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Crabs legs or Filet's for dinner, no scotch aged under 15 years, Winters on an island, High Limit Poker tourneys. It's gonna be great.Slapdash said:
Admittedly, retirement expenses are not an area I have put much thought in to. I have only increased our spending by 2.5%/yr based on what we spend today. A lot of expenses will drop off, and obviously some new ones will will be added, but I'm not predicting much of a net change.NewlyRetired said:
I love you dentist. I'm not sure if I'm capable of spending over 2k per week.
Christ, $36k in matching if she maxed out her 401k. That would be insane to be saving $54k per year.
The other side of that is that I like having huge goals... and if I miss.. well.. maybe i'll only have 90K a year to spend.$120k per year in today's dollars for retirement
HDHC -- Yes, however my wife works for a university and their health plan is super cheap if we get all of our care through the university affiliated hospital/offices. No deductible and no copays aside from $5 for most scripts. To cover our family of 3 (4 this month), they take $60/mo out of her paycheck. I'd pay more for the HSA eligible plan through my employer.
This is not possible based on what you say here. Would love it if you could show us where your 100K/yr goes.
100k seems high. What are you spending that on?
When I planned our retirement it was based on living the identical way (expenses) we did before I retired and then I added in a budget for travel for about 20 years.
Dentist said:
so that's only twice the 3500' ft house we pay for.
I dumped an extra 20K in principal on the home this year.
so that's only twice the 3500' ft house we pay for.
I assume your taxes aren't income tax.
At UM just to keep the numbers somewhat reasonable let's assume she put in $2,500 they put in $5k. If she had put in none UM still put in 5% and that's why a lot of her colleagues never contribute. They think they are getting ahead because they have more disposable cash on hand now...their choice. They matched up to 5% so there was a limit to how much you could pillage them for. We actually didn't know it was as good as it was until about Year 2 or 3, all together about 8 years total there.
Yes, my mortgage is just a couple payments away from being paid off.
ok, so lets break this down
ok that is an important item. If you want to retire in 17 years I would see if you could do your best to pay that off in a 15 year mortgage.
I think we're all well aware of the lavish retirement that dentist is planning. That's why he's a balla and I'm just living vicariously through him
I am a long time member of the early retirement online community.
are you asking about the web site?
Yes, I intend to take out a 15 year note, not a 30 year note.
He needs close to $5m to reach his goals, not $3m.
2.
But let's be reasonable. $3m is a lot more than a lot of folks entering retirement. I wonder what % of the baby boomers retired with $1M in their portfolio...I bet the number is not high when i do some research.
I am not a fan of the 4% withdrawal rate, I find it far too aggressive. I think 3% is a much more manageable and safer goal to shoot for.
What does reason have to do with this? We are talking about one persons specific goals, not the general persons goals.
http://www.forbes.com/sites/robertlaura/2014/08/28/this-is-what-1000-of-monthly-retirement-income-really-looks-like/#532f300b37cf
so roughly $1 Million for $4k / month.
How old are your kids? If they are under 5ish, a fairly good chunk of the $1m inheritance might have to go to education if both kids go to private schools.
yup, numbers can be changed a million different ways to make the outcome much worse or much better.
both are under 3. the whole mil could end up going there if they want to be dentites (lol... i'd never encourage a kid to goto dental school)
we have to be careful in factoring in the inheritance to his nest egg because of his desire (very cool IMO) to pay for all the education including grad school for both kids.
I'm not 100% sure what you are asking for. I'm 38 now FWIW.
That's fine. But i'll pay whatever it takes.
OK so you understand where I am coming from. It's the exception not the rule that people invest and save. I'm sure the numbers are different here vs other types of forums but honestly I bet if there were secret documents of everyone's finances in here that many would be shocked by how little everyone actually puts away compared to the monopoly of educated middle class folks who post in here.
I'm messing around with firecalc now, but can't see where to input current retirement savings.
i was just laughing at how high a # you threw out there when most people aren't close to that. as long as we have ss to give people a minimal retirement so they don't have to get bailed out by our tax dollars, people can do whatever they want. save a bunch now. spend a bunch now. it don't matter one bit to me.
