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Bada Bing! I knew that and folks might want to read your post #407 in this thread where you said that. You have also said that many times over the years in here. In that time period you were not retired and were still adding new money to your portfolios. Some from work pre-tax and more post tax from real estate.
Your story is a much about managing wealth no matter how you get it and applying what you have learned from others to do that.
and lets not forget luck plays a roll too ... but you need the resources , creativity and drive or luck just passes right by
if i had the 700k back then it would have been almost 2x that by 65 at the least plus everything else i would put in so yeah , if it got to 1.7m or greater i would have retired for sure..
Yeah, I was thinking 700k would have grown close to “the number”. With you getting age 65 SS, your wife getting age 67SS, the deceased ex-husbands 19k pension.....should have been plenty, even in NYC.
yeah we would have been fine .... the reality is we all make what we have work .... but as the thread here says we would have been fine on 1.7m ... we would have less choices in things but it would work .
my wife got beaten up bad in the dot com era ... she had no interest in financial stuff so left it to her husband ..when he died he dumped a pile of investments in her lap she did not understand .
so she went to the guy at her bank who she trusted and he loaded her up on tech and dot com stuff ... needless to say she lost 1/2 her money in that fiasco .
today she takes a big interest and i run every move by her .. she knows exactly what is what with or without me .
this is a big issue as 80% of all married men die married , but 80% of all married women die alone ...it is so important for them to know what is up .
Typically one spouse is the investor and steps up to the plate and the other steps back.
Not good ...... both should have an understanding and while one partner may like complex involved portfolios it really makes it hard if the other spouse ends up having to deal with it
i don't know if i mentioned it but her husband had multiple myeloma ... the same cancer as sam walton ... after contacting sam about the experimental work going on in a program he sponsored sam agreed to take on her husband ...sam spent over 1 million dollars on her husband and gave him another year of life . eventually both sam and her husband finally lost the battle .
Last edited by mathjak107; 07-26-2019 at 01:25 PM..
I live in a high cost of living area. Our goal is $5 million for retirement. When I hit 75 and we don't have the money we will end up selling our home and moving to a lower cost of living area. The goal though is to stay where we are now.
How many people do you know that receive a pension?
In my case everyone my wife and I worked with along with many neighbors and friends. People with pensions usually know a lot of others with them especially in areas like the DC metro area.
I just recently spoke with a rep from a CCRC on the phone. They operated with a monthly fee instead of a buy in and she said that many of the residents there had pensions.
Many transplants to popular destinations have them also.
I don't get this needing 1.7 Million for most to retire
DH worked Construction his entire life not earning nearly enough $ He often worked on projects at home.
I worked 20 hrs a wk, a traditional job w/ limited benefits for 20 yrs.
retiree package- $50 a mo.
drugs- $10/$20, Vision, Doctor visits $10 & $20, Dental to 1k yr.
Hospital (1x yr) and part b yearly deductible covered
We exist on $2415 a month easily but could exist on $1915 a mo. which is our combined SS.
I still save about 50% of my earnings each mo. with my dream job (two 12 hr shifts at min wage)
Sacrifices?
Mail 3x a wk
Dangerous curvy paved road to the nearest town w/a good family owned grocery store, restaurants, gas, doc, dentist, schools, insurance, library, vet & mom &pop stores, mechanics, etc
Moved 1 hr away from our family
See the same people- town of under 200 population
Criminals but they are a benefit too. Keeps the County away.
No homeowners policies written here so I do worry about a fire. We've set up a water system from one of our springs to water the house w/a metal roof)
Benefits?
Cleaner air & plenty of free water (springs)
Just enough tourists/vacation home owners during summer
Huge river below the house, a reserivor, hiking, biking, fishing, swimming, whitewater rafting, gold mining, boating.
No traffic lights or stop signs. Usually peaceful
One restaurant/bar/post office, vacant newer schoolhouse, tiny fire dept,
GREAT trails -hiking,. OHV/Motorcycle
It's a State Recreation area.
Our property is surrounded by BLM land
We raise a ton of meat chickens, and some as pets.
No need to fix hair, wear nice clothes
Surroundings in nature usually offer many free resources
We make our guests french toast for breakfast/lunch
We make quarts of homemade maple syrup for free.
A $40 one time cost for the cookware & spigot which goes into the maple trees
Our chickens lay eggs (we pay very little for their food, growing some, obtaining some free)
Make my own bread for about .25-.50 cents a loaf.
Guests take us out to dinner
Always asking where we'd like to go
We suggest a few different vegetarian restaurants
Many friends come and stay with us overnight or the weekend, which wouldn't be the case otherwise. In return, they offer their home to stay.
Many here have "certain resources" they trade, including us.
Wildlife regularly seen from the deck
100% Solar is legal. Generator used rarely. No utility companies except landline/fibre optic & internet & security system
People love to come and stay with us and it actu
Last edited by ElmersGlue.; 07-26-2019 at 02:33 PM..
not much different from where i was before the divorce ha ha
Insert here the old joke about why divorce costs so much.
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