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Old 06-16-2008, 05:59 PM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134

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Quote:
Originally Posted by gemkeeper View Post
Brightdoglover, much of what you say resonates with me, as well, in spite of the large family. A large family is of little consequence if you are not physically connected any longer.

I heard a news blip about dear Tim Russert, a man I greatly admired. He told of walking down a city street as a 10 yr. old with his father, a devout Catholic. They were just chatting about baseball, what was for dinner, that sort of thing.

When they came to the Catholic church they attended in Buffalo, there were quite a few people going inside for a funeral service. Tim's dad said "Let's just stand here for a bit". He asked Tim what time it was on his watch. Tim said that it was 11:25, and why did his dad need to know. His father said he was just wondering.

They continued to stand on the sidewalk outside of the church when the soon the people there for the funeral began to leave the church. Tim's father asked what time it was now. Tim replied that it was 11:50.

His father said to always remember that you might live 75 or 80 years, but when your life was over, it took only 25 minutes to sum up who a person was and what he did with his life. If it was going to be a 25 minute summation, be sure that whatever you did was going to make a memorable, fine 25 minute memorial to your life.

I was very touched by that story and I think that is what all of our lives boil down to. Be sure that whatever we do with this life, remember that at the end there will only be a 25 minute summation. May those minutes be full of very good memories.

I'm afraid that got a little off-topic; I apologize. But, sometimes we are more concerned with the cash than with the prize. I think we can all live on a lot less than we would imagine and still leave behind us, not necessarily a boon for our descendents, but some pretty wonderful memories and legacies.
A good point, thank you.
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Old 02-07-2009, 03:54 PM
 
117 posts, read 300,271 times
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Quote:
Originally Posted by Plain Jane 3953 View Post
I am 54 and my husband is 68. We are debt free. My husband has retired and his only pension is the UK state pension of 400 ($800) per month.

We have approximately 310K ($600K) in investments we are adding to this from my income and reinvesting the earnings.

We have a home in the UK worth about 120K (sterling). We have about $250K (USD) set aside to purchase a property in the USA.

I want to work another 2 years and when I am 60 I will receive a small pension from my employer of about 500.00 (sterling) per month. I have worked over 10 years in the USA so I should be eligible for USA SS when I turn 63. I will also get a small UK state pension.

In two years time I want to return to the USA to live near my family. Our major problem with this is the USA health care. My husband is not a US citizen and therefore not eligible for Medicare. I will be too young for Medicare in two years time.

So, in two years time when I am 56, when we do return to the USA, the only way I can think of to avoid paying thousands in health insurance premiums is to maintain two homes, one in the UK and one in the USA. While in the UK, we have access to their excellent "free at use" health care system (which I, with pleasure, pay through payroll taxes). While we are in the USA we would obtain travel insurance to cover our health care in cases of an emergency. The cost of the plane tickets and travel insurance would be perhaps 1/3 or what the cost would be for USA health insurance premiums for us both. I do not find this situation ideal but I simply do not know how else we can handle this situation. With any luck (especially for the Americans), the USA will soon have a single payer system as regards health insurance premiums.

As far as the income we will have in retirement, with our respective pensions and investment income, it should be plenty for the very simple life style my husband and I enjoy. We aim to find a place in the USA where we can buy a simple, but nice 3 bed 2 bath home for approx $250K. We are looking at smaller University towns, and a place where we can walk to the shops so that we do not have to use a car for our routine purchases.
Considering that the US economy is having so many difficulties and is likely to get worse (see the article in the LA times about the elderly couple outside a restaurant), isn't it sort of PATHETIC to brag about how much you own, in a public forum? And why would you??
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Old 02-07-2009, 04:07 PM
 
7,982 posts, read 11,665,473 times
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Brightdoglover's comments resonate with me as well.
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Old 02-10-2009, 10:10 PM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Retirement needs to be well planned
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Old 02-11-2009, 02:04 AM
 
71,651 posts, read 71,777,271 times
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to bad most peoples retirement planning consists of WORK UNTIL YOU CAN'T
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Old 02-11-2009, 02:33 AM
 
71,651 posts, read 71,777,271 times
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I Hope all of you include in your planning the fact that you will need to keep increasing your withdrawls by about 3% a year in order to stay even with inflation...after 20 years of even moderate inflation your expenses will be almost double .....

i see many references here about the fact that people are living on all the bank interest such as one comment about someone who has 400,000 or so at 7% and they are drawing 28,000 a year from it, which means their nest egg is shrinking by the rate of inflation year after year ..... typically most calculations will allow you about 4% withdrawl or so based on the fact that a typical 50/50 mix of equities and cash/bonds will return a long term average of 6-7%... 3% stays with the nest egg keeping its value stable ,assuming the inflation rate is around 3% average and your free to take 4%...

that will give you a 95% chance of not running out of money....


just curious how many people are aware that their 25,000 withdrawl a year they are pulling will require 50,000 a year 20 years from now to pay the same bills ...

from the looks of it i think not to many, as alot of people are living off all the income and not growing their nest eggs to keep up


if i remember from posts back one fellow thought he was set for life with all his money in the bank because he was getting 5% and his 500,000 would give him 25,000 a year to live on.... he had not a clue in 20 years he would be taking a 50% pay cut and really needed 50,000 a year in withdrawls to stay even,,, he can typically pull only 10,00 a year inflation adjusted and still maintain at least a 95% survival rate,

although not all our expenses rise the same 3% a year overall i cant think of much thats not doubling every 20 years and catching up with all of us eventually


the retirement grave yard is filled with failed retirements because the person said aaaaah i wont need that much more money every year.....

all i can say is be fore warned, you really have to look at the lifestyle you want to live and take a look at a lot of the costs of whatever it is and see how they rose.... i have friends who are content on just living on their social security and live very expense limited lives but thats definatley not how i plan on retiring, in fact i think i may even need more then im earning working with all that free time coming up....

Last edited by mathjak107; 02-11-2009 at 03:12 AM..
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Old 02-11-2009, 07:28 AM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by mathjak107 View Post
I Hope all of you include in your planning the fact that you will need to keep increasing your withdrawls by about 3% a year in order to stay even with inflation...after 20 years of even moderate inflation your expenses will be almost double .....
My pension has been giving a 5% COL increase each year.

And our portfolio has been showing 16% growth.

I think that some of us have planned for this issue.
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Old 02-11-2009, 08:01 AM
 
71,651 posts, read 71,777,271 times
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from what im reading and seeing im not so sure.......
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Old 02-12-2009, 08:29 AM
 
Location: Land of 10000 Lakes +
5,554 posts, read 6,017,595 times
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Quote:
Originally Posted by forest beekeeper View Post
I think that most states have retirees doing very well on $44k less per annum.
I agree wholeheartedly. I am doing very well on a little less than that with pension and SS. My SS will increase quite a bit in about five years. I owe very little on my mortgage and payments are down to $162/mo and my car is paid up. All medical care is covered from past employer, and I do everything I want, including taking at least one nice vacation a year. I am able to save some, and I have not cut corners except that I don't buy clothes anymore. I never used much gas because work was only 3 miles away so there's not much difference there because I tend to be homebody but have to get out at least once during any given day. I eat out at least twice a week or get carryout.

I have a little savings that I don't intend to touch unless I make a major move, and it wouldn't be all of it.
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Old 02-12-2009, 09:31 AM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by Aylalou View Post
I agree wholeheartedly. I am doing very well on a little less than that with pension and SS. My SS will increase quite a bit in about five years. I owe very little on my mortgage and payments are down to $162/mo and my car is paid up. All medical care is covered from past employer, and I do everything I want, including taking at least one nice vacation a year. I am able to save some, and I have not cut corners except that I don't buy clothes anymore. I never used much gas because work was only 3 miles away so there's not much difference there because I tend to be homebody but have to get out at least once during any given day. I eat out at least twice a week or get carryout.

I have a little savings that I don't intend to touch unless I make a major move, and it wouldn't be all of it.
It sounds like you are doing very nicely

I have been spending money, though, it has been in planting an apple orchard, building raised beds for garlic and onions, making greenhouses for veggies.

Watching the temps slowly rise now hoping to tap maple trees for the first time.

My retirement is great!

Most of the money that I am spending now, is to further the production of our own food.

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