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The Water Cooler
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<blockquote data-quote="CHenry" data-source="post: 3303431" data-attributes="member: 6281"><p>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.</p><p>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.</p></blockquote><p></p>
[QUOTE="CHenry, post: 3303431, member: 6281"] 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. [/QUOTE]
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