Retire at 60: How much you need
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- čas přidán 13. 06. 2023
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This is why you want a solid mix of trad, Roth, and taxable. When you've got money in each pot, you get to name your effective income. And, if you want to, live an ~$70-90k lifestyle and not pay a nickel in (current year) federal taxes.
Is this just savings or does it include pensions and social security?
Open a Roth problem solved
Is this without depleting the accounts at all? What's the multiple with same spend but adding in SS at full retirement age allowing for some depletion.
These things confuse me so much. I have about 815 in my 401k but 60000 times 30 Years is 1.8 million not 815, 000. Is this assuming a 7 percent return? That's still not 1 8 million and you still have to pay taxes. What am I figuring out wrong? :-)
You neglected to include inflation. The purchase power of $60K today is much greater today than it will be ten years from now. If you assume an inflation rate of 3.5%, then $60K*(1 + 3.5%)^-10 = $60K*0.71=$42.53K. In other words, $60K in ten years has decreased to about 71% of the purchase power in today's dollars.
Too many variables. Just never retire and the math gets easier.
Why does every retirement plan seem to involve saving a pile of money then slowly whittling it away at 4% per year.
And the financial advisor will screw you so then jack up the number