I spoke the other day about rich people whingeing that they don’t have enough to retire in luxury. In today’s news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. 
Poor old dear still hasn’t paid off his mortgage so how will he manage on that?
How the other half live.
There’s only like a 0.1% chance he makes it to 97. Who cares if there’s a 10% chance he’ll run out of money at 97 when there’s a 99.99% chance he’ll be dead. Can’t spend money if you’re dead.
The 4% rule is useful rule of thumb if you’re like 50-60 when you retire. If you’re pushing 70, you can increase it.
Social Security data says that 3.16% of 67 year old men and 7.22% of women live to be 97. Bit high not to take into account when the stakes are putting food on the table.
ok so 97% chance of death. What I said remains correct, his late age of working means he can withdraw more than 4%. 4% is the rule of thumb for people retiring at 55, not at 67
We don’t know the gender of this person
Rule of 4% is just for a period of 30 years. The math doesn’t become less correct based on age. It was originally conceived in 1994 for people retiring 62-65. With increases in life expectancy since then I don’t think 67 is too far of a stretch to apply it.
Wow, you’re right. A lot of people in these comments have said they’re a man, but it doesn’t actually say that anywhere.
I was going off of this from OP, I thought they knew this person personally and didn’t see the hyperlink