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Old 03-08-2018, 09:40 AM
 
Location: Lakewood OH
21,699 posts, read 23,655,251 times
Reputation: 35449

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Quote:
Originally Posted by sheena12 View Post
They are meaningless. They are an attempt to equate money with a meaningful life, with talent, creativity and success. Certain things can not be quantified.

Artists, writers, and academics are among the happiest people I know. Many of them decide to live in less costly areas, take inexpensive but educational vacations, eschewing flashy resorts and destinations. Many do not retire because they chose a life path that actually makes them happy, instead of checking to see what STEM career is most in demand.

Much wealth in this country is inherited wealth.

It has little to nothing to do with one's personal value, knowledge base, happiness, wisdom or self worth.

If it did, the man who currently sits in the White House would be the happiest man on earth.
So true. I bet there are lots of people who don't have even a fraction of his wealth who are way more happier than he is.

Remember the song from the show "You're A Good Man Charlie Brown?" called "Happiness Is?" There's a line that goes, "Happiness is, different things for different people." I think many people don't get that, they foist their values on others. Maybe that makes them happy.
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Old 03-08-2018, 09:45 AM
 
1,199 posts, read 435,679 times
Reputation: 3722
Re the disputing of my posts regarding SPIAs and draw rates:

Retirement planning and funding is not an all at once event.
One can, and usually does, alter the method and rate of withdrawals, assuming one has sufficient capital with which to work. Single premium immediate annuities and QLACs are only one tool of many that are available for retirement planning.

For example, a male at age 78 can purchase a life only annuity that pays about $868 per month, depending on vendor, or $10,416 per year. This computes out at a %10.4 draw. At 80 the draw is over %11.

Obviously this is not intended to allow early retirement, but to secure additional funds in later years when medical or other costs may rise.

It is not THE plan; it is only PART of the plan.

Last edited by PamelaIamela; 03-08-2018 at 10:30 AM..
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Old 03-08-2018, 10:03 AM
 
Location: NC Piedmont
3,911 posts, read 2,876,920 times
Reputation: 6291
Quote:
Originally Posted by Minervah View Post
So true. I bet there are lots of people who don't have even a fraction of his wealth who are way more happier than he is.

Remember the song from the show "You're A Good Man Charlie Brown?" called "Happiness Is?" There's a line that goes, "Happiness is, different things for different people." I think many people don't get that, they foist their values on others. Maybe that makes them happy.
I get frustrated with having the values of others pushed on me. I am way ahead of the game compared to average, but my FA thinks I don't have enough and my wife agrees. It's mostly because of that formula of comparing what you have saved to your current salary. I am currently paid way over market and way more than I think we need in retirement. They don't think it's funny when I say I guess I need to get a lower paying job so the stupid formula works. I would be happier in a block cottage that I own than a big house that I am stretched thin to make payments on. I don't want to work more years than I had planned (about 4 or 5 years from now); I think we have more than enough (which is a good thing because it may end up being split because my wife and I disagree so widely on what retirement should look like).
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Old 03-08-2018, 10:18 AM
 
Location: Mount Airy, Maryland
10,459 posts, read 5,922,719 times
Reputation: 16151
Quote:
Originally Posted by ReachTheBeach View Post
I get frustrated with having the values of others pushed on me. I am way ahead of the game compared to average, but my FA thinks I don't have enough and my wife agrees. It's mostly because of that formula of comparing what you have saved to your current salary. I am currently paid way over market and way more than I think we need in retirement. They don't think it's funny when I say I guess I need to get a lower paying job so the stupid formula works. I would be happier in a block cottage that I own than a big house that I am stretched thin to make payments on. I don't want to work more years than I had planned (about 4 or 5 years from now); I think we have more than enough (which is a good thing because it may end up being split because my wife and I disagree so widely on what retirement should look like).
This is kind of my problem, by every measuring stick I have found my retirement savings and net worth today are way above the average. With a move to a low COL state you would think I would be OK right? But I just never feel comfortable with our numbers and we don't live a lavish lifestyle by any stretch.
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Old 03-08-2018, 10:29 AM
 
1,199 posts, read 435,679 times
Reputation: 3722
P.S. I don't know why people are taking issue with my statement that 'it only makes the less-fortunate, the less talented, the more self-indulgent and undisciplined, feel bad.'
Certainly no one is ALL of those. - at least I hope not.
And tho the converse is NOT necessarily true, in this case, I believe it often is.
Besides, there is no shame in being less-talented, or less intelligent, which are endowed by nature in a very uneven way.

Such is life.
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Old 03-08-2018, 10:54 AM
 
Location: New Oxford, PA
120 posts, read 59,089 times
Reputation: 464
Quote:
Originally Posted by MLSFan View Post
no, its just odd to get both a good pension and social security, because back then, the pension plan fees meant exclusion from having to pay fica, so no social security

if someone wanted full social security, they had to work ten years on top of the 30-40 years at the job with the pension. or well, same time period if they did two jobs concurrently

i think even today some teachers unions are exempt from paying into social security

on condition that social security isnt from the spousal benefit part

edit: unless they delayed ss, for the additional increases past fra
I just found out about this last year, from a friend who is a detective in Connecticut. Her pension agreement precludes her from SS. I'm glad the New York system isn't like that.
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Old 03-08-2018, 11:04 AM
 
Location: NC Piedmont
3,911 posts, read 2,876,920 times
Reputation: 6291
Quote:
Originally Posted by DaveinMtAiry View Post
This is kind of my problem, by every measuring stick I have found my retirement savings and net worth today are way above the average. With a move to a low COL state you would think I would be OK right? But I just never feel comfortable with our numbers and we don't live a lavish lifestyle by any stretch.
I think these numbers are from 2015 - the average savings going into retirement is about $165k and the median is about $17k. The average SS payout is $1342 a month. So half the people in the country are going into retirement with almost no savings and very little income and somehow getting by (yes, many get other government benefits). But my wife and FA say I should be worried if I go into retirement with $800k and SS of $3000+ a month, which is roughly what I am looking at. I price places and lifestyle I would be happy with and think they are nuts.
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Old 03-08-2018, 11:55 AM
 
147 posts, read 73,320 times
Reputation: 564
Quote:
Originally Posted by sheena12 View Post
They are meaningless. They are an attempt to equate money with a meaningful life, with talent, creativity and success. Certain things can not be quantified.

Artists, writers, and academics are among the happiest people I know. Many of them decide to live in less costly areas, take inexpensive but educational vacations, eschewing flashy resorts and destinations. Many do not retire because they chose a life path that actually makes them happy, instead of checking to see what STEM career is most in demand.

Much wealth in this country is inherited wealth.

It has little to nothing to do with one's personal value, knowledge base, happiness, wisdom or self worth.

If it did, the man who currently sits in the White House would be the happiest man on earth.

I guess it depends on your definition of "much". Most of what I've read points to significantly more wealth being earned than inherited. It doesn't make your other points invalid though. Lots of truth in what you posted.

https://www.forbes.com/sites/moneybu.../#319b94f91bac

Most of the world's billionaires made their own fortunes - Business Insider


70% of Rich Families Lose Their Wealth by the Second Generation | Money
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Old 03-08-2018, 12:00 PM
 
29,772 posts, read 34,856,103 times
Reputation: 11681
Quote:
Originally Posted by ReachTheBeach View Post
I get frustrated with having the values of others pushed on me. I am way ahead of the game compared to average, but my FA thinks I don't have enough and my wife agrees. It's mostly because of that formula of comparing what you have saved to your current salary. I am currently paid way over market and way more than I think we need in retirement. They don't think it's funny when I say I guess I need to get a lower paying job so the stupid formula works. I would be happier in a block cottage that I own than a big house that I am stretched thin to make payments on. I don't want to work more years than I had planned (about 4 or 5 years from now); I think we have more than enough (which is a good thing because it may end up being split because my wife and I disagree so widely on what retirement should look like).
I hear you it is so normal for retirees to compare their financial resources to the average. Probably why so many articles about average get written. Helps gives us a handle and perspective on our place in the whole thing.
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Old 03-08-2018, 12:03 PM
 
29,772 posts, read 34,856,103 times
Reputation: 11681
Quote:
Originally Posted by DaveinMtAiry View Post
This is kind of my problem, by every measuring stick I have found my retirement savings and net worth today are way above the average. With a move to a low COL state you would think I would be OK right? But I just never feel comfortable with our numbers and we don't live a lavish lifestyle by any stretch.
We have had many conversations and you have shared a lot over the years. Knowing you are above average and because of your research and data comparison you have reached a comfort level and that is good. Keep sharing as we know you are on a good path with a solid handle on what works for you.
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