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Old Today, 01:53 AM
 
71,771 posts, read 71,875,234 times
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Quote:
Originally Posted by Cabound1 View Post
And once again, I will say that if you can control your expenses (ie, impulses) , you are well on your way to financial security.
depends on the expenses you can control . as i mentioned we tend to sweat the small stuff , the starbuck syndrome as i will call it , while letting the bulk of the dollars get overspent on housing and transportation .

the other problem is cost cutting has a bottom too . after which there is nothing left to cut and expenses keep rising .. so growing income and investing are also going to be very key
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Old Today, 01:57 AM
 
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Originally Posted by TuborgP View Post
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.
i hate these references to what median incomes are in the country by median and average people ...


who cares ...they don't live where we do , they don't have the choices we have , they don't live the life we do with the line drawn in the sand as do what our expectations are in life ...

if they want to live on or below a median or average income , whatever that is supposed to mean , great , but based on mine or your expectations , wants and needs we don't . that is all that matters.

some who reference the fact this is what median incomes are frequently also tend to mention they earn high incomes themselves working . why bother , if all the expectaions in retirement are "median " why isn't your working years " median " ?
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Old Today, 02:06 AM
 
71,771 posts, read 71,875,234 times
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Originally Posted by ohio_peasant View Post
That’s a really good point. The problem with the “Permanent Portfolio” 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.
but that is what the bulk of your posts are concerned about . most things you post about are about the glass is half empty and all the negative scenarios that can play out in investing or retirement planning .

the bulk of which is the past not following the future or growing your money like the past, or being like another country who failed ... i think that is just what you perhaps need to use .... it protects against those things you seem to lose sleep over or spend time writing about
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Old Today, 04:49 AM
 
29,804 posts, read 34,894,042 times
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Quote:
Originally Posted by NewbieHere View Post
Honestly, most people donít think that far when they retire. Itís good that you have 2 pensions and 2 SS checks. Most people just want to have their current expenses covered by income in retirement. Iím not even sure I want to move into CCRC when Iím much older. Nobody I know has been in one.
That is the same way many approach retirement. Thus when it arrives they either arenít ready or accept less than what they had aspired for. Shouldnít all of our lives be a process of aspiration and doing the things to achieve and live those aspirations? From little league, to college, to career, to marriage and family, to early retirement and eventually our twilight years?
Donít we envision what our lives will be like in those stages?

You say most people want their current expenses co have their current expenses covered when they retire. Ok but many others see retirement as the opportunity to create time to do what work didnít allow them to do.
That for them means new options, new choices and they want the opportunity to explore those options with minimal if any financial restraint. Many doesnít equal the individual nor does average.
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Old Today, 04:53 AM
 
29,804 posts, read 34,894,042 times
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Quote:
Originally Posted by mathjak107 View Post
i hate these references to what median incomes are in the country by median and average people ...


who cares ...they don't live where we do , they don't have the choices we have , they don't live the life we do with the line drawn in the sand as do what our expectations are in life ...

if they want to live on or below a median or average income , whatever that is supposed to mean , great , but based on mine or your expectations , wants and needs we don't . that is all that matters.

some who reference the fact this is what median incomes are frequently also tend to mention they earn high incomes themselves working . why bother , if all the expectaions in retirement are "median " why isn't your working years " median " ?
Who the heck wants the average family, average wife, average kids, average job, average SAT scores for them and their kids or start wanting their kids to be average in their activities . Heck many don’t even want the average looking yard. Yes I know amongst some that is noble to have a lawn that reflects minimal upkeep.

As we have previously discussed over the years I enthusiastically read Money Magazine looking for case studies of couples similar to us who had achieved above average retirements or were on track for. May have seen the one on you but as previously noted we were on different paths so it was not on my whoopie list
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Old Today, 05:09 AM
 
13,969 posts, read 7,441,074 times
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Originally Posted by matisse12 View Post
Isn't one of the points of dwelling on having access to a CCRC the idea of living in a limousine way (more luxury or possibly better environment) in one's old age if one needs nursing care, rather than in an average or less than average nursing home? I'm asking - I do not know. Just asking from what I have read here - seems to soothe the fears of needing nursing care and being in a nursing care dwelling not to one's liking.

Also the convenience of having different levels of living and different levels of care available at the CCRC making it easy to move between levels.

I'm not clear on differences between many Assisted Living dwelling developments and CCRC's. (I'm asking - I do not know)
My mother is in the memory care building of a CCRC. My stepmother is in independent living in a CCRC. Iíve looked at a number of them in very affluent places. There are a few that you could classify as ďlimousineĒ. Lots of Marriott, not many Ritz Carlton. Most people canít afford the Ritz. All are far nicer than where people with no money get warehoused so itís all relative.
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Old Today, 05:13 AM
 
13,969 posts, read 7,441,074 times
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Quote:
Originally Posted by TuborgP View Post
Who the heck wants the average family, average wife, average kids, average job, average SAT scores for them and their kids or start wanting their kids to be average in their activities . Heck many donít even want the average looking yard. Yes I know amongst some that is noble to have a lawn that reflects minimal upkeep.

As we have previously discussed over the years I enthusiastically read Money Magazine looking for case studies of couples similar to us who had achieved above average retirements or were on track for. May have seen the one on you but as previously noted we were on different paths so it was not on my whoopie list
So what have you done in your life that isnít average?
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Old Today, 05:17 AM
 
Location: R.I.
982 posts, read 607,771 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, we're wasting money now. Why? Because we can.

I have a different perspective than you because I went from a we to a me when my 49 year old husband passed suddenly in 2001 when I was 44 and am currently 62.5.

Like you I live in a high tax high COL area which is in a coastal community within a 1/2 drive from where Geoff lives. When my husband died which will be 18 years ago this coming November my salary at that time was +/- $8,000 dollars shy of what my projected age 70 Social Security benefit will be. Initially, the only way I was able to stay in my home was that the mortgage had been paid off 3 years before my husband died. And what allowed me to be able to continue to remain in my home all these years along with saving for retirement and having the extra $$ to take a nice annual vacation, buy a new fridge, etc. is that my salary grew steadily over the years and currently > 2 x what it was when my husband passed.

Although Geoff has posted that his SS benefit combined with his GF's is in the $85,000 range, he also notes that he has structured his retirement financial needs on only his portion of that combined benefit being $45,000/year which living on that amount he admits that will involve significant lifestyle changes. And no doubt the reason why he did that is because he knows that the potential is always there that he will go from a we to a me either before or during retirement.

I have no doubt that you and your husband can likely survive in your high COL area on both your combined Social Security benefits, but will that be possible for the survivor to remain in that high COL when one spouse passes and 1/2 that Social Security benefit passes with them ?? For sure I know for me who will be entering retirement with no mortgage and no other major debt and having an age 70 Social Security benefit a few thousand dollars less than Geoff's, no way could I just survive on my age 70 SS benefit living where I live. And even with adding my FERS pension to that which amount will be 75% of my age 70 SS benefit, I could modestly survive on those two income streams for the short haul but highly doubt for the long haul especially when you consider the income those two streams will produce is what I earning from my working income 15 years ago and my COL has significantly risen during those years.

From personal experience going from a we to a me drastically changed how I looked at and planned for retirement. After the grief dust settled I was certainly going to as best as I could enjoy my life again and spend money on those enjoyable things that were important to me, but to waste money on things that had no lasting value to me could not be part of the plan if I wanted to have a minimally financially worry free retirement for the long haul. And with that being my goal, instead of wasting money I max contributed to my TSP/401K so I would not have to ever consider if I could alone survive on my age 70 Social Security benefit, and if I could it would involve relocating and that would not make a very happy retirement for me.
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Old Today, 05:17 AM
 
Location: annandale, va & slidell, la
7,392 posts, read 3,053,521 times
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Quote:
Originally Posted by mathjak107 View Post
They just never run out of these silly articles about supposedly what one needs
Those that deny adequate funding is needed will decry the findings, and those that planned and built a comfortable margin will observe the chatter. Everyone's needs are vastly different. Some will face catastrophic medical costs, and some will smoke cigarettes and die at 90.
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Old Today, 05:34 AM
 
79,489 posts, read 33,688,908 times
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Quote:
Originally Posted by TuborgP View Post
And like the Schwab study this thread is based on ask, will you be ready when that time comes. Lots of 45 year olds have retirement plans their finances say they aren’t ready for.
If you would have asked me at 45 if I would be able to retire at 58 I would have said that I doubted it but here I am.
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