Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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Again, totally depends on your age and when you retire. This board is not everyone retiring at the standard 67 years of age. There is a diverse set of people on here retiring at different points in life.

I just retired at 51 last week. In no world is $1M remotely enough.

Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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I think the consensus of this board is that multiple millions are required to comfortably retire. I've spent the last 2 1/2 years living with retirees and disagree based on what I've seen. Spending rather than assets is more important which of course assumes some minimum amount on which to draw. Less than 5% of Americans have an amount this board deems necessary to retire and yet most are doing just fine.

Most will run out of life before running out of money and until you are actually retired you can't understand the happiness time and total autonomy over it bring.

YouBet covered it. It is very much age dependent. To retire in the year 2025 in your 50s, yes, basic math says it should take multiple millions if you want to be comfortable, want health insurance, and want to be insured against sequence of returns risk

Jja keeps chiming in, but he retired in his late 60s, sounds like he's surrounded by folks at least that old, and we've had a long, amazing bull market stretch. Yes, a million bucks is plenty in certain circumstances.

Maybe I'm ignorant or an idiot or all of the above....

But I don't really pay attention to what the average American retires with nor do I care. The average American household also makes something like $80k, no?

As said above, it is very situation dependent. I don't want to have to alter my lifestyle drastically when I retire. I also don't want to be forced to move in with my kids (if they'll have me) or have them help me financially if **** hits the fan (expensive health issues, market crashes, etc.).

It's not like I want to leave millions of dollars to my kids. But I'd 1,000x rather leave them money then need to rely on them for money.

jja79 said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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I think the consensus of this board is that multiple millions are required to comfortably retire. I've spent the last 2 1/2 years living with retirees and disagree based on what I've seen. Spending rather than assets is more important which of course assumes some minimum amount on which to draw. Less than 5% of Americans have an amount this board deems necessary to retire and yet most are doing just fine.

Most will run out of life before running out of money and until you are actually retired you can't understand the happiness time and total autonomy over it bring.

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For older people. I would have to limit spending to 36K per year to make 1M stretch to end of life.

lol at that.

You need to qualify your age and your peers ages.

YouBet said:

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jja79 said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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I think the consensus of this board is that multiple millions are required to comfortably retire. I've spent the last 2 1/2 years living with retirees and disagree based on what I've seen. Spending rather than assets is more important which of course assumes some minimum amount on which to draw. Less than 5% of Americans have an amount this board deems necessary to retire and yet most are doing just fine.

Most will run out of life before running out of money and until you are actually retired you can't understand the happiness time and total autonomy over it bring.

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For older people. I would have to limit spending to 36K per year to make 1M stretch to end of life.

lol at that.

You need to qualify your age and your peers ages.

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Easy to stretch your retirement savings when you spend the majority if your time on a college message board trying to make the same point over and over and over and over.

Read his post. He said a million is fine if you are old. He retired in his early 50s and that $36k figure is for him.

And it could easily take $20-30k just to cover health care each year pre-medicare.

YouBet said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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Again, totally depends on your age and when you retire. This board is not everyone retiring at the standard 67 years of age. There is a diverse set of people on here retiring at different points in life.

I just retired at 51 last week. In no world is $1M remotely enough.

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of course it's situationally dependant.

I was going out on a limb assuming the poster's in-laws are not in their early 50's.

You are clearly an outlier so you'll need more $$$,

Most folks in their late 60's/70's would be just fine with combined SS and a million in assets. This is the only place I know where that would be a controversial statement.

Diggity said:

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YouBet said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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Again, totally depends on your age and when you retire. This board is not everyone retiring at the standard 67 years of age. There is a diverse set of people on here retiring at different points in life.

I just retired at 51 last week. In no world is $1M remotely enough.

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of course it's situationally dependant.

I was going out on a limb assuming the poster's in-laws are not in their early 50's.

You are clearly an outlier so you'll need more $$$,

Most folks in their late 60's/70's would be just fine with combined SS and a million in assets. This is the only place I know where that would be a controversial statement.

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I don't think it's controversial and most can get by on that later in life so I'm not really disagreeing here. I would want more because I want a higher standard of living and I want buffer/insurance that I wouldn't run out primarily due to unforeseen healthcare expenses which could eat those funds, rapidly. I've personally seen how much healthcare can deplete an account.

Now, him disagreeing with me on $1M being enough at 51 is simply wrong due to math. If he were to model this with calculators already posted in this thread, he would quickly realize this.

36k in annual spending was the number that ensured 100% of the scenarios finished out life with enough money which is my standard and even that number is wholly incorrect.

Why do you ask? Because health insurance alone is going to run you $14-15k per year in premium and another $10-15k per year for deductible if you have to dip into it every year until you qualify for Medicare. So, I guess you could simply not carry medical insurance for 16 years and then try to live on 36-50k per year and just completely roll the dice and hope that lasts.

Those are huge risks to take.

Just keep working people………..

94chem said:

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YouBet said:

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Diggity said:

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YouBet said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

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Again, totally depends on your age and when you retire. This board is not everyone retiring at the standard 67 years of age. There is a diverse set of people on here retiring at different points in life.

I just retired at 51 last week. In no world is $1M remotely enough.

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of course it's situationally dependant.

I was going out on a limb assuming the poster's in-laws are not in their early 50's.

You are clearly an outlier so you'll need more $$$,

Most folks in their late 60's/70's would be just fine with combined SS and a million in assets. This is the only place I know where that would be a controversial statement.

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36k in annual spending was the number that ensured 100% of the scenarios finished out life with enough money which is my standard and even that number is wholly incorrect.

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Why would you run a model where 100% of the scenarios end with enough money? Set it at around 80 - 85% and re-evaluate as you go.

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Because with $1M at 51 you are still talking about only 50k per year to spend which is not enough. 50k put me at 79%. No thanks.

I would just work longer to get the nest egg up to ensure higher success rate with more money than just $50k.

Back on the topic of timing, which plays a huge role in needed nestegg size, I just go back to the observation that the 70s are hell on most people. Most don't leave them anywhere near the condition they entered them, if they survive them at all. Major push to maximize my pre-70 retirement years. Some certainly don't have that luxury and need social security and medicare to play a big role in stretching what they saved.

94chem said:

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YouBet said:

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94chem said:

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YouBet said:

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Diggity said:

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YouBet said:

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Diggity said:

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Not to beat a dead horse but get some perspective people. Only on TexAgs is a million dollars "very limited resources"

---

Again, totally depends on your age and when you retire. This board is not everyone retiring at the standard 67 years of age. There is a diverse set of people on here retiring at different points in life.

I just retired at 51 last week. In no world is $1M remotely enough.

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of course it's situationally dependant.

I was going out on a limb assuming the poster's in-laws are not in their early 50's.

You are clearly an outlier so you'll need more $$$,

Most folks in their late 60's/70's would be just fine with combined SS and a million in assets. This is the only place I know where that would be a controversial statement.

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36k in annual spending was the number that ensured 100% of the scenarios finished out life with enough money which is my standard and even that number is wholly incorrect.

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Why would you run a model where 100% of the scenarios end with enough money? Set it at around 80 - 85% and re-evaluate as you go.

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Because with $1M at 51 you are still talking about only 50k per year to spend which is not enough. 50k put me at 79%. No thanks.

I would just work longer to get the nest egg up to ensure higher success rate with more money than just $50k.

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Immaterial to what I was asking. Whether you have $10,000 or $10M, you still don't run an airtight model.

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What? It's extremely material. It's the very definition of material.

Go run some models with $1M at age 51. Play with your annual spend so you can see the various success rates at different spend levels. We are talking massive spending cutbacks for my house to live on $1M until end of life especially if we want to have health insurance. It frankly can't be done in my situation, period.

I'm not willing to roll the dice on a nest egg that small if the success rate for all scenarios run isn't really damn high. And then I have to ratchet spend down to deficient levels to even ensure confidence it will last. It won't work either way.

Never mind we are hurtling toward a financial cliff in this country which is all the more reason to have as much buffer as you can get.

Anywho, we've beat this to death so I'll shut up now.

You have a plan and ran all the scenarios and your plan works……for you. That's awesome you have won the game.

This is Texags and you will never convince everyone about anything.
Plus this is Texags and talking about money which makes it an impossibility lol !!

Leaving for Chicago for a few days with my family then the Notre Dame game.

I'll have a cold beverage or three for you and JJ my fellow retirees.

I retired three years ago and my wife retired a few months later. We worked with my Aggie financial advisor for many years and were comfortable retiring when we did after 42 years working. We both were ready a few years before and set the dates with our employer when we got close.
With every day being a Saturday, you do need to plan on how to use your time each week. The best advice I got was to make sure I stay active physically and mentally and not sit on the couch too much or grab a snack every time you walk through the kitchen. If you do, you may not have many enjoyable retirement years. I know it sounds simple but it's takes more discipline than you may think. We also have many grandkids that keep us jumping.
If you have planned well financially, I highly recommend retirement! I wanted to enjoy what I call the mobile retirement years because I know it will catch up with me later and slow me down physically.

I know a former coworker who is still working in his mid 70's. He enjoys working and that's fine. And I think his wife may prefer he is not at home all the time!!

I just knew it was time for me at 66.5 and felt comfortable financially doing it after working with an advisor for many years. After working many years, the last thing you want is to walk out the door that last time and immediately be stressed about finances , how to use your time now, and your health.

I was surprised how quickly I forgot about work after that last day in the office. For all of you who have some years left before retirement, keep after your plan, don't forget about your health and exercise , and I wish you all the best. And you have time now to convince your wife it will be ok if you are home all the time!!



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Had a 57 year old coworker/friend just diagnosed with glioblastoma. Was in a meeting a few weeks ago and was having trouble putting his words together; went to the ER worried about stroke. Got even worse news. These are the things that push me to call it a career earlier than later.

DannyDuberstein said:

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Had a 57 year old coworker/friend just diagnosed with glioblastoma. Was in a meeting a few weeks ago and was having trouble putting his words together; went to the ER worried about stroke. Got even worse news. These are the things that push me to call it a career earlier than later.

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Amen. I'm 58. I've told my wife I'm going to spend the next 15 years living how i want to live. Of course I will be sensible but **** happens in your 50's+.

Life is short.