I took me a few minutes to figure out that POC=point of contact and not a person of color. I couldn't figure out why you would bring that up when it came to talk about a 401k.
Retirement Targets
- Thread starter yowza
- Start date
A few links that I've found helpful
engaging-data.com
https://opensocialsecurity.com/ -Help determine when to take Social Security
https://www.youtube.com/@MoneyEvolution I've learned a lot from watching his videos
firecalc.com
FIRE Calculator: When can I retire early? - Engaging Data
How long will it take you to save up for retirement? This interactive early retirement calculator will estimate your retirement age for a range of inputs.
engaging-data.com
https://opensocialsecurity.com/ -Help determine when to take Social Security
https://www.youtube.com/@MoneyEvolution I've learned a lot from watching his videos
FIRECalc Results 3.0
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The FIRE calculator gave me this to me on how long I need to work yet.A few links that I've found helpful
FIRE Calculator: When can I retire early? - Engaging Data
How long will it take you to save up for retirement? This interactive early retirement calculator will estimate your retirement age for a range of inputs.
https://opensocialsecurity.com/ -Help determine when to take Social Security
https://www.youtube.com/@MoneyEvolution I've learned a lot from watching his videos
It's changed a little for me or maybe it's a different link. The one that I used had a visualization of every scenario.The FIRE calculator gave me this to me on how long I need to work yet.
A few links that I've found helpful
FIRE Calculator: When can I retire early? - Engaging Data
How long will it take you to save up for retirement? This interactive early retirement calculator will estimate your retirement age for a range of inputs.
https://opensocialsecurity.com/ -Help determine when to take Social Security
https://www.youtube.com/@MoneyEvolution I've learned a lot from watching his videos
According to this calculator I'm in the home stretch!
Interesting. When I first met with my Fidelity advisor, I think it defaulted to average, and we discussed it because I had changed it to lower. So, there wasn't any agenda as far as the selection goes. The models give you an idea of potential future results, which I don't think is a bad thing. Sure they can conveniently let you know about management portfolios, but people who aren't financially savvy what are they doing to do anyway?
I'm not a fidelity apologist, believe me I've had my own issues with them, but the modeling isn't one of them. I completely get where you're coming from, because you'd be financially engaged.
All this modeling talk - I prefer to run the Monte Carlo simulations to come up with a envelope of all possible scenarios in a statistically-significant analysis. If I can tweak the variables to come up with a >95% success rate to my target, then I can sleep comfortable at night.
(Average / Above / Below based models are too generic for my liking)
(Average / Above / Below based models are too generic for my liking)
I tell myself I will be accepting of it when my time comes to go into full on assisted living. I hope I can hold to that attitude when the time comes. I know I don't want to be a physical burden to any family members,
I just can't imagine people with physically demanding jobs not being able to claim full amount until age 70.Saw this the other day. Interesting and says something about the Social Security conversation. If they raise the age I'll be broken down before I could enjoy any of that benefit.
Americans who are healthy at age 50 can expect to have roughly 23 more years free of disability, plus about eight years living with disability. That would suggest people’s maximum working life expectancy, on average, is age 73.
What Is the Ideal Retirement Age for Your Health? (Published 2023)
Average life expectancy has risen by 16 years since the national retirement age was set at 65. We asked health experts when they think people should stop working now.www.nytimes.com
Some people enjoy work. They are lost when it ends. That won't be me, but I have seen it more than a few times.
Dead people can't talk. I bet there were more than a few.
Some people can't see past tomorrow or think its way too complicated for them to understand or go the instant gratification route and tell themselves they don't have any extra money to save. I have seen many who don't want to work their way up the ladder to increase their incomes either. Just like to go punch in and punch out without a ton of responsibility or stress.
Yeah, but its not just about me. I want my wife to be taken care of if I croak at 65. And while its very possible to die younger than expected, planning your financial future around that is probably not the wisest strategy.
How is the staff at a place in rural Iowa? They have a hard time finding / keeping staff that care?
Yep. I have had this convo with my wife. She is more YOLO than me. I remind her if I croak she will need to have enough to get to the end also, and I want to make sure that happens. Financial stress just sucks and just want to avoid that for anyone surviving me that needs assets to continue on.
For me it's shoot high. I just figure that kind of stress is better than if I hit too low. I'd rather figure out how to spend more money than the alternate. I know many others think differently and when I get to retirement and I am at say 75% instead of 100% I don't think I will stress out much over it.
So what do you do if you do live to be 95? I know people who are that old. My father is 90. My mother is 88. My father is a walking heart stent, but since they knew from the first attack he had issues they monitored it closely and he is at 90 which is incredible after a first heart attack around age 46 (chain smoker for years).
