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Started By
Message
re: How much money do people need to retire?
Posted on 2/28/24 at 12:01 am to ManWithNoNsme
Posted on 2/28/24 at 12:01 am to ManWithNoNsme
I suggest 6 figures income (SS, Pension, etc.) and 7 figures savings (401k, bank accounts, etc.)
This assumes zero debt. Home, cars, everything paid for.
Posted on 2/28/24 at 5:47 am to GRTiger
Three million is the old one million
Posted on 2/28/24 at 6:46 am to Hondo Blacksheep
To help with medical expenses in retirement we switched to the High Deductible Health Plan. It really is not that much more to cover the deductible vs. paying the higher monthly premiums on lower deductible plan. We will be able to keep that HSA money that we do not use to help pay for health insurance at retirement.
Posted on 2/28/24 at 6:47 am to fareplay
I read an interesting book called “Die with zero” which had several interesting concepts. One of them was “time buckets”. - essentially you’ll be spending less and less in retirement the older you get due to physical limitations. Most people say they want to travel and put those in the numbers, but few people are healthy enough in their late 70’s/80’s to do so. So the end up working longer than needed unnecessarily. Encourages people to use money for experiences and to give $ to children/charity earlier rather than inheritance to kids when they are 50/60.
Posted on 2/28/24 at 7:17 am to BeerMoney
quote:
I think degraded health or major health events are the big things that wipes out savings for someone like this. But alll signs point to him comfortably watching LSU and chilling in the AC till he dies.
This is always the terrifying variable for a retired person. Even if you are an incredibly responsible person with your money and budget - all it takes is a heart attack or a cancer diagnosis to potentially wipe you out. I’ve seen it happen and it’s very sad and terrifying.
Posted on 2/28/24 at 8:22 am to Jimbojambojumbo
There are ways to plan for mitigation against being wiped out by your health care costs, but this board doesn’t want to hear that
Posted on 2/28/24 at 8:55 am to fareplay
They are called financial advisors. There is no blanket answer. There are an abundant amount of factors specific to each individual.
Posted on 2/28/24 at 8:58 am to DCtiger1
quote:
There are ways to plan for mitigation against being wiped out by your health care costs, but this board doesn’t want to hear
Maybe we do.
Posted on 2/28/24 at 9:27 am to fareplay
Youll need at least half a million in cash, 2 properties completely paid off, no credit card debt, no auto debt, with an annual pension of 125K plus your social security.
Should be fine if you hit these.
Should be fine if you hit these.
Posted on 2/28/24 at 9:30 am to ManWithNoNsme
quote:
Posted by Message
ManWithNoNsme
Game over.
Great job. Enjoy yourself and family. I love hearing success stories from years of hard work.
Posted on 2/28/24 at 9:48 am to fareplay
Here’s what I know: If you want to retire at about 60 and have about $250,000/year of income from your investments, you need a total of about $3.5-4.0 million in today’s money.
This post was edited on 2/28/24 at 9:50 am
Posted on 2/28/24 at 9:59 am to Jimbojambojumbo
quote:
all it takes is a heart attack or a cancer diagnosis to potentially wipe you out. I’ve seen it happen and it’s very sad and terrifying.
work for the gov't and keep their healthcare for you and your spouse until death.
Get all of your money and assets out of your name and to your kids before you reach an age where a major event may happen.
The gov't will take every last cent from you for healthcare, but if you don't have any to take, then it's basically free.
Posted on 2/28/24 at 10:20 am to jizzle6609
quote:
annual pension
Virtually non existent in the private sector.
This post was edited on 2/28/24 at 10:21 am
Posted on 2/28/24 at 10:22 am to AlextheBodacious
I put my parents as account holder and got senior citizen discount, can’t beat that fam
Posted on 2/28/24 at 10:27 am to BK Lounge
quote:
In America ? If youre currently under 40 and dont come from SIGNIFICANT family wealth, you will likely never be able to retire before you are 80 years old… Gotta move to a LCOL country and you can retire at 50, or even earlier .
That’s nonsense. Under 40 gives you PLENTY of time to ramp up assets and pay down debts to have a good retirement. Even if you’re late 30s and starting with nothing this is doable.
Posted on 2/28/24 at 10:28 am to GulfCoastPoke
Gulfcoastpoke: —-‘I read an interesting book called “Die with zero” "—-
Totally agree that we spend too much time saving for the old folks home, and not enough spending on experiences/enjoyment while physically able.
Sis and I do road trips once or twice a year (I’m widowed, her husband doesn’t want to but doesn’t care if we go) and we do a mix of hotels and camping, eating out then ramen, etc…so we curb the expense (we actually like camping, so it’s not just about the savings). We have snorkeled with manatees in Florida, stayed with friends in the swamp in Louisiana, camped all over the west -Utah, Arizona, Nevada, Wyoming, Gotten up before dawn to watch sage grouse mating dances, drift boated /fished down the Green River, hiked slot canyons in Utah and more. We having been doing this for years, all through middle age and are now "seniors" and know that window is getting shorter….so we just hit the trail harder, knowing it can’t last forever.
The older you are, you have already navigated some of the time you were saving money for. There are fewer years to plan for when you are 70 vs 50 vs 30. I add my $$, figure how many active years I realistically have left, and try to squeeze more fun in without tapping into a base amount. I should be fine unless I live to 107 or something ridiculous.
Some folks find joy in travel, some don’t. Others might find hobbies fulfilling, or just eating out frequently. Whatever your joy is, don’t shut it down completely to obsessively save for retirement. Have some fun along the way, while also saving an appropriate amount for retirement, because some unlucky folks never hit that milestone. Accidents, illness can thwart those plans, then you will regret "the shots you didn’t take."
I had a health scare last year (false alarm) but for 2 weeks I thought I was going to die. I was sad, but mostly PISSED OFF I had not gone back to Africa, where I always hoped my husband and I could return for another safari (photography) . . Medical retest was fine. I booked a trip to Africa. Can’t wait.
Totally agree that we spend too much time saving for the old folks home, and not enough spending on experiences/enjoyment while physically able.
Sis and I do road trips once or twice a year (I’m widowed, her husband doesn’t want to but doesn’t care if we go) and we do a mix of hotels and camping, eating out then ramen, etc…so we curb the expense (we actually like camping, so it’s not just about the savings). We have snorkeled with manatees in Florida, stayed with friends in the swamp in Louisiana, camped all over the west -Utah, Arizona, Nevada, Wyoming, Gotten up before dawn to watch sage grouse mating dances, drift boated /fished down the Green River, hiked slot canyons in Utah and more. We having been doing this for years, all through middle age and are now "seniors" and know that window is getting shorter….so we just hit the trail harder, knowing it can’t last forever.
The older you are, you have already navigated some of the time you were saving money for. There are fewer years to plan for when you are 70 vs 50 vs 30. I add my $$, figure how many active years I realistically have left, and try to squeeze more fun in without tapping into a base amount. I should be fine unless I live to 107 or something ridiculous.
Some folks find joy in travel, some don’t. Others might find hobbies fulfilling, or just eating out frequently. Whatever your joy is, don’t shut it down completely to obsessively save for retirement. Have some fun along the way, while also saving an appropriate amount for retirement, because some unlucky folks never hit that milestone. Accidents, illness can thwart those plans, then you will regret "the shots you didn’t take."
I had a health scare last year (false alarm) but for 2 weeks I thought I was going to die. I was sad, but mostly PISSED OFF I had not gone back to Africa, where I always hoped my husband and I could return for another safari (photography) . . Medical retest was fine. I booked a trip to Africa. Can’t wait.
Posted on 2/28/24 at 10:29 am to auwaterfowler
quote:
Here’s what I know: If you want to retire at about 60 and have about $250,000/year of income from your investments, you need a total of about $3.5-4.0 million in today’s money.
Unless you’re spending every penny of that $250K per year, you don’t need that much to maintain your lifestyle in retirement.
Posted on 2/28/24 at 10:36 am to Dadren
I've had the same mailman for the past 20 years up until last month. We had a new guy delivering the mail for a week and I asked were our usually mailman was. Was told he retired.
Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.
Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.
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