Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-15-2016, 12:03 PM
 
Location: North West Arkansas (zone 6b)
2,776 posts, read 3,231,442 times
Reputation: 3912

Advertisements

Quote:
Originally Posted by Shark01 View Post
Yep, you're pretty much done if you only have $90k in liquidity at age 42 as far as getting to $1M on your own by age 65 if you're not making 6 figure income. Probably the best thing you can do is find a spouse in an equal or better financial position to yours and work together. Two can live almost as cheaply as one.
hog-wash. that million dollar figure has not been hit by lots of folks that are currently in retirement and they are still doing OK.
Reply With Quote Quick reply to this message

 
Old 05-15-2016, 12:10 PM
 
9,446 posts, read 6,549,098 times
Reputation: 18898
First of all, it sounds like you are doing a lot already to prepare. The most costly things in retirement for many people are housing and medical, especially as they progress to mid and later retirement. So if you remain cognizant of this and plan ahead it will help. IMO owning your home outright in retirement is a good thing for many people. Extending working years beyond 65 is not always an option, but works for some.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 12:15 PM
 
Location: Concord, CA
7,154 posts, read 9,256,289 times
Reputation: 25444
Quote:
Originally Posted by Howiester View Post
Consider moving near a Walmart so you can be a greeter when you're 80.
By then the greeters will be robots.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:10 PM
 
2,076 posts, read 4,063,026 times
Reputation: 2589
I have a lot of relatives who have not saved well for retirement (have somewhere between nothing and 200k in savings). People figure out a way to survive. Where I live, there is decent senior housing which after a waiting list (usually about a year) you can get into a small apartment for 30% of your monthly income including all utilities. It's an amazing deal, I don't know how long it will be able to exist.

One of my poorer senior relatives just underwent cancer treatment. The co-pay for the chemo was basically just hit the out of pocket max which was around $5,000. She didn't have $5,000. It was looking like we would have to chip in as a family but at the last minute she got in on some prescription grant program and it paid the $5,000.

From my perspective it seems you will survive, but the less money you have saved will definitely impact your quality of life. The same relative who was undergoing cancer treatment couldn't get in and out of her bathtub due to the treatments weakening her. She wanted a tub with a door but those are 5-8k and not covered by medical insurance. Luckily we found a service that would modify her existing tub and add a cut out for 1k. Luckily family covered the 1k because otherwise she would have been sponge bathing out of the vanity sink. Again, it's a quality of life issue.

I feel like a person who can get to saving no later than 30 will be OK if they can save at least 10% of their income and work until 65-70. Starting later, working to save 15% of your income as soon as possible should be the goal. SS will be around and if you're in the six figure range then wait until 70 to collect and you should get $2,500-$2,750/month.

My own parents, around 45 they said "we'll never have 1MM or 2MM so we're not going to save anything, no point in it". They'd like to retire now but have nothing. They'll work until they die or are physically unable, which the latter is more likely. I love my family but it's hard to want to help out when I watched them make a good income (100k+) and choose to spend it on travel, first class flights, etc. instead of saving for retirement.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:18 PM
 
Location: Myrtle Creek, Oregon
15,293 posts, read 17,624,485 times
Reputation: 25231
Buy a house with a 15 year mortgage and pay it off. That leaves you free and clear by the time you are 57, with 13 years to make the mortgage payments into savings. If you work to 70, you will have a quarter of a million in savings, a paid-off mortgage, and extra SS income. You will do fine.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:24 PM
 
8,238 posts, read 6,557,601 times
Reputation: 23140
WestieJeff, for some, no need to transform a bathroom with $1000 or $5-8k. For most people, a bathtub transfer seat/board works beautifully. You sit on it and slide over. (maybe not for some who cannot lift their legs which may have been your relative) Just wanted to mention it for others to know about its existence.

available at Walmart.com, Amazon.com, Walgreens.com Moen is one brand name

http://www.moen.com/moen-home-care/g...R-CSI%3ADN7105

Moen Transfer Bench Premium - Sunbelt Medical Supply

put the following into google.com for more options: bathtub transfer bench
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:25 PM
 
86 posts, read 105,773 times
Reputation: 26
That's a point I've thought about too and it's that I basically have no family (or won't by the time I'm old). No siblings, no kids, some extended family in the way of cousins, etc. but I've never been close to them and can't possibly imagine asking them for help if I get sick, etc.
Since I do have a well paying job it's not as if I can't save more- I am saving almost 50% of my take-home pay- it's just depressing because I had hoped to be able to leave my stressful and unfulfilling job and hoped to be able to move out of an area that I don't like. It's not that I expect I will love going to work every day and that everything will be perfect, but I'd like to have some happiness in the job/living situation in the next 20 years. It seems like I have to keep this job to make it work.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:31 PM
 
10,600 posts, read 12,062,327 times
Reputation: 16764
OP, don't let people scare you. you don't HAVE To have a million dollars to retire.

Also, you didn't say (not that you need to) what you make or how much you're saving.
If you're income increases, you'll be able to save more.
Does your job have a pension??? a 401K?? do you have a Roth? How much are you putting aside in some of these kinds of accounts.

Personally, I've always suggested saving as much as one can -- WHILE enjoying the life being lived right now. You could be hit by a bus tomorrow. And if you've never enjoyed yourself because you're living on half your income -- after you've saved for retirement then how much have you really enjoyed your life in the meantime. If you make 250K that might be easier to do than if you make 50K. That's life.

Some things, nay many things that one finds enjoyable are free or no cost. BUT, sometimes a person has a hobby or things they enjoy that use happen to cost a lot of money. Only YOU can decide for you what your "happy medium" will be between saving and spending.

COULD a person not eat out as often? COULD a person only go to matinees to save money when going to the movies? COULD a person never travel? COULD a person only use coupons to buy groceries or only shop at thrift shops? COULD a person only by a used car -- or never even buy a car? COULD you take in a room mate to save money? And there are an endless number of ways one can increase savings for retirement. Uh yeah you COULD do things things. But would that be the kind of life you'd enjoy living NOW? As I said -- only you know what you save or tomorrow yet live for today equation is.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 01:36 PM
 
1,858 posts, read 3,096,976 times
Reputation: 4238
Quote:
Originally Posted by jp03 View Post
LOL..everyone thinking they are going to live to 90-95 years old. 40 years AFTER retirement??????????
This! And even your math is off. At traditional retirement age (65), OP would be 105 years old after 40 years of retirement. My philosophy has always been that you need $$ to get to &0. After that, most people's lifestyle (and financial need) slows down considerably.
Reply With Quote Quick reply to this message
 
Old 05-15-2016, 02:09 PM
 
814 posts, read 762,034 times
Reputation: 1739
Quote:
Originally Posted by gunslinger256 View Post
hog-wash. that million dollar figure has not been hit by lots of folks that are currently in retirement and they are still doing OK.
I guess I'm interested in more than "OK".....I want the ability to have a similar lifestyle to what I have now....

Not live in a van......down by the river
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads

All times are GMT -6. The time now is 05:57 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top