37pm
$30M+
Cougstreak
7/8/20 12:28pm
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