For retirement?
It is different from person to person. Here are a few
- Should be able to take 4% every year without exhausting your retirement fund
- Returns as at least that of your salary at retirement
- Returns of double what you spend per yr prior to retirement
What is your number one of the above or different?
I will be doing the Mick Jagger/Paul McCartney/old timer koolie man style retirement. I retire when I depart. It was good enough for C.Jagan so it will be good enough for me.
Roy Khan
If yuh collecting a salary and Soc Sec benefits and yuh get accustomed to extra money, when should you stop wuk??
Don't have one really...I just have to keep working. Hoping somebody leave me some big money 😀
If yuh collecting a salary and Soc Sec benefits and yuh get accustomed to extra money, when should you stop wuk??
Hope the salary is under 20K, cause you will be giving back plenty to Govt
YUh right Buddy I does cry when April comes 😥
Finding a number can be challenging. For me that number is twice the average of my last three years of spending prior to retirement.
Meaning; if that average was 50k, my retirement requirement will be 100k + adjusted for inflation every year.
Looking at various retirement videos the reality is that you have three spending phases in retirement:
- Go Go - up to age 75 when you will spend the most
- Slow Go - 75 to 85 when your spending will naturally drop because of various physical reasons
- No Go - after 85 where because of age and physical limitations you do not spend much.
Too many are worried that they will run out of money and so do not spend much when they can and then try to spend when it's too late.
With that in mind plan your retirement accordingly and enjoy it. Do not wait too late to spend and enjoy because you may not be as physically capabe. Do not die rich - what's the point 🙂
Look at family history, your personal health and lifestyle and plan accordingly.
However, I think that if you work with twice your expense prior to retirement you should be able to use it to cover one option for LTC even if that means sponsoring someone from another country.
Are you fully retired as yet?
no, I still under 60...and I don't plan on retiring soon. I like what I do, keeps my brain active
@raymondo well here are good reasons why my nick is Young Boy Charlie 🤣 🤣 Dat reminds me how much should I have for sweetwomen when I retire??
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