Thread: How many people actually retire?
09-14-2017, 07:32 AM
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#91
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A couple motivating points from a brah who has been interested in this topic for years (credit Mr. Money Mustache):
-Savings rate is the best indicator of retirement age.
...If you save 10% of net income, you will have to work 51 years to retire
...If you save 50% of net income, you will have to work 17 years to retire
...If you save 80% of net income, you will have to work 5.5 years to retire
-Reducing expenses in perpetuity has a bigger impact than increasing net income by the same amount.
-Buy used cars privately from meticulous type people.
-Sell your cars privately. Dealerships will take thousands off you to cover their overhead.
-Don't buy stupid fukking cars.
-The portion of your mortgage payment that goes towards principal is savings. The interest portion is an expense.
-Living near your work is vastly underrated.
-Invest in low-fee stock index funds.
-Financial advisors are salesman. Their job is to sell you financial services. They have a very clear conflict of interest with their customers.
-Don't accumulate any debt other than your mortgage. Credit card debt is a legit financial emergency.
-Savings rate is the best indicator of retirement age.
...If you save 10% of net income, you will have to work 51 years to retire
...If you save 50% of net income, you will have to work 17 years to retire
...If you save 80% of net income, you will have to work 5.5 years to retire
-Reducing expenses in perpetuity has a bigger impact than increasing net income by the same amount.
-Buy used cars privately from meticulous type people.
-Sell your cars privately. Dealerships will take thousands off you to cover their overhead.
-Don't buy stupid fukking cars.
-The portion of your mortgage payment that goes towards principal is savings. The interest portion is an expense.
-Living near your work is vastly underrated.
-Invest in low-fee stock index funds.
-Financial advisors are salesman. Their job is to sell you financial services. They have a very clear conflict of interest with their customers.
-Don't accumulate any debt other than your mortgage. Credit card debt is a legit financial emergency.
Work hard
Enjoy yourself
Do the right thing
Compound your interest
09-14-2017, 07:41 AM
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#92
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Originally Posted By ashin1⏩
As long as it rustles your jimmies it's not expired yet, is it? You're very defensive about this subject, you need to ask yourself why and reflect on it.Not sure if it's actually a joke like you claim or a low key cope, jokes do have an expiry date and you seem to be out of new material.
you know I use to respect people who were older than me because I was under the assumption that because they lived longer than me they have more life experiences/wisedom but I know clearly that isn't the case.
I can guarantee you I have come acrossmorepeople and interacted with them on a personal level than you have. My mind is far from closed
you know I use to respect people who were older than me because I was under the assumption that because they lived longer than me they have more life experiences/wisedom but I know clearly that isn't the case.
I can guarantee you I have come acrossmorepeople and interacted with them on a personal level than you have. My mind is far from closed
I'm not saying respect your elders on face value. What I'm saying is 70 year old ashin would tell 26 year old ashin that you know nothing. Your experience will scale in the context of your own person. Your experience with old idiots is irrelevant to this fact.
You keep trying to bait me into measuring experiences but I'm not really in mood for a dik measuring contest. I'll try one more time because I think you're not stupid just stubborn: check your ego sonny boy as it is standing in your way of truly opening your mind.
You can run into 1000x as many people as I have in your lifetime yet remain close minded as long as you think you know better than most around you. The actions of the biggest idiot you meet could become the most important lesson you learn in life as long as you can humble yourself to see the lesson, not measure yourself against the person and discount their experience or lack thereof.
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09-14-2017, 07:42 AM
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#93
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09-14-2017, 07:45 AM
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#94
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Originally Posted By PisseninMisc⏩
+1, I've read your posts, Ashin and you could use a slice of humble pie once in awhile for your own good. You're a smart dude though.As long as it rustles your jimmies it's not expired yet, is it? You're very defensive about this subject, you need to ask yourself why and reflect on it.
I'm not saying respect your elders on face value. What I'm saying is 70 year old ashin would tell 26 year old ashin that you know nothing. Your experience will scale in the context of your own person. Your experience with old idiots is irrelevant to this fact.
You keep trying to bait me into measuring experiences but I'm not really in mood for a dik measuring contest. I'll try one more time because I think you're not stupid just stubborn: check your ego sonny boy as it is standing in your way of truly opening your mind.
You can run into 1000x as many people as I have in your lifetime yet remain close minded as long as you think you know better than most around you. The actions of the biggest idiot you meet could become the most important lesson you learn in life as long as you can humble yourself to see the lesson, not measure yourself against the person and discount their experience or lack thereof.
I'm not saying respect your elders on face value. What I'm saying is 70 year old ashin would tell 26 year old ashin that you know nothing. Your experience will scale in the context of your own person. Your experience with old idiots is irrelevant to this fact.
You keep trying to bait me into measuring experiences but I'm not really in mood for a dik measuring contest. I'll try one more time because I think you're not stupid just stubborn: check your ego sonny boy as it is standing in your way of truly opening your mind.
You can run into 1000x as many people as I have in your lifetime yet remain close minded as long as you think you know better than most around you. The actions of the biggest idiot you meet could become the most important lesson you learn in life as long as you can humble yourself to see the lesson, not measure yourself against the person and discount their experience or lack thereof.
Work hard
Enjoy yourself
Do the right thing
Compound your interest
09-14-2017, 07:47 AM
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#95
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Good luck retiring on $1.5 million OPie. That's like eating McDonalds and staying-home-and-watching-TV-rich. Figures, the misc is full of uneducated working class plebs who have no idea what the word leisure means.
Straight up legit need like $20 million to have fun as an unemployed / retired person. There's a reason why most lawyers / accountants / doctors work until they die. Life is boring as phuck without monies.
Straight up legit need like $20 million to have fun as an unemployed / retired person. There's a reason why most lawyers / accountants / doctors work until they die. Life is boring as phuck without monies.
09-14-2017, 07:49 AM
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#96
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Originally Posted By Bentley41⏩
Agree 100%.Its not about how much you make, its about how much you save when it comes to retirement. The reason you see physicians working until they are 70+ is because they tend to try live the typical "doctor lifestyle" which is of course driving a expensive car and leading a high consumption lifestyle. The people who are really able to retire early are those who are able to make money, and live a frugal lifestyle and invest it wisely. Not saying people typically buy into stocks that sky rocket quickly, but more like buying a stock and holding it for 20+ years while it grows slowly.
If youre really interested in retiring in a timely manner:
If youre really interested in retiring in a timely manner:
Even consider embracing minimalism. Material possessions not as valuable as pleasurable life experiences with loved ones. Don't be owned by your possessions. You can't take it with you when you're gone. And at the end of the game, the king and the pawn go back in the same box. I'd rather be a happy pawn then an overworked unhappy king.
A journey of a thousand miles begins with a single step.
09-14-2017, 08:02 AM
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#97
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09-14-2017, 08:12 AM
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#98
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Originally Posted By ashin1⏩
The f are you on about. You have a room in a trailer to rent. Probably breaks every tenancy law on sub standard conditions there is, virtually worthless in big boy world. Your 'foundation for a house' is a layer of thrown down concrete. Jeez...I have a property that can generate income, it already has in the past. I also have investments I made through more established friends company that yield about $20 a week. Also I haven't put a cent into my investment accounts since April, yet my monthly passive income is still growing month over month. I practically build the foundation of a 2600sqft home in my back yard for fun. You are a sad old man
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09-14-2017, 08:13 AM
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#99
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Originally Posted By DatFeelGuy⏩
lol reps on rc. You're right and life has served a few slices to me over the years. I should have learned my lesson by now but I'm just not that smart.+1, I've read your posts, Ashin and you could use a slice of humble pie once in awhile for your own good. You're a smart dude though.
Keeping the ego in check in a bish dude, it takes a lot of maintenance work. None of us are perfect though, it's going to be a life long effort.
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09-14-2017, 08:25 AM
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#100
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Originally Posted By DoYouEvenNEM⏩
4% withdrawal rate of 1.5 million is $60,000.Good luck retiring on $1.5 million OPie. That's like eating McDonalds and staying-home-and-watching-TV-rich. Figures, the misc is full of uneducated working class plebs who have no idea what the word leisure means.
Straight up legit need like $20 million to have fun as an unemployed / retired person. There's a reason why most lawyers / accountants / doctors work until they die. Life is boring as phuck without monies.
Straight up legit need like $20 million to have fun as an unemployed / retired person. There's a reason why most lawyers / accountants / doctors work until they die. Life is boring as phuck without monies.
If you retire with a paid off house, paying yourself $60,000/yr from your nest egg should put you in a pretty fukin comfortable position to travel 4x/year and have relatively luxurious lifestyle
09-14-2017, 08:28 AM
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#101
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Originally Posted By HMFIC_BROWSIN⏩
This4% withdrawal rate of 1.5 million is $60,000.
If you retire with a paid off house, paying yourself $60,000/yr from your nest egg should put you in a pretty fukin comfortable position to travel 4x/year and have relatively luxurious lifestyle
If you retire with a paid off house, paying yourself $60,000/yr from your nest egg should put you in a pretty fukin comfortable position to travel 4x/year and have relatively luxurious lifestyle
You can make it infinitely more complex but itll boil down to this as your bottomline
I dont give a f*ck about a b*tch on the internet
09-14-2017, 08:29 AM
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#102
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Originally Posted By PisseninMisc⏩
this is a strong point hereRetirement ALONE can't be the goal either. You have to live your life, drive that car, fuk that hole, eat the best, go where you want when you're 30 to enjoy life. LOL at waiting till you're 55 to do all of the above.
The truth is you're cucked either way unless you can see beyond these games. What is the point of retirement anyway? How many of the professionals ITT know people who retired and then came back as consultants because they were bored at home?
Open your mind guys, look at the bigger picture.
The truth is you're cucked either way unless you can see beyond these games. What is the point of retirement anyway? How many of the professionals ITT know people who retired and then came back as consultants because they were bored at home?
Open your mind guys, look at the bigger picture.
09-14-2017, 08:33 AM
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#103
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Originally Posted By HMFIC_BROWSIN⏩
Completely depends on how old you are now. I may be retired in about 10 years, and that will be above what I need or am aiming for. (Single, volcel) If you are talking 3 or 4 decades away, that 60k ain't going to be looking so great.4% withdrawal rate of 1.5 million is $60,000.
If you retire with a paid off house, paying yourself $60,000/yr from your nest egg should put you in a pretty fukin comfortable position to travel 4x/year and have relatively luxurious lifestyle
If you retire with a paid off house, paying yourself $60,000/yr from your nest egg should put you in a pretty fukin comfortable position to travel 4x/year and have relatively luxurious lifestyle
Anyhoo, strike a balance between saving and living, it's fair to say very few people save enough, but a few tards like 'ashin the disappointment' don't live at all
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09-14-2017, 08:46 AM
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#104
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Originally Posted By DatFeelGuy⏩
lets not forget to factor in how important time is for the younger brahs reading.A couple motivating points from a brah who has been interested in this topic for years (credit Mr. Money Mustache):
-Savings rate is the best indicator of retirement age.
...If you save 10% of net income, you will have to work 51 years to retire
...If you save 50% of net income, you will have to work 17 years to retire
...If you save 80% of net income, you will have to work 5.5 years to retire
-Reducing expenses in perpetuity has a bigger impact than increasing net income by the same amount.
-Buy used cars privately from meticulous type people.
-Sell your cars privately. Dealerships will take thousands off you to cover their overhead.
-Don't buy stupid fukking cars.
-The portion of your mortgage payment that goes towards principal is savings. The interest portion is an expense.
-Living near your work is vastly underrated.
-Invest in low-fee stock index funds.
-Financial advisors are salesman. Their job is to sell you financial services. They have a very clear conflict of interest with their customers.
-Don't accumulate any debt other than your mortgage. Credit card debt is a legit financial emergency.
-Savings rate is the best indicator of retirement age.
...If you save 10% of net income, you will have to work 51 years to retire
...If you save 50% of net income, you will have to work 17 years to retire
...If you save 80% of net income, you will have to work 5.5 years to retire
-Reducing expenses in perpetuity has a bigger impact than increasing net income by the same amount.
-Buy used cars privately from meticulous type people.
-Sell your cars privately. Dealerships will take thousands off you to cover their overhead.
-Don't buy stupid fukking cars.
-The portion of your mortgage payment that goes towards principal is savings. The interest portion is an expense.
-Living near your work is vastly underrated.
-Invest in low-fee stock index funds.
-Financial advisors are salesman. Their job is to sell you financial services. They have a very clear conflict of interest with their customers.
-Don't accumulate any debt other than your mortgage. Credit card debt is a legit financial emergency.
if you have more time to invest that's less you have to save, if you don't mind waiting longer that is
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09-14-2017, 08:55 AM
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#105
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They retire from their jobs and spend their next life at specialist offices and the hospital... no they don't retire. They get paid to be sick and take drugs.
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09-14-2017, 08:59 AM
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#106
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Originally Posted By PisseninMisc⏩
So then tell me something here, not that i am rustled(i find misc very entertaining and love getting into online riffs i dunno why but its fun) rather i am genuinely curious. What purpose for you does it serve for you to try and instigate something with me when i posted in the OP's thread about something relevant, and why? I think there lies an underlying issue in itself. I don't go around trying to instigate petty arguments, or im not always out to style on people, i do like to contribute from time to time.As long as it rustles your jimmies it's not expired yet, is it?You're very defensive about this subject, you need to ask yourself why and reflect on it.
I'm not saying respect your elders on face value. What I'm saying is 70 year old ashin would tell 26 year old ashin that you know nothing. Your experience will scale in the context of your own person. Your experience with old idiots is irrelevant to this fact.
You keep trying to bait me into measuring experiences but I'm not really in mood for a dik measuring contest. I'll try one more time because I think you're not stupid just stubborn: check your ego sonny boy as it is standing in your way of truly opening your mind.
You can run into 1000x as many people as I have in your lifetime yet remain close minded as long as you think you know better than most around you. The actions of the biggest idiot you meet could become the most important lesson you learn in life as long as you can humble yourself to see the lesson, not measure yourself against the person and discount their experience or lack thereof.
I'm not saying respect your elders on face value. What I'm saying is 70 year old ashin would tell 26 year old ashin that you know nothing. Your experience will scale in the context of your own person. Your experience with old idiots is irrelevant to this fact.
You keep trying to bait me into measuring experiences but I'm not really in mood for a dik measuring contest. I'll try one more time because I think you're not stupid just stubborn: check your ego sonny boy as it is standing in your way of truly opening your mind.
You can run into 1000x as many people as I have in your lifetime yet remain close minded as long as you think you know better than most around you. The actions of the biggest idiot you meet could become the most important lesson you learn in life as long as you can humble yourself to see the lesson, not measure yourself against the person and discount their experience or lack thereof.
point is that you like to start chit, and when i dish it back you act like a little bish srs
Originally Posted By samsbolton⏩
at least i have a yardThe f are you on about. You have a room in a trailer to rent. Probably breaks every tenancy law on sub standard conditions there is, virtually worthless in big boy world. Your 'foundation for a house' is a layer of thrown down concrete. Jeez...
Spoiler!
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09-14-2017, 09:12 AM
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#107
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Originally Posted By ashin1⏩
Most expensive new homes sold in Britain, the penthouses at 1 Hyde Park. I've been there. McLaren garage at the bottom. No back yard. $160 million US.So then tell me something here, not that i am rustled(i find misc very entertaining and love getting into online riffs i dunno why but its fun) rather i am genuinely curious. What purpose for you does it serve for you to try and instigate something with me when i posted in the OP's thread about something relevant, and why? I think there lies an underlying issue in itself. I don't go around trying to instigate petty arguments, or im not always out to style on people, i do like to contribute from time to time.
point is that you like to start chit, and when i dish it back you act like a little bish srs
at least i have a yard
Spoiler!
point is that you like to start chit, and when i dish it back you act like a little bish srs
at least i have a yard
Spoiler!
You can't build a house on top of a layer of concrete. That's not a foundation. Idiot.
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09-14-2017, 09:18 AM
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#108
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Originally Posted By samsbolton⏩
so that's how you cope hey?Most expensive new homes sold in Britain, the penthouses at 1 Hyde Park. I've been there. McLaren garage at the bottom. No back yard. $160 million US.
You can't build a house on top of a layer of concrete. That's not a foundation. Idiot.
You can't build a house on top of a layer of concrete. That's not a foundation. Idiot.
Spoiler!
Spoiler!Even better i can build a shop on top of itSpoiler!
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09-14-2017, 09:30 AM
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#109
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Originally Posted By ashin1⏩
Allright big boy you win. Sorry about bringing up an old joke and I won't bring that up at all anymore, srs.So then tell me something here, not that i am rustled(i find misc very entertaining and love getting into online riffs i dunno why but its fun) rather i am genuinely curious. What purpose for you does it serve for you to try and instigate something with me when i posted in the OP's thread about something relevant, and why? I think there lies an underlying issue in itself. I don't go around trying to instigate petty arguments, or im not always out to style on people, i do like to contribute from time to time.
point is that you like to start chit, and when i dish it back you act like a little bish srs
point is that you like to start chit, and when i dish it back you act like a little bish srs
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09-14-2017, 09:39 AM
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#110
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Originally Posted By PisseninMisc⏩
bring it up all you want, arguments like these are good ways for me to practice articulating my thoughts into words. I think my sentence structure has improved from when i first started posting.Allright big boy you win. Sorry about bringing up an old joke and I won't bring that up at all anymore, srs.
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09-14-2017, 09:45 AM
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#111
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Man, what a depressing thread. Seems like most miscers are looking for any excuse for why retirementcan't workinstead of why it can.
My wife last week pointed out that we save enough to buy a used car every single month (max out 401k's, tIRA's, and have a taxable account).
Originally Posted By ashin1⏩
I found MMM about 2 and a half years ago from misc. My wife and I had saved about $50k in Roth IRA's in our 20's, but that was it. We're looking at a little over 5 years left before we can retire.8 years? Are you saying that it took you 8 years of hard hustle mode to achieve retirement from when you were 32? If so that's impressive af
My wife last week pointed out that we save enough to buy a used car every single month (max out 401k's, tIRA's, and have a taxable account).
09-14-2017, 09:46 AM
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#112
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Originally Posted By ashin1⏩
No, you can't. It isn't a foundation for anything at all, not even a dog kennel. Have you even ever seen a foundation you utter bellend?so that's how you cope hey?
Spoiler!Spoiler!
Spoiler!
Spoiler!Even better i can build a shop on top of itSpoiler!
As for a backyard, it's as useful to me as an elephant. Quite cool, just don't want one. Wouldn't have sold my last house if I did. Are you actually functionally retarded? Srs question.
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09-14-2017, 09:52 AM
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#113
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Originally Posted By samsbolton⏩
Is that because even elephants have too much pride to destroy your Angus?No, you can't. It isn't a foundation for anything at all, not even a dog kennel. Have you even ever seen a foundation you utter bellend?
As for a backyard, it's as useful to me as an elephant. Quite cool, just don't want one. Wouldn't have sold my last house if I did. Are you actually functionally retarded? Srs question.
As for a backyard, it's as useful to me as an elephant. Quite cool, just don't want one. Wouldn't have sold my last house if I did. Are you actually functionally retarded? Srs question.
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09-14-2017, 09:55 AM
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#114
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Originally Posted By nothingshocking⏩
You a man.I will be able to retire and pay for my kids college too.
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09-14-2017, 09:56 AM
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#115
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Originally Posted By samsbolton⏩
I love you and Busta equally.No, you can't. It isn't a foundation for anything at all, not even a dog kennel. Have you even ever seen a foundation you utter bellend?
As for a backyard, it's as useful to me as an elephant. Quite cool, just don't want one. Wouldn't have sold my last house if I did. Are you actually functionally retarded? Srs question.
As for a backyard, it's as useful to me as an elephant. Quite cool, just don't want one. Wouldn't have sold my last house if I did. Are you actually functionally retarded? Srs question.
Dachshund Crew 4 life
Austrian
Poverty Chair
Impeach RichStrong
09-14-2017, 10:00 AM
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#116
- poundXpound
- Registered User
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- poundXpound
- Registered User
- Join Date: Mar 2013
- Location: United States
- Posts: 3,673
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I'll be retiring in 6 weeks and will turn 59 three weeks after that.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
A democracy is two wolves and a lamb voting on what to have for lunch. And that's why the USA is a constitutional republic and not a democracy.
09-14-2017, 10:09 AM
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#117
- Dan_S
- Registered User
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- Dan_S
- Registered User
- Join Date: Jan 2009
- Location: California, United States
- Age: 42
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- Rep Power: 85920
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Originally Posted By poundXpound⏩
Just something to consider, but it might be worthwhile getting a mortgage for a new place in Florida while you still have job income. I don't know what your pension income looks like, but I've read about a lot of retirees having issues getting a mortgage approved even though they have substantial investments.I'll be retiring in 6 weeks and will turn 59 three weeks after that.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
It's a weird situation where banks want to see "income" and don't care so much about net worth.
That said, if your pension income is high enough, it may be a non issue for you.
09-14-2017, 10:15 AM
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#118
Originally Posted By poundXpound⏩
How come no kids? Don't want to pass your legacy on?I'll be retiring in 6 weeks and will turn 59 three weeks after that.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
My wife will be 62 in three weeks.
We live in a $330K house with a mortgage
Cars are a 2012 Audi S4 and a 2011 Nissan Murano both purchased CPO used
We take 2 modest vacations per year
We dine out nearly every weekend
Our income is <$200K.
We didn't start saving/investing for retirement until we got married 24 years ago (ages 35 & 38).
No kids (likely why we're in good financial shape)
We each have a 401k and a Roth IRA.
We've maxed out the Roths ($6500 each) the last several years and never came close to maxxing the 401ks.
We've been able to accumulate $1.2M in 24 years invested in stock mutual funds only.
We'll have 5 modest pensions, with 2 that can be taken immediately and the other three when we turn 65.
In 6 years total pension income will be about $80K.
We will be able to take $75K per year adjusted for inflation from the investments and should never run out of $
Investment balance in 25 years is projected to be $2M+
We will be moving to Florida soon and will be carrying a sizeable mortgage.
Our monthly expenses including federal income taxes & vacations will be $10K
So projected expenses are $120K/year and income will be $155K/year.
Biggest piece of advice I can give is start investing 10-15% of income as early as possible and you'll make it. We'd be in an even better position had someone harped on this to us and is our biggest financial regret.
09-14-2017, 10:23 AM
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#119
- poundXpound
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- poundXpound
- Registered User
- Join Date: Mar 2013
- Location: United States
- Posts: 3,673
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Originally Posted By Dan_S⏩
Have already been pre-approved on just my wife's salary since she's waiting until the end of the year to get a better price on our health insurance. We're fortunate that we'll be able to carry health insurance through her company until age 65.Just something to consider, but it might be worthwhile getting a mortgage for a new place in Florida while you still have job income. I don't know what your pension income looks like, but I've read about a lot of retirees having issues getting a mortgage approved even though they have substantial investments.
It's a weird situation where banks want to see "income" and don't care so much about net worth.
That said, if your pension income is high enough, it may be a non issue for you.
It's a weird situation where banks want to see "income" and don't care so much about net worth.
That said, if your pension income is high enough, it may be a non issue for you.
A democracy is two wolves and a lamb voting on what to have for lunch. And that's why the USA is a constitutional republic and not a democracy.
09-14-2017, 10:25 AM
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#120
- seanb1979
- Platinum User
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- seanb1979
- Platinum User
- Join Date: Dec 2006
- Location: Boise, Idaho, United States
- Posts: 48,650
- Rep Power: 150567
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Originally Posted By nn586⏩
no one cares about some random person's 'legacy' lol... its not like he's the king of albaniaHow come no kids? Don't want to pass your legacy on?
A million miles away - I don't.. feel.... anything.
http://www.youtube.com/watch?v=PXGZu4yxjW0
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