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re: Discussion about retirement spending and how much you should save...
Posted on 7/22/15 at 12:17 pm to TheHiddenFlask
Posted on 7/22/15 at 12:17 pm to TheHiddenFlask
Why are you considering equity in a primary residence as "savings" but not a vacation home? If anything, I'd think the second home is more a savings asset type vehicle than a primary residence, no?
Posted on 7/23/15 at 9:09 am to Hawkeye95
quote:
its called frick you money. I am pretty close to having it, and the closer I get the more I want it.
I hear you man! I'll be 46 in a couple of months and literally can't stand having to get up in the morning, shower, clean clothes, etc. I want to walk out my front door, drown a few crickets and cobeers every day for the rest of my life.
quote:
If I could actually live off 80% of my current spend, I could retire next year. Retiring at 42 sounds really nice but also fricking ridiculous. Prime earning years and all.
But yeah, prime earning years, 3 teenagers to get raised & educated... time to make the donuts I guess
I may be crazy but I think I can live off of next to nothing once I get the kids on their own and get the house paid off.
Posted on 7/23/15 at 11:35 am to ConfusedHawgInMO
How would you factor your "retireability" when you have a spouse who retired from a job with a pension? How do you factor how much you need in retirement with regards to a pension being received for life?
We could live off of my wife's pension completely, we have no debt at all, so I'm trying to decide how much % in retirement I should pull out because most of it would be money I wouldn't need for daily expenses, but more for enjoyment spending. I think.
We could live off of my wife's pension completely, we have no debt at all, so I'm trying to decide how much % in retirement I should pull out because most of it would be money I wouldn't need for daily expenses, but more for enjoyment spending. I think.
Posted on 7/23/15 at 12:13 pm to kywildcatfanone
quote:
How would you factor your "retireability" when you have a spouse who retired from a job with a pension? How do you factor how much you need in retirement with regards to a pension being received for life?
We could live off of my wife's pension completely, we have no debt at all, so I'm trying to decide how much % in retirement I should pull out because most of it would be money I wouldn't need for daily expenses, but more for enjoyment spending. I think.
Start with your desired spending level and then work to what to pull out, but make sure you can pull that out over 30 years.
Posted on 7/23/15 at 1:21 pm to Y.A. Tittle
Because second homes cost money. They are an extravagance and whatever savings you are doing is probably being offset by the amount you are spending on it.
You don't save your money in paying off boats either.
You don't save your money in paying off boats either.
Posted on 7/23/15 at 1:32 pm to Chicken
I skimmed, but also, keep in mind that you don't stop earning on the money you haven't withdrawn. It can still keep pace with inflation.
Posted on 7/23/15 at 2:41 pm to Hawkeye95
quote:
first off, if you are in your 40s the chances of you seeing SS are pretty slim. At least for any substantial portion of your retirement.
Well, SS is currently funded through the next 23 years, so I would say this is wrong
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