I'm at the stage where the calculations are becoming a bit more serious and am interested in others' planning strategy.

Obviously, everyone's actual number is different depending on spending habits. What I'm really looking at is how far/what age you project out to. I've had a CFP run conservative numbers for investment returns (5%) and it comes back with a bit of surplus at age 90. What's magic about 90? Yes, there is a 25% chance of a person living to 90, but that means a 75% chance you don't. Even less likely that both individuals in a married couple make it that long. Are you really THAT screwed/safe if you plan for 90 and live to 88 or 92? I'd imagine things take quite a few ups and downs in those 30 years and adjustments are made on the fly. Short of working to a very old age and having enough to never touch the principal, I'm not sure you can really be sure.

What is your philosophy?

Retire, keep going until I run out of money then rob a Post Office an sit down outside said post office until they come and arrest me. Let the Government tax payers worry about my expenses after that.

Honestly, I gave up trying to figure it out. There are too many variables that you can't answer, like health, inflation, stock market, taxes, etc... It is a guess at best.

As a retired friend of mine told me, "You do the best you can at saving for retirement, make a decision on when it's time to go and hope you made the right financial decisions to make it until the end."

If you didn't make the right plans, there is always the Graybar hotel.

Vanguard says they run 10k market scenario's and run the age out to 100. That is overkill. Especially on age. But that is just to be safe I suppose.

I think in retirement your major spending years will be to 75. I am talking about large purchases, traveling etc.
At think at age 75 if you owned your home had 50% of your assets left and had your SS you would be in high cotton. I think most would still have more than that is my guess.
The part that get lost in these threads is many people live simply. own their own home have a couple hundred grand in assets, get $1200 in ss and can live on that $1200 a month. They can live comfortably for, well, forever!
Not everyone needs a ton of $!

This message has been edited. Last edited by: old rugged cross,

There are many calculations here. https://www.dinkytown.net/

You, maybe along with your Dr., are the best estimator of how long you will live.
Some things to consider:
How long did your parents, grand parents and siblings live? Are you in good health? Do you have any health issues that are expected to progress as you age? Other such life factors will figure in. Also, you could get a DNA test that would detect your likelihood of contracting certain diseases. But in reality, you are just making an educated guess.

Here's a calculator to help figure out finances.
https://www.calcxml.com/calcul...ey-last?skn=#results

One thing is certain: you don't have enough.
No matter what you have, they will drain it at a rate that insures you are "poor" in a few years.

^^^^^

That's the spirit!

"They" as in the aliens?

The more you have, the more "they" take.

It is not a mystery.

In my case, I don't think I could save enough. It's all about saving as much as I can. I see people with all kinds of health issues living well into their 80's now.

I don't think I'll make it that long but who knows? That being said, my wife is very healthy and barring some bad surprise, will likely live past 100.

So, my objective is to save enough so that she lives comfortably and without worry until she's 110 (with me leaving around 90).

The big unknowns are things like moving into an assisted living facility or needing some in-home care (ie - at least housekeeping and grocery shopping).

In any case, I will not have saved up enough by retirement. So, it will be about living frugally and cutting costs and extending savings as much as possible before being limited to just SS.

I plan to retire about 5 years after I die.

quote:

Originally posted by SigSentry:
I plan to retire about 5 years after I die.

But will you keep voting?

^that will be the issue...can my uploaded digital consciousness still vote?

i plan for a withdrawal rate less than appreciation

so if you're theoretical investment returns are 5% / year based on the investment mix - never withdraw more than 4% annually

in theory you should never run out - plus you would have 'some' SS to supplement

can't get overly fixated on it because the markets will surprise us sometimes

just do some basic math and live within the conservative plan

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^^^^^^

There's no doubt that being ultra conservative and never touching the principal works, but that security comes at the price of many additional years of work before retirement.

And don't forget that Medicare isn't Free.

And if you have a supplemental Medical plus a supplemental Drug plan, AND your income is sufficient, then our glorious government takes a big bite out of not only your SS monthly check, but your wife's too, you wealthy bastard... that'll teach you!!!

Here's the table on that little pearl (page 5).

https://www.ssa.gov/pubs/EN-05-10536.pdf

Fortunately did not have those issues. Saved plenty, have not had to tap into savings. Actually having to take RMDs and putting them back into CDs. Retired ~10years and 76 next month.

I did a forward-looking spreadsheet about 15 years ago --- plugged in an est. rate of appreciation + projected monthly contributions + company match etc etc

Fast forward to current I have been pleasantly surprised how close the numbers have come out.

Even factoring in the 2008-ish market calamity I am pretty much right on that trajectory...

So it does make sense to make a plan and stick with it IMO. I am worried sometimes though of the unforeseen 'X' Factor.

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Where is the calculator that takes into account that my wife is almost 20 years younger than me? This means:

She will continue to contribute family income long after my nominal retirement age.

My options for a true retirement (e.g. moving to the wilderness/Costa Rica) are limited.

So I might as well keep working as long as I can.

(Speculative) I may not live as long as I would otherwise due to the wear and tear of trying to keep up with a younger woman.

quote:

I may not live as long as I would otherwise due to the wear and tear of trying to keep up with a younger woman.

Stop bragging!

Wrong plan y'all.

You should have married a wealthy woman!