Quote:
Originally Posted by Scanner
Yeah, but Steve. . .you are allowed to chew the principal a little.
I think it would take a long time to burn through 900K.
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Let's say I retire at 62 as planned. I live to be 87, so 25 years. That means I could spend 36K/year of principal plus earnings to be at zero at age 87. That's not a lot of money now and will be even less money 17 years from now when I'm 62. Right now, property taxes alone are 7K which would leave us only 29K/year (plus earnings) to live on. No thanks. That's not the way I'd want to spend my golden years.
This doesn't count Social Security, but I don't count that in my retirement planning because I have no idea what SS will look like 20+ years from now. And what happens if I don't die at 87? If I live to be 88 or 90 or more, I'd be in big trouble.