You might want to check your calculator again. $233k * .05 = 11.65k
I agree that this isnt anywhere close to lavish retirement money but if he withdraws $20k/ year plus takes his full social security payments, he can probably replace the cart pusher wages. So that’s still retirement money, just a modest retirement.
I mean, he’s 90. So he can safely take $15k/year in addition to his social security (if he lives past 105, he’ll at least be eligible for a care home). That gets him to the $2,500/month point he needs, but he’s completely vulnerable to inflation.
I didn’t want to get into a debate of how long he might live vs how conservative he would need to be with the money. Seems a bit grim of a discussion. I guess he could go out with a bang by spending it all on hookers and blow, but it’s really difficult to gauge how much he could get away with spending to maximize comfort in his remaining years and not leave too much money on the table.
didn’t want to get into a debate of how long he might live vs how conservative he would need to be with the money. Seems a bit grim of a discussion.
That’s a conversation we all need to have at some point in our lives. That’s literally the heart of retirement planning. Nobody except for the very rich retires without doing that math and making some assumptions.
My friend’s grandmother at age 90 is in a fancy retirement home and it costs her $90k a year. She had about 400k left and joked she was going to kill herself before she turned 95. She’s currently 94 and I’m really concerned.
Fuck these retirement homes. They are literally set up to suck every last dime out of elderly folks retirement funds and then kick them out to some Medicaid group home. Sorry you’ve got this worry on your family’s shoulders.
He’s 90 years old. He doesn’t need to worry about making that last for decades. He can put it into a 4% money market account, take $50k per year, and will probably have enough to last longer than he needs.
$233,000 is not retirement money.
That’s just over $6k/year in interest at a modest 5%.
Or at his age he can take an extra ~$20k+/yr for a while of straight cash. Might be the better choice.
You might want to check your calculator again. $233k * .05 = 11.65k
I agree that this isnt anywhere close to lavish retirement money but if he withdraws $20k/ year plus takes his full social security payments, he can probably replace the cart pusher wages. So that’s still retirement money, just a modest retirement.
Thanks. I probably mashed a wrong button somewhere. 11k+ is definitely better, but still poverty added to his SS benefit.
That’s retirement money if you die soon enough
Hookers and blow. Go out with a bang.
I mean, he’s 90. So he can safely take $15k/year in addition to his social security (if he lives past 105, he’ll at least be eligible for a care home). That gets him to the $2,500/month point he needs, but he’s completely vulnerable to inflation.
I didn’t want to get into a debate of how long he might live vs how conservative he would need to be with the money. Seems a bit grim of a discussion. I guess he could go out with a bang by spending it all on hookers and blow, but it’s really difficult to gauge how much he could get away with spending to maximize comfort in his remaining years and not leave too much money on the table.
That’s a conversation we all need to have at some point in our lives. That’s literally the heart of retirement planning. Nobody except for the very rich retires without doing that math and making some assumptions.
I’m fine discussing my own mortality. Guessing at someone else’s, even hypothetically, seems like bad form. JMO.
Fair enough.
My friend’s grandmother at age 90 is in a fancy retirement home and it costs her $90k a year. She had about 400k left and joked she was going to kill herself before she turned 95. She’s currently 94 and I’m really concerned.
Fuck these retirement homes. They are literally set up to suck every last dime out of elderly folks retirement funds and then kick them out to some Medicaid group home. Sorry you’ve got this worry on your family’s shoulders.
He’s 90 years old. He doesn’t need to worry about making that last for decades. He can put it into a 4% money market account, take $50k per year, and will probably have enough to last longer than he needs.