countrygirl2
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Post by countrygirl2 on Feb 28, 2021 12:10:34 GMT -5
MPL, that is fantastic. You have managed to do that raising 2 boys and keeping your home. It shows what can be done if you want to and are consistent.
We could have had a lot more, but also have enjoyed life along the way. And we to had just a tiny pension. If you have no pension, essential to save, if you do, then don't need so much.
I really respect you for what you have done and raised 2 good boys also. Congratulations
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minnesotapaintlady
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Post by minnesotapaintlady on Feb 28, 2021 13:08:54 GMT -5
My goal is 1.2 M in retirement accounts which would give me 40K/year. According to the Phil script, I only need to pull off 3% annually to reach that number by my goal age of 63.5.
$662,904.00 lump sum @ 3%/ann. for 11 years: $917,614.17
$25,000.00/yr. @ 3%/ann. for 11 years: $329,800.74
My "stretch" goal is age 59.5 when Carrot graduates high school. That would require the market keep going strong and ACA is still in place for insurance. Otherwise at 63.5 I can do the Cobra slide and use my HSA money to pay the premiums for those 18 months.
$662,904.00 lump sum @ 9%/ann. for 7 years: $1,211,814.45
$25,000.00/yr. @ 9%/ann. for 7 years: $250,711.84
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minnesotapaintlady
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Post by minnesotapaintlady on Feb 28, 2021 13:11:28 GMT -5
I really respect you for what you have done and raised 2 good boys also. Congratulations They're too young to declare victory. They might still end up up being serial killers.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Feb 28, 2021 14:30:10 GMT -5
My goal is 1.2 M in retirement accounts which would give me 40K/year. According to the Phil script, I only need to pull off 3% annually to reach that number by my goal age of 63.5.$662,904.00 lump sum @ 3%/ann. for 11 years: $917,614.17 $25,000.00/yr. @ 3%/ann. for 11 years: $329,800.74 My "stretch" goal is age 59.5 when Carrot graduates high school. That would require the market keep going strong and ACA is still in place for insurance. Otherwise at 63.5 I can do the Cobra slide and use my HSA money to pay the premiums for those 18 months. $662,904.00 lump sum @ 9%/ann. for 7 years: $1,211,814.45 $25,000.00/yr. @ 9%/ann. for 7 years: $250,711.84 time to start shaving a bit off the goal age.....
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countrygirl2
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Post by countrygirl2 on Mar 1, 2021 10:50:03 GMT -5
Is it all in stocks that could go down anytime or some in safer investments? Hubs worked with guys that had a bundle and a couple of crashes caused them to have to add years of working back. I know its been going up like crazy but will that continue?
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minnesotapaintlady
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Post by minnesotapaintlady on Mar 1, 2021 12:12:47 GMT -5
Is it all in stocks that could go down anytime or some in safer investments? Hubs worked with guys that had a bundle and a couple of crashes caused them to have to add years of working back. I know its been going up like crazy but will that continue? It's mostly stocks. I have about 80K in bonds (which actually make me more nervous than the stocks right now) and maybe 60K in cash. Oldest son's 529, is mostly bonds and cash at this point, youngest is mostly stocks.
I'm ok with big drops yet. From my previous post 322K of my retirement is growth in the past 9 years. If I would have just had it in CD's and bonds during that stretch I wouldn't have nearly the amount of money I do now, so I think even with a 30-40% drop I'm still ahead of where I would have been.
I'm starting to think about moving some into "safe" investments, but I don't know what that is! Bonds make me squeamish and all the talk of hyperinflation makes me worry about the cash sitting there too. I had mentioned this on another thread recently, but I'm at a point where I'm not sure what to do now. I've been on autopilot for a long, long time, with the "when I get closer I'll reevaluate" mantra. Well, I'm getting closer now...
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countrygirl2
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Post by countrygirl2 on Mar 1, 2021 13:06:05 GMT -5
I understand that. Son did learn last time when he lost a couple hundred thousand to change some things. He is still in stocks and mostly dividend paying ones. But he said he is also not going as big quantities as he did $20k and $30k purchases. And he says now he has stop orders on everything. He made the money back thankfully, for awhile, he was just sick. But he also learned.
Wish I could get hubs to do more, but we are ok, so not pushing it.
My I bonds were earning like crazy, I'm sure they are not now, haven't checked them in several months but not losing anything.
We actually make more from real estate or did.
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bean29
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Post by bean29 on Mar 1, 2021 15:40:40 GMT -5
Congratulations! That is Awsome. I also am over 1mil, but that would be combined for DH and I. I need to keep socking it away b/c like you we do not have a pension to fall back on.
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jd2005
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Post by jd2005 on Mar 2, 2021 9:22:09 GMT -5
Great job! Congratulations!
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jd2005
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Post by jd2005 on Mar 2, 2021 9:23:40 GMT -5
I also am over 1mil, but that would be combined for DH and I. Do you normally count your NW separate? DW and I do not. All goes into our pot and gets counted.
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tcu2003
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Post by tcu2003 on Mar 2, 2021 14:46:54 GMT -5
Since you track so well, can you tell me if you're doubling every 7 yrs or so? Like the rule of 72. Just curious as I'm watching that for my own planning having just crossed 500k. I have an old 401k and Roth IRA and they’re up between 70-80% over the last 7 years (haven’t touched either account in that time), and both are relatively small accounts. My and DH’s current 401k accounts are each up significantly more, though, over the past 7 years. Mine is up 400% and DH’s is up 300%. DH’s was/is larger, but we’re both well past the point where our 401k constructions/match have huge impacts year-to-year, so the bulk of that is market gains. Over the 7 years, my contributions/match is about 55% of my original amount, and for DH, it’s about 45%. Looking at this, I’m pretty sure I picked better funds in our current accounts that my old ones. 🤦♀️
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tcu2003
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Post by tcu2003 on Mar 2, 2021 14:48:54 GMT -5
Congrats, mpl!! Super excited for you!
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