What's your Number



The Chiefs have shown interest in Jermicheal Finley, the Green Bay Packers Tight-end, he has drawn interest as well from other teams. Jermicheal has visited with the Seattle Seahawks but without medical clearance from Doctors he cannot play. He may eventually be cleared to play then the big question arises. How much can he earn in a new contract?

from Monday morning Quarterback website - link below

The scariest part of the entire scenario was the unknown. I was having trouble breathing and speaking. I couldn’t move. I was taking all sorts of tests, and no one could give me any answers. There was some concern initially that I might need an immediate spinal cord surgery. The initial CT scan came back negative Sunday night, which meant no fracture in my neck. That was obviously tremendous news, and a major blessing for my family and me. - Link

Jermicheal Finley

My agent and financial advisers have always preached the importance of disability insurance to me. As athletes, we often feel invincible, which is why it is so important to have advisers who you can trust and who can also take the emotion out of any situation. I don’t feel the pressure that I see many athletes do because I’ve taken their advice. I currently have a $10 million insurance policy in place. If this injury prevents me from ever playing football again, I will be able to collect on $10 million tax-free. For me, this is the equivalent of making another $16 million or $17 million in pre-tax salary. While money has absolutely nothing to do with my decision to play, I can sleep at night knowing that regardless of what happens, my family is financially secure forever—maybe the biggest odds I’ll ever overcome. Disability insurance is never a fun conversation, and writing those annual checks to protect myself is tough. But now, more than ever, I understand the importance of protecting yourself, protecting your family, and protecting your future earnings.

All of us have the same responsibility to ourselves and our families. What is 10 million dollars worth over time? Many financial advisors would suggest a draw of 4% per year on your retirement nest egg to make sure it lasts throughout the rest of your days. Jermicheal could draw $33,333.33 per month for the rest of his life on that 10 million dollar insurance settlement, without even touching the 10 Million amount.

Remember Geoff Schwartz. He wanted security for his family entering free agency this off-season. The NFL minimum and one year deals was not what he wanted to play for anymore. $ 750,000 is nice but what he got is nicer.

3/11/2014: Signed a four-year, $16.8 million contract. The deal contains $6.2 million guaranteed, including a $3.2 million signing bonus. Schwartz is eligible for annual $50,000 workout bonuses throughout the contract's life. 2014: $1.5 million, 2015: $3.675 million (+ $475,000 roster bonus), 2016-2017: $3.925 million, 2018: Free Agent

What is 3.2 Million dollars worth for security to your family? If it was me, that after tax signing bonus is going straight into my retirement fund. Lets say he keeps 2 Million of it after taxes and invests it in stock index fund that averages 8% per year in total return. How much does he have at 65? Final Savings Balance: $37,250,551.26



Geoff never had to add another dime to his retirement. I would be one happy 27 year old too. link to calculator

The question came the other day from an old friend with a one-man business: "What’s your number?" It’s the latest way of asking, "how much money do I need to retire?"

I’ve been asked this many, many times in my years as a personal-finance columnist. I used to take a deep breath, then begin a discourse on pensions, Social Security, life expectancy, plans to pass assets to children, business succession, expected rates of return, inflation …

Then, finding that people really wanted a simple, easy answer, I came up with one: "three million dollars." That’s what you need to retire. No matter who you are, where you live, what your expectations. Trust me.

I like this figure because it’s high enough to force most people to tighten their belts and take investing seriously. But it’s not so out of reach as to make them give up. - Link

I sorta wondered myself what was that number i needed to retire some day. I ran the retirement calculators and the financial websites and they always said millions of dollars... What! I will never make millions of dollars. I can never retire at all. This is just not true.

So I came up with a simple set of factors that would let you calculate your own "feel good" number to shoot for.

Annual Gross pay now divided by 12 months = what you currently live on per month

That was easy enough to come up with a base dollar amount you need to retire on. Most of us spend what we make and are use to that lifestyle. You can always adjust up or down what you really want to shoot for.

Subtract from that per month amount the Social security stipend you are due at retirement

You can estimate that at

If you are married your spouse has a Social security benefit also (half of yours if they don't work)

Subtract your spouses Social security benefit from the monthly needed amount

Do you have a Pension? You can find an estimate with HR of what that would pay per month

Subtract the per month Pension from the monthly needed amount

You now have a monthly amount that is unfunded or maybe you don't. Congrats.

Multiply the unfunded monthly amount by 12 to get a per year total. Divide this number by 4 and then multiply by 100. This is your number you need to retire since most people suggest drawing 4% of your retirement nest egg per year while you keep the nest egg invested to continue to grow.

Now we ask about your retirement savings. How much have you saved to date in a retirement plan?

Now we need a calculator like this one.

Plug in your info and viola, More than your number and congrats, Less than your number and you know what you got to do.

Geaux Chiefs

This is a FanPost and does not necessarily reflect the views of Arrowhead Pride's writers or editors. It does reflect the views of this particular fan though, which is as important as the views of Arrowhead Pride writers or editors.

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