retirement — enough?

I have $4.8 million that Fidelity handles for me. I am 67 years old and so is my wife and i just retired. With a approx. budget of $10,000 per month of all family expenses etc. do i have enough money not to outlive it and to leave funds for my two adult children please ? I have no expenses i.e. mortgage,car payments etc.

Terry Says:  How is Fidelity “handling” your money for you??  You certainly must have attracted the attention of their Retirement Income Management plan, in which they do exactly this analysis — called Monte Carlo — to advise you how to invest and the sustainable rate of withdrawal that will allow you to make your money last as long as you do — and to leave some for your children!  If you don’t understand this process, you should read the chapters in either The Savage Number or The Savage Truth, which explains the complexities of this process.  This is not something you can “eyeball” or “average” — it requires a sophisticated modeling program.  And Fidelity has one of the best of these services.  So ask about it.  It is free to their clients.

And I hope you and your wife have purchased Long Term Care Insurance, because nothing can destroy a plan like the need to pay $10,000 a month for in home custodial care or nursing home care, which it will certainly cost 10-15 years from now!