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scarletpetunia t1_iyememg wrote

Reply to comment by Werewolfdad in Best way to retire by age 65 given these financials? by [deleted]

I'm not really sure. We live pretty modestly and are savers.

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Werewolfdad t1_iyemokf wrote

Well, you need to figure that out since that’s your target/goal you’re trying to solve for

What is your monthly spend now?

How much and when will you take social security?

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scarletpetunia t1_iyeneqt wrote

We generally live off of my $4500 a month and sometimes dip $1000 or so into his earnings.

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Werewolfdad t1_iyeo1lq wrote

Is that $710k in cash?

You’d need about $1.65 million in todays dollars to generate $5500 in monthly income given a 4% safe withdrawal.

If what you have is all invested, you should have 2.2 million in 15 years assuming a 7% inflation adjusted return. If you earn only 5%, you’d end with about 1.68 million

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