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Subject:  Re: How much is enough? Date:  1/5/2011  4:42 PM
Author:  ResNullius Number:  68087 of 97921

If you're at the top income level for SS, then you would get in today's dollars around $2446 per month, double that if both of you worked full-time at decent paying jobs. That's almost $5K per month. Plus, and it's a big plus, you'll get some version of Medicare. My wife and I currently pay (age 60)about $15K per year in premuims for both of us, with $2.5K deductibles for each, plus another $2K in co-insurance, plus various co-pays. We expect the total cost to both of us to drop by around 50% when we both hit Medicare. For you, based on what you've written, SS and Medicare will be large parts of your retirement. Then you have your $1M, which will be much more in 10 years, but it's still $1M in today's dollars. As others have said, you should be able to safely take about $40K per year out, with yearly upward adjustments for inflation. This would take you to a minimum of around $100K, plus the value of Medicare. That's ain't chicken feed. As others have said, your expenses in retirement are very important, but you'll simply need to keep them below the $100K mark in today's dollars. Put some cushion in and drop it to $80K, then you should be safe for just about anything, with the ability to spend a little more when the need arises. Good luck.
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