I think I might make with the FI Calc app.
-
If you are having trouble changng your password please click here for help.
Tariffs
- Thread starter Allsmiles
- Start date
The nice part of this app is you can run multiple simulations with multiple variations to determine which strategies fit your investment goals, your spending goals and your level of risk. There are multiple withdrawal strategies. You can configure it to adjust your allocation of stock/bonds/cash over time.
Schwab did a deep dive and ran something a little more detailed with a lot of other information. Same results (99.99%) and it wasn't even close until the monthly withdrawal number got crazy. I was given the magic return number of 6.88% annually to be set for life and leave the kids a nice inheritance.
Best thing for most people to do is try to get debt free (hard I know) and try to budget on what you will get for SS. Money goes a lot farther that way when it is coming out in smaller increments from your nest egg. I worked out our budget for planned SS payments and made adjustments while I was still working.
Best thing for most people to do is try to get debt free (hard I know) and try to budget on what you will get for SS. Money goes a lot farther that way when it is coming out in smaller increments from your nest egg. I worked out our budget for planned SS payments and made adjustments while I was still working.
For a constant dollar withdrawal adjusted for inflation the probability of making it for 20 more years is about 70% for me.
With a strategy of 6% withdrawal on the remaining balances adjusted annually the probability increases significantly.
Made some poor financial decisions early in my career which set me back several years financially.
Best advice for most young folks is to start saving as soon as possible. Compound interest is your friend.
With a strategy of 6% withdrawal on the remaining balances adjusted annually the probability increases significantly.
Made some poor financial decisions early in my career which set me back several years financially.
Best advice for most young folks is to start saving as soon as possible. Compound interest is your friend.
Ya reckon?
It's all yours.......🤪
Yes!! I started talking to my Nephew at 15, when he got his first job. I think he's been listening. Today at 19, he drives a BMW and works 2 jobs. He was living on his own at 17 and finished high school. Just keep up the good work!!
Being debt free goes a long ways. Sure it's hard to get there. And you don't get to live the way you want too. But nothing worth while was ever easy
My goal is to live on half of what I make and keep reinvesting the other half. That way, essentially, you get a raise every year.
I'm doing some of that with my dividend stocks depending on which account they are in. One of my goals is to have my dividends pay enough not to have to touch principle monthly. I'll know in about 3-4 months if that is a possibility. Right now, it's looking good; but I haven't talked to the accountant about the taxes on them. She did give me a shocked look when I showed her my projections from Schwab report.
