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Old 10-18-2016, 06:34 PM
 
12,825 posts, read 20,126,238 times
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Quote:
Originally Posted by luckyram View Post
Ummm.....the lifestyle you lived seems kind of nutty to be honest. Who wants to live getting along on 3 hrs sleep and "required" naps? How many want to or can do that?...try that at most jobs and see what happens....or if at home, easier said than done if you have young kids. I can't say I know anyone who religiously gets by on 3 hrs sleep......and any medical study you look for on the subject will tell you it's is very unhealthy and borderline dangerous to consistently live on that little sleep.

You seem to have a very narrow view when you mention 3 sole occupations that are "ok" as being daylight hour jobs..... you leave out many more like landscapers, construction workers, car wash, garbage collectors, diner/coffee shop workers, auto mechanics....the list goes on.

Also, you worked 4 pm - 2 am?......that's more like an evening shift not really "nights" which are normally meant as being 12am - 8am or something close to that. The hardest hours to get through are the ones around 3:30 - 5:30 am as most who have ever worked real night shifts will tell you. I worked many years of nights...First it was 8 hr shifts from 12-8am then later switched to 12 hrs shifts from 6pm to 6am......THOSE are true "night shifts"....bonus with the 12 hr shifts was it was work 4 days then off 4 days so I had time galore when off.....but when working that shift it was pretty much go home, sleep till 2 or 3 pm and back to work in a few hrs.

And your eating advice??.....so, in the summer you're saying eat only before 5 - 530 am and after 9pm or so?? go around 16 hrs with no food?....sounds completely reasonable & healthy, lol.

Needless to say, your advice is really out there & abnormal......maybe the lack of sleep all those years has affected you thinking clearly.
Some people are just wired differently in the sleeping and waking department. None of us who require a "normal" amount of sleep would ever understand it.
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Old 10-19-2016, 12:49 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
Reputation: 23634
Quote:
Originally Posted by BayAreaHillbilly View Post
Some people are just wired differently in the sleeping and waking department. None of us who require a "normal" amount of sleep would ever understand it.
10 yrs in retirement I find most peers to be VERY conventional thinkers and doers. (Usually the 'employEE' variety, the employER / self employed / farmer variety often has a slightly broader scope)

We would be a much better service to humanity if we were all wired exactly the same. Hurray, we're Getting closer everyday!

Just attended a retiree symposium directed to a high tech workforce, The 3 speakers shared nearly identical paths to retirement.
1) contibute early
2) climb the ladder till you become a manager...
3) don't even think of retiring before FRA
4) when you have at least $3m in retirement savings, kids are out of college, AND your home is paid off...

Then you can start thinking about retirement (if you are very careful with spending)

Boring.... but it suits the masses.

10 yrs out has enlightened me that retirees are often 'the old folks that like it THEIR way' (only). Just as they always have.

But... you don't have to fit the mold, just don't tell anyone
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Old 10-19-2016, 12:31 PM
 
12,825 posts, read 20,126,238 times
Reputation: 10910
Quote:
Originally Posted by StealthRabbit View Post
10 yrs in retirement I find most peers to be VERY conventional thinkers and doers. (Usually the 'employEE' variety, the employER / self employed / farmer variety often has a slightly broader scope)

We would be a much better service to humanity if we were all wired exactly the same. Hurray, we're Getting closer everyday!

Just attended a retiree symposium directed to a high tech workforce, The 3 speakers shared nearly identical paths to retirement.
1) contibute early
2) climb the ladder till you become a manager...
3) don't even think of retiring before FRA
4) when you have at least $3m in retirement savings, kids are out of college, AND your home is paid off...

Then you can start thinking about retirement (if you are very careful with spending)

Boring.... but it suits the masses.

10 yrs out has enlightened me that retirees are often 'the old folks that like it THEIR way' (only). Just as they always have.

But... you don't have to fit the mold, just don't tell anyone
In our case no kids.

Now, imagine trying to accumulate 3M while funding kids. Each kid will cost at least 500K a head to get to adulthood and through undergrad, assuming they don't go to a great school. If they go to great school, an Ivy or similar, make that 1M a head. This is a demonstrated formula based on various hot shots we've known.
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Old 10-19-2016, 02:02 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
Reputation: 23634
Quote:
Originally Posted by BayAreaHillbilly View Post
In our case no kids.

Now, imagine trying to accumulate 3M while funding kids. Each kid will cost at least 500K a head to get to adulthood and through undergrad, assuming they don't go to a great school. If they go to great school, an Ivy or similar, make that 1M a head. This is a demonstrated formula based on various hot shots we've known.
Options for that too...
1) 3 families of good friends went to Singapore and had their kids in Singapore Public School grades 1-8, came back to USA and ACEd the SAT and ACT so got FREE rides to Ivy's (5 of 7 kids, 2 went to US Military academy (Free?)). 10-- 15 yrs AFTER college each are in great international jobs and speak 3+ languages, all are excellent on piano and other nice 'lifetime skills' taught in SGP schools / culture)

2) We homeschooled (not great, not free) our kids got free college instead of HS (WA State Running Start program since 1992) After age 14, each paid 100% for their CoL from jobs and working on our farm and rental props. Each made $80k from building their own homes as Jr High Homeschool Projects, then selling / reinvesting during college. They each exited college with over $100k in savings / investments. (They each made huge gains on investing the equivalent of their college loans. ~1000% over 3 yrs... good choices / good timing / lucky (they had been stock trading since age 12)). They still have student loans at 2.7%, no hurry to pay off

3) Military can still work for many kid's edu

4) Apprenticing / skilled trades can pay really well, start young and work OT. Many professions can make 6 figures with OT. I had 10 yrs work experience / earnings when most of my friends who went to college were just getting started

5) Young Entrepreneurs, there are a large numbers of very successful startups. Odds are stacked against, but each of my kids work in venture capital and are exposed to many wealthy 30 somethings. A 26 yo classmate of my grad program was making $5k/ week in his free time (I was age 50 at the time... not making 0!)

then... for some of us... there is still Dairy Farm Boarding School...("free" for parents in some cases).. Used to be termed "Indentured Servant".

One yr out of retirement I had learned I LOVED travel even more that I thought I did while working. I spent 8 months in various modes of traveling during the first yr off. My bags were packed the day I left work. I didn't bother to go home, headed straight to the National Parks.


10 yrs later, still fighting wanderlust. (and losing) There must be an inoculation for this!
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Old 10-20-2016, 07:44 AM
 
147 posts, read 73,266 times
Reputation: 564
Quote:
Originally Posted by StealthRabbit View Post
Just attended a retiree symposium directed to a high tech workforce, The 3 speakers shared nearly identical paths to retirement.
1) contibute early
2) climb the ladder till you become a manager...
3) don't even think of retiring before FRA
4) when you have at least $3m in retirement savings, kids are out of college, AND your home is paid off...

Then you can start thinking about retirement (if you are very careful with spending)

This seems more like a scare tactic than reasonable advice. Retire in your mid 60's but only if you have $3M in savings, kids out of college and house paid off. That's ridiculous. Is this targeting an early 20's crowd with an expected annual inflation of 10% and retiring in Manhattan?

I'm in my mid to late 40's and we will be retiring in our mid to late 50's with $2M (plus 2 small pensions), house paid off, but the 2 girls still in college (500K of the $2M earmarked for college/weddings). I would imagine even 30-40 years from now that having $3M would be sufficient to retire by their early 60's without having to wait for FRA (67).
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Old 10-20-2016, 10:03 AM
 
2,455 posts, read 859,545 times
Reputation: 1714
Quote:
Originally Posted by xxEHxx View Post
This seems more like a scare tactic than reasonable advice. Retire in your mid 60's but only if you have $3M in savings, kids out of college and house paid off. That's ridiculous. Is this targeting an early 20's crowd with an expected annual inflation of 10% and retiring in Manhattan?

I'm in my mid to late 40's and we will be retiring in our mid to late 50's with $2M (plus 2 small pensions), house paid off, but the 2 girls still in college (500K of the $2M earmarked for college/weddings). I would imagine even 30-40 years from now that having $3M would be sufficient to retire by their early 60's without having to wait for FRA (67).
Here's why I'm really struggling to figure out how much I need to retire: the expert consensus seems to be that you need 80 - 90% of your pre-retirement income. If I made the US median family income of $56k, that would be easy. Social Security would cover at least half of my needs, and savings of $625,000 x .04 = another $25k. But since my current income is 3x the median, I would need >$2M in savings to withdraw $80,000 per year plus $40k in SS. My lifestyle is not extravagant. What am I missing?
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Old 10-20-2016, 01:13 PM
 
147 posts, read 73,266 times
Reputation: 564
Quote:
Originally Posted by Leo58 View Post
Here's why I'm really struggling to figure out how much I need to retire: the expert consensus seems to be that you need 80 - 90% of your pre-retirement income. If I made the US median family income of $56k, that would be easy. Social Security would cover at least half of my needs, and savings of $625,000 x .04 = another $25k. But since my current income is 3x the median, I would need >$2M in savings to withdraw $80,000 per year plus $40k in SS. My lifestyle is not extravagant. What am I missing?

I would ignore any % of income guidance on expected need and focus more on tracking your spending to get a more accurate look than any general guidance. To me, it's much easier to be frugal and have a lower spending % when your annual income is $400,000 than it is if your income is $100,000.
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Old 10-20-2016, 03:13 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35575
Quote:
Originally Posted by Leo58 View Post
Here's why I'm really struggling to figure out how much I need to retire: the expert consensus seems to be that you need 80 - 90% of your pre-retirement income. If I made the US median family income of $56k, that would be easy. Social Security would cover at least half of my needs, and savings of $625,000 x .04 = another $25k. But since my current income is 3x the median, I would need >$2M in savings to withdraw $80,000 per year plus $40k in SS. My lifestyle is not extravagant. What am I missing?
I've heard more 70-80% but that percentage really depends on what you will SPEND in retirement, not how much you MAKE while working. If you've lived very frugally and don't plan many changes in retirement then your % may be 50%! If you were frugal but plan luxury vacations, it'll be higher - again, base it on the amount you plan to spend.
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Old 10-20-2016, 04:35 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
Reputation: 23634
Quote:
Originally Posted by Leo58 View Post
Here's why I'm really struggling to figure out how much I need to retire: the expert consensus seems to be that you need 80 - 90% of your pre-retirement income. .... What am I missing?
my retirement lifestyle / spending / activities does in no way reflect my pre-retirement lifestyle.

There is no rule or reason that you need to spend the same. (some will be more, most less)

If you have saved / positioned your LT earnings to support retirement savings (i.e. 30-50% of earnings into retirement savings), you will not need to be doing that in retirement.

Create a budget, run scenarios to validate. If you can afford to retire NOW, do it! tomorrow is not guaranteed.
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Old 10-20-2016, 10:18 PM
 
14,253 posts, read 23,969,886 times
Reputation: 20035
Quote:
Originally Posted by reneeh63 View Post
I've heard more 70-80% but that percentage really depends on what you will SPEND in retirement, not how much you MAKE while working. If you've lived very frugally and don't plan many changes in retirement then your % may be 50%! If you were frugal but plan luxury vacations, it'll be higher - again, base it on the amount you plan to spend.

What you made before you retired is really pretty irrelevant. What is far more relevant is what you need to live ... and the cost of healthcare, especially if you are under 65.
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