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)
 
Old 10-11-2016, 02:27 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088

Advertisements

no it does not depend on what income was . it depends on what you have ,what kind of life style you want in retirement and where you end up living .

our retirement income is more than we made working . retirement is our reward for doing with out , investing and saving .

with plenty of time in retirement to do things , time can cost money .

if we could double our income it still would not be enough to do all the things we would like in the last down of our lives .

to us retirement is far more than a list of expenses and bills we have to pay .
Reply With Quote Quick reply to this message

 
Old 10-11-2016, 02:32 PM
 
Location: Texas
1,970 posts, read 1,373,414 times
Reputation: 6740
I did it at age 50 with a five year LOA, but I also owned rental properties. My wife kept working a few more years, and if we needed extra money, I would sell one of the properties.

I started SS at 62, as did my wife three years later. I rolled the 401K, profit sharing and my retirement into a self directed IRA. I made a mistake with the retirement and should have kept it. Between age 62 and 65 we sold all of the rentals.

Today our income in retirement is just over $10K per month. We save about $5K per month because we just don’t need it. Our adjusted fed tax is around 12% with standard deductions.
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 02:38 PM
 
6,876 posts, read 7,273,507 times
Reputation: 9785
Not to derail, but….re NYC...
Born and raised in Philly (which seems to have some kind of image insecurity w/ NYC, and image rivalry with other East Coast cities: Boston, Baltimore, D.C. and Atlanta)…..so I am city girl….but NYC has always scared me. Seemed to have too much crime, and definitely had too many people. And even though the few times I've visited I've had nothing but good/great times…..I just have never wanted to live there. I guess I've got the "it's a nice place to visit" POV. It's a GREAT city, I just think it'd be too much more me EVERY day. Philly is just my size.

Now San Antonio or NYC?? SA has weather, NYC has location/more major city status (but the taxes and COL, yikes)
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 02:41 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
know what nyc has ? proximity to all our kids and grand kids ---priceless
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 03:00 PM
 
Location: Texas
1,970 posts, read 1,373,414 times
Reputation: 6740
Quote:
Originally Posted by mathjak107 View Post
know what nyc has ? proximity to all our kids and grand kids ---priceless
^^^^^This. Any place is perfect, if it meets your needs and wants.
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 04:00 PM
 
Location: NNV
1,517 posts, read 970,809 times
Reputation: 3086
Personally I think you are on the edge if you want to maintain current lifestyle.. You have more saved than me, but I will have a pension. I am 4 years older than you and I can't say I'm 100% comfortable retiring this year. Waiting the extra 2-4 years will make a noticeable difference. The thing that scares me the most is the up front cost I'll have to pay for healthcare until my wife's SS kicks in (it will be about 3+ years after I retire).

Also what will your wife's social security contribute? My wife will receive an above average amount. My benefit is more than hers.

I'm not saying it can't be done, but I think you will be more comfortable in the long run.

Last edited by Vic Romano; 10-11-2016 at 04:19 PM..
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 04:03 PM
 
110 posts, read 133,616 times
Reputation: 54
I'll tell ya I really like San Antonio. Perfect balance for use between cost (retirement) and being in a large city, plus the downtown area is fantastic. Understand its not for everyone but what place is
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 04:37 PM
 
7,907 posts, read 5,031,079 times
Reputation: 13559
Quote:
Originally Posted by MadManofBethesda View Post
... it is disingenuous, if not downright dishonest, to suggest to others who come here seeking retirement advice that living on less than 30% of one's working income works just fine without mentioning exactly how you accomplish that feat.
Sorry to be quoting out of context, but it's crucial to consider how much one has been saving during the working-years. Suppose that you're a lousy investor, but a prodigious saver. You earn $100K/year, pay $30K/year in taxes, and save $50K/year. Lousy investment means that that savings hasn't necessarily translated into a sumptuous portfolio, but it does mean that one has been living on... $20K/year, all while earning $100K/year. The upshot is that frugal people can retire on a small portion of their gross annual earnings, not because they're awesome investors or adroit hobby-farmers, but simply because they're used to frugality.

However....

Quote:
Originally Posted by Submariner View Post
It is not disingenuous nor dishonest. I freely admit that I live in a low COL lifestyle in a low COL state. I am an organic farmer [my farm income is really tiny ]...
But you're a clever and resourceful person. Many of us are not. Cleverness and resourcefulness are a powerful virtual-income stream.

Suppose that you and I both buy 10-year-old Toyota Corollas, in serviceable condition. Each of our Toyotas will suffer a faulty alternator, HVAC system low on Freon, worn brake pads and a timing-belt due for renewal. You fix yours yourself. I take mine to the local unscrupulous mechanic. We were both modest and frugal in our purchases, but effectively your income is higher, because you don't sustain the out-of-pocket costs of consumer expenses.

Then there are those of us who excel at our jobs, but have boxed ourselves into rather narrow excellence:

Quote:
Originally Posted by Listener2307 View Post
...Military people - especially retired officers - are notorious for believing their skills are in great demand. Fact is, retired military people can be darn hard to place, ...
This holds for retired managers in general. Military officers, at O-5 and above, are basically managers. Even if they had an outstanding technical background, they will have spent years in the senior-ranks doing management. The same holds for their counterparts in the civil service and in industry. Managing a $100M program and "transitioning technology" may be important responsibilities, but they're not really marketable skills – unless one's encore career essentially duplicates one's former career.

Quote:
Originally Posted by rjm1cc View Post
... Would it be better to stay at your current job and bank your earning for future medical expense and not have to work part time.
This is why, for professionals, it's better to persevere in one's current job for a few additional years, than to fantasize about alternative employment in retirement.

Quote:
Originally Posted by selhars View Post
Not to derail, but….re NYC... NYC has location/more major city status (but the taxes and COL, yikes)
As others have said, we all have our respective tastes and connections. What appeals to me about NYC is the huge and vibrant Russian-speaking community... shops, newspapers, kiosks, clubs, playing chess in the park. How often will I go to Carnegie Hall? Broadway plays? The Met? Maybe once a year. But what I really want is to palaver with my new homies at the coffee shop, about the stagnation of the Brezhnev years. And I can't get that in small-town Ohio. Therefore, NYC cost of living, here I come!
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 04:47 PM
 
Location: Forests of Maine
30,679 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by CLR210 View Post
You can actually live WAY cheaper than that in San Antonio. 70k is a darn good income here especially if you have no mortgage or debts. We actually calculated that we could live pretty comfy on 50k with the house paid off and no other debt.
$70k is over twice the median household income in my town.
Reply With Quote Quick reply to this message
 
Old 10-11-2016, 04:49 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
being born and bred in nyc i can tell you we rarely did anything in manhattan . but being retired today , we go a lot and take advantage of all the things nyc has to offer that we never bothered to see or take advantage of .

we were out photographing harlem last week . i have not been there in 45 years. we had a great time .

we get discount tickets for shows frequently . we got to finally go to some really great restaurants and museums .
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
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - 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 - Top