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You can get 4% from a high yield savings account. That's insured. That's still $360,000 a year (taxed as income). You don't need to expose yourself to a lot of markets and "down years" . I mean, if the us government collapses and insured accounts are lost we all have bigger problems.
At 2.5mm you'd still be fine at 4%. Six figure salary for doing jack squat.
Of course, not everyone can budget and they might burn into their principle. But, like, don't do that. π€·
Sure but inflation will eat into that over time. The point of the market approach is you can withdraw that amount in real dollars for 30 years after accounting for interest and inflation
That's a good point. I think that's why most financial advice recommends a mixed portfolio. Index funds that follow the market, but also like bonds and safer things.
If I luck into seven figures of money, I think I'd hire a professional to give advice. Or at least do a lot of research.
Yields are down a bit right now, unless you're willing to go with a sketchy, not sure if FDIC insured "bank."
Currently I'm seeing rates of around 3.5%, or 3.63 APY.
If you look at internet saving banks they have yields up to 4.4% right now.
Betterment offers 4%, insured up to $2m. I think you can go higher with a refer-a-friend , but that program might be over.
I could have an identical quality of life to what I have now with Β£1.2M
For now, but you make a solid point. It depends on one's risk threshold, but I appreciate you adding that in.
That's just break even purchasing power. In USA, invest $1000 at 4% earns $40. Federal and State taxes will take $10. The remainder will be dissolved by 3% inflation. And when you go to spend it, sales tax pushes your 'yield' into the negative.
4% isnt the easy street it appears to be.
Yes, that's why it's the worst case scenario in this discussion.