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Old 11-20-2016, 06:56 AM
 
Location: RVA
2,164 posts, read 1,265,106 times
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That is most definitely the first and largest key. Each subsequent key is smaller. The door they unlock just gets increasingly larger.
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Old 11-23-2016, 07:53 AM
 
708 posts, read 501,901 times
Reputation: 1165
Quote:
Originally Posted by slowdude222 View Post
Debt free is the key
Totally agree. One should never retire unless you are debt free unless forced into it.
If you are debt free you can control what you spend to match your income.
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Old 11-23-2016, 06:59 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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Quote:
Originally Posted by Mightyqueen801 View Post
Yes, people in monasteries or convents aren't turning money over. They didn't earn money to begin with. They are supported by others who voluntarily give money to support them...

WHICH is where the biblical idea of tithing cane from to begin with. The tithe was to pay for the support of the Levites, the priest class, who had no income of their own.

Many monasteries operate as a "business" in the sense that they produce something for sale which brings in at least part of the income on which they survive. Others raise a lot of their own produce, which lowers the cost of feeding themselves.


That reminds me of the young man who joined a monastery with a vow of silence. But every ten years they could say two words. After ten years, the abbot called in the monk and told him he could now say his piece. The young monk said, "Bed hard". Ten more years, repeat: "Food bad". Ten more years (and the abbot was old and grey): "I quit". The abbot replied: "Well, I'm sorry, my son, but I'm not surprised. Ever since you joined us, it's been nothing but , b*tch, b*tch, b*tch."
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Old 11-24-2016, 11:37 AM
 
26,589 posts, read 52,267,707 times
Reputation: 20410
One of the ways it is possible for religious is the tax exempt status they enjoy...

The Convent Mother House is quite a valuable property at Mission San Jose...

Taxes or avoiding them are responsible for an entire industry and people with means make sure their plans consider tax implications.
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Old 11-24-2016, 12:11 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by stellastar2345 View Post
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all.
I agree that a person should not 'count' on an inheritance for their future subsistence.



Quote:
... I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
Hopefully you have some form of healthcare package.

When I retired we had accumulated a large net-worth, we spent some on land and built a house so we could live mortgage-free. Then the crash of '08 took the remainder of our portfolio, so by the end of '09 we were broke.

My tiny pension and healthcare package has held us up nicely since then. If we had to pay for housing, we would have problems. My pension is roughly equivalent to flipping burgers. Living debt-free is a huge piece of the picture.

When I retired the Navy offered to ship us anywhere in the world. We could have returned to my native California. We already owned a home there. But we knew that living on a Minimum-Wage level pension would be hard in California. The same could have been said of Washington or Connecticut. We could have returned stateside to live in any of our homes. We had no reason to think that our investment income was ever going to fail us. Instead of settling in a high-cost / high-tax region, we wanted to settle somewhere the is low cost/taxed. Somewhere that my pension would carry us if need be.

This is my 15th year on pension and we are very glad that we decided to seek out a low cost area to settle in.

You can do just fine if you can find a low cost area and live debt-free.

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Old 11-29-2016, 12:02 AM
 
7,980 posts, read 3,461,269 times
Reputation: 11230
We don't know how we will do next year but this year things are just fine. Worried about Trump trying to pull a fast one with Medicare. Who knows..
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Old 11-29-2016, 12:07 AM
 
7,980 posts, read 3,461,269 times
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Yes. Pay off all or the big chunks of debt before retirement. House, car and things like that. You won't be driving as much that's for sure. Shop around for cheaper insurance since your driving less miles also. Ask for Senior discounts. They give you a free drink at Wendy's and other places offer a discount too. I love retirement. I retired early and have no financial problems....
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Old 11-30-2016, 11:12 AM
 
Location: Coastal New Jersey
56,017 posts, read 54,523,130 times
Reputation: 66369
Quote:
Originally Posted by Tominftl View Post
Yes. Pay off all or the big chunks of debt before retirement. House, car and things like that. You won't be driving as much that's for sure. Shop around for cheaper insurance since your driving less miles also. Ask for Senior discounts. They give you a free drink at Wendy's and other places offer a discount too. I love retirement. I retired early and have no financial problems....
Well, that doesn't always work and those things aren't accurate for all of us. My mortgage will not be paid off until I am 82, and I'm pretty sure I'll be dead by then. Wasn't gonna work that long.

I'm driving MORE because my part-time job is 40 miles away and before retirement I took a train. And I drove more than ever this year because now I have more time to travel, so I've made a number of auto trips to other states in the six months since I retired.

Also, the $400 a month I needed for public transportation is no longer an expense, and the $500 a month I needed for health insurance is no longer an expense because it doesn't cost me anything in retirement.

I still have debt from putting my daughter through college. So, it was worth it to me to retire, collect the pension, and get a part-time job before my debt was paid off because this way it will be paid off much faster than if I had hung around my job another 8 or 10 years.

While your way worked out for you, it doesn't always apply to everyone. And I can't get free/discounted stuff at most places because I'm not yet 60+, although a few places do give stuff for 55+.
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Old 11-30-2016, 01:37 PM
 
Location: Central NY
4,658 posts, read 3,239,300 times
Reputation: 11917
^^^^^^^^

May I ask what you do on your part time job?
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Old 11-30-2016, 01:50 PM
 
Location: Near a river
16,042 posts, read 18,969,510 times
Reputation: 15649
Quote:
Originally Posted by Tominftl View Post
Yes. Pay off all or the big chunks of debt before retirement. House, car and things like that. You won't be driving as much that's for sure. Shop around for cheaper insurance since your driving less miles also. Ask for Senior discounts. They give you a free drink at Wendy's and other places offer a discount too. I love retirement. I retired early and have no financial problems....
We did precisely the opposite, because of our ages and potential declining abilities in coming years. We upped it quite a bit, having much more to lose now, should we ever be at fault.
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