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Forum » What are y'all plans for retirement and are you on track? Is $1,000,000 enough?
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Thread: What are y'all plans for retirement and are you on track? Is $1,000,000 enough?

post 1595691371 01-15-2020, 11:04 PM
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#31
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I will be retired by 50, drawing close to about 100 grand paid for by the taxpayers. I will get another job after that, not sure doing what.
post 1595691661 01-15-2020, 11:10 PM
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#32
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Originally Posted By FrankCostanza⏩
how old is your husband?
35.
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post 1595696221 01-16-2020, 02:20 AM
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Outside the Home Counties in England (in the south east around London) is like the Hills have Eyes. Trouble is you won’t find anywhere to live for less than $250k, and a lot more if you need a family home.
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post 1595696421 01-16-2020, 02:28 AM
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  1. Ar15Brah446
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Originally Posted By TurbanMon⏩
Thailand
Yes

Rural America
You will struggle

Urban america
Slightly above poverty line
Truth....

1 million cant even buy you a house in NYC...
post 1595696641 01-16-2020, 02:40 AM
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#35
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Originally Posted By TurbanMon⏩
Thailand
Yes

Rural America
You will struggle

Urban america
Slightly above poverty line
I was just in Thailand, and it’s surprisingly not that cheap anymore. For someone coming from Manhattan or California it would still be a major bargain, but the value wasn’t nearly what I expected. Quality is fairly high there though.
post 1595696681 01-16-2020, 02:42 AM
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#36
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Originally Posted By snailsrus⏩
35.
What’s he do?
I'm not here for rage. I'm here for revenge!
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Mein power
Mein pleasure
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Trump 2020
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post 1595696701 01-16-2020, 02:43 AM
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#37
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Depends on how you want to live your life. If you want to spend a lot on things you don't really need, 1 million won't be enough.
RIP Pedro Suarez Vertiz. Te queremos Hermano

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post 1595700321 01-16-2020, 05:26 AM
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i retired in my mid 40s. 50 now. you need $3-$4M in today's dollars to be comfortable IMO.
post 1595700451 01-16-2020, 05:30 AM
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#39
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30 years old. I'm at 2.6 million now.

Will transition to working a part time mindless job at 5 million or 45, whichever comes first.
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
post 1595700861 01-16-2020, 05:37 AM
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If you had 1 million and retiring today and still get social security and/or pension, you can live like a king.
But social security and pensions are going away so by the future will need more than 1 million.

average savings though is almost nothing, so the government will continue to put people on welfare and debt will mount and mount until eventually it collapses.
Just hoping it doesnt collapse for another 50 years. Prior to the collapse they will look to take from those that saved up to pay for those that didnt.

Even if you save up all your money like a good little boy, the socialists are going to come for it. Its the middle class that saved, that put off instant gratification, that are going to get fuked the most. If youre ultra wealthy, you can both afford to pay it and also afford to pay off politicians to keep loop holes open for you. If youre poor you have nothing to take. You will have socialists presenting as taking from the ultra wealthy but they will really take from the middle class.
post 1595701001 01-16-2020, 05:40 AM
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#41
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Originally Posted By OliverHeldens⏩
I was just in Thailand, and it’s surprisingly not that cheap anymore. For someone coming from Manhattan or California it would still be a major bargain, but the value wasn’t nearly what I expected. Quality is fairly high there though.
What do you estimate average yearly expenses would be?

phillipines used to be 12-15k for a family a few years ago.
post 1595701071 01-16-2020, 05:43 AM
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#42
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I’m expecting to die long before retirement

Be surprised if I make it to 40
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post 1595701141 01-16-2020, 05:45 AM
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#43
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Originally Posted By RealAesthetic⏩
I’m expecting to die long before retirement

Be surprised if I make it to 40
“If I knew I was going to live so long, I'd have taken better care of myself.” ― Mickey Mantle
post 1595701431 01-16-2020, 05:53 AM
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#44
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I live in an insanely expensive state, my plan when I retire is to relocate down south where the cost of living in cheaper and I can enjoy my pension.
post 1595701961 01-16-2020, 06:05 AM
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Originally Posted By elterrible987⏩
If you had 1 million and retiring today and still get social security and/or pension, you can live like a king.
But social security and pensions are going away so by the future will need more than 1 million.

average savings though is almost nothing, so the government will continue to put people on welfare and debt will mount and mount until eventually it collapses.
Just hoping it doesnt collapse for another 50 years. Prior to the collapse they will look to take from those that saved up to pay for those that didnt.
This is 100% true.. if you have $1mil plus along with a pension and social security along with your house being paid for. You can coast the rest of your life

Im required to retire from my career by 56 and probably will retire a bit earlier than that. Retiring tho seems kinda scary, I've stayed home for a week and sometimes look forward to going back to work even for a few days. You def gotta have a COUPLE hobbies set up
post 1595702491 01-16-2020, 06:19 AM
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#46
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Originally Posted By Mr
I want 1.5 million (kangaroo dollars not freedom bucks) to retire with Mrs Beer. No I will not be retiring early bar a lottery win.
Its Dollaridoos god get it right.

Me and the wife are on track to have the house paid off, college funds set and a mill invested by the time we are 50. A mil will get you about $4k a month and still grow steady as said earlier. Thats plenty to live off when the house is paid off.

As soon as we hit that mark we will decide if we want to just retire and live off that, or if we want to downgrade jobs to keep us busy and have a bit more income. Time will tell.
post 1595702871 01-16-2020, 06:30 AM
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You have to know your expenses to answer this question. Yes I am on track, actually ahead of where I expected to be with how well the market has been doing.

People that want $2+ million saved - what retirement expenses are you projecting that you need that amount? Are those expenses worth the years of your life you will spend working instead of retiring on a smaller amount?
Here's to swimmin' with bow-legged women.
Vybz Kartel crew
post 1595702881 01-16-2020, 06:30 AM
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#48
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Originally Posted By Ar15Brah446⏩
Truth....

1 million cant even buy you a house in NYC...
Why you trynna buy a house in NYC at retirement age? You should already have at least a primary residence completely paid off long before that, and then you'll likely be downsizing as you get to the 65+ range.


And how much you actually need for retirement depends largely on your income throughout your working years, which influences your standard of living. If you're accustomed to making a lot of money and spending a lot, you'll likely need a lot more than the average person. Good luck scaling down from a high standard of living when you're old, sounds like a terrible way to retire.
post 1595703051 01-16-2020, 06:35 AM
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#49
  1. elterrible987
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Originally Posted By RealAesthetic⏩
I’m expecting to die long before retirement

Be surprised if I make it to 40
Originally Posted By EDcellent⏩
Personally if you have a paid off house and have 800k+ in a 401k by the time you're 65 you should be good. I personally don't see myself living past 60 but I'm hedging my bets. If I make it to 65 and I'm in relatively good health I'll stick around. If I'm in bad shape I'll probably go skydiving without a parachute, assuming I don't hnnnnnngggg on the way up.
Why do you guys think youre going to die young?

Even sickly older people are kept alive a lot longer than they used to be even in the 90s. They got more drugs for diabetes, heart disease ect than they used to. People in their 70s with bad health issues they are keeping around to at or near 80.
post 1595703201 01-16-2020, 06:38 AM
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#50
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I am retired since age 56 (I am now 58). Made a couple million dollars free and clear after taxes with Bitcoin.
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post 1595705101 01-16-2020, 07:19 AM
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Already quasi retired, just keep grinding my 20 hour work weeks, until I hit it big w something which is a statistical inevitability.
post 1595705991 01-16-2020, 07:35 AM
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#52
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Originally Posted By NVious⏩
Already quasi retired, just keep grinding my 20 hour work weeks, until I hit it big w something which is a statistical inevitability.
actually, the statistics are against you.
post 1595706121 01-16-2020, 07:37 AM
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#53
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Skilled tradesmen don’t have retirement accounts, only whatever loose change they’ve thrown into a rusty coffee can over the years
It is the current year.
post 1595706411 01-16-2020, 07:41 AM
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#54
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My stepfather planned it perfect.

He took out all of his retirement, traveled the World and spent most of it on gambling, came back and died of a heart attack.

He had just enough left to cover funeral expenses.

I'd like to go out that way.
post 1595706741 01-16-2020, 07:48 AM
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That's the wrong way to think about retirement.

Retirement should be a steady stream of income each month without worrying about when it runs out.

That's why having passive income is the way to go. Have a few properties that bring in 10-15k each month and you don't have to worry about the end date for your retirement pot.
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post 1595706771 01-16-2020, 07:49 AM
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#56
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im 100% on track to retire with a million which will be plenty for me, here is my set up



no shampoo
no pillow
no bed
no house
do not read my posts and weep, i am not there i do not sleep
i am the thousand greens that rep, i am the ban bet dutifully kept
of memes and trolls in toasted breads, i am not there, i am not dead.
post 1595706921 01-16-2020, 07:51 AM
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#57
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On track to have a bumpless transfer to retirement at 55.

40yrs old
Currently have 3x my gross income invested in tax sheltered accounts.
DB pension of 30% of gross income at 55
Federal pensions will be ~$15k/yr in between ages 60-65.


Invest early young fellas, can't stress that enough.
post 1595707031 01-16-2020, 07:53 AM
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#58
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Originally Posted By MuzzieChik786⏩
That's the wrong way to think about retirement.

Retirement should be a steady stream of income each month without worrying about when it runs out.

That's why having passive income is the way to go. Have a few properties that bring in 10-15k each month and you don't have to worry about the end date for your retirement pot.
You can have passive income from retirement investments. A rental house really is no different than a dividend paying stock.
post 1595707091 01-16-2020, 07:54 AM
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#59
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Originally Posted By Howiester⏩
Skilled tradesmen don’t have retirement accounts, only whatever loose change they’ve thrown into a rusty coffee can over the years
Lol, you'd actually cream your pants if you had a union type retirement plan.
post 1595709871 01-16-2020, 08:45 AM
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#60
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Originally Posted By MikeLowrrrey⏩
Property tax + Utilities + food. You'd need what, $900 a month?

Doesn't sound like a bad plan.
Nope. $900 won't make it.

Current expenses for a modest house in TX; about 1440 sq. ft. and 30 years old:

- taxes and insurance $6K
- utilities (electric, water/trash, internet) $2,400

$900 a month is a bit under $11K a year. Just the tax/insurance/utilities are $8,400. Then you also need something for maintenance, transportation, medical expenses, and food.
Originally Posted By elterrible987⏩
If you had 1 million and retiring today and still get social security and/or pension, you can live like a king.
But social security and pensions are going away so by the future will need more than 1 million.

average savings though is almost nothing, so the government will continue to put people on welfare and debt will mount and mount until eventually it collapses.
Just hoping it doesnt collapse for another 50 years. Prior to the collapse they will look to take from those that saved up to pay for those that didnt.

Even if you save up all your money like a good little boy, the socialists are going to come for it.Its the middle class that saved, that put off instant gratification, that are going to get fuked the most.If youre ultra wealthy, you can both afford to pay it and also afford to pay off politicians to keep loop holes open for you. If youre poor you have nothing to take. You will have socialists presenting as taking from the ultra wealthy but they will really take from the middle class.
Yes. I don't think that there will be as much wealth transfer from boomers to their kids as was expected. Partly poor planning by boomers and partly high cost of medical care.

Legit wondering if leaving the US is your best bet. Going someplace less expensive could be the only viable play for a lot of us.
Originally Posted By Soonerjohn⏩
My stepfather planned it perfect.

He took out all of his retirement, traveled the World and spent most of it on gambling, came back and died of a heart attack.

He had just enough left to cover funeral expenses.

I'd like to go out that way.
Excellent. Well done.
Originally Posted By AltarOfPlagues⏩
im 100% on track to retire with a million which will be plenty for me, here is my set up



no shampoo
no pillow
no bed
no house
Looks like my plan.
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