Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (63140)	4/22/2006 4:50:43 PM
From: John Carragher	Read Replies (1) \| Respond to of 206114

i love those who think a million is not enough to retire on. i would have to review the life style of the middle class. do they still have a mortgage in retirement, new car payments , transportation to work, also income tax can drop substantially if you do not have fixed income and take a lump sum vs pensions. you can decide your tax base a year in advance. you can end up with only capital gains, dividends as income and maybe some small amounts of ira withdrawal unless roth ira then that too i believe is void of federal taxes. let's assume you drop 20% in tax income each year, drop at least 10% in work related expenses. I have to assume somewhere these middle incomers were saving in 401k programs maybe 10/15% since they were in their high income years. it doesn't take long to see your requirements for cash is a lot less than than what ever number these money managers are selling to us. Now if 65 or 62 and married you will bring in between $20/35,000 thousand additional income from soc sec. 5% investments risk, above it just unacceptable.. wonder how many here feel investing in mutual funds , bonds, is not acceptable? too high a risk.! Let's figure another 2% income for non acceptable risk. i think the average middle income person could live on $1 million savings per year... We are looking at $70,000 if at 7% and another $30,000 in soc sec benefits. I reviewed a person recently scared of retiring from reading all this stuff saying he doesn't have enough money.. when he looked at his pension, soc sec, and living off 4% from savings he was making much more than when working. yes, he maintains two homes one in northeast and one in Florida. does travel. however, he has no where near $1 million in savings. retirement is all how you want to live. I know others who are multi millionaires and do not retire. they think they do not have enough money yet.