Orange Blooded [4048]
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Today vs Retirement
Aug 14, 2021, 10:26 PM
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I always hear people say what they are going to do when they retire, they say they are going to travel the world, vacation, and do things they always dreamed of but most of the elders I know have two or three doctor appointments per week and most of them aren't even sick.
I hear people say on one hand tomorrow is not guaranteed but on the other they tell you to plan for tomorrow.
I think I'm going to squeeze as much fun in as I can and hope I live to see retirement and congratulations to all of you who have made it to that wonderful place in your life, and remember you only live once!
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All-In [30978]
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The medical industry wants every dollar the elderly and sick
Aug 15, 2021, 1:55 AM
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have. There's no such thing as passing down the family home anymore. Someone dies, the hospital will send their lawyers to the will reading and claim what's theirs. "Oh, your mom took 5 generic tylenols.. You better sell that old golf cart"... "You got $1000 for it? Perfect, those tylenol were $200 each"
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All-In [40990]
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life is a gamble
Aug 15, 2021, 3:23 AM
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when I retire I want to have basically the same or close to the same standard of living, which means I need to have 20 times or so my salary saved up. I would need more than that if I wanted to travel the world etc, but I want to be comfortable.
Typically the closer people get to retirement the more they care about it. The average age at death is in the late 70's, that's average. If you take care of yourself or just get lucky you could easily live into your 80's or beyond.
I'm glad I have been saving for retirement the last 30 years. I'm glad I started fairly young.
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Oculus Spirit [79044]
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Hall of Famer [23127]
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Aiming for 36x expenses
Aug 16, 2021, 12:40 PM
[ in reply to life is a gamble ] |
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This allows 4% withdrawal rate and 30% in taxes. Big unknown for retiring early is healthcare.
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Oculus Spirit [81919]
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And how long you might live
Aug 16, 2021, 2:38 PM
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36x expenses?? I better get to buying mega millions tickets.
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Hall of Famer [23127]
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36x assumes I don't need to draw down the funds
Aug 16, 2021, 2:52 PM
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Will keep same standard of living and leave a bunch in reserves for unforeseen events, market drops, etc. 20x should be enough if retiring in 60s and willing to touch principal.
If I hit age 90, just push me out of a plane.
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Lot o points [163502]
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Retirement is
Aug 15, 2021, 7:07 AM
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awesome.
HTH.
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Legend [15372]
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Completely agree with Papa G!
Aug 15, 2021, 10:43 AM
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Haven't fished on a Saturday since I left work. Boat landings are quiet, river is peaceful, fish are plentiful. Eleven days in Italy before COVID-19, Greece trip once it settles down.
Only part of employment I sometimes miss is the daily interaction with friends there.
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Oculus Spirit [98307]
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Retirement is going the way of pensions.
Aug 15, 2021, 8:50 AM
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It was a Boomer ideal. Live frugally,save up, and then travel the world. We'll, sometimes it works out that way. Most of the time it doesn't. There are 70yo people delivering us pizza.
Nope. I plan to work until I can't. And by then if I can't work, the world travel/golf course dream won't happen anyway. Social security doesn't pay squat. The people today I see living that dream "retirement"..... They're retired from government, and/or were union workers who still have pensions, etc. Eventually the pensions go broke. #### what would have gone into pensions by companies goes into health insurance now. Nothing left.
Anyway... I'm saving for retirement knowing half that will pay for medical care and maybe a nursing home. Not a cruise of the Greek Islands.
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Heisman Winner [120830]
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My Greek Isles/Croatia/Italy cruise is booked for 2023
Aug 15, 2021, 9:08 AM
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Silver Seas line…
Was going in May2022 but backed it a year b/c covid
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Heisman Winner [106728]
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Cruises, huh?
Aug 16, 2021, 8:25 AM
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yuck.
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All-In [49441]
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I'd say the boomer ideal has been to inherit well from
Aug 15, 2021, 9:49 AM
[ in reply to Retirement is going the way of pensions. ] |
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parents who were more frugal and had a stronger work ethic than them, and spend it on themselves. Ending the historical trend of their children being better off than them.
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All-In [40990]
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CU Medallion [56205]
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HAIL yeah! It's true!***
Aug 15, 2021, 11:33 AM
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Hall of Famer [24713]
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Re: Today vs Retirement
Aug 15, 2021, 12:38 PM
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Start saving early and go aggressive early. If you have to choose between that new shiny car and saving/investing to become financially independent, go with the investment. Having the feeling that you will be ok if you lose your job is worth a lot. Plus it will allow you to take more calculated risks professionally.
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Legend [15372]
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Sage advice!***
Aug 15, 2021, 1:58 PM
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Hall of Famer [24713]
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Re: Sage advice!***
Aug 15, 2021, 2:11 PM
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An old Jeep, Busch Beer, and camping trips in Appalachia (during my 20s) were the secrets to my financial success 
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Legend [15372]
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Also key to the equation
Aug 15, 2021, 3:53 PM
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Choose a spouse with similar mindset, stay married. Be a good spouse! Alimony can deduct severely from your total.
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All-In [40131]
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Re: Today vs Retirement
Aug 16, 2021, 1:58 PM
[ in reply to Re: Today vs Retirement ] |
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You are right. I had a lower paying job so also worked many part time jobs as we had impossible medical bills back then. I got a home on the GI bill and lived there for 30 years. My Bride worked which was a huge help.
Ive never been rich but have always had had plenty.
I started a 457 and 401 back during the Carter years when inflation was at 15%. I bought my lot to retire on here in SC, and it took me ten years to pay it off (could have instead had a flashy car).
Many people these days expect too much help. If you plan well and go to work, one can do OK in the USA.
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Heisman Winner [106728]
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Mom and Dad both retired a few years back after many
Aug 16, 2021, 8:29 AM
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years working.
Dad died about 4 years later and was very sick for most of that time and Mom has cancer. She talks about the trips they wanted to take but couldn't. That sticks in the back of my brain. I want to be comfortable when I am older, but I am not going to pinch pennies so I can save a ton extra for retirement. Can't have fun traveling the world when you need dialysis 3 times a week or chemotherapy twice a week. It's a gamble.
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CU Medallion [60329]
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you are sadly correct on this
Aug 16, 2021, 1:04 PM
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My parents got about 5-6 good years of retirement life, able to do things before their health turned bad. I consider them extremely lucky.
I'm so glad I made the decision to travel and see the world when I was young and had peak energy and stamina. Been 99% of everywhere I ever wanted to see in the world. Got that bug out of me thankfully, especially now with it such a tremendous pain in the butt to travel. If I never get on another plane in my life, I'm cool with that. Only time I probably will ever fly again is for a Clemson playoff game west of the Mississippi River.
The entirety of my retirement years if executed properly are gonna be spent within 15 miles of my house.
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CU Medallion [60502]
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Being as I watched my parents retire so that they
Aug 16, 2021, 12:53 PM
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could die, I never see it happening. Then you have people who retire, lose their purpose, health declines and they die.
I am a bit hung up on death these days, so I apologize for being dark, but cancer has us all by the bawls and I just think most of us will meet up with Chemo/Radiation and live that bout till we die. Its almost inevitable for most.
I want to really focus on making sure that I am the best person that I can be, love on others and just hope I can make it to 70.
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All-In [40131]
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Re: Today vs Retirement
Aug 16, 2021, 1:40 PM
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Keith, you generalize, retirement can be good. I have tried to squeeze in as much fun as possible all my life, now is no different.
I retired 20 years ago and moved back to my home state of SC.
I used to get a check up every year, but my Doctor retired 5 years back. I am probably a mess and don't know it. I take no meds. I feel good.
I would like to be 30 again, but now is also good. To be honest I wonder how I ever had time for a job.
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Legend [15372]
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Same here on the way days fly by
Aug 16, 2021, 2:33 PM
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Volunteering, reading, yard and house maintenance, and fishing. And maybe some home games this fall! Parking passes just came five minutes ago.
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50
