Retirement Income

[Newbeeee™]

Depends on what you call Rich. I only have 1/2 to 1/3 of what I "should" have by my age. I've definitely switched my focus from destroying liberals on the Internet to managing money. Planning selling blood plasma to fund out of the money call options. 

FOCUS baby!

[mkd]

According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320 U.S. Credit Suisse defines net worth, or "wealth," as "the value of financial assets plus real assets (principally housing) owned by households, minus their debts."

By ANY meaningful measure of "wealth", I would say evey single one of us in here is definitely in the top 5%.

That's doing OK in just about any book I'd say.

The way I heard it, a million dollar net worth make you a top 1.5% wealth holder in the world.
 I've also heard 1 million is an average net worth figure for US households. (Median is a completely lower figure)
 Million ain't what it used to be. If your old enough remember watching Robin Leach's lifestyles of the Rich and famous from the 1980s, with inflation, you'd actually need about 3.5 million today.
 I follow a investing guy on social. He almost never maxed out his W-2 401k savings, but did do it consistently for 30 years. He only holds boring Blue Chip stocks that pay dividends. He retired a few years ago with around 2.5 million net worth. Which has now grown to about 3.5. He brings in around $130,000 tax free on dividends.

[Newbeeee™]

The way I heard it, a million dollar net worth make you a top 1.5% wealth holder in the world.
 I've also heard 1 million is an average net worth figure for US households. (Median is a completely lower figure)
 Million ain't what it used to be. If your old enough remember watching Robin Leach's lifestyles of the Rich and famous from the 1980s, with inflation, you'd actually need about 3.5 million today.
 I follow a investing guy on social. He almost never maxed out his W-2 401k savings, but did do it consistently for 30 years. He only holds boring Blue Chip stocks that pay dividends. He retired a few years ago with around 2.5 million net worth. Which has now grown to about 3.5. He brings in around $130,000 tax free on dividends.

Day by day, week by week, month by month, year by year, chip chip chip away at the value.
Fractional reserve banking baby!

[HTM01]

Parump is nice this time of year😄

i was there last October and it was 110 degrees

[ajayers180]

i was there last October and it was 110 degrees

Isn't Pahrump where they have the cathouses??

[HTM01]

Isn't Pahrump where they have the cathouses??

I went to the Elks Lodge

[gcode]

I went to the Elks Lodge

The Elks Lodge in Pahrump has a cathouse??
Who knew??

[ajayers180]

I went to the Elks Lodge

Are they cheaper?

[Tim Johnson]

What is the required minimum distribution starting age now? 75 or so, eh?
 Roth conversions only(?) make sense if you 1. Have cash outside the 401k to pay the taxes with and 2. Enough time to take advantage of the tax free growth.
 I think he's close to RMD date, so no use..

I prepay my 401k taxes every week through the payroll.

[BrianP.]

I prepay my 401k taxes every week through the payroll.

So you do a Roth account?

I was forced to retire in March. Wife was forced out after a bad fall on black ice in December and in addition to other health issues. We have a combination of savings. Traditional 401k, Annuity through Penn Life and Roth accounts. Never got deep into the market it's why I've always liked mutual funds. I also like the auto adjust features.  Adjusts risk as you age. We've done OK.

Took 3 months to get my first SS check. We are still waiting on disability but that usually goes 6 months to a year. Partly because we live simply and partly because we are to sick to do anything we are getting along fine. Finding paying for health insurance is not as bad as I thought. More up front but all our copay and out of pocket costs are much less.

Plan for tomorrow but live for today.  You never know what curves life will throw at you.

[mkd]

So you do a Roth account?

I was forced to retire in March. Wife was forced out after a bad fall on black ice in December .
.
.

Took 3 months to get my first SS check. We are still waiting on disability but that usually goes 6 months to a year. Partly because we live simply and partly because we are to sick to do anything we are getting along fine. Finding paying for health insurance is not as bad as I thought. More up front but all our copay and out of pocket costs are much less.

Plan for tomorrow but live for today.  You never know what curves life will throw at you.

This why I don't plan to work past 59, even if I have to go to popular ex-pat locales.
 Still haven't figured out how to get wife's specialty medicine offshore but AI is offering some promising leads

[CNCAppsJames]

I just came here to say; we're ALL gonna die.

[megatronprime]

So you do a Roth account?

I was forced to retire in March. Wife was forced out after a bad fall on black ice in December and in addition to other health issues. We have a combination of savings. Traditional 401k, Annuity through Penn Life and Roth accounts. Never got deep into the market it's why I've always liked mutual funds. I also like the auto adjust features.  Adjusts risk as you age. We've done OK.

Took 3 months to get my first SS check. We are still waiting on disability but that usually goes 6 months to a year. Partly because we live simply and partly because we are to sick to do anything we are getting along fine. Finding paying for health insurance is not as bad as I thought. More up front but all our copay and out of pocket costs are much less.

Plan for tomorrow but live for today.  You never know what curves life will throw at you.

So what do you do now with your time?

[Tim Johnson]

So you do a Roth account?

I've been investing into the 401k system since 1982. Thru-out the years there have been changes and tweaks. In the beginning we weren't allowed to prepay our taxes. Then for a while we were able to
prepay and later on we weren't again. It was somewhere around 1995 when the Roth 401k was created and prepay stayed. So I do have some investments that will be taxed and if possible I'll use them up first.

[mkd]

I've been investing into the 401k system since 1982. Thru-out the years there have been changes and tweaks. In the beginning we weren't allowed to prepay our taxes. Then for a while we were able to
prepay and later on we weren't again. It was somewhere around 1995 when the Roth 401k was created and prepay stayed. So I do have some investments that will be taxed and if possible I'll use them up first.

Thanks for the explanation, had no idea about the prepay thing. Guess the Roth concept rendered that moot.

Interesting thing I've learnt; even though there is a $7000ish limit on personal roth contributions, you can if your employer plan allows, also have after tax contributions in your 401k. Nice way to double up on Roth and get that tax free growth. If you leave the job, you can dump those funds into your personal Roth. No backdoor required 😜