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Old Yesterday, 01:41 PM
 
1,490 posts, read 416,165 times
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Quote:
Originally Posted by elnrgby View Post
Right, neither is a pauper lifestyle, yet requires far less money than the figures commonly discussed on this forum. People really have to be still involved in major projects (like three kids still at Princeton, and four former wives drawing spousal support :-) in order to need much more... or keep saving/investing frantically in order to give it all to a nursing home?
What? Can 4 former wives draw on the same ss account?
We retired at 58 and 62 and held out to 65 and 70 to max social security and my teacher pension (which sadly has WEP rules that affect my decades of social security earnings). Biggest raise of our lives. (except for the year we finished paying the last of the kids college bills!) you can live on much less than you think.
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Old Yesterday, 01:47 PM
 
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Sure those ex wives can .. but you do have to be married to each one for ten years
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Old Yesterday, 01:49 PM
 
71,769 posts, read 71,875,234 times
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Quote:
Originally Posted by Jstarling View Post
What? Can 4 former wives draw on the same ss account?
We retired at 58 and 62 and held out to 65 and 70 to max social security and my teacher pension (which sadly has WEP rules that affect my decades of social security earnings). Biggest raise of our lives. (except for the year we finished paying the last of the kids college bills!) you can live on much less than you think.
We can make whatever we have work no matter what the amount we have ...but choices get less and less as to where and how that lifestyle is lived the less you have .

We have a big retirement budget because I want my choices
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Old Yesterday, 01:57 PM
 
2,244 posts, read 560,684 times
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Quote:
Originally Posted by Cabound1 View Post
You couldnít live on 90K per year? What does housing/transportation/health care chew up of that 90K?

I could understand if that trio was 50K.
Donít forget Netjets.
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Old Yesterday, 02:42 PM
 
1,074 posts, read 521,136 times
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Quote:
Originally Posted by mathjak107 View Post
Sure those ex wives can .. but you do have to be married to each one for ten years
Yup. Just ask my brother.
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Old Yesterday, 03:56 PM
 
2,043 posts, read 1,952,633 times
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Quote:
Originally Posted by NewbieHere View Post
Geoff, I agree with you. My husband and I are in HCOL area, we have high net worth, high tax also, but if we have to survive on just SS, we can. In fact, weíre wasting money now. Why? Because we can.
Same here, being able to live on just SS brings peace of mind, then anything extra is just gravy.
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Old Yesterday, 04:25 PM
 
2,761 posts, read 6,426,238 times
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Quote:
Originally Posted by GeoffD View Post
If you have 35 high income years to collect that max Social Security check, itís a pretty big lifestyle cut if thatís all youíre going to live on.
We were high income, but lived well beneath our means for at least the last 15 years. Paid off the house and had a >50% savings rate. Even retiring (this year) at 50, our age 70 SS is forecast to be well above what we'll need. Somewhere around age 65 or 66 is where it's enough for our current spend, which has a LOT of fat (we eat out often, plus spend a ton on groceries). So I just need enough for the next 14-15 years.

It's really all about that lifestyle. I have coworkers that just spent and spent. Hell, I used to as well, but I wised up. I can't imagine how early we could have retired if that had been our focus. I talked to one friend my age. He just finally paid off his credit cards. He has been putting into just enough for the company match at work. He'll work till 70 (he *hates* his job). But, at least he had that sweet Audi, I guess.
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Old Yesterday, 05:30 PM
 
29,800 posts, read 34,894,042 times
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Quote:
Originally Posted by GeoffD View Post
Great hyperbole but.... Really? Median personal income in the US is a bit over $31k. A max Social Security check is a bit north of $45k and doesnít have payroll taxes pulled out. My girlfriend and I are looking at a combined $85k in Social Security income. No state taxes. Minimal Federal taxes. Itís lean if one of us dies but thatís 5%er cash flow compared to younger couples paying taxes, mortgages, and saving for retirement.
We are we and you are you. Average means nothing when it comes down to real individual lives. We have had our life experiences and others theirs. My comment was about my family not yours or the average.
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Old Yesterday, 05:38 PM
 
29,800 posts, read 34,894,042 times
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Quote:
Originally Posted by Cabound1 View Post
You couldn’t live on 90K per year? What does housing/transportation/health care chew up of that 90K?

I could understand if that trio was 50K.
We are currently in our 70’s and have been retired almost twelve years and have a lot set in stone and 90k wouldn’t cut it now or especially down the road. We are still adding new money and at the current pace more than most. We have age 80 goals and had this planned for a long time. With two pension, two SS and a sizable portfolio we have a big picture that is ours and not based on what the overage might be.
We have expectations based on a standard percentage of working income.

One house is paid for, beach has a relatively small mortgage balance and both cars are paid for. Health care cost are minimal as we have supplemental provided by our former employer. We have great LTCi to answer your question. We also have the Fidelity recommended amount set aside dedicated for health care overage. It is part of our portfolios

We have before and after tax portfolios and are driven by previously established goals and objectives. Not meeting those goals would be a performance shortcoming on my part. It is a working world carry over. Performance objectives have become something I have learned to like.

In one way it is all in the steak and what cut and grade is your standard. That’s a bottom line need for us at this point.

Last edited by TuborgP; Yesterday at 05:49 PM..
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Old Yesterday, 05:51 PM
 
7,949 posts, read 5,055,599 times
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Quote:
Originally Posted by lieqiang View Post
Why stop at Weimar Republic, how about asteroids crashing into earth? ...

Planning for the worst is fine, but at some point whatever worse we imagine up isn't worth allocating effort and resources to counter.
Thatís a really good point. The problem with the ďPermanent PortfolioĒ and its ilk, is that it is, in a sense, too prepper-centric. It overemphasizes catastrophe, and consequently expends too much on insurance against catastrophic loss.

Quote:
Originally Posted by elnrgby View Post
Right, neither is a pauper lifestyle, yet requires far less money than the figures commonly discussed on this forum. ...
This is because your numbers for healthcare/health-insurance are so optimistic, and for taxes so absolutely optimistic. What happens if your tax-bill is ten, twenty, thirty times higher than the amount that you posted? What happens if you don't qualify for Obamacare subsidies?
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