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Posted on 2/29/24 at 9:51 am to fareplay
quote:
What would be the minimum $ to retire comfortably?
Depends on the person, their level of consumption, and their comfort level with their lifestyle. I'd want to travel and occasionally visit museums, ball games, go to restaurants, etc. I don't want to be completely shut in with nothing to do but yard work, a bunch of paperback books, and cable TV.
It's very difficult to find your retirement number, especially when you are still in your 20s, 30s, or 40s. The only thing you can really do is max out your 401k, IRA, or Roth if you qualify. You'll have many more options later.
My dad is about to retire next year, and I'm not sure how he figured out what his number was, especially with inflation being so crazy lately. I think they are fine but I hope they have time to develop hobbies and take trips. They've both worked their whole lives and kind of lost interest in everything but their families. They need something to do independent of each other with their free time. Maybe I should find him a used fishing boat or something....
I'm in my late 30s. I think my wife and I will need at least $3 million in the bank to retire when we want to - and that's considering the small pension I have. I'm not depending on social security. I'm trying like hell to get there but I'm also looking for alternative means of earning income passively. If I don't need it, my kids can have it after I kick the bucket.
Posted on 2/29/24 at 9:54 am to dewster
quote:
that's considering the small pension I have. I'm not depending on social security.
You feel you can depend on the pension hit not social security?
Posted on 2/29/24 at 9:56 am to fareplay
I'm not a professional- but for those of you old enough to think back around 25-30 years, did you envision that you'd live to see gas pickup trucks selling for around $70-95k? You are here.
What will they be in another 30 years?
What will they be in another 30 years?
Posted on 2/29/24 at 11:47 am to soccerfüt
quote:
He’s better off deferring taking Social Security at age 62 until he’s older because he has his other revenue coming in.
He’ll make ~8% more each year off the SS retirement benefit if he defers taking it past 62.
And there’s a nominal COLA added each year to it.
That assumes he’s in reasonable health.
This is something we have been discussing. Health is good. Non-drinker, non-smoker.
Posted on 2/29/24 at 11:57 am to dewster
quote:
I'm not depending on social security.
This is a big concern for me.. as a poster upthread mentioned, lots of things can happen to derail your retirement savings, like a divorce (or two), a failed business (or two), child support and other factors…. And even though i plan to retire to a very low cost of living country- SS will (hopefully) be available to help me with my bills, in addition to whatever 401ks, IRAs et al i will have accumulated by then .
As someone in my mid40s, the prevailing wisdom im hearing is that SS wont be totally insolvent by the time i get there, but that we all may wind up having to take a 15-20% haircut on the monthly amount .. also, I VERY highly doubt that the earliest age to collect SS by the time i get there will be 62 yrs old, as it is currently.. my guess is that over the next few years they will raise the earliest age to collect to 65, then mid range will be 70 (currently 67 i believe) and highest age im guessing will be 72 or 73.. im of course just speculating though .
Posted on 2/29/24 at 12:00 pm to BK Lounge
quote:
This is a big concern for me.. as a poster upthread mentioned, lots of things can happen to derail your retirement savings, like a divorce (or two), a failed business (or two), child support and other factors…. And even though i plan to retire to a very low cost of living country- SS will (hopefully) be available to help me with my bills, in addition to whatever 401ks, IRAs et al i will have accumulated by then .
As someone in my mid40s, the prevailing wisdom im hearing is that SS wont be totally insolvent by the time i get there, but that we all may wind up having to take a 15-20% haircut on the monthly amount .. also, I VERY highly doubt that the earliest age to collect SS by the time i get there will be 62 yrs old, as it is currently.. my guess is that over the next few years they will raise the earliest age to collect to 65, then mid range will be 70 (currently 67 i believe) and highest age im guessing will be 72 or 73.. im of course just speculating though .
The single most important decision you make is who you marry.
ill shed a couple OT points for a broad that is intelligent and has the same goals.
This post was edited on 2/29/24 at 12:01 pm
Posted on 2/29/24 at 12:01 pm to oleheat
quote:
I'm not a professional- but for those of you old enough to think back around 25-30 years, did you envision that you'd live to see gas pickup trucks selling for around $70-95k? You are here.
I also didnt think I’d see the day a HS kid working as a cashier would get paid 15 an hour.
Posted on 2/29/24 at 12:04 pm to jizzle6609
quote:
The single most important decision you make is who you marry.
That’s partly true.. and if you have the type of wisdom in your 20s that you have in your 40s, then more power to you.. But we are talking about human beings here, not robots.. People screw up, that’s what people do.. no excuses, only facts .
Luckily im someone who learns from past mistakes, so since im no fan of religion or of government- i can confidently say that ill never enter into a religious governmental contract like marriage ever again , full stop .
Posted on 2/29/24 at 12:14 pm to BK Lounge
quote:
That’s partly true.. and if you have the type of wisdom in your 20s that you have in your 40s, then more power to you.. But we are talking about human beings here, not robots.. People screw up, that’s what people do.. no excuses, only facts .
Luckily im someone who learns from past mistakes, so since im no fan of religion or of government- i can confidently say that ill never enter into a religious governmental contract like marriage ever again , full stop .
Im lucky in the fact my father always warned me about women.
Posted on 2/29/24 at 12:17 pm to fareplay
It’s too many variables to actually give a honest answer.
Posted on 2/29/24 at 12:25 pm to BK Lounge
quote:
Glad for you that you got to try it… I have always heard that there are two types of people in retirement : - Those who get bored like you did, need some type of ‘pupose’ and go back to work… - and those who are so busy and fulfilled in retirement with hobbies and travel and friends that they have no idea how they ever held down a fulltime job before they retired.. i know 100% that i am the second type, but thank goodness that we all like different things .
That was 17 years ago...I think I could cut it now
I was waaaayyyyyy to young to live a life of leisure...I was about take up drinking, gambling and wild women...I do enough of the first one now and I have been married to one of them wild women for 36 years and I am too cheap to gamble...I had to go back to work. It is liberating though to know that you can survive without it...
Posted on 2/29/24 at 12:40 pm to fareplay
This post was edited on 4/5/24 at 2:44 pm
Posted on 2/29/24 at 1:02 pm to oleheat
quote:In 30 years, you'll just tap a sensor on your wrist and say, "I need a car to seat (however many people are riding with you). It'll show up at your door in minutes, no driver, and it'll charge you from your government account, funded by your social credit score.
What will they be in another 30 years?
Posted on 2/29/24 at 1:17 pm to HubbaBubba
quote:
In 30 years, you'll just tap a sensor on your wrist and say, "I need a car to seat (however many people are riding with you). It'll show up at your door in minutes, no driver, and it'll charge you from your government account, funded by your social credit score.
I see what you were trying to do there- but tbh we dont need 30 yrs, we are already there.. what you described is using an Apple Watch to hail an Uber for people in large urban areas who don’t have a car (and even people in suburbia and cities who do have cars but dont want to drink and drive).. btw driverless cars are rolling out now, though it’s been really bumpy so far…. and you described credit scores, which basically control a lot of what you can buy and spend .
Posted on 2/29/24 at 2:27 pm to jizzle6609
quote:<----Didn't have to settle.
The single most important decision you make is who you marry.
ill shed a couple OT points for a broad that is intelligent and has the same goals.
:winning:
(Hi honey!)
Posted on 3/2/24 at 10:33 am to soccerfüt
Im 45.. even though im divorced, no kids- i still work for a living because i *have* to…. My goal in the next 5-10 yrs is to get to a point where i am working for a living because i WANT to, not because i HAVE to….. i feel like this would make a huge difference in terms of job-related stress and anxiety.. knowing that you are able to take a certain amount of bullshite but if it becomes too much you can just walk away, or quit while taking ur sweet time finding something else.. to me, that would be a game changer.. though i cant verify that b/c ive never experienced it .
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