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Old 11-23-2016, 12:37 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,601 posts, read 39,974,527 times
Reputation: 23736

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Quote:
Originally Posted by nep321 View Post
I do incorporate my estimated SS benefit into my retirement plan. But I project that it will only account for 50% of my annual income during retirement. .... If I am going to retire prior to SS eligibility, then I will need to plan to live 100% off my IRA.

open your horizons.

1)CREATE a sustaining source of inflation protected income (s)*. (one that does not require YOU to 'man the battle stations'. Hate to bust the news, but... your IRA is NOT gonna cut it.

*For some it is income real estate, for others their ex business / carried on by family or employees, some retirees buy franchises and have them 100% managed, some are 'collectors' / traders of collectables, some get PENSIONS!, some get inheritances, some work PT at something they LOVE, Some lend 'hard money'


Consider YOURs and 6 million other IRA's / 'Qualified accts' are on the radar of very inept and fickle politicians. I don't think they will come and TAKE it, but... expect distributions for be the future target for interesting and LARGE taxes / onerous rules.

PLEASE stay a few steps ahead of your 'average' politician.

Establish income that gives you LATITUDE, not restrictions.

I have NEVER included my SS in my 'expected retirement income'
I have never considered my personal residence as an ASSET / payout
I PLAN to have at least 3 alternative sources of sustained inflation protected income for my 50+yrs of retirement. (SS EXCLUDED... gravy, if it happens)
NEVER had the benefit of a double income, just double and triple expenses (needy family members in my home)
Didn't let THAT stop my quest to retire pre-age 50 (I was worn out... 3 jobs (at once) since age 15)

I keep insured (life and LTC, not more HC insurance available (affordable) in USA)
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Old 11-23-2016, 07:49 AM
 
Location: Jacksonville, FL
11,145 posts, read 14,129,269 times
Reputation: 7075
Well, there are a few potential events that could happen between now (age 32) and retirement for me.

First, I could potentially receive an inheritance from my parents, but I am NOT incorporating that into my retirement calculation/goal, because it's a huge unknown and it depends on what my parents choose to do with their estate. My parents have millions in assets and five children, so I'm assuming that if they have anything upon death, I will receive one fifth of their wealth, which will probably be a few hundred thousand. This will probably occur when I'm close to 60 years old.

The other potential event is marriage. Right now I'm single and will probably remain single forever. It's hard to find a husband when you're gay and living in a small metropolitan area where it seems like everyone knows everyone. However, if I do end up getting married someday, then I won't need to save as much for retirement, because we could combine our retirement savings/entitlements and share common living expenses during retirement. So if I get married, I will definitely contribute significantly less to my 401k.

I suppose another potential event is winning the lotto.
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Old 11-23-2016, 07:55 AM
 
Location: Omaha, Nebraska
7,316 posts, read 4,164,649 times
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Quote:
Originally Posted by nep321 View Post
Well, there are a few potential events that could happen between now (age 32) and retirement for me.
There are a LOT of things that could happen between now and when you retire, some good, some bad. That's why it makes no sense to start planning this early, apart from saving aggressively.
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Old 11-23-2016, 08:01 AM
 
Location: Jacksonville, FL
11,145 posts, read 14,129,269 times
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Quote:
Originally Posted by Aredhel View Post
There are a LOT of things that could happen between now and when you retire, some good, some bad. That's why it makes no sense to start planning this early, apart from saving aggressively.
But I think I am saving fairly aggressively. 18% of my gross income is contributed to my 401k. My company has no matching though.
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Old 11-23-2016, 08:05 AM
 
7,981 posts, read 3,468,264 times
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The reason we retire early is because the older you get the more problems we usually have.
Why not have a few years you truly enjoy? That's the time for travel and entertaining. You may not feel like leaving the house later in life....
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Old 11-23-2016, 08:21 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,173,172 times
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Even if you do get married someday, continue to save agressively, you never know what might happen, such as divorce which can be costly.
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Old 11-23-2016, 08:32 AM
 
Location: Chicago area
14,406 posts, read 7,929,570 times
Reputation: 53535
Invest as if you were forced to retire at 50. Work until you feel like you just can't stand another minute of it. You can't possibly predict when you should retire unless you're not smart about building a substantial nest egg while you're still young enough to do it. Then you'll work until you drop. I started planning for my retirement at 28 and retired at 58. I fully intended to work until I was 62, then I decide to retire at 60, then I retired at 58. Life has too many twists and turns to put an actual number on retirement. I say the earlier the better if you're prepared.
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Old 11-23-2016, 09:09 AM
 
Location: Omaha, Nebraska
7,316 posts, read 4,164,649 times
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Quote:
Originally Posted by nep321 View Post
But I think I am saving fairly aggressively. 18% of my gross income is contributed to my 401k.
So you're doing all that you can really do at this time to plan for retirement, which means you can sit back and relax and enjoy your 30s. No need to think about stuff that's 20-40 years down the road.
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Old 11-23-2016, 09:41 AM
 
Location: Jacksonville, FL
11,145 posts, read 14,129,269 times
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Quote:
Originally Posted by Aredhel View Post
So you're doing all that you can really do at this time to plan for retirement, which means you can sit back and relax and enjoy your 30s. No need to think about stuff that's 20-40 years down the road.
Yeah but I mean, I want to enjoy my life while I'm in my 30's too. It's a balance.
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Old 11-23-2016, 09:51 AM
 
Location: Omaha, Nebraska
7,316 posts, read 4,164,649 times
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Quote:
Originally Posted by nep321 View Post
Yeah but I mean, I want to enjoy my life while I'm in my 30's too.
And that's what I am encouraging you to do. If you're putting 18% of your gross income into retirement accounts, you're saving adequately for retirement. Have some fun with the rest of your money! (And remember, despite what the TV commercials try to tell us, fun doesn't have to be expensive. You can learn to travel on a shoestring, and lots of really neat hobbies cost very little.)
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