RT1Spitfire

Any recommendations for a book / website on creating a plan for how much money you’ll need in retirement? Trying not to recreate the wheel and I’m not looking for gimmicks, get-rich-quick, or political spin... just solid practical advice. Thanks!


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Liketoflyjets

Figure out how long you want to live in retirement

Figure out how much money per year makes you happy

Multiply those two together - that's how big your pot needs to be

Now take a look at how to get that sum...various calculators will help you. If you let someone tell you the market is going to go up 12% per year you will be disappointed when you look at your pot. Also, make sure not to retire right in the middle of a bursting bubble a'la 08.

PA31

Our fidelity Retirement website has a planning tool on it.

CloudSailor

I have found that watching FDXALPA sales and marketing videos puts me at ease.

I like them telling me how we should best negotiate away our A Plan, without ever really mentioning that the value of a market-independent $130k annuity requires about a $2.5M account.

BlueMoon

Pretty much.

Raise the A-plan if you can. If they can’t, Keep the A-plan and raise the b-fund significantly at the very least.

RogAir

I recommend getting the FREE retirement plan/analysis from Charles Schwab (paid for by ALPA, link is on MEC website). You talk with J.R. for about 20 minutes on phone about how much monthly income you want to have in retirement, how long you plan to live, and what assets you have now (more detailed than that, but those are the basics). About 2 weeks later you get a very detailed plan and percentage chance of success in 1000 different markets. Even tells you to the dollar how much you will have in income each year in retirement (based on your discussed rate of return and inflation). I've tried plan-it-yourself websites and books, but none of them made sense or took everything into account like this Schwab plan does. I've had a plan done every year for the past 4 years, finally got the warm fuzzy that always eluded me.....

SonicFlyer

Plan to live on about 4% of whatever your equities portfolio is because that is how much you'll be able to reliably draw from without touching the principle.

For example:

1 million = $40k/yr
2 million = $80k/yr
3 million = $120k/yr
4 million = $160k/yr


If you invest 15% of your income consistently in well diversified equities portfolio during your working years you should be ok at the end.

Don't count on social insecurity to be there.

HIFLYR

I have done both and was much happier with the Fidelity free service also offered. I thought the Fidelity person was much more in depth and he walked me through many different options such as if you did not get SS or the DB etc how you would fair and he did it remotely on the the computer.

DirtyPurple

A giant “2” on using the Schwab wealth managers. Our union is already paying them, so it’s no additional cost from individual FedEx pilots. They don’t push Schwab products, you can take their advice or leave it.

Nothing to lose, everything to gain. I’ve been impressed. For guys that want to set it/forget it for a plan that is individually tailored for your family, it’s great. I was told this service is normally $3-5k per year for individuals.

Huh really

If you just eat pancakes in retirement, you will have plenty. Trust me. If the market goes south, you will still have plenty of pancakes, just thinner.