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Old 03-04-2017, 08:51 AM
 
Location: NE Mississippi
13,650 posts, read 8,565,244 times
Reputation: 19863

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We have a few friends who retired at age 55(ish) without a pension.
It didn't work out. At least, not very well.

In case #1 his company paid him several hundred thousand dollars to retire early without the pension. He had no investing experience and now, 25 years later, he is out of money.

Case #2 had some investing experience but retired before the Great Recession and was forced to sell assets as they decreased in value. He is 75 now and still has some income, but no real money.

Case #3 retired early and went to live on a sailboat. He is in Panama and has discovered that age 70 he is too old to sail and there is no way back to the US because he has no assets (home, etc).

Case #4 burned out and is living on his sailboat in the Caribbean. They both have to work, now, so they are tethered to their current port. Again, there is no way back to the US and she really would like to visit her grandchildren mare than she does. But they have to stay where they are.

My conclusion is, it takes A LOT of money to retire early. It helps if the retiree has investment experience, and helps even more if they are able to retire in place.
We retired in place at age 66.
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Old 03-04-2017, 09:13 AM
 
Location: SoCal
13,216 posts, read 6,313,926 times
Reputation: 9827
Quote:
Originally Posted by reneeh63 View Post
I won't believe it until I see it....and I hear the planning is all "top secret" in a basement with guards to ensure the details don't get leaked until it's voted on. That's what I like - blind government with the public let in on their fate when it is too late to do anything. Everyone needs to keep the pressure on to ensure quality, reasonable healthcare is available for all.
I didn't hear you complained when Pelosi said you had to pass the bill to know what's in it. Very partisan politics.
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Old 03-04-2017, 02:55 PM
 
26,085 posts, read 28,484,501 times
Reputation: 24797
Quote:
Originally Posted by reneeh63 View Post
I won't believe it until I see it....and I hear the planning is all "top secret" in a basement with guards to ensure the details don't get leaked until it's voted on. That's what I like - blind government with the public let in on their fate when it is too late to do anything. Everyone needs to keep the pressure on to ensure quality, reasonable healthcare is available for all.
Except we're never going to get reasonable health care from the political system. The problem is our whole health care system only focuses on treating people after they get sick from diseases that are largely preventable. We spend $1 Trlion a year on treating preventable chronic illnesses. Nobody's health care plan addresses this fundamental issue:


https://www.youtube.com/watch?v=waGHi6aMzh8&t=46s

Last edited by mysticaltyger; 03-04-2017 at 03:12 PM..
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Old 03-04-2017, 04:35 PM
 
Location: Tampa, FL
27,798 posts, read 26,200,766 times
Reputation: 14611
Quote:
Originally Posted by ihatetodust View Post
Assume no mortgage or other debts and no spouse.
25x salary? 40x? How much does a (small) pension reduce that number? I have seen lots of things about safe w/d rates but they seem to assume you are starting at an older age.

The thing that is mostly prompting this question is an older friend (64) wants to retire and was advised he "can't". He has a pension of sorts, which I think is fairly generous. No idea what he has for debt or other assets. But heck if 64 is too young what about the rest of us?
The Ric Edelman Show

Discussed early on Ric Edelman's most recent podcast

See link for clip.

This Is How Much You Need to Save for Retirement - Edelman Financial
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Old 03-04-2017, 05:05 PM
 
Location: Coastal Georgia
37,096 posts, read 45,604,555 times
Reputation: 61708
If you want to eat in expensive restaurants, you can't.
If you want to go on expensive vacations, you can't.
If you want to live in a comfortable, dry warm house, you can.

It all depends on your expectations.
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Old 03-04-2017, 05:23 PM
 
Location: On the road
5,926 posts, read 2,887,264 times
Reputation: 11341
Quote:
Originally Posted by ihatetodust View Post
I have seen lots of things about safe w/d rates but they seem to assume you are starting at an older age.
Go fiddle with firecalc or cfiresim, you can enter any age you want. You can enter any social security amount, you can enter anticipated changes in income or spending, you can enter different portfolio mixes and withdrawal methods.
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Old 03-04-2017, 05:37 PM
 
Location: Central IL
15,209 posts, read 8,513,923 times
Reputation: 35606
Quote:
Originally Posted by reneeh63 View Post
I won't believe it until I see it....and I hear the planning is all "top secret" in a basement with guards to ensure the details don't get leaked until it's voted on. That's what I like - blind government with the public let in on their fate when it is too late to do anything. Everyone needs to keep the pressure on to ensure quality, reasonable healthcare is available for all.
Quote:
Originally Posted by NewbieHere View Post
I didn't hear you complained when Pelosi said you had to pass the bill to know what's in it. Very partisan politics.
I'll try not to take that personally since you have no idea if I'm a dem, pub, independent, or libertarian. I want healthcare that doesn't bankrupt people while lining the pockets of people with already way more money than they know what to do with. If the 'pubs can do that, more power to them - but I want to see it. And I could care less about Pelosi.
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Old 03-04-2017, 05:52 PM
 
13,879 posts, read 7,391,112 times
Reputation: 25361
Quote:
Originally Posted by DaveinMtAiry View Post
2 words: health care coverage



Seriously what is the plan for coverage as you will be 10 years from Medicare?
Yep. This is my reality. I'll be 59 in May. I have no clue where health care would be coming from for 5 years. I can sell one of my two houses and live comfortably forever. I don't see how I can risk not having gold plated corporate health insurance until age 65 in today's political environment.
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Old 03-04-2017, 06:33 PM
 
13,879 posts, read 7,391,112 times
Reputation: 25361
Quote:
Originally Posted by reneeh63 View Post
I'll try not to take that personally since you have no idea if I'm a dem, pub, independent, or libertarian. I want healthcare that doesn't bankrupt people while lining the pockets of people with already way more money than they know what to do with. If the 'pubs can do that, more power to them - but I want to see it. And I could care less about Pelosi.
Err... exactly who are those people "lining their pockets with way more money than they know what to do with"?

When you actually look at the numbers, most of the money goes to labor. Do you propose to give nurses a 50% pay cut? X-Ray technicians? Phlebotomists? Nurse practitioners? The janitor? The physician who does my annual physical gets $50 from the insurance company and has to pay all the overhead. Are you going to pay him $25 instead? 21st century medicine is wildly expensive. Where I live, a day in a nonprofit hospital is $2,700. Even in a backwater cheap labor place like Mississippi with a vastly inferior level of care, it's $1,500. The medical system is sucked dry by chronic conditions. Diabetes, for example, averages almost $15K per year per patient. Cardiovascular disease is about $20K per year and spikes if you need surgery. Kidney dialysis ain't cheap. Cancer treatment is off the charts expensive.

Health care is cheap if you don't have any of those chronic things wrong with you. The older you get, the more likely it is that you're going to contract one of those expensive things so market rate health insurance needs to be priced appropriately. I'm 58. Medicare spending for parts A, B, and D is about $13,000 per person. At 58, I'm in that kind of risk pool and I live in a high cost of living place so it's locally more like $20K. At market rate, that's what my premiums should look like.

This isn't political. The US GDP is about $19 trillion. We spend 17% of it on health care. That's 3.25 trillion dollars. That's about $10,000 per person and it's mostly spent on older people. Somebody has to pay for it. Either we all pay the market rate for the amount of coverage we can afford or we take money from young-healthy people and rich people to pay for health care for the older-unhealthy people. You can't just blame some insurance company. They're not the problem.
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Old 03-04-2017, 09:06 PM
 
Location: On the road
5,926 posts, read 2,887,264 times
Reputation: 11341
Quote:
Originally Posted by reneeh63 View Post
I'll try not to take that personally since you have no idea if I'm a dem, pub, independent, or libertarian. I want healthcare that doesn't bankrupt people while lining the pockets of people with already way more money than they know what to do with. If the 'pubs can do that, more power to them - but I want to see it. And I could care less about Pelosi.
No, the forum expects you to monitor Pelosi's opinions on all issues and register complaints whenever she says anything that could be questionable. If you fail to do this anything you say will be labeled partisan politics and viewed as biased. Personally I have a staff of three part timers keeping track of what she says so that I can complain at appropriate times.

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