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Old 03-08-2018, 07:41 PM
 
153 posts, read 56,427 times
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That's scary. I'm 25 and I only have ~$15k put away for retirement. Hate to think about what my retirement will be like.
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Old 03-08-2018, 07:42 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by miu View Post
Thanks to high NH property taxes, it's impossible to save and I feel that I can never retire.

Even with a mortgage paid off, it feels that I am renting my property from the state. And according to fellow NH homeowners, property taxes have skyrocketing in the last 20 years. Scary stuff.
That's a big part of why I bailed out of Portsmouth in 2008. I was fine until I became unemployed in the Great Recession. I dumped the house before the market really corrected. That kind of forced me to take a hard look at my retirement numbers. I couldn't have that much of my net worth tied up in my house and I wasn't going to have the cash flow to pay that level of property taxes.

You can retire to New Hampshire but you need to pick a town with a ton of vacation homes that subsidize the school system. The lakes towns and the ski towns, mostly. If you pick a spot in town where the vacation home owners aren't going to want to buy, it's usually fairly affordable.
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Old 03-08-2018, 07:56 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by ReachTheBeach View Post
Same. Actually, I can't do it in a few months at 60 because of kids not quite out the door, but even without that it would be doable but dicey. In 5 years it should be solid. But I am so ready to be done with the rat race. I might look at snow birding a winter in a couple of years; my current job is likely to end then if not sooner. Then maybe work 3 more years.
My employment isn't all that stable. I have a contingency plan where I stop working at 60 but I'd have to really dial back the lifestyle. I want the security of the defer-to-70 Social Security check and 10 years is a really long time to bridge to that.
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Old 03-08-2018, 10:20 PM
 
Location: Wasilla, AK
7,233 posts, read 4,119,698 times
Reputation: 15545
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
Some states and localities don't pay into SS, but all private companies, the federal government, the military and some states and localities do pay FICA. So it's not unusual for people with pensions to also draw SS. My state did not contribute to SS, but I was in the Air National Guard, so I did have many years of substantial earnings and will get SS on top of my state pension and military pension. I could have started drawing SS almost two years ago, but saw no need to.
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Old 03-08-2018, 11:39 PM
 
26,075 posts, read 28,473,598 times
Reputation: 24783
Quote:
Originally Posted by EllieKay56 View Post
My company 'laid off' a lot of us 55 & over.
I've been saying forever on these boards and to people I know that the "work until 65" model broke a long time ago. Most people lose good paying employment or get burned out or have health problems the preclude them working in high pay/high stress jobs by the time they hit their 50s. They don't have as much time to save for retirement as they think they do.

I feel like no one listens.

Most people are still operating on an outdated script in their heads about how they think life is supposed to go and the things they think they are supposed to have.
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Old 03-08-2018, 11:45 PM
 
26,075 posts, read 28,473,598 times
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Originally Posted by SoloforLife View Post
I think the mindset is American. I have a feeling other cultures are not like ours. We want it ALL & BIG.
Yet look at all the people on this thread who insist that "not enough income" is the main culprit.

I think "not enough income" if often (not always) an effect, rather than a cause, of a whole bunch of other decisions people make.
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Old 03-09-2018, 12:24 AM
 
Location: RVA
2,164 posts, read 1,264,175 times
Reputation: 4451
Quote:
Originally Posted by GolfingCat View Post
That's scary. I'm 25 and I only have ~$15k put away for retirement. Hate to think about what my retirement will be like.
Thats $14k more than my 29yo stepson, who also has $7k in CC debt and does literally every wrong thing in the book, financially and health wise. He refuses to listen and instead blames everyone and everything for his issues. Retirement is a joke to him. He thinks we are rich and it will all be his once we pass away. All the therapy and tough love has been a waste on him. At least you have a path and actually think about your future. It is very long and slow in the beginning but you can get there. Learn how to invest. I made a ton of investment mistakes for many years until I matured and learned enough to get on track in my mid 30s.
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Old 03-09-2018, 07:16 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
Reputation: 10071
Quote:
Originally Posted by GolfingCat View Post
That's scary. I'm 25 and I only have ~$15k put away for retirement. Hate to think about what my retirement will be like.
Dude or dudette, When I was 25, I was living in NYC with 3 roommates in a 1000 month dump. love it. lol we were "sex in the city" waaay before HBO. I may have had 2K saved and was on my 3rd job after college.

fast forward, I;m retiring fully in about 18 months, I'll be 59.

Please do not get sucked into these articles that tell you, you need millions upon millions of dollars to retire. I went to a Bar mitzvah for a friends grandkid and they were accepting gifts for the kids IRA. Sorry, imo I felt bad for the kid. 13 and already he's got to stress about retiring??

listen, do the age old things. live below your means, save 10% of your income, try to limit the bad debt and allow yourself the chance to grow. DONOT be one of those people like my late husband. died of cancer and realized that in his quest to have a million dollars missed out on a hell of a lot and died at 52.

You know what, many of my friends are retiring before 65. do they have millions of bucks, nope. are they going to be jetting off to San Tropez? nope. but their houses are paid for and they are enjoying life out of the rat race.
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Old 03-09-2018, 07:30 AM
 
147 posts, read 73,266 times
Reputation: 564
Quote:
Originally Posted by mysticaltyger View Post
I've been saying forever on these boards and to people I know that the "work until 65" model broke a long time ago. Most people lose good paying employment or get burned out or have health problems the preclude them working in high pay/high stress jobs by the time they hit their 50s. They don't have as much time to save for retirement as they think they do.

I feel like no one listens.

Most people are still operating on an outdated script in their heads about how they think life is supposed to go and the things they think they are supposed to have.
Following up on this line of thinking. I agree these long term plans to work deep into their 60's are fraught with wishful thinking, it can also be counter-productive if you save less in your 40's and 50's expecting those income streams to keep coming in your 60's. It seems to me people should plan/save as if they will early retire in their late 50's. If that point comes and you don't want to retire either because you enjoy working and/or you haven't quite met your early retirement financial goals then so be it. Advice from people like Suze Orman saying you should work until you are 70 are for people in their 60's who haven't met their financial goals, it's not for people in their 30's and 40's to plan to save less because income will be coming in during their 60's.

Last edited by xxEHxx; 03-09-2018 at 07:51 AM..
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Old 03-09-2018, 07:41 AM
 
71,463 posts, read 71,652,652 times
Reputation: 49027
Quote:
Originally Posted by xxEHxx View Post
Following up on this line of thinking. I agree these long term plans to work deep into their 60's are fraught with wishful thinking, it can also be counter-productive if you save less in your 40's and 50's expecting those income streams to keep coming in your 60's. It seems to me people should plan/save as if they will early retire in their late 50's. If that point comes and you don't want to retire either because you enjoy working and/or you haven't quite met your early retirement financial goals then so be it. Advice from people like Suze Orman saying you should work until you are 70 are for people in their 60's who haven't met their financial goals, it's not for people in their 30's and 40's to plan to save less because income will be coming in during their 60's.

all i know is if you think it is tough finding a job or working in your 60's , try it in your 70's or 80's if forced to .

Last edited by mathjak107; 03-09-2018 at 08:04 AM..
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