Got it and taken care of.
I think I have 98,365 days....
Well Tom...
.. at this rate it will take you 269.5 years to achieve retirement. So may I make a recommendation... if you would just reduce the sum you wanted to accumulate for retirement by say - 25x then you could retire in 10.78 years! So ... really now.... did you really need $100,000,000 for retirement? The general rule of thumb for a nondeclining lump sum in retirement is you can take about 3% of your savings... so the 100,000,000 would have enabled you to spend $3,000,000 net a year - or $250,000 a month - or about $8,333 a day. And that is a lot to spend every single day if ya ask me.
Now if we were to reduce the nest egg by a factor of 25 to say $4,000,000 ... you could spend about $120,000 a year - or about $10,000 a month. That's a modest $333.33 a day ... plus you'd have your social security too. So add $994 per month - which is the current maximum payment for a couple in 2007. I can't really say WHEN you'll retire or WHAT the SSI max will be then - or even if the system is working as we envision it today. It might be bankrupt according to some pundits.
At any rate - I'd like to think you'd have something north of $11,000 a month to spend in retirement with a maxed out SSI and $4KK in the "bank". And this lump sum would be inflation adjusting and non-declining. SO you could pass it on to your heirs or a charity of proper merit or the church. You could set it up as a self perpetuating gift to the organization or individual(s) of your choice.
So.... maybe 269 years seems far off.... no problem - just crank down the target a little to a realistic but managable level. Achieve an accumulation of $4KK in a little over 10 years and you'll be "done". How pleasant, eh? <chuckles> And if you're not quite on track with this - there's always the super lotto right?
On a more serious note - I had some friends suggest they wanted to accumulate $10,000,000 before they retired - and I had to muse ... why so much? That would enable dumping $300,000 a year with a non-declining inflation adjusting sum. I guess $25,000 a month is a nice sum to have as regular chump change - but I don't need that much to have all the fun I want to usually have.
And to think - some folks think they can spend up to 5 or 6% of thier retirement funds and sustain the core of it with minimal investment risk.
OK... enuf of all that!
... right?
That is quite an accomplishment!!!
I did not know it itches too!!
I hope she gets back to you soon!!!
and prayers to everyone who is going to need it today
aboard to all the newbies
