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Old 11-07-2016, 05:14 AM
 
29,772 posts, read 34,856,103 times
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Quote:
Originally Posted by mathjak107 View Post
no one can say what others need or don't need . we all earned different incomes working , we all live in different places and we all live different lifestyles . retirement is no different . our plan has always been to live better in retirement than we did while working and raising a family and scrimping , saving and investing through out our lives . retirement was going to be our reward for reaching this point under the terms we wanted .

but what does apply is math . you may very well need the million depending on the demands put on your own savings. like i said , where we live, and have no intentions of leaving ,the income generated with that 1 million would not cover our rent , utility's and health insurance .

once retired the pile of money you have may mean little as a lump sum . that million dollar savings may generate no more income to live on than someones 40k pension with no savings . the only thing that matters is the after tax income it generates and the chances of your money not running out before you run out of time .

some folks are interested in current income , others are interested in legacy money and still others want a combo of the two . money may not buy happiness but the most important thing it does buy is choice's in life .

growing up as a kid on a pretty low family income i learned at a young age the importance of having choices in life . one thing you can never have to much of is CHOICES .
Ain't that the truth. I have learned in retirement the more options/choices you have enable you to create more long term security. That is the part that is so hard to project, our future comfort/need level. So it seems as if the more options you create moving forward the more choices you will eventually have.
Your millions and planning are not just about today but also about your families tomorrow. It isn't just about enough today as some seem to suggest but enough for tomorrow and the long haul especially with fiscal reality staring government in the face.
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Old 11-07-2016, 07:11 AM
 
3,819 posts, read 1,973,542 times
Reputation: 18155
Quote:
Originally Posted by TuborgP View Post
Nor can many like you appreciate how they enjoy their retirement with more. If each is happy than we should be happy for them. If 3 million rocks your boat cool! If 30K navigates the river that is cool also. Neither has to prove the other is wrong to find THEIR own happiness! Right?
...ummmm... which is exactly what I said. Right? Don't tell me I need a million...or three or four. I'm not telling anyone what they should or shouldn't have. I'm merely stating that some of us don't need loaded pockets to enjoy OUR lives. I don't give a darn what anyone does or has.
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Old 11-07-2016, 07:13 AM
 
71,507 posts, read 71,674,131 times
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Quote:
Originally Posted by Javacoffee View Post
That's a bunch of crap.
not exactly your comment here . i see nothing referring to just your situation . i see a general comment .
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Old 11-07-2016, 07:24 AM
 
Location: Baltimore, MD
3,745 posts, read 4,215,210 times
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Quote:
Originally Posted by eastcoastguyz View Post
<snip> But as for Social Security, don't believe it won't be there because there are many things they can do right now to help it. For example, Social Security contributions are based on gross income. Once you reach, I think it's $118K a year for you as an individual they stop taking out payments to Social Security from your paycheck. I think the current max paid into a year by the employee is over $7K. They could easily increase the limit to $130K or $150K, and the max paid in a year be $10-$12K. My math isn't exact, but the point is, they have plenty of options and time to change it. So don't believe in the doom and gloom that Social Security won't be there at all.
What???? You didn't hear the moaning and groaning when the cap was recently raised to $127,200 (2017)? Me neither. Wait until the first 2017 paycheck is issued. Then it will make the news.

https://www.ssa.gov/oact/cola/cbb.html
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Old 11-07-2016, 07:38 AM
 
10,604 posts, read 14,193,877 times
Reputation: 17200
Quote:
Originally Posted by Eevee17 View Post
Many of the people I know in their 60-70s are not in good health and/or wish they were dead. This is across different races and incomes.
LOL I don't know who you "know" but I KNOW at least several HUNDRED people in three 60+ communities alone (including my own 55+) who are NOT in poor health let alone "wish they were dead". And this includes TONS of them age 80's or 90's who are super busy including working and playing tennis.

The hyperbole about seniors is really out of control in society, especially on the internet.
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Old 11-07-2016, 07:57 AM
 
71,507 posts, read 71,674,131 times
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with an almost 50% chance of one person in a couple seeing 90 seniors are in a lot better shape then you think
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Old 11-07-2016, 08:19 AM
 
Location: Tennessee
23,567 posts, read 17,544,804 times
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Quote:
Originally Posted by runswithscissors View Post
LOL I don't know who you "know" but I KNOW at least several HUNDRED people in three 60+ communities alone (including my own 55+) who are NOT in poor health let alone "wish they were dead". And this includes TONS of them age 80's or 90's who are super busy including working and playing tennis.

The hyperbole about seniors is really out of control in society, especially on the internet.
Depending on where you live and your social class, no, it's not a bunch of hyperbole.

I mentioned in my house thread that I know lots of people in their 60s who are in bad health. By 70, many who were doing well at 60 are in bad shape, and those who were in bad shape around 60 are mostly dead. I know few vibrant 70 year olds.

Where I live now, the average male life expectancy is just 72 - most surrounding counties are a little worse, with plenty of counties in nearby eastern KY and southwest VA having male life expectancies well below 70.

Life expectancy across the U.S. - The Washington Post

I understand that my working class Appalachian background is not common on this board and that most of you live in much healthier and more affluent areas where many folks may still be vibrant well into their 70s, but that's certainly not the case everywhere or among the working class.
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Old 11-07-2016, 08:20 AM
 
3,819 posts, read 1,973,542 times
Reputation: 18155
Quote:
Originally Posted by mathjak107 View Post
not exactly your comment here . i see nothing referring to just your situation . i see a general comment .
My personal situation is not your business, nor the business of any strangers logging onto a discussion board.
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Old 11-07-2016, 08:24 AM
 
71,507 posts, read 71,674,131 times
Reputation: 49084
it may not apply to you if you don't need that much but stating my statement is a lot of crap as it apply's to others is the wrong thing to do .

Originally Posted by mathjak107 View Post
if you earned at least 40k a year as a household income you earned the equivalent income 1 million can safely generate .
so you would need at least 1 million to duplicate that


Quote:
Originally Posted by Javacoffee View Post
That's a bunch of crap.
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Old 11-07-2016, 08:33 AM
 
26,589 posts, read 52,267,707 times
Reputation: 20410
Quote:
Originally Posted by mathjak107 View Post
Once retired the pile of money you have may mean little as a lump sum . that million dollar savings may generate no more income to live on than someone's 40k pension with no savings . the only thing that matters is the after tax income it generates and the chances of your money not running out before you run out of time .
Basically sums it up...

If you have to eat the goose with the golden eggs you eat very well and then it is gone.

I have come across this... a couple with a 100k pension saying they are just getting by while calling someone with Social Security and a million in the Certificates of Deposits is rich...
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