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Retirement Discussions / Retirement-Soon or Done
|Subject: Re: Retiring on a Shoestring||Date: 2/28/2001 12:50 PM|
|Author: telegraph||Number: 127 of 166|
""""I don't think in today's world that it's possible to retire on a shoestring anymore. It really costs a lot to retire"
If you want to retire, you need to have a very good handle on your current expenses, and future expenses.
Learning good budgeting skills, and being able to stick to a 'spending plan' minimizes your need for 'lots' of money.
That said, you shouldn't be planning to take more than 4%, inflation adjusted, out of your nest egg each year.... If you have a million dollar net worth, that means $40,000 yr you can take out year one.....
Many people retire and live on under $20,000 (more half of all people currently getting social security).
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