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Old 07-31-2019, 11:32 AM
 
Location: Florida/Tennessee
2,802 posts, read 4,383,168 times
Reputation: 1551

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Lol.... i had four kids three of which went to college. Thank God one went into the Marines and use the GI bill!
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Old 07-31-2019, 11:56 AM
mlb
 
Location: North Monterey County
3,275 posts, read 2,900,310 times
Reputation: 5028
Quote:
Originally Posted by markg91359 View Post
I just think that is unrealistic for most people--saving half your take home pay for ten years.

And this is coming from someone who will have a good retirement.
You may feel that way...but when the bottom falls out of the economy as it did starting in 2005-2006 and we saw it as a cautionary red flag..we did all we could to shovel money because we did not know if we both would lose our jobs and would be caught high and dry. We started saving late into our 40ís.

You do what you have to. We can live on almost nothing and still be happy.
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Old 07-31-2019, 12:23 PM
 
Location: SoCal
13,816 posts, read 6,572,311 times
Reputation: 10388
Quote:
Originally Posted by markg91359 View Post
I just think that is unrealistic for most people--saving half your take home pay for ten years.

And this is coming from someone who will have a good retirement.
We shouldnít pretend to know what people can do with their money. For years, Iíve read the Tightwad Gazette for fun, and reading frugal forums for kicks, then my husband and I lost our jobs together, we learned how to manage. This is also coming from somebody who has being retired nearly 4 years.
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Old 07-31-2019, 12:37 PM
 
Location: Southern California
24,434 posts, read 8,554,544 times
Reputation: 15927
Depends on one's NEEDS and WANTS.
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Old 07-31-2019, 12:41 PM
 
574 posts, read 163,993 times
Reputation: 1397
When we were raising our kids and young we saved but on one income nowhere near 50%. We still needed to eat)
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Old 07-31-2019, 12:58 PM
 
644 posts, read 412,993 times
Reputation: 3713
There are needs. There are wants. What I find strange is people who feel they need to sacrifice in order to afford a lfestyle they do not even want.

We have had 2 different couples visit us in the past couple of months. These 2 couples are by far my best non-Autistic friends.
Both have nice homes, have incomes 3 and about 7 times as much as ours, and each have way more than 10 times as high net worth as we do.

But, when visiting, they all talked about how envious they were of our life, that hate their huge cookie-cutter homes, that they want goats and chickens,a quircky little cabin like we have, how they are in love with our little village, etc. And they say that they would give ANYTHING to live like we do. And I say "then why don't you do it then?"

And they say that they would love to, more than anything in the world, but that they CAN'T. They can't afford it. They say that if and when they can afford it, that they will/would.

They hate where they live. They hate that they feel that they need a new car every 3 or 4 years, but"hey, what else can we do?" They hate the city. They hate the traffic. They hate that having nice cars and nice houses make them feel vulnerable to people who want their nice things. they hate that they don't know their neighbors and have elaborate security sytems to protet themselves. They hate that when they go out with their city friends to dinner, that they are not comfortable to say, in order to save money, 'let's go to Olive Garden," because that would be too "low class." It baffles me.

I guess many people need to have more money than others do in retirement in order to live a life they hate.
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Old 07-31-2019, 01:18 PM
 
Location: Florida/Tennessee
2,802 posts, read 4,383,168 times
Reputation: 1551
For anyone who's young, save 20%, limit debt by paying cash for lots of things, buy a home, learn to take care of "things" and yourself, avoid buying new cars, and in the end of this game we call life... most will be just fine.

If your retired... honesty, truth, good math skills, and the ability to control your spending is key.
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Old 07-31-2019, 01:22 PM
 
72,685 posts, read 72,534,115 times
Reputation: 50224
We call a lot of our non discretionary spending needs but it is really wants ....there are always cheaper places and lifestyles....we choose to set our personal level of standards but that is really a want ...

We want to maintain that standard of living ,we don’t need to
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Old 07-31-2019, 01:31 PM
 
9,293 posts, read 9,361,015 times
Reputation: 29201
Quote:
Originally Posted by mlb View Post
You may feel that way...but when the bottom falls out of the economy as it did starting in 2005-2006 and we saw it as a cautionary red flag..we did all we could to shovel money because we did not know if we both would lose our jobs and would be caught high and dry. We started saving late into our 40ís.

You do what you have to. We can live on almost nothing and still be happy.
We started saving soon after our marriage in our mid-twenties. Not so much because we had too, but because we had extra money we didn't need. It was not a huge amount though. Maybe 10% of our income.

We also bought our retirement home ten years ago and I only owe about $50K on it. I can have it paid off easily by the time I retire in about three years.

My wife has a full pension from work. We have considerable investments. I'm trying to decide whether to take a 4% or 5% withdrawal. I'm leaning towards 5% because our social security will kick in a few years after I retire.

Seriously, my greatest issue is dealing with a sense of depression I have when I think about leaving my work behind. Some may laugh at that. Its a big deal to me.

I'm sorry you were in a tough situation. I can understand how things like that affect people.

The great irony for us is that we didn't do that much to prepare for retirement and it fell into place for us anyway. I wish it was that easy for everyone.
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Old 07-31-2019, 01:56 PM
 
Location: South Florida
584 posts, read 674,613 times
Reputation: 757
I would say about $5800 a month cash and you could live a good lifestyle in FTL
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