Skip to main content
No. of Recommendations: 0
I had posted the message below a couple of days ago on the TMF Retired Early board. Then I got to thinking that it might be appropriate to post here also.


"With a safe withdrawal rate of 4%, and "Standard of Living" from $40k per year to $120k per year implies portfolios (not net worths) of $1 million to $3 million per year. I think that most of us can agree that these are substantial sums of money (although a million sure ain't what it used to be!!).

What are some of the planned or existing strategies that RE folks are using to protect themselves from poverty-inducing lawsuits? I mean the kind of lawsuit stemming from a car or boat or personal watercraft accident, or even from a stranger slipping in front of house. Does one just depend of the home owners and auto insurance for protection, or does something like an umbrella insurance policy come into play?

Speaking of not losing one's stash, should one be concerned about having all of the IRA's (essentially where most of our goodies are stored) being held by a single brokerage house (Schwab)?

I'm trying to figure out all of the ways that I should become paranoid.

Is anyone with the $1 million to $3 million concerned with online stock transactions, or the possibility of someone getting access to the brokerage accounts through identity impersonation? I've noticed that when I've called Schwab about account information that they don't always seem to do a good job of quizzing me to make sure I am who I say I am - I guess that I have an honest voice!

Thanks!!

LuckyEngr (who has found there are no books on how to be a millionaire without also having an expensive "team", which makes it more likely to NOT stay a millionaire!!)"
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.