Retirement

Gern Blansten · February 16

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!

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

SPEEDY MCCREADY · February 16

Get_Right said:

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.

Gern Blansten · February 16

SPEEDY MCCREADY said:

Get_Right said:

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.

Get_Right · February 16

SPEEDY MCCREADY said:

Get_Right said:

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.

SPEEDY MCCREADY · February 16

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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.

Get_Right · February 16

SPEEDY MCCREADY said:

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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.

SPEEDY MCCREADY · February 16

Get_Right said:

SPEEDY MCCREADY said:

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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.

cincybearcat · February 16

HughFreakingDillon said:

The benchmark used to be $1m. Inflation hasn’t increased that tenfold, but it obviously is higher.

Yup. We want to travel a bunch for the first 15 years or so, so targeted 4x that. The models look promising….but you never really know.

Get_Right · February 16

SPEEDY MCCREADY said:

Get_Right said:

SPEEDY MCCREADY said:

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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!

brianlux · February 16

Get_Right said:

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!

mickeyrat · February 16

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....

nicknyr15 · February 16

mickeyrat said:

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.

SPEEDY MCCREADY · February 16

nicknyr15 said:

mickeyrat said:

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.

SPEEDY MCCREADY · February 16

SPEEDY MCCREADY said:

nicknyr15 said:

mickeyrat said:

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

Get_Right · February 16

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.

Zod · February 16

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.

SPEEDY MCCREADY · February 16

Zod said:

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.

Poncier · February 16

SPEEDY MCCREADY said:

Get_Right said:

SPEEDY MCCREADY said:

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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.

SPEEDY MCCREADY · February 16

Poncier said:

SPEEDY MCCREADY said:

Get_Right said:

SPEEDY MCCREADY said:

Gern Blansten said:

SPEEDY MCCREADY said:

Get_Right said:

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".

dudeman · February 16

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.

Retirement

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