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Old 12-29-2016, 07:47 AM
 
Location: RVA
2,164 posts, read 1,265,106 times
Reputation: 4451

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BTW, my comment was not meant to say "It is easy to make $150k", it was meant to say it is easy to retire early, if you want to live on $40k in retirement, if you've always lived on $40k, but made $150k. It is unrealistic to say that, because if you made $150k early enough in your career, that you could retire early and live off savings alone, then by the time you were FRA, your SS alone could be about $32k, depending on how many years of SS income you had. My point was illustrative of the power of not "needing" more to live on making it easier to save and continue that lifestyle. I can't say I've ever known anyone that made in the top end of the 25% tax bracket, but lived on $60k and planned to live on $100k in retirement. I know I wouldn't do that. I believe in a balance of enjoy today and save for tomorrow, so maintaining that level is my objective. But since in my "plan", it never occurred to me to be able to stop working when younger, it always required not retiring before 62 in order to maximize my pension, my balance would be different than others that wanted to retire at say 50 or 55. I could never see myself NOT working while able, as long as the salary and benefits and job satisfaction were there. My view has changed as I've aged, which I think is normal. Being successful and feeling that ones efforts have contributed and paid off were important to me.

My father "retired" at 53, but that really just meant he moved to where he wanted to live in retirement, and worked when he wanted to. He actually was a multiunit landlord for a while, and still bought, improved, sold and bought another home until he was about 65. It just meant working was on his schedule, which to him was a real luxury. He was (and still is) used to getting up at 5:30 to 6:00 each morning like he had to go to work. Once he wasn't required to be on the job site at 7:00, he found other things to do in the morning, like fish, walk, ride a bike or garden, to beat the Florida daytime heat.

Last edited by Perryinva; 12-29-2016 at 09:06 AM..
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Old 01-02-2017, 06:53 AM
 
Location: Texas or Cascais, Portugal
3,415 posts, read 3,180,630 times
Reputation: 8270
Quote:
Originally Posted by golfingduo View Post
even if he does the math does not add up. 25k per year would only require maybe 800k in savings not much more
The vast majority of retirees do NOT have $800,000.00 in retirement savings.
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Old 01-02-2017, 07:13 AM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by Larry Siegel View Post
Maybe in your part of Virginia $140K is high living, but where I am, it wouldn't qualify me to buy a three-bedroom condo.
The region where we migrated to after I retired the average household income is around $24k.
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Old 01-02-2017, 08:59 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,546 posts, read 39,924,861 times
Reputation: 23663
Quote:
Originally Posted by Submariner View Post
The region where we migrated to after I retired the average household income is around $24k.
$24k is pretty normal for the vast majority of average retirees in my circle, especially the older ones who retired in the 1970 and 1980's (this demographic is dwindling fast, but quite a few I know and volunteer with have only SS. (And it is not near $24k for someone retired 30 yrs from dairy farming)

They use 'meals on wheels', and volunteer transportation (rural dwellers, no public ride services)

They are very happy, secure, and well adjusted to their budget.
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Old 01-02-2017, 12:10 PM
 
Location: NE Mississippi
13,650 posts, read 8,565,244 times
Reputation: 19863
Quote:
How do people without millions manage to retire? (pension, supplement, social security)
We retire on someone else's money. Nearly all of us.

As you acknowledge, pensions take care of some of us; but that's not our money.
Social Security does, too. But that's not our money, either.
In our case we both worked and did well, so that's 2 Social Securities. That makes a difference. But it's not our money.

Rental payments come in regularly. Even though properties are paid for, we didn't pay for them; tenants did. So that's not our money either, although we could sell the properties if we wanted.

We have money left over every month. That's because we used our income to pay everything off.
So we could have retired with no money in the bank. OK. Very little.

That's how.
It's not hard.
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Old 01-02-2017, 12:18 PM
 
Location: Jollyville, TX
3,850 posts, read 9,438,969 times
Reputation: 4392
Quote:
Originally Posted by Listener2307 View Post
We retire on someone else's money. Nearly all of us.

As you acknowledge, pensions take care of some of us; but that's not our money.
Social Security does, too. But that's not our money, either.
In our case we both worked and did well, so that's 2 Social Securities. That makes a difference. But it's not our money.

Rental payments come in regularly. Even though properties are paid for, we didn't pay for them; tenants did. So that's not our money either, although we could sell the properties if we wanted.

We have money left over every month. That's because we used our income to pay everything off.
So we could have retired with no money in the bank. OK. Very little.

That's how.
It's not hard.
I don't understand this comment. You paid into the system for all your working years, how is it not your money?
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Old 01-02-2017, 01:09 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
it is like buying insurance , it is definitely something you paid for . it either came out of your check or your employer contributed on your behalf as part of your compensation package .
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Old 01-02-2017, 01:12 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by StealthRabbit View Post
$24k is pretty normal for the vast majority of average retirees in my circle, especially the older ones who retired in the 1970 and 1980's (this demographic is dwindling fast, but quite a few I know and volunteer with have only SS. (And it is not near $24k for someone retired 30 yrs from dairy farming)

They use 'meals on wheels', and volunteer transportation (rural dwellers, no public ride services)

They are very happy, secure, and well adjusted to their budget.
It is much better for retirees than young couples raising children

Even before I retired we knew that my pension was going to be small. So when we were faced with deciding where to migrate to, we had to select a low COL region.
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Old 01-02-2017, 01:19 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
100% of my wife's pension goes to the rent. that is about it . we may have to add 20 bucks or so to it . there is nothing left for anything else .
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Old 01-02-2017, 02:18 PM
 
2,498 posts, read 6,389,321 times
Reputation: 2257
I retired on a pittance in1988 at 55,had very small annuity with health care and do not regret it,the only bad is after living in North FL for 25 plus years and do to age and what is left of family we had to move back to CT.a not so nice state.
We have always owned and I never went back to work.
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