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Old 01-05-2017, 03:24 PM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451

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While this is not a minimalist ilist forum, frugality is certainly met with more positive reactions than success based on smart planning, foresight and hard work. And it is a relatively small percentage of posters that get upset. But as mentioned, I have nothing to contribute to or learn from those posters. I have little in common with them, with regards to retirement planning. I do not visit (intentionally) their threads or provide input. I do not suffer their troubles. I hope I never do. I rarely mean to intentionally insult anyone, but I have been accused of social Aspergers many times. Most engineers I know have some degree of social Aspergers. Big Bang has made it more acceptable or understandable, recently.

Congratulations on your success achievement! It is a great feeling. Had I not divorced twice and given half of everything I owned away each time, I believe I could have been there earlier than I am now. But thats fine. I would rather be happy in my life now, working a few more years, than miserable with more money, retiring earlier.

@Belladl : really? Only 24k/hr non discretionary? $2k/mo sure seems low for everything like health, food, taxes, clothing, maintenance etc, etc. Is that from your last year of tracking costs?

Last edited by Perryinva; 01-05-2017 at 03:43 PM..
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Old 01-05-2017, 03:40 PM
 
Location: Albuquerque NM
1,656 posts, read 1,521,661 times
Reputation: 3627
Quote:
Originally Posted by TuborgP View Post
I am curious if Perry can give his numbers why can't everyone else who wants to? Is this a minimalist forum?
I consider it somewhat of a minimalist forum and am much more inclined to share my numbers on the C-D Economics forum or the ER forum than here. Many of the C-D Retirement members can get rather mean spirited if you have a lot of retirement money and consider it bad form to talk about it. My personal opinion is that society's stigma against discussing money has always been a way of keeping people from sharing and becoming knowledgeable about financial matters and so keeping poor people in their place. Another hesitation that I have in discussing my financial specifics is that most of my retirement income will be due to a relatively large government pension so that makes me even more of a target for hate and discontent as can be seen in other public sector pension discussions on C-D.
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Old 01-05-2017, 03:52 PM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by ABQ2015 View Post
I consider it somewhat of a minimalist forum and am much more inclined to share my numbers on the C-D Economics forum or the ER forum than here. Many of the C-D Retirement members can get rather mean spirited if you have a lot of retirement money and consider it bad form to talk about it. My personal opinion is that society's stigma against discussing money has always been a way of keeping people from sharing and becoming knowledgeable about financial matters and so keeping poor people in their place. Another hesitation that I have in discussing my financial specifics is that most of my retirement income will be due to a relatively large government pension so that makes me even more of a target for hate and discontent as can be seen in other public sector pension discussions on C-D.
It is also not socially acceptable in some circles to say your kids have high test scores along with stellar grades.
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Old 01-05-2017, 03:54 PM
Q44
 
Location: Hudson Valley, NY
895 posts, read 765,062 times
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Quote:
Originally Posted by TuborgP View Post
It is also not socially acceptable in some circles to say your kids have high test scores along with stellar grades.
This right after I mentioned on the NY - Free SUNY tuition thread about my daughter graduating top 10 and getting a full tuition ride at one of the top SUNY colleges . . .
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Old 01-05-2017, 04:20 PM
 
Location: RVA
2,164 posts, read 1,264,598 times
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Nice!! I've thought the same as ABQ2015. Money discussions really seem to have historically been frowned on to keep lower income earners from realizing exactly how much CAN be made by those that make a lot. My parents were exactly the same, and no one ever had any idea of what anyone made or had. Finances, salaries, money management, investing etc are not taught in high school. Why not?
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Old 01-05-2017, 04:26 PM
 
Location: Idaho
1,451 posts, read 1,153,086 times
Reputation: 5472
Quote:
Originally Posted by Perryinva View Post
@Belladl : really? Only 24k/hr non discretionary? $2k/mo sure seems low for everything like health, food, taxes, clothing, maintenance etc, etc. Is that from your last year of tracking costs?
Yes, the numbers came from the spreadsheet of the last 2 years before retirement.

I don't have a budget and don't track our income and expenses. I just simply have all the net income (after payroll deductions) deposited to the saving account, and pay all expenses from the checking account (I pay my credit card balance monthly from the checking account). So it's very simple to figure out yearly income and expenses.

Credit card companies also keep good track of your spending and give year-end analysis of your spending in each category.

Our expenses are likely to be lower than many people because in spite of having an expensive hobby of flying, we live quite simply and cheaply. We rarely eat out, spend very little on clothing. I even make own clothing (including business suits) when I had more free time. Our food bill is also low because we get 'free' produce from my mother's garden. I stock up on food and supply when they are on sale, and cook things from scratch including grinding wheat berries (bought in 50lbs bulk from local farmer) to make bake goods. We only pay for high speed internet (got at discount rate of $70/month) which includes wired phone. We watch TV through Roku box. My prepaid cellphone bill is $10 for every 120 days. We also do most of the maintenance for the house, cars and plane by ourselves. These are just some of the detailed examples on how we keep our living expenses down to ~$2K/month.

So back to the OP's question of "How do people without millions manage to retire?", I'd think that is is doable if a person owns a home, does not have any debt and lives frugally. It helps to be married and have 2 SS income. Our non-discretionary spending of $2K/month for two or $1K/month/person is within the average SS payment of $1341/month for a person

http://www.fool.com/investing/genera...ity-check.aspx

Last edited by BellaDL; 01-05-2017 at 04:42 PM..
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Old 01-05-2017, 04:28 PM
 
Location: Albuquerque NM
1,656 posts, read 1,521,661 times
Reputation: 3627
Quote:
Originally Posted by TuborgP View Post
It is also not socially acceptable in some circles to say your kids have high test scores along with stellar grades.
That figures. Although I am not married and don't have children, I've always enjoyed talking with my co-workers about their kids' achievements. It interests me that some have such motivated children who have done well in school and career while I have other smart, educated friends whose children are underachievers and have failed to fly the coop. Obviously I don't initiate discussions with the latter. But again I think there are factors involved like making sacrifices to live in a good school district or having high expectations that promote achievement. Another area where there could be some good lessons learned if information was shared.
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Old 01-05-2017, 05:06 PM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by ABQ2015 View Post
That figures. Although I am not married and don't have children, I've always enjoyed talking with my co-workers about their kids' achievements. It interests me that some have such motivated children who have done well in school and career while I have other smart, educated friends whose children are underachievers and have failed to fly the coop. Obviously I don't initiate discussions with the latter. But again I think there are factors involved like making sacrifices to live in a good school district or having high expectations that promote achievement. Another area where there could be some good lessons learned if information was shared.
Bada Bing! They may not talk grades and test scores. Will they talk about points scored per game and games won and all star teams made?
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Old 01-05-2017, 05:07 PM
 
4,649 posts, read 6,477,998 times
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I say when considering retirement consider guaranteed income. The million dollar thing is mostly about not outlining your money. A soc sec check is basically a guaranteed income. A 401k depending on what's inside along with outside investments for most people are about hope. You hope the value will be there when time of need.
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Old 01-05-2017, 05:48 PM
 
Location: Paranoid State
13,047 posts, read 10,428,989 times
Reputation: 15678
Read When city retirement pays better than the job - Los Angeles Times

Here's how it starts:

Quote:
James Mussenden doesn’t bring up his pension in casual conversation. No point getting his golf partners’ blood boiling. The retired city manager of El Monte collects more than $216,000 a year, plus cost-of-living increases and fully paid health insurance...

...Actually, Mussenden has two pensions. He’s part of a coterie of former El Monte civil servants who receive one taxpayer-funded pension through the California Public Employees’ Retirement System (CalPERS) — and a second through a “supplemental” plan approved by the city council in 2000.
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