Comments on: Finally – The Magic Number You Need to Retire!!

By: Rahul Gupta

Rahul Gupta — Fri, 22 Jan 2021 00:56:01 +0000

In reply to Yetisaurus. Yes, I am pretty much aligned with Yetisaurus, very well said. Not everyone has enough saving for their future expenditure. Long term medical care insurance is the key for the salaried people. Sooner you start it better it would. Very well

By: J. Money

J. Money — Fri, 23 Mar 2018 15:51:49 +0000

In reply to Jim.

I’m gonna have to steal that sometime – “I told him I wanted to be worth more alive than dead.” :)

By: Jim

Jim — Fri, 23 Mar 2018 15:08:15 +0000

This sounds a lot like a conversation I had with my former financial planner who was trying to get me to up my insurance coverage. I’m not a believer in whole life, but I do have a 20-year term policy as a safety net for my wife and kids should I meet an unexpected and early demise. When I told my adviser how much coverage I wanted, he told me that wasn’t enough. He said he recommends to all his clients that they have at least a $1 million policy. He said this before ever looking at my outstanding debts or current expenses. Once I showed him everything, he stopped with the high-pressure sale, but still said he thought my coverage was a little tight. I told him I wanted to be worth more alive than dead. I didn’t want anyone getting any crazy ideas!

By: J. Money

J. Money — Mon, 27 Nov 2017 20:31:11 +0000

In reply to Aparna @ Elementum Money.

Yup yup… Reminds me of Toyota founder’s famous “5 Whys” when you’re trying to figure something out – https://www.tillerhq.com/blog/2017/6/4/what-the-five-whys-teach-us-about-our-spending

By: Aparna @ Elementum Money

Aparna @ Elementum Money — Mon, 27 Nov 2017 13:04:22 +0000

I have come to the realisation that every big financial goal number should have a logic behind it. As Simon Sinek says – “Start with why” and it works on almost everything. If someone tells you, you need $2 million to retire, ask that person why? To me, visualising how you would want your retirement years to be spent also helps. If you see it as being a quiet period of spending quality time with family, sure you don’t need much. If however, your plan is to visit almost every place on earth for which you didn’t have the time or the money and are willing to sacrifice present for that promise of a dream future, then again you should calculate the retirement corpus that you need. All in all, “to each his/her own” is a fitting statement even for something as fundamental as a retirement number.

By: J. Money

J. Money — Thu, 03 Mar 2016 15:02:18 +0000

In reply to MedSchool Financial. My favorite is when financial experts tell people "all you have to do" is move somewhere cheap and then all your problems will be solved. As if it's easy (or worth it!) to leave all your friends and family just to save money. I'm always tempted to ask why they haven't moved in that case then? ;)

By: MedSchool Financial

MedSchool Financial — Wed, 02 Mar 2016 23:43:49 +0000

A big part of expenses project during retirement as well should take the geographic locale and cost of living and bring it into play as well. It’s always fun to have these conversations with friends, by asking what’s your walk away from everything number? i.e what is needed to retire, and he came back with a ridiculously lower number than i thought he would say.

However, his game plan include moving out of the U.S to a country with a much lower cost of living and take over a property his family owned and live the simple life. So would definitely agree j, that the numbers that are thrown out are just that numbers until as many realistic factors as able are considered

By: J. Money

J. Money — Wed, 02 Mar 2016 21:09:09 +0000

In reply to RogerMKE. Yup, lots of pieces to consider for sure.

By: J. Money

J. Money — Wed, 02 Mar 2016 21:07:18 +0000

In reply to Ric. Yup! Big gains usually require big changes!

By: J. Money

J. Money — Wed, 02 Mar 2016 21:06:39 +0000

In reply to Lady FruFru. Yeah, I wouldn't mind it as much if it did get people to actually save more but we all know it has the opposite effect :(