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I spoke the other day about rich people whingeing that they don’t have enough to retire in luxury. In today’s news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. sadness Poor old dear still hasn’t paid off his mortgage so how will he manage on that?

How the other half live.

  • Z_Poster365 [none/use name]@hexbear.netEnglish
    2·
    8 days ago

    ok so 97% chance of death. What I said remains correct, his late age of working means he can withdraw more than 4%. 4% is the rule of thumb for people retiring at 55, not at 67

    • RION [she/her]@hexbear.netEnglish
      6·
      8 days ago

      1. We don’t know the gender of this person

      2. Rule of 4% is just for a period of 30 years. The math doesn’t become less correct based on age. It was originally conceived in 1994 for people retiring 62-65. With increases in life expectancy since then I don’t think 67 is too far of a stretch to apply it.

        • Z_Poster365 [none/use name]@hexbear.netEnglish
          4·
          8 days ago

          In today’s news there is a 67 year old man who hates his job and wants to retire.

          I was going off of this from OP, I thought they knew this person personally and didn’t see the hyperlink