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Old 01-22-2015, 04:54 PM
 
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while we think we will never slow down the reality is eventually most of us do. that is why we are pulling the plug on working this year too
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Old 01-22-2015, 05:07 PM
 
8,204 posts, read 11,918,472 times
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Quote:
Originally Posted by mathjak107 View Post
isn't that where the bottled water comes from ?
Yes; and that is exactly what I am drinking right now. Of course, later this afternoon that will become a tropical drink made with Bounty Rum.

Fiji Rum Co - Heavenly Rum, from Paradise on Earth
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Old 01-22-2015, 05:23 PM
 
Location: DFW/Texas
766 posts, read 695,141 times
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Thank you, everyone, for the replies! It gives me a lot of insight as to what we should and should not be doing when it comes to our retirement. If we continued to save at the same exact rates that we are doing now then we will be close to the 2 million mark; with inflation and whatever I'm going to contribute when I go back into the workforce I think that we'll be fine. We have always contributed the max amount allowed and live frugally and within our means. Saving money has become paramount to us and it feels good to know that we are debt free. When we buy a house, though....gonna owe our souls there....LOL.

We are concerned about my FIL and MIL not having enough to retire with (actually, my MIL isn't going to retire from anything, she hasn't worked in over 6 years) and then their care will end up being our responsibility, which we DON'T want to happen. Neither of them live lavishly but they are both used to certain comforts and, living in California, the COL here is already very high. Soooo.....my DH is going to be sitting them both down in the near future and talking seriously about their plans because whatever they do affects us to some degree. Luckily, my parents are taken care of- I thank my dad almost every day for setting himself and my mother up for the rest of their lives! I can't imagine having to shoulder the costs of 2 sets of elderly parents in the years to come, let alone one. Hence, the conversations my DH will be having with his parents.
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Old 01-22-2015, 07:26 PM
 
Location: CT
3,461 posts, read 1,856,983 times
Reputation: 4614
Quote:
Originally Posted by Berrie143 View Post
Thank you, everyone, for the replies! It gives me a lot of insight as to what we should and should not be doing when it comes to our retirement. If we continued to save at the same exact rates that we are doing now then we will be close to the 2 million mark; with inflation and whatever I'm going to contribute when I go back into the workforce I think that we'll be fine. We have always contributed the max amount allowed and live frugally and within our means. Saving money has become paramount to us and it feels good to know that we are debt free. When we buy a house, though....gonna owe our souls there....LOL.

We are concerned about my FIL and MIL not having enough to retire with (actually, my MIL isn't going to retire from anything, she hasn't worked in over 6 years) and then their care will end up being our responsibility, which we DON'T want to happen. Neither of them live lavishly but they are both used to certain comforts and, living in California, the COL here is already very high. Soooo.....my DH is going to be sitting them both down in the near future and talking seriously about their plans because whatever they do affects us to some degree. Luckily, my parents are taken care of- I thank my dad almost every day for setting himself and my mother up for the rest of their lives! I can't imagine having to shoulder the costs of 2 sets of elderly parents in the years to come, let alone one. Hence, the conversations my DH will be having with his parents.
Why do you think you're responsible for your inlaws and why do you think they expect you to care for them? They live their way and you and your husband live your way, are they really going to change their lifestyle because it neither of you approve? Kind of reeks of selfishness.
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Old 01-23-2015, 05:47 AM
 
29,782 posts, read 34,876,173 times
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Originally Posted by snowtired14 View Post
Why do you think you're responsible for your inlaws and why do you think they expect you to care for them? They live their way and you and your husband live your way, are they really going to change their lifestyle because it neither of you approve? Kind of reeks of selfishness.
Or a family that sees a shared responsibility for each other from cradle to grave. It is all a collective personal family relationship and that varies from person to person and family to family. I would hope each of us in life is able to embrace and be embraced by a family with mutual values to our own what ever they are.
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Old 01-23-2015, 06:10 AM
 
Location: Greenville, SC
703 posts, read 796,876 times
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Originally Posted by TuborgP View Post
Or a family that sees a shared responsibility for each other from cradle to grave. It is all a collective personal family relationship and that varies from person to person and family to family. I would hope each of us in life is able to embrace and be embraced by a family with mutual values to our own what ever they are.
You may want to reread HER post. Her tone and the "DON'T" in caps gives me the impression this is not something she would embrace, lol.
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Old 01-23-2015, 07:32 AM
 
29,782 posts, read 34,876,173 times
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Originally Posted by lv2trvl View Post
You may want to reread HER post. Her tone and the "DON'T" in caps gives me the impression this is not something she would embrace, lol.
I was responding to snow tired and included her Quote . Simply we are all individuals with different values and we all hopefully belong to a family that shares ours independent of others thinking.

Last edited by TuborgP; 01-23-2015 at 08:20 AM..
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Old 01-23-2015, 09:03 AM
 
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five million now go and save it.
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Old 01-23-2015, 09:19 AM
 
29,782 posts, read 34,876,173 times
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Originally Posted by SandyJet View Post
five million now go and save it.
The first step is education and allowing yourself and children to acquire the academic skills so you/they have the widest range of well paying careers to choose from.
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Old 01-23-2015, 09:31 AM
 
41 posts, read 89,448 times
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It's really more about income rather than savings. Determine what portion of annual expenses (all expenses) are not covered by guaranteed sources of income such as Social Security and/or pension. The amount that's not covered is called your residual expenses. Many experts agree one should have 20-25 X residual expenses accumulated and held in extremely safe assets.

For example, if your annual expenses are $40,000, but only receive $20,000/year in SS, your residual expenses (expenses not covered by a guaranteed source of income) are $20,000. Thus 25 X $20,000 residual expenses = $500,000.
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