Retirement?
Posted by Dolores
neetu asked:
Do you think that someone can retire at the age of 65 when he/she has 250,000 dollars in retirement plan and gets about 2,000s dollars per month social security benefit?
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Do you think that someone can retire at the age of 65 when he/she has 250,000 dollars in retirement plan and gets about 2,000s dollars per month social security benefit?
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May 20th, 2009 at 10:43 pm
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Probably not. Most FI planner would probably tell you you need at least $1 mill to retire and suppose you have pay off your house and have no debt. Also, think about SS might not be around in the future or they dont pay as much as they used to. How long she/he is going to live after 65 is also another question because of health care is so expensive for elderly.
Hope this helps
May 22nd, 2009 at 6:49 pm
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that all depends on your life style and what you owe and how much you would spend monthly –no one can answer that but you
May 24th, 2009 at 8:26 pm
Kansieo.com
Sure. However, most people would be very unhappy.
However, they would need to spend less than $34000 a year($24000 from SSA and 4% of the nest egg).
If they had enough income to get be entitled to $2k/month in SSA benefits, then they were living in much, much more than $34K a year. That means they need to take a very serious look at their housing, transporation and health care.
Even if they own their own home free and clear, maintenance, taxes, insurance and utilities could consume a large amount of money. Healthcare is worse…and cars eventually need to be replaced.
May 26th, 2009 at 4:31 am
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Yes, depending on the health of the person.