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Old 08-05-2019, 11:05 AM
 
Location: RVA
2,184 posts, read 1,286,940 times
Reputation: 4531

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Retired, but early in the game (61/66) we also save that much or more each month with the clear understanding that just in case we need it much later on, thanks to inflation, unforeseen medical etc, it can be used before we even have to dip in to original principal. Like you, we have multiple pensions and high SS amounts that more than cover our living expenses both required and discretionary. Belt, suspenders and velcro.
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Old 08-05-2019, 11:21 AM
 
1,469 posts, read 703,713 times
Reputation: 4682
One thing that confuses me, on retirement sites, is when they say how much you need to have a comfortable life style in certain states. They never mention, if it includes rent or mortgage.
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Old 08-05-2019, 11:33 AM
 
Location: Haiku
4,442 posts, read 2,673,907 times
Reputation: 6506
Quote:
Originally Posted by marcandme View Post
One thing that confuses me, on retirement sites, is when they say how much you need to have a comfortable life style in certain states. They never mention, if it includes rent or mortgage.
Those are usually click-bait articles and I would never use one to make a decision to move to some other state. If you are thinking of moving, do your own research on what the exact taxes are you would pay, the cost of housing/renting/owning, etc and calculate what it would cost for you. Those articles make such broad generalizations they are useless.
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Old 08-05-2019, 11:38 AM
 
Location: equator
3,671 posts, read 1,609,695 times
Reputation: 9093
Quote:
Originally Posted by TuborgP View Post
This has convinced me that there is a major gulf in retirement incomes in here. Retirees with pension and SS may be saving/investing that much a month.
I don't think you needed any convincing--- They bin lettin' us po' folk in here for awhile now...
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Old 08-05-2019, 11:45 AM
 
29,979 posts, read 35,062,916 times
Reputation: 11866
Quote:
Originally Posted by Sand&Salt View Post
I don't think you needed any convincing--- They bin lettin' us po' folk in here for awhile now...
It isnít a matter of wealth necessarily. It is also a function of how your income is structured. Fixed income coming in not spent gets saved/invested. Investment drawdown income not needed doesnít get touched and remains invested. A couple with $5,000 a month fixed income that lives on $2,000 a month is saving/investing 3k a month.
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Old 08-05-2019, 11:50 AM
 
1,469 posts, read 703,713 times
Reputation: 4682
Quote:
Originally Posted by TwoByFour View Post
Those are usually click-bait articles and I would never use one to make a decision to move to some other state. If you are thinking of moving, do your own research on what the exact taxes are you would pay, the cost of housing/renting/owning, etc and calculate what it would cost for you. Those articles make such broad generalizations they are useless.
Believe me. we do research, and then we research that. It`s hard not to read some of these articles....they are every where.
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Old 08-05-2019, 11:55 AM
 
72,683 posts, read 72,534,115 times
Reputation: 50224
Quote:
Originally Posted by marcandme View Post
Believe me. we do research, and then we research that. It`s hard not to read some of these articles....they are every where.
A good article never tells you what you need ....you tell it what you need then it will tell you If the way you are allocating can safely FILL THE GAP BETWEEN SOCIAL SECURITY , PENSION , ALIMONY ,ETC
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Old 08-05-2019, 11:58 AM
 
72,683 posts, read 72,534,115 times
Reputation: 50224
Quote:
Originally Posted by marcandme View Post
One thing that confuses me, on retirement sites, is when they say how much you need to have a comfortable life style in certain states. They never mention, if it includes rent or mortgage. :confused:
Again ,they should never be telling you what you need ....if you need 60k a year and ss and pension are 40k then you need to fill a gap of 20k .... 20k requires at least 40% equities and 500k invested day 1 ....

What your spending is and whether renting or owning is irrelevant when you follow proper advice ... it is like here is your pay check , make it work ...whether you buy or rent with that money is irrelevant
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Old 08-05-2019, 06:23 PM
 
Location: Florida
5,387 posts, read 3,099,408 times
Reputation: 9767
How high is up?
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Old 08-06-2019, 03:40 AM
 
72,683 posts, read 72,534,115 times
Reputation: 50224
Quote:
Originally Posted by marcandme View Post
Believe me. we do research, and then we research that. It`s hard not to read some of these articles....they are every where.
if you are doing research and actually getting educated on this stuff , it is not hard to see these articles that shoot out amounts are clueless
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