I dont reccomend retiring on your savings hoping it will last as long as you do. You should retire on the Interest earned from savings. Mine will be a 7 number figure (thats my target and its happening) a million dollars in a good growth stock mutual S&P fund earning an "average" of 12%, compounded annually (easy to find) is earning an average of $120,000 annually. I'll be able to pull "100k out if I wish, and leave $20k each year which continues to feed the golden goose so it never dies. Then it goes to my wife or grandkids when I die. And those grandkids will be taught to manage that money so it lives on to see their grand kids, etc. I can live nicely on $100k plus my state pension of about $40k. My insurance will cost $400 out of my pocket so that isn't too bad at all.
And DO NOT go without health insurance. Had I not had it the last 2 years I'd be bankrupt. Easily close to a million dollars I've racked up in hospitals.
I dont reccomend retiring on your savings hoping it will last as long as you do. You should retire on the Interest earned from savings. Mine will be a 7 number figure (thats my target and its happening) a million dollars in a good growth stock mutual S&P fund earning an "average" of 12%, compounded annually (easy to find) is earning an average of $120,000 annually. I'll be able to pull "100k out if I wish, and leave $20k each year which continues to feed the golden goose so it never dies. Then it goes to my wife or grandkids when I die. And those grandkids will be taught to manage that money so it lives on to see their grand kids, etc. I can live nicely on $100k plus my state pension of about $40k. My insurance will cost $400 out of my pocket so that isn't too bad at all.
And DO NOT go without health insurance. Had I not had it the last 2 years I'd be bankrupt. Easily close to a million dollars I've racked up in hospitals.
Good point on the insurance. Sounds like you have some strong numbers to work with on your plan. That’s great and it’s clearly taken patience, planning and sacrifice. I listen to a lot of financial people and have become quite the student of finance outside of work and firearms. The number I’ve heard pushed lately should look like 3.5-3.75% of total investment taken as income before taxes as a withdraw point if you don’t want to eat up principle and wish to leave something behind. The factor comes from an average semi-conservative rate of return of 8ish %, less 4% being eaten up by inflation. Really, to “grow” your principle your rate or return should be around 10-12%, but there are a number of years that is hard to achieve, maybe not this year though.
Definitely recommend to those that have not, to reach out and connect with a financial advisor. Those that are versed can really help navigate some of the financial rules/laws, taxes and investments. Yes, the cost $ but a great one should net you many times over what you pay. Recommend checking out your RIQ with Chris Hogan or looking up your local smartvestor pro on Dave Ramsey.com. They are tons of good podcasts out there too.
If you don’t manage your money, it’ll manage you. Also, if you’re local to Tulsa or OKC and would like a personal recommendation, please pm me and I can send some contacts.