If your only an LCO

[olderthandirt]

If your only an LCO and don't have any other retirement income except what you invested, at what age can you walk away and not have to work again?
And continue to live the life style you become accustomed to.

[INlawns]

Yellow... I know that is an odd answer but based on the information you gave it is the only answer I can come up with. Besides my calculator is in the shop. Maybe some of the more experienced people here can come up with a better answer but im sticking with Yellow.

[olderthandirt]

Yellow... I know that is an odd answer but based on the information you gave it is the only answer I can come up with. Besides my calculator is in the shop. Maybe some of the more experienced people here can come up with a better answer but im sticking with Yellow.

Try this, your lifestyle requires 50k a yr to live the way you want, so when you retire you want to continue the same lifestyle so it would still require 50k a yr. At what age will you have saved/invested enough - SS [if its still available] to not have to work any more or retire and for how many yrs are you planning on not working?

[CLS Lawns]

Try this, your lifestyle requires 50k a yr to live the way you want, so when you retire you want to continue the same lifestyle so it would still require 50k a yr. At what age will you have saved/invested enough - SS [if its still available] to not have to work any more or retire and for how many yrs are you planning on not working?

You can't look at it that way. You have to take today's dollars and convert them to what 50k will be at the time of retirement.

Take that number and see what you need invested to live off of the interest when you retire.


cls

[olderthandirt]

You can't look at it that way. You have to take today's dollars and convert them to what 50k will be at the time of retirement.

Take that number and see what you need invested to live off of the interest when you retire.


cls

Why just the intrest I don't plan on leaving the princple to anyone. So if I planned to retire at age 55 and live 20 yrs 1 million should be enough invested wisely at a concervative 8% return.

So how many have saved up there 1 mil for retirement? Can't count on selling the biz in the future cause no one know if there will be a need for an LCO in the future.
My point is that everyone who thinks there making great money today better be saving 50k a yr for the next 20 yrs if they want to retire from being an LCO
If you have another pension then your a part time lco and don't need to worry as much about retirement.

Subtract 50K from your net income and there very few unless there mega companies that will be able to retire from this biz. and maintain there current level of living expenses.

[Sandgroper]

I wish i could save $50,000 a year but i am not i am afraid, i do not make the money that some do on here.

I will just have to watch my money carefully when i retire, when i ring up LCOs i will say i need a cheap job i do not have much money and to any other trades person

[KLC]

If your making the kind of cash that you can kick back 50K a year for retirement your home and cars should be paid for. For most of us that is a huge living expense. Take that out of the equation for me and that frees up nearly $2000 a month. So if I were to use your method of retirement I would only need $500k to retire on.

If you were relying on a conservative 8% return... you could have started when you were 16 years old by starting an IRA. With only 8k contributed by your 21st birthday you would have 1.1 million at 67 with nothing more than the initial 8k invested.

Better explained here: http://moneycentral.msn.com/content/...ing/P73751.asp

As for me, I will let a professional retirement planner help me...

[olderthandirt]

If your making the kind of cash that you can kick back 50K a year for retirement your home and cars should be paid for. For most of us that is a huge living expense. Take that out of the equation for me and that frees up nearly $2000 a month. So if I were to use your method of retirement I would only need $500k to retire on.

If you were relying on a conservative 8% return... you could have started when you were 16 years old by starting an IRA. With only 8k contributed by your 21st birthday you would have 1.1 million at 67 with nothing more than the initial 8k invested.

Better explained here: http://moneycentral.msn.com/content/...ing/P73751.asp

As for me, I will let a professional retirement planner help me...

Too much reading and not enough saving. Everythings paid for and I'm not 67 but I also don't work all to often. Lets just say I'm a part timer, very part timer. anything more than 12 -15hrs amonth and I break out in a cold sweat thinking about all the work.

Professional retirement planner? I believe those were the guys that said to just hold on to the tech stocks and they will rebound and don't forget to buy more shares of Enron each month. No I figure if I can make the money I can figure out where to invest the money and 8% is consevative, as in safe

So by your post I take it your planning on working till 67 or death, and you really need to pay off those pesky mortgage bills. $500,000 won't go to far in the future specially with a PROfessianal retierment planner doing the planning.

[KLC]

You know what they say about assume... and I think they nailed it in your case.

About retirement and investment planners. A friend of mine invested 250k last year by the advice of his planner... and it netted a return this year of nearly 80k. Not too bad in my book.

[steve-o]

You know what they say about assume... and I think they nailed it in your case.

About retirement and investment planners. A friend of mine invested 250k last year by the advice of his planner... and it netted a return this year of nearly 80k. Not too bad in my book.

i got 2 of my cuts who are very rich and i know alot of people who fit in this deal............. but i can say i don't know anybody who can drop 250k into investment for one year.

steve

[olderthandirt]

You know what they say about assume... and I think they nailed it in your case.

About retirement and investment planners. A friend of mine invested 250k last year by the advice of his planner... and it netted a return this year of nearly 80k. Not too bad in my book.

Whys it always the friend? Will you explain why you did not partake in this great investment? Nothing to invest or the friend did not tell you?

Every once in a while even an investment planner can't help tripping over something that will make a profit, but it happens about as often as a 3 legged horse winning a race.

No need to reply I have a friend in the same situation as you.