If you are retired (59 1/2 years old) I assume you have been working for 30 years and hence paid off your house. So, no mortgage, just monthly bills. $2,500/month should cover that and you now need enough money to buy medicine, for when your bones give out and you break a hip. I am not taking into account things like Alzheimer's or cancer. You also want to live till your 80, comes to slightly 900,000 a year. You also want to go to vacations and potentially get heart attacks looking at 25 year olds. So yes, 1 Million bucks is cutting it way too close for a single person to survive on till they're 80.
2 Million on the other hand would do just fine. 2.5 would cover diseases too. I think 3 Million would be the ideal number.
Quote:
Originally Posted by GreyWolf
Less conservative is assuming you're going to die and won't need any money after that. Then all you need to do is figure out when you will die, and plan an annuity which will run out at that time. If you do this, make sure your planned date of death is met. Otherwise, you will probably achieve death shortly later, but in a much less comfortable fashion.
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