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Old 08-06-2019, 03:56 AM
 
1,475 posts, read 703,713 times
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Quote:
Originally Posted by mathjak107 View Post
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
Yes, didn`t seem right to me. Thanks!
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Old 08-06-2019, 04:17 AM
 
72,709 posts, read 72,559,630 times
Reputation: 50244
Quote:
Originally Posted by marcandme View Post
Yes, didn`t seem right to me. Thanks!
you need to work backwards ... see what you have when you get close to work with then see what it buys ... odds are regardless what number you set as a goal you still are only going to save just so much and markets may or may not co-operate ala the lost decade for stocks .

so do your best to accumulate what you can , then develop a lifestyle around what you have . whether it is living on ss or saving 7 figures , we all make it work .. we may not like what it buys but we make it work .

all you need to do is to see if what you are hoping to generate from what you have can generate that number safely with the amount you have and see how you need to allocate to safely support that number.

that is very different then someone shooting a magical number out at you or someone here telling you some median number is x-amount so you don't need anymore ...that is just nonsense ....
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Old 08-06-2019, 05:24 AM
 
Location: NC Piedmont
4,018 posts, read 2,937,054 times
Reputation: 6508
Quote:
Originally Posted by mathjak107 View Post
you need to work backwards ... see what you have when you get close to work with then see what it buys ... odds are regardless what number you set as a goal you still are only going to save just so much and markets may or may not co-operate ala the lost decade for stocks .

so do your best to accumulate what you can , then develop a lifestyle around what you have . whether it is living on ss or saving 7 figures , we all make it work .. we may not like what it buys but we make it work .

all you need to do is to see if what you are hoping to generate from what you have can generate that number safely with the amount you have and see how you need to allocate to safely support that number.

that is very different then someone shooting a magical number out at you or someone here telling you some median number is x-amount so you don't need anymore ...that is just nonsense ....
I think lack of flexibility with regards to retirement planning causes a lot of people trouble and heartache. They plan almost too specifically and really have to stretch and count on few, if any, surprises if they are really a little short for the plan or are bitter about it if they can't make it work. Beachfront house? that would be awesome! Older second row condo with an ocean view? I can make that work. I want to be able to look out over the water. It could end up being a partial view of a bay/sound/lake instead of an unrestricted view of the surf (which I have pretty much ruled out anyway).
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Old 08-06-2019, 05:32 AM
 
1,475 posts, read 703,713 times
Reputation: 4697
Quote:
Originally Posted by ReachTheBeach View Post
I think lack of flexibility with regards to retirement planning causes a lot of people trouble and heartache. They plan almost too specifically and really have to stretch and count on few, if any, surprises if they are really a little short for the plan or are bitter about it if they can't make it work. Beachfront house? that would be awesome! Older second row condo with an ocean view? I can make that work. I want to be able to look out over the water. It could end up being a partial view of a bay/sound/lake instead of an unrestricted view of the surf (which I have pretty much ruled out anyway).
For us,we are happy with a fifteen minute drive to the beach. Dinining out? We are happy with a picnic basket on the beach. We also, don`t care about a lot of travel. We like the simple pleasures in life.
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Old 08-06-2019, 07:41 AM
mlb
 
Location: North Monterey County
3,275 posts, read 2,901,419 times
Reputation: 5028
Overspending does not give me/us joy. Gives me hives.
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Old 08-06-2019, 09:57 AM
 
699 posts, read 207,546 times
Reputation: 2546
I'm probably repeating a prior post, but:
1) Are you tracking your current spending, with details as to "where" the money is going? Do so.
2) Determine what current expenses will go away in retirement, and what new ones will replace them (house payments / increased travel and health care).
3) Determine whether you will be "happy" in your current lifestyle in retirement, or would curtailing spending (if required) cause you discomfort? Your answer will tell you whether you need to work longer.
4) 1 - 3 should give you a starting point for how much money you'll need in retirement annually. Multiply that amount by the number of years the actuaries say you should live, adjusted for your health and family history (I chose 92 years, that's how long my Mom lived) - that amount, less SS or pensions, is what you need to have to retire. More is better than less. I myself was very conservative, and only figured on breaking even with inflation (after taxes) on my investments. I should be able to beat that, and if I do, that's what I plan to leave to charity / other beneficiaries. It's way better to die with money in the bank, than to have to eat cat food in your last decade, at least in my opinion.
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Old 08-06-2019, 12:16 PM
 
29,979 posts, read 35,067,680 times
Reputation: 11866
Nest egg you better have. From personal experience. Storms do happen and damage does occur. Even if reimbursed you may still need a chunk of change to get it done.
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Old 08-06-2019, 12:22 PM
 
Location: Haiku
4,451 posts, read 2,676,777 times
Reputation: 6514
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.
Ignore the mass media and go to Bogleheads. Its a discussion forum. Really smart people over there. There is a whole forum dedicated to just answering questions related to investing and managing money. Google it.
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Old 08-06-2019, 02:01 PM
 
Location: Columbia SC
9,132 posts, read 7,883,024 times
Reputation: 12460
Quote:
Originally Posted by mathjak107 View Post
you need to work backwards ... see what you have when you get close to work with then see what it buys ... odds are regardless what number you set as a goal you still are only going to save just so much and markets may or may not co-operate ala the lost decade for stocks .

so do your best to accumulate what you can , then develop a lifestyle around what you have . whether it is living on ss or saving 7 figures , we all make it work .. we may not like what it buys but we make it work .

all you need to do is to see if what you are hoping to generate from what you have can generate that number safely with the amount you have and see how you need to allocate to safely support that number.

that is very different then someone shooting a magical number out at you or someone here telling you some median number is x-amount so you don't need anymore ...that is just nonsense ....
Sound advice. I always worked backwards when it came to money beginning with what lifestyle did I want, how much was it going to cost, and finally how do I earn that?

My wife and I lived a great lifestyle. We had good jobs and were never in financial trouble, but we spent every penny we made. In our 40's we started looking at retirement asking where do we want to be? We started putting it away then. IRA's, considering her state retirement (as in not change jobs), solid/blue chip stocks, mutual funds. We did not trade nor chase. We stayed the course and it worked out well for us. Granted we had no children so we did not have those expenses. Also when we retired to SC, we had the good fortune to catch a real estate bubble and sell a house in MA for $475K while owing about $180K. We were cash home buyers after that.
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Old 08-06-2019, 03:37 PM
 
72,709 posts, read 72,559,630 times
Reputation: 50244
Quote:
Originally Posted by johngolf View Post
Sound advice. I always worked backwards when it came to money beginning with what lifestyle did I want, how much was it going to cost, and finally how do I earn that?

My wife and I lived a great lifestyle. We had good jobs and were never in financial trouble, but we spent every penny we made. In our 40's we started looking at retirement asking where do we want to be? We started putting it away then. IRA's, considering her state retirement (as in not change jobs), solid/blue chip stocks, mutual funds. We did not trade nor chase. We stayed the course and it worked out well for us. Granted we had no children so we did not have those expenses. Also when we retired to SC, we had the good fortune to catch a real estate bubble and sell a house in MA for $475K while owing about $180K. We were cash home buyers after that.
There is usually to much emphasis on current costs with current pay checks ....when they cease , what you thought you needed is irrelevant...all that matters is what you actually end up with despite your best attempts
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