I have a defined benefit pension with a job I've been at nearly 30 years. my wife's work does RSP matching, and she maxes out every year. whatever we have extra depends, sorry for the crassness, how long our parents live. we both have both our folks still. hers are nearing 90, mine are mid 70's. if they live long enough to drain it, that's best case (as long as it's quality).
I haven't decided when I'll retire. My financial planner tells me I can as early as 57 (7 years from now). I might work longer, or I might not and just get a part time job working security at concerts. Our kids educations are paid for, through the generosity of my parents ($100 a month for each kid RESP since they were born). But I doubt I'll retire if either one is still living here. And considering my youngest is in grade 10, could be a while yet.
"Oh Canada...you're beautiful when you're drunk" -EV 8/14/93
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Having someone to leave an inheritance for changed our retirement plans. Pretty much have to actively save money and invest if you want to be comfortable and live to an average age. I have a friend who says that retirement is an impossibility unless you have 10 million in accounts. That seems excessive to me but that varies by where you live and how you define "comfortable".
In addition to reading how little money people have in savings is pretty sad and shocking. I also remember reading a few years ago that the average American (person or household, can't remember which) has $30k in credit card debt. I imagine that really puts a damper on being able to save money.
If hope can grow from dirt like me, it can be done. - EV
Would recommend against unless whatever amount you can commit can stay there for a long time and you have no interest in moving it to something more profitable if interest rates change or another potentially lucrative investment opportunity presents itself. If you’re okay parking it and forgetting about it other than the check it generates, go for it.
Having someone to leave an inheritance for changed our retirement plans. Pretty much have to actively save money and invest if you want to be comfortable and live to an average age. I have a friend who says that retirement is an impossibility unless you have 10 million in accounts. That seems excessive to me but that varies by where you live and how you define "comfortable".
In addition to reading how little money people have in savings is pretty sad and shocking. I also remember reading a few years ago that the average American (person or household, can't remember which) has $30k in credit card debt. I imagine that really puts a damper on being able to save money.
It's crazy. I know it'd different now, but 20 years ago when I finished university, I struggled to find real work, and was working in a produce warehouse making barely above min. wage. I still managed to save.. not much.. but enough I could deal with life if my car broke kind of thing. It was absolutely against my beliefs to borrow just to keep the day to day going. You do that, it's a hole you can't ever did yourself out of.
I was a bit slow at life. I waited 4 years after high school to go to university.. struggled to find work when I graduated, wait a bit long to move somewhere else.. figured it out, moved back, saved up for down payment, and now have done a solid job with saving, and hopefully our little home is paid off several years from now
It was such small things in life that helped me learned a little financial literacy. First was the concept of compounding, which I think I was taught in grade 11 math. The 2nd was 1st year Economics class at University where they talked about life cycle stages, and how by 40s/50s those are supposed to be your peak earning years. It was like a blueprint. 20's you start out, 30's you figure it out, 40's/50s you should have a house, earn the highest incomes you'll earned, and start amassing assets. I'm like that makes sense, and away I went..
They really do need to teach financially literacy in high school.
Having someone to leave an inheritance for changed our retirement plans. Pretty much have to actively save money and invest if you want to be comfortable and live to an average age. I have a friend who says that retirement is an impossibility unless you have 10 million in accounts. That seems excessive to me but that varies by where you live and how you define "comfortable".
In addition to reading how little money people have in savings is pretty sad and shocking. I also remember reading a few years ago that the average American (person or household, can't remember which) has $30k in credit card debt. I imagine that really puts a damper on being able to save money.
Having someone to leave an inheritance for changed our retirement plans. Pretty much have to actively save money and invest if you want to be comfortable and live to an average age. I have a friend who says that retirement is an impossibility unless you have 10 million in accounts. That seems excessive to me but that varies by where you live and how you define "comfortable".
In addition to reading how little money people have in savings is pretty sad and shocking. I also remember reading a few years ago that the average American (person or household, can't remember which) has $30k in credit card debt. I imagine that really puts a damper on being able to save money.
$10million is pretty excessive for sure.
I wonder what model and lifestyle.
That's how I feel about it, too. He's one of those guys who likes nice things and likes to travel so that figure might be appropriate for him. For my lifestyle and habits, that would be more than enough.
I guess the point is to try to decide how and where you want to live and determine how much it will cost per year. Factor for significant medical expenses and inflation, how much (if any) you want to leave for your survivors and figure 30 years is a reasonable amount of time to live after retiring.
All in, I imagine that would be a pretty staggering number. Definitely variable to the individual and situation, though
If hope can grow from dirt like me, it can be done. - EV
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
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!
I'll probably stay in IN but a few places tempt me
1. San Clemente (avg temps are great all year) 2. TN or GA 3. Aruba....every day it's a high of 90 and low of 80
I can't tell you how many people I've known that retire to FL and then regret it. Too many people, too expensive, etc.
AZ isn't bad but too fucking hot
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
To much of the world, and even much of our country, 500K is a lot of money. Many people sacrifice travel, indulgences and enjoyment during their working years to build a large retirement fund. Then they spend like crazy when they retire. I am keeping a steady pace the entire way. Oh, and my kids get nothing but the furniture and maybe my vinyl collection if I cannot sell it before I pass.
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
One year ago I realized that Florida and their HOA FEES can go straight to HELL. Haha Condo living in Florida would not be for me. Plus researching the dingalings in charge of HOA's? I would end up in prison. My wife and I seriously considered purchasing in a 55+ gated community in Florida. But again, there were the FEES.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
One year ago I realized that Florida and their HOA FEES can go straight to HELL. Haha Condo living in Florida would not be for me. Plus researching the dingalings in charge of HOA's? I would end up in prison. My wife and I seriously considered purchasing in a 55+ gated community in Florida. But again, there were the FEES.
It is a numbers game. How much would it cost to pay the landscapers, an occasional contractor vs. the monthly fees. Personally I love condo living here in NY. I pay a lot less than it would cost to hire service providers. I do not have to worry about anything. But it is when that $2,000 assessment shows up to fix a gas leak, paving, or the deck or roof of someone else that gets me. And yes many board members find their second career and make it their mission to nitpick and be difficult, because they have nothing else to do!
0
brianlux
Moving through All Kinds of Terrain. Posts: 42,808
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
I only know one person who (to my knowledge anyway) lives on her social security and it's a bare bones existence. It's like living below the poverty line. I did that for about five years in the 90's. It's not something to be envied, believe me!
"Don't give in to the lies. Don't give in to the fear. Hold on to the truth. And to hope."
anyone thought of becoming an ex-pat and moving to costa rica or panama? supposedly insanely cheap cost of living and have heard folks fly back for doc appts etc....
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
anyone thought of becoming an ex-pat and moving to costa rica or panama? supposedly insanely cheap cost of living and have heard folks fly back for doc appts etc....
Curious about this as well. I always dreamed of Rincon PR or Costa Rica.
anyone thought of becoming an ex-pat and moving to costa rica or panama? supposedly insanely cheap cost of living and have heard folks fly back for doc appts etc....
Curious about this as well. I always dreamed of Rincon PR or Costa Rica.
Yeah, I've done some research. But there is the health insurance hang up.
Post edited by SPEEDY MCCREADY on
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
anyone thought of becoming an ex-pat and moving to costa rica or panama? supposedly insanely cheap cost of living and have heard folks fly back for doc appts etc....
Curious about this as well. I always dreamed of Rincon PR or Costa Rica.
Yeah, I've done some research. But there is the health insurance hang up.
Which for some might seem a whole hell of a lot better than what we have here in the USA. HAHA
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
Scary thing is my family actually goes to Japan for health care. Dentists eyeglasses teeth cleaning etc. So much cheaper. Is the quality the same? Probably not for anything serious.
I'm starting to meet a lot of Canadians that go to countries like Singapore to get health scans and what not, because our waitlists are so long. Proactive care isn't great here :( I only got a family doctor for the first time in 13 years last year. Had my first blood test, and immediately identified cholesterol issues. Hopefully not being aware of them for all those years doesn't cause me problems :( My goal is to keep up the exercise, eat healthy, and hope I don't need too much from our health care system :(
In regards to retirement I think the # is subjective. People who own their homes when they retire don't need as much money. Some people have pensions, so they won't need to have saved up as much. People who rent, and don't have pensions, they really really need to save up. It also depends what kind of lifestyle you lead. I've met people who don't like to travel much, and maybe spend a few grand a month, and then the opposite side of spectrum. People that need new cars every 3 years, want to travel all the time, etc... You need to save insanely well to fund big retirement lifestyles.
In regards to retirement I think the # is subjective. People who own their homes when they retire don't need as much money. Some people have pensions, so they won't need to have saved up as much. People who rent, and don't have pensions, they really really need to save up. It also depends what kind of lifestyle you lead. I've met people who don't like to travel much, and maybe spend a few grand a month, and then the opposite side of spectrum. People that need new cars every 3 years, want to travel all the time, etc... You need to save insanely well to fund big retirement lifestyles.
Very true. My idea of comfortable and your idea can be 2 vastly different lifestyles.
That's where the 4% retirement rule makes a lot of sense, to me anyways. It basically keeps you living within your means. Basically maintaining the lifestyle one is accustomed to.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
One year ago I realized that Florida and their HOA FEES can go straight to HELL. Haha Condo living in Florida would not be for me. Plus researching the dingalings in charge of HOA's? I would end up in prison. My wife and I seriously considered purchasing in a 55+ gated community in Florida. But again, there were the FEES.
And insurance has been skyrocketing in FLA in recent years due to condo collapses, hurricanes etc. Most folks don't realize you end up paying 2 policies in a FLA condo, one for your unit and one for the building/complex.
If you plan to live 20-25 years after retirement, take your current after tax income and multiply. That is what you will need to maintain your current lifestyle. There are plenty of people 65+ with $500K in the bank and living just fine without having to work. Heck there are people that survive on social security. Make a plan and stick to it. The earlier the better.
$500k seems to be the amount I would consider to be most people's "goal", to start thinking of retirement. Some experts seem to agree with that number. Lots of so called experts say the figure is $1 million.
I think $500K is completely doable. The important thing is that (unless disabled) people can still go back to work part time and make some money if needed.
Sure. Making 5% yearly on $500k Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly $25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
One year ago I realized that Florida and their HOA FEES can go straight to HELL. Haha Condo living in Florida would not be for me. Plus researching the dingalings in charge of HOA's? I would end up in prison. My wife and I seriously considered purchasing in a 55+ gated community in Florida. But again, there were the FEES.
And insurance has been skyrocketing in FLA in recent years due to condo collapses, hurricanes etc. Most folks don't realize you end up paying 2 policies in a FLA condo, one for your unit and one for the building/complex.
I spent months looking at Florida condos and was just floored by the entire HOA situation down there. The retirement homes/communities, over 55, was the same nonsense. I have no problem admitting at 1st I had no clue to what HOA fees even covered. But once I educated myself, I was instantly saying "FUCK THAT".
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
Some of the HOAs have some pretty horrible rules. Many of the ones I used to do work in wouldn't allow me to drive my service van through the main entrance, residents could not have trucks, leave their garage door open for longer than 15 minutes at a time, back their car in to the driveway or have any input on what kind of plants you can have in your yard.
I had one client whose son was deathly allergic to the caterpillars that lived on the decorative tree in their front yard. He was in the hospital three times due to them and when the father asked that the tree be removed for health and safety reasons, the HOA told him he should move out. The didn't want to have any homes that were different from the street view.
No thanks, not for me. I still own properties in that state but none are part of an HOA.
Post edited by dudeman on
If hope can grow from dirt like me, it can be done. - EV
Comments
I haven't decided when I'll retire. My financial planner tells me I can as early as 57 (7 years from now). I might work longer, or I might not and just get a part time job working security at concerts. Our kids educations are paid for, through the generosity of my parents ($100 a month for each kid RESP since they were born). But I doubt I'll retire if either one is still living here. And considering my youngest is in grade 10, could be a while yet.
-EV 8/14/93
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
In addition to reading how little money people have in savings is pretty sad and shocking. I also remember reading a few years ago that the average American (person or household, can't remember which) has $30k in credit card debt. I imagine that really puts a damper on being able to save money.
Libtardaplorable©. And proud of it.
Brilliantati©
-EV 8/14/93
That's how I feel about it, too. He's one of those guys who likes nice things and likes to travel so that figure might be appropriate for him. For my lifestyle and habits, that would be more than enough.
I guess the point is to try to decide how and where you want to live and determine how much it will cost per year. Factor for significant medical expenses and inflation, how much (if any) you want to leave for your survivors and figure 30 years is a reasonable amount of time to live after retiring.
All in, I imagine that would be a pretty staggering number. Definitely variable to the individual and situation, though
1. San Clemente (avg temps are great all year)
2. TN or GA
3. Aruba....every day it's a high of 90 and low of 80
I can't tell you how many people I've known that retire to FL and then regret it. Too many people, too expensive, etc.
AZ isn't bad but too fucking hot
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
Till there aint nothing left worth taking away from me.....
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
To much of the world, and even much of our country, 500K is a lot of money. Many people sacrifice travel, indulgences and enjoyment during their working years to build a large retirement fund. Then they spend like crazy when they retire. I am keeping a steady pace the entire way. Oh, and my kids get nothing but the furniture and maybe my vinyl collection if I cannot sell it before I pass.
Making 5% yearly on $500k
Plus adding social security or pension.
Makes retirement very doable.
$25k interest yearly
$25k social security
$50k a year without touching principle would be comfortable. Again, this depends on one's housing situation and other bills. Plus let's not forget health insurance.
Till there aint nothing left worth taking away from me.....
100%. I need to research the health insurance after retiring. I have been blessed with great insurance my entire life. And keep an eye on those HOA fees and assessments. Maybe even negotigate it into your sales contract. I have had a few friends move into very nice "communities" only to be hit hard with assessment fees.
Condo living in Florida would not be for me. Plus researching the dingalings in charge of HOA's? I would end up in prison.
My wife and I seriously considered purchasing in a 55+ gated community in Florida. But again, there were the FEES.
Till there aint nothing left worth taking away from me.....
It is a numbers game. How much would it cost to pay the landscapers, an occasional contractor vs. the monthly fees. Personally I love condo living here in NY. I pay a lot less than it would cost to hire service providers. I do not have to worry about anything. But it is when that $2,000 assessment shows up to fix a gas leak, paving, or the deck or roof of someone else that gets me. And yes many board members find their second career and make it their mission to nitpick and be difficult, because they have nothing else to do!
I only know one person who (to my knowledge anyway) lives on her social security and it's a bare bones existence. It's like living below the poverty line. I did that for about five years in the 90's. It's not something to be envied, believe me!
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Till there aint nothing left worth taking away from me.....
HAHA
Till there aint nothing left worth taking away from me.....
My idea of comfortable and your idea can be 2 vastly different lifestyles.
That's where the 4% retirement rule makes a lot of sense, to me anyways. It basically keeps you living within your means. Basically maintaining the lifestyle one is accustomed to.
Till there aint nothing left worth taking away from me.....
Most folks don't realize you end up paying 2 policies in a FLA condo, one for your unit and one for the building/complex.
Till there aint nothing left worth taking away from me.....
I had one client whose son was deathly allergic to the caterpillars that lived on the decorative tree in their front yard. He was in the hospital three times due to them and when the father asked that the tree be removed for health and safety reasons, the HOA told him he should move out. The didn't want to have any homes that were different from the street view.
No thanks, not for me. I still own properties in that state but none are part of an HOA.