Welcome Guest [Log In] [Register]
Welcome to The New Coffee Room. We hope you enjoy your visit.


You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.


Join our community!


If you're already a member please log in to your account to access all of our features:

Username:   Password:
Add Reply
  • Pages:
  • 1
  • 2
Retirement savings - bank vs insurance co
Topic Started: Mar 11 2018, 07:07 PM (272 Views)
Jolly
Member Avatar
Geaux Tigers!
Well, the old folks had a saying...A woman can take more money out of the back door with a teaspoon, than a man can bring in the front door with a wheelbarrow.
The main obstacle to a stable and just world order is the United States.- George Soros
Online Profile Quote Post Goto Top
 
Klaus
Member Avatar
HOLY CARP!!!
jon-nyc
Mar 12 2018, 02:48 PM
Iíve never personally liked the income rule though I understand its utility.

It implies you live more or less at your means.


Really it makes more sense to figure out what percentage of pre-retirement *expenses* you should budget for in retirement.

But everyone knows their income, and few of us really understand our expenses.
That's not so hard to track.

If your total worth (assets minus obligations) grows, you are doing well; otherwise you live above your means.
Trifonov Fleisher Klaus Sokolov Zimmerman
Online Profile Quote Post Goto Top
 
Jolly
Member Avatar
Geaux Tigers!
Klaus
Mar 13 2018, 05:59 AM
jon-nyc
Mar 12 2018, 02:48 PM
Iíve never personally liked the income rule though I understand its utility.

It implies you live more or less at your means.


Really it makes more sense to figure out what percentage of pre-retirement *expenses* you should budget for in retirement.

But everyone knows their income, and few of us really understand our expenses.
That's not so hard to track.

If your total worth (assets minus obligations) grows, you are doing well; otherwise you live above your means.
Easy to say, not always easy to do.

Besides, assets is too broad a term. My real estate assets are more than my 401k and 457 accounts, but I ain't selling my land or houses.
The main obstacle to a stable and just world order is the United States.- George Soros
Online Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
@Klaus -

The point I wanted to make is you should have an retirement income goal that is related to (e.g. exceeds) your retirement *expenses*.


The best way to figure out your retirement expenses is with some research and thought about how they will change from your pre-retirement *expenses*.


The last years of my working career our expenses were on the order of 25% of our income. Surely in such a scenario I don't need retirement income of 60-70% of income.

Granted I'm an atypical case. But you see the point I'm making.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
Jolly
Member Avatar
Geaux Tigers!
jon-nyc
Mar 13 2018, 07:42 AM
@Klaus -

The point I wanted to make is you should have an retirement income goal that is related to (e.g. exceeds) your retirement *expenses*.


The best way to figure out your retirement expenses is with some research and thought about how they will change from your pre-retirement *expenses*.


The last years of my working career our expenses were on the order of 25% of our income. Surely in such a scenario I don't need retirement income of 60-70% of income.

Granted I'm an atypical case. But you see the point I'm making.
Atypical?

Jon, the Master of Understatement.

I suspect less than 1% of working people could make that income/expense statement. If people can save 15% of their income, they are in the vast minority.
The main obstacle to a stable and just world order is the United States.- George Soros
Online Profile Quote Post Goto Top
 
« Previous Topic · The New Coffee Room · Next Topic »
Add Reply
  • Pages:
  • 1
  • 2