Retirement

SPEEDY MCCREADY

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

nicknyr15

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

nicknyr15

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

DE4173

😄

brianlux

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Good for you for doing the smart thing and looking into managing your personal finances as best you can.  Best wishes in your retirement.

We're in a somewhat similar situation.  When COVID hit, because of my compromised immune system, we both decided to retire from working with the public.  We both still have ways to make a little money to supplement our social security (I still have my little on-line book business), but careful budgeting and saving and investing what we could while we could was a good move and will hopefully get us through our last years.

So, yeah, folks depending on social security getting them through their retirement years is just not a good idea at all.  As it is, it's not enough to live on except at the most basic level (assuming one can find cheap housing), and s.s. and medicare are in jeopardy of being eliminated altogether (a major worry for me because I wrack up a lot of medical bills these days).

So great advice, especially for those folks here still working and making enough money to do some saving and investing.  And yes, the idea that 50% of adult Americans do not have $500 in savings is alarming.  Setting up a budget and cutting out that pricey latte on the way to work and saving the money instead is smart thinking. 

nicknyr15

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

cincybearcat

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

Yup. I wouldn’t mind downsizing to an apartment/rented condo when I retire within the next decade….bit I still have to get my wife to agree.

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

I'm going down to Orlando, from Chicago, and we will rent for a year. We will be warm year round, enjoy our pool, and hopefully just relax. If we decide to buy again, then we will. But I'm not in a hurry. Just MY Social Security alone will cover rent and utilities. Not having to touch her social security when she qualifies. Again, money in an annuity or a decent CD, no risk earning 5%, is the same 5% I was basically making on my house yearly. 
It's a game plan that I hope works for us. 

SPEEDY MCCREADY

cincybearcat said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

Yup. I wouldn’t mind downsizing to an apartment/rented condo when I retire within the next decade….bit I still have to get my wife to agree.

You are a smart man. I've read you here for decades. The math just makes sense to me. I'm a numbers guy, and my wife knows that. When I present all the facts and figures to her, she agreed it wasn't all that insane to rent in our Golden Years. 

BLACK35

Like your thinking. The wife and I would like to retire before 60 if possible. I’ve been saving for a good 17 yrs now to thru investments and such. I had a business that I sold in 2018 and threw all the money into my investments. Through out the 17 yrs I had my business and each yr we took a dividend and never once did I touch it, always thru it into investments.
the wife and I have talked over the last couple yrs about selling our house and doing the rent thing as well, which would include staying somewhere warm for winter months. We owe less than 100k on house and I’m sure we could easily get over 500k. I think we can make that last with smart spending and reinvesting. 

Like you mentioned I’m shocked that there is so many people that will have very little savings when it comes to retirement. We live in Canada and you cannot rely on what our government will provide upon retirement. The elderly in our country get screwed. 

SPEEDY MCCREADY

BLACK35 said:

Like your thinking. The wife and I would like to retire before 60 if possible. I’ve been saving for a good 17 yrs now to thru investments and such. I had a business that I sold in 2018 and threw all the money into my investments. Through out the 17 yrs I had my business and each yr we took a dividend and never once did I touch it, always thru it into investments.
the wife and I have talked over the last couple yrs about selling our house and doing the rent thing as well, which would include staying somewhere warm for winter months. We owe less than 100k on house and I’m sure we could easily get over 500k. I think we can make that last with smart spending and reinvesting. 

Like you mentioned I’m shocked that there is so many people that will have very little savings when it comes to retirement. We live in Canada and you cannot rely on what our government will provide upon retirement. The elderly in our country get screwed. 

I would hate to have to work until I die, due to lack of financial stability. Such a sad thought and predicament. 

SPEEDY MCCREADY

Anyone have thoughts on annuities? Yay or nay?

nicknyr15

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

I'm going down to Orlando, from Chicago, and we will rent for a year. We will be warm year round, enjoy our pool, and hopefully just relax. If we decide to buy again, then we will. But I'm not in a hurry. Just MY Social Security alone will cover rent and utilities. Not having to touch her social security when she qualifies. Again, money in an annuity or a decent CD, no risk earning 5%, is the same 5% I was basically making on my house yearly. 
It's a game plan that I hope works for us. 

No state tax either 

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable. 

But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security. 

Plan ahead people!

That is all.

Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum. 

I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice. 

Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole. 

I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent.
And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house,  sitting in various accounts. More than I would if I sat in the house for another 5-10 years. 
Call me crazy.
But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. 
Equity? My ass
Hahaha 

Not crazy at all. Property  Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property. 

I'm going down to Orlando, from Chicago, and we will rent for a year. We will be warm year round, enjoy our pool, and hopefully just relax. If we decide to buy again, then we will. But I'm not in a hurry. Just MY Social Security alone will cover rent and utilities. Not having to touch her social security when she qualifies. Again, money in an annuity or a decent CD, no risk earning 5%, is the same 5% I was basically making on my house yearly. 
It's a game plan that I hope works for us. 

No state tax either 

Correct
Just alligators and hurricanes.
Ha

SPEEDY MCCREADY

The 4% retirement rule seems to make sense. I'm guessing a few here, who have responded, are familiar with it. 

Allowing yourself to withdraw only 4% of your retirement fund, yearly. Allowing you to make the money last 30 years. In theory it makes sense. 

SPEEDY MCCREADY

Of course I had to see what $500k in Canadian was worth in US $. 
Ha

nicknyr15

SPEEDY MCCREADY said:

The 4% retirement rule seems to make sense. I'm guessing a few here, who have responded, are familiar with it. 

Allowing yourself to withdraw only 4% of your retirement fund, yearly. Allowing you to make the money last 30 years. In theory it makes sense. 

Different things work for different people. I’m a big believer in income investing. Dividends create passive income that you can live off of without having to touch principle. 

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

The 4% retirement rule seems to make sense. I'm guessing a few here, who have responded, are familiar with it. 

Allowing yourself to withdraw only 4% of your retirement fund, yearly. Allowing you to make the money last 30 years. In theory it makes sense. 

Different things work for different people. I’m a big believer in income investing. Dividends create passive income that you can live off of without having to touch principle. 

Yeah, we are hoping to go a long time without touching our "main retirement fund".
It's been interesting to research what people consider to be the "amount" needed in order to retire and be comfortable. Obviously it also depends in what your definition of comfortable is. I'm really hoping I don't end up in a single wide eating white castle. 

nicknyr15

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

The 4% retirement rule seems to make sense. I'm guessing a few here, who have responded, are familiar with it. 

Allowing yourself to withdraw only 4% of your retirement fund, yearly. Allowing you to make the money last 30 years. In theory it makes sense. 

Different things work for different people. I’m a big believer in income investing. Dividends create passive income that you can live off of without having to touch principle. 

Yeah, we are hoping to go a long time without touching our "main retirement fund".
It's been interesting to research what people consider to be the "amount" needed in order to retire and be comfortable. Obviously it also depends in what your definition of comfortable is. I'm really hoping I don't end up in a single wide eating white castle. 

Best of luck with the next chapter my man. You’ll be fine. 

SPEEDY MCCREADY

nicknyr15 said:

SPEEDY MCCREADY said:

nicknyr15 said:

SPEEDY MCCREADY said:

The 4% retirement rule seems to make sense. I'm guessing a few here, who have responded, are familiar with it. 

Allowing yourself to withdraw only 4% of your retirement fund, yearly. Allowing you to make the money last 30 years. In theory it makes sense. 

Different things work for different people. I’m a big believer in income investing. Dividends create passive income that you can live off of without having to touch principle. 

Yeah, we are hoping to go a long time without touching our "main retirement fund".
It's been interesting to research what people consider to be the "amount" needed in order to retire and be comfortable. Obviously it also depends in what your definition of comfortable is. I'm really hoping I don't end up in a single wide eating white castle. 

Best of luck with the next chapter my man. You’ll be fine. 

Thanks.
Yes, I think we will be ok. 

Gern Blansten

I'm not sure that I agree that renting is better. Downsizing is definitely smart. But long term ownership and appreciation in value goes a long way vs paying rent.

Zod

Gern Blansten said:

I'm not sure that I agree that renting is better. Downsizing is definitely smart. But long term ownership and appreciation in value goes a long way vs paying rent.

Or in the cast here in Canada, rents can skyrocket.  You do the math based on current rents and index for inflation, but then rent prices double.  That's why I run into, in my work.  People living in a rent controlled suite (here in BC you can only raise by rate of inflation, sometimes not even that).  If you've lived in a place for over a decade your rent is probably half or less than half of current rents.   Your building gets renovicted, or demolished for a new builting, you have to go back in the world at modern rents.

I think it's good to own a place.  House, townhouse, or condo just to somewhat control your costs and insulated against skyrocketing rents.

I love this thread though, this is what I do for a living.   It's even tougher here in Canada.  Canada Pension Plan and OAS don't pay as much as SS in the USA.   CPP replicated about 1/4th of preretirement income.  So many people don't save.

The part that gets me is right now it's boomers.   The people that generally for their working lives lived through the best economic times we had.    Lots of boomers saved, bought a place, and will be ok.  There's still a great number that didn't save at all, and it's not great.

The thing is every following generation had even less than them, as economic circumstances have gotten worse with time.  Every younger generation is going to face even tougher.   Especially with how much our housing is in Canada.  Not much left to save.

Gern Blansten

Zod said:

Gern Blansten said:

I'm not sure that I agree that renting is better. Downsizing is definitely smart. But long term ownership and appreciation in value goes a long way vs paying rent.

Or in the cast here in Canada, rents can skyrocket.  You do the math based on current rents and index for inflation, but then rent prices double.  That's why I run into, in my work.  People living in a rent controlled suite (here in BC you can only raise by rate of inflation, sometimes not even that).  If you've lived in a place for over a decade your rent is probably half or less than half of current rents.   Your building gets renovicted, or demolished for a new builting, you have to go back in the world at modern rents.

I think it's good to own a place.  House, townhouse, or condo just to somewhat control your costs and insulated against skyrocketing rents.

I love this thread though, this is what I do for a living.   It's even tougher here in Canada.  Canada Pension Plan and OAS don't pay as much as SS in the USA.   CPP replicated about 1/4th of preretirement income.  So many people don't save.

The part that gets me is right now it's boomers.   The people that generally for their working lives lived through the best economic times we had.    Lots of boomers saved, bought a place, and will be ok.  There's still a great number that didn't save at all, and it's not great.

The thing is every following generation had even less than them, as economic circumstances have gotten worse with time.  Every younger generation is going to face even tougher.   Especially with how much our housing is in Canada.  Not much left to save.

yeah and in the US there will be a wave or blue collar workers that jumped on the GOP bandwagon and took down unions...leaving them with even less to retire on.

My mother in law was in a union and still got screwed by Honeywell but at least they didn't take everything from her

Get_Right

Smartest three things I have ever done. 1. Marrying my wife 2. Having said wife arrange for automatic payroll deductions for our two kids 529 education plans. 3. Having said wife arrange for automatic payroll deductions for our retirement accounts. It was probably $1,000 a month. 25 years later, kids tuition (at lease for a state school anyway) is covered, our mortgage is paid and there is a little nest egg. We may not be buying that 74 foot viking sportfishing yacht I always wanted but we are fine. The question we struggle with is where to go? We love New York and there is no way either of us can see ourselves in Florida, Myrtle Beach or Scottsdale. I vote Tokyo, but it is even more expensive than New York!

Get_Right

Oh and on pensions (not 401K, IRA, or stock options), if you leave that job, make sure to transfer that pension. Fidelity, Capital One, where ever. I have seen several colleagues lose a good chunk of a pension benefit because they ignored it when they separated from the company they worked at. Professional services, not unions.

SPEEDY MCCREADY

Get_Right said:

Smartest three things I have ever done. 1. Marrying my wife 2. Having said wife arrange for automatic payroll deductions for our two kids 529 education plans. 3. Having said wife arrange for automatic payroll deductions for our retirement accounts. It was probably $1,000 a month. 25 years later, kids tuition (at lease for a state school anyway) is covered, our mortgage is paid and there is a little nest egg. We may not be buying that 74 foot viking sportfishing yacht I always wanted but we are fine. The question we struggle with is where to go? We love New York and there is no way either of us can see ourselves in Florida, Myrtle Beach or Scottsdale. I vote Tokyo, but it is even more expensive than New York!

No yacht for me
No bass boat
But I have decided that once a month I'm going to go on a charter, and catch some bass. 
That's the best I can do. 

Get_Right

SPEEDY MCCREADY said:

Get_Right said:

Smartest three things I have ever done. 1. Marrying my wife 2. Having said wife arrange for automatic payroll deductions for our two kids 529 education plans. 3. Having said wife arrange for automatic payroll deductions for our retirement accounts. It was probably $1,000 a month. 25 years later, kids tuition (at lease for a state school anyway) is covered, our mortgage is paid and there is a little nest egg. We may not be buying that 74 foot viking sportfishing yacht I always wanted but we are fine. The question we struggle with is where to go? We love New York and there is no way either of us can see ourselves in Florida, Myrtle Beach or Scottsdale. I vote Tokyo, but it is even more expensive than New York!

No yacht for me
No bass boat
But I have decided that once a month I'm going to go on a charter, and catch some bass. 
That's the best I can do. 

Cheaper than a round of golf in some states. Go to the Bahamas and try some bonefish. My favorite fishing.

SPEEDY MCCREADY

Get_Right said:

SPEEDY MCCREADY said:

Get_Right said:

Smartest three things I have ever done. 1. Marrying my wife 2. Having said wife arrange for automatic payroll deductions for our two kids 529 education plans. 3. Having said wife arrange for automatic payroll deductions for our retirement accounts. It was probably $1,000 a month. 25 years later, kids tuition (at lease for a state school anyway) is covered, our mortgage is paid and there is a little nest egg. We may not be buying that 74 foot viking sportfishing yacht I always wanted but we are fine. The question we struggle with is where to go? We love New York and there is no way either of us can see ourselves in Florida, Myrtle Beach or Scottsdale. I vote Tokyo, but it is even more expensive than New York!

No yacht for me
No bass boat
But I have decided that once a month I'm going to go on a charter, and catch some bass. 
That's the best I can do. 

Cheaper than a round of golf in some states. Go to the Bahamas and try some bonefish. My favorite fishing.

Will do!

Bentleyspop

I've been "retired" longer than I worked at my "adult" job.
Luckily, I had some good advice  from family  members, including one who wrote for the Journal for 20 years. I also got a tad lucky with tech stocks in the 90s.
I have worked for the past 20 + years at jobs I enjoy. Living off those paychecks while investments have grown.
I've been relatively conservative with my investments over the years and have no complaints.
However,  now I live in Colorado, again, where real estate and the cost of living is more than a lot of states, but life is so much more fun. I'm not buying a place but choosing to rent because I don't  want the responsibility or the cost of home ownership. So now I spend more than i used to but am way happier than when cost of living was less.
A very positive trade-off for me. Plus I have no one to leave my money to so I plan to spend it.

Many many people have their own opinions on this. The one that matters in the long run is your own.