Steve and Ted: Can someone retire comfortably on a million dollars?

Steve & Ted
Monday, March 20th

Moneytracker Don Grant with some figures and advice on retirement.

00:09:11

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Pregnant entry yes it is it's so you. It's good that they're well that reinforces what they believe and doesn't challenge the belief. 97 and thirteen thirty came and SS. There's even Ted in the morning at 647. Now for a big thing for me. Soccer basketball season and says WA few loses or Kentucky. 6562. Wichita police say officers shot and killed a man who killed a police dog imported to get a police why. Seventeen year old found fatally shot in north Wichita. Three big things Steven dead on pay and assess. And this morning we've still got a fire going on this is in the area of George Washington boulevard. And Lincoln street so watch out in that area for traffic slowed down this morning traffic updates OK and at this radio I'm Jeff chambers. Sunny and warm today with a high of 83 degrees partly cloudy tonight overnight low 52 on Tuesday. Mostly cloudy and cooler tomorrow's high 62 we're gonna drop about twenty degrees. Now mostly clear 62 degrees southeast wind at three miles per hour. They and assess whether brought you by the monarch open at 11 AM for lunch Monday through Saturday and noon on Sunday. And the venue can be found at monarch Wichita dot com the monarch. In Toledo. Don grant Ciampi the money target morning Donna Barton did and you this is what it is through the years you see I have my official coffee cup only a let me guess your boss loves you and it's my bosses. You just feel the love right you told the wife about this very fire coffee can not bring you Perry for our coffee and work your boss doesn't love you. She says it's okay for my boss allotment work. But not after hour day. Primarily though it's of these little. The American Le she agrees continue to grow in China. In fact the country's setting and you value record on imports of the cross stations from the United States. Back in 2010 American laughter is almost unheard of in China but. Then the value of imports grew 250%. To about seven point one million dollars the Chinese. Discovered. Lobster. While last year China imported more than 108 million dollars in. Lobsters from America that's not that much that's about what twelve lots or three lobster is enough. Chinese importers. Took in more than fourteen million pounds of launchers last year which was. Also record the optic came in a record year for lobster catch in Maine. And be the red lobster yesterday and there is a glut of lobsters. They're not lowered the prices at around just wait till they discover the cheese biscuits and red lobs out the Chinese we all of that. He imagined they discovered new way. And away calmly Berger who. A city of San Diego brewery unveiled its latest brew beer made from recycled water. Dubbed toilet to tapped by locals. It's which is still buries the city's largest ever officially unveiled still full circle he'll deal Thursday. His or point lump the location of local beer fans including mayor Kevin Falconer. On hand to sample the beer made with water from the city's. Pure water recycling union. Mayor there says it is fantastic. To get the sort try to get back down down Eliot. In this coffee is probably used to be done grant right it's not artificial colors. So at your hustle loves you sign off. On Wall Street Friday. US stocks led to the schline in another winning know how we get this after the Federal Reserve gave a major forecast and expected for interest rate increases. Standard poors 500 index slipped three Friday. Dow Jones industry is now industrials fell nineteen NASDAQ rose a fraction. Jeff Jones president of the embattled right. Healing company Bloomberg has resigned just six months after taking the job. While Hoover confirmed Jones resignation and in a brief statement published in the best. In stay on getting. That's a ticket Madonna Nancy AMP the record cannot live comfortably on less than a million dollars in retirement. I don't know we're gonna find out canyon you know it's finally gotten to that Steve yeah you gotta be a millionaire to retire comfortably well at least that's what those. You know it's one of those rules of thumbs cost around. When you punched numbers into one of those on mine retirement income calculators. And here's the math. Let's let's say you need you'll trigger your Social Security benefit this year at full retirement age which lets say your age 66. And one month. Now that's for somebody born in 1951. If you made 70000 bucks an incoming year you know last year. You will receive about 17100. Bucks per month as per the Social Security calculator on its SA dot gov. That translates to about 20000. Plus. Yeah counterpart. Itself. Million box to maintain your current lifestyle. The 4%. Withdrawal rule of thumb you know I think about the rule of frank could allow for that equivalent of about 40000 dollars in income per year for the rest of your life. The 4% rate is based upon. Market history and it assumed it shall never touched principal and you'll continue to grow that base that the 4% will yield enough to keep up with inflation. So you use it you know you're used to living on salary of seventy K. But without work expenses like funding your 401K every month. Now you have 20000. From your Social Security. And about 40000 from your nest day you'll live on about 60000 dollars before taxes without depleting your nest day. And that's where the million dollar thing is a bit deceptive to me. The 4% rule and DD a million bucks to retire concept means you're gonna. Leave that inflation adjusted million as a legacy for your heirs. That they will inherit it well the obvious question it to me is what's wrong with using some of that million bucks yourself. Now unfortunately we never know what we're gonna die so we don't know. You know will win if we're gonna deplete our nest day did you know if we lived to be 101 years old however. If you take eight non inflation adjusted 40000 dollars every year for one million box. That amount will last year 25 years to nine years old. If you factory and even a modest 2% average after tax per year return on them money you could easily extend that nest take another ten years bottom line. Having a million boxes a great start our retirement if you're conditions are similar to the aforementioned case study. But with a solid financial plan and prudent use of your principal you may be able to enjoy it more. With much less and of course if you have any questions you give me call number 634. When he to twenty to Don this is a special day for you extraterrestrial. Abductions day job. Well I've got to get that imbedded chair Joseph here. They originally I was abducted me a little kid there was an article in the magazine look popular science or whatever but and this couple from Maryland it. Have been driving along in. Wallace and they were adopted into a spaceship. And then near the ocean or is there they did didn't they couldn't talk about it until the verdict ties and then they talk about being hypnotized taking imported spaceship. On guys yet it's funny is an Anglican Eisner. Have you ever been abducted yourself done I mean we've got people on a coast to coast every night it. The abducted. I out. I have that you read a little different it was at a party in Malibu. I don't remember what happened that I right now abducted your probably abducted by soon illegal aliens to sleep the roof the they could do you want to get it to you but I. One kidney. Trying to figure out what happened what happened in it's fine and I did an incision come from and he's got. I zero under bright green shirt to data on the yeah you got dressed up for same Pakistan on Friday the weaknesses are going to ask. Yeah aces just got an infinitely handles. Today is the first day of spring so well well well like I've done kill brigade in Arizona for me like it hit ninety degrees it's 89. Wow wow that's almost like summer I was inside strip and wallpaper off her bathroom walls I was on. You have such an exciting life I do I thank you don't think you know and and thank you to 56 now Stephen did K Ennis says. Coming up some classic in us this morning news was Stephens analyst at all the day's news splitting house fire in east which I was 11 firefighter injured. It's in the morning on king and assess.
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