Did you make your kids put their babysitting money into a roth IRA?
No. You homeschool your kids?
I use to caddy. My Mom would be waiting at the door when I got home to collect what I made. She would give me a small portion of it to spend and put the rest away for me. I thought at the time that was mean but that turned into gratefulness later on. Another thing she did was once I was out of high school and started working she charged me room and board. When I got married many years later she gave it all back to me besides a wedding gift. So if your kids have a hard time saving there is things you can do.
No but schools should not be the end all.
BTW just to put a number out there, if you want 10k a month to live, you need to save 3mm for retirement (assuming a 4% draw which is what is usually recommended to make sure you don't run out of money)
So that 10k would be reduced by things like SS, pension, annuities and other things?
That number is way too high. You can buy a lifetime income annuity at age 65 paying 10k a month for $2m.
also keep in mind that if you want to retire early, a lot of other sources won't kick in eg SS.
What percentage of people retire with enough assets to live comfortably off the interest for perpetuity?Assuming the same 4% average ROI and same $120k/year in expenses (not accounting for inflation, decreased expenses over time, other income, etc. approx. half your $3m income figure should account for 15+ years of retirement, and $2m should provide for ~28 years of retirement.
for a married couple?
That even seems high. A few years back at age 62 10k would have cost 1.8m with 50% to spouse.
What is your thought on SS? Take ASAP?
don't know enough about it yet. I do know that every situation is different though and there are a lot of factors, especially for a married couple.
not enough lol