I know what you mean re: the plot.I have lost the plot now as I no longer know what we are arguing over
Rick told us that median base spending of his typical VHNW client is $84k. Let us call them multimillionaire. He also said that the number only substantially changes for decamillionaires
It seems quite reasonable that someone with 4 million in assets spends about 2.5%
The taxes gifting charity etc are not included in that number
I do want to know why some find that number shockingly low for that assets
Initially, I think the issue is was what expected federal income taxes would be for retirees who were spending $85,000/year excluding income taxes, gifting, and charity.
The most accurate answer is that nobody knows, because it would vary so much based on sources of income.
Statistics: Posted by delamer — Sat Aug 24, 2024 9:55 pm — Replies 609 — Views 100915