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Old 08-11-2019, 10:34 AM
 
Location: The Triad (NC)
28,732 posts, read 62,752,184 times
Reputation: 32607

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Quote:
Originally Posted by johngolf View Post
How much in Total Assets do you think the average person needs to have to retire reasonable comfortable?
Including the whole pensions SS equities home etc shebang?
Enough to reliably and continually produce the required monthly income.

Quote:
How much Monthly Income do you think the average person needs to have to retire reasonable comfortable?
About 10-30% more than they're able to manage with what they have going on ... the 25% comprising the bell curve ends excepted.
Of course the self defined 'need' of most is also usually out of whack.
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Old 08-12-2019, 10:28 AM
 
Location: Grove City, Ohio
10,168 posts, read 12,470,908 times
Reputation: 14121
Quote:
Originally Posted by mathjak107 View Post
Ha ha ha , I would never have retired if all I had was 3600 a month here...

I would be living in the hood...
In New York I am not surprised.

With our condo paid for we have a fixed cost of $2,417 that covers our mortgage, life insurance, medical supplements, dental insurance, HOA fees, real estate taxes, all utilities including cable television and internet and car insurance. What is not in the fixed cost is food, entertainment, clothing, gasoline, travel and spending money.

Why a mortgage at 71??? We moved from a low cost of living area to a higher cost of living area but I am hoping to have the mortgage paid off in 24 months. Why the life insurance? To protect my wife if something happens to me the mortgage will be paid off.

If I had to stop work tomorrow and the mortgage wasn't paid off we would have $2,200 for food, entertainment and fun money but we have been practicing and we could easily save $500/month out of the $2,200. With the mortgage paid off I would drop the life insurance and the $2,200 would become $3,200 and at that point I figure we should be very comfortable.

Why do we visit this question so often?

Because we are unsure of where we stand. We've all been working our entire adult lives and the decision to retire is the second to the most important decision most will ever make. Number one decision is who you marry.

And we who are still working will continue to ask this question over and over again until the day we do decide to retire at which point we will simply deal with it.

Last edited by nicet4; 08-12-2019 at 10:47 AM..
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Old 08-13-2019, 06:07 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by mathjak107 View Post
there is never a bottom for any of us ..we can always live elsewhere or down grade something to make life cheaper ... there really are little needs ...what we tend to call our needs are wants because we draw that line in the sand and prefer not to change certain things or downgrade beyond a certain level . but we could ,

but that does not mean this " minimum" lifestyle is something you want , should target or even like .


Opinion:

These are words I learned at a very young age from some very old yet wise men.
I'll translate it to fit into this discussion.

One who successfully overcomes poverty will always know
his bottom for the many fears of never having enough.
Those who are no longer concerned of the bottom achieving wealth and
satisfaction still continue to run on all cylinders as their only fear left
is that it's never enough.



I knew of an acquaintance : a person of Local power in the United States.
He had achieved great success but I always sensed he was never truly satisfied.
One day we sat down and just chatted. Trust me ,he was anxious as he felt he could
be doing something more productive but I was driven and he conceded.
I poured my heart out and had to explain how well off he was in comparison
to the average Joe like me. I took the time out to explain to him that his constant
push to keep pushing forward was that he was raised by wonderful family and
surrounding but he missed the part about the goal posts. He was running on an
endless field never capable of crossing the goal line to score and put points on the board.
In my laymen language I sympathetically explained he has already won the games,
the super bowl, earned the coveted ring and there was nothing left to prove to anybody.
I pleaded to him. Enjoy your life. You earned it. In summation of my heart felt thoughts,
He paused ,turned to me with teary eyes and said you are right. Breakthrough !
Our conversation ended and we parted ways for the final time. Today he is living an
unimaginable, studded stars retirement ,enjoying the company of his grand and great
grand children. I am so joyously content for him.
Nuff said................
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Old 08-13-2019, 06:26 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by nicet4 View Post
In New York I am not surprised.

With our condo paid for we have a fixed cost of $2,417 that covers our mortgage, life insurance, medical supplements, dental insurance, HOA fees, real estate taxes, all utilities including cable television and internet and car insurance. What is not in the fixed cost is food, entertainment, clothing, gasoline, travel and spending money.

Why a mortgage at 71??? We moved from a low cost of living area to a higher cost of living area but I am hoping to have the mortgage paid off in 24 months. Why the life insurance? To protect my wife if something happens to me the mortgage will be paid off.

If I had to stop work tomorrow and the mortgage wasn't paid off we would have $2,200 for food, entertainment and fun money but we have been practicing and we could easily save $500/month out of the $2,200. With the mortgage paid off I would drop the life insurance and the $2,200 would become $3,200 and at that point I figure we should be very comfortable.

Why do we visit this question so often?

Because we are unsure of where we stand. We've all been working our entire adult lives and the decision to retire is the second to the most important decision most will ever make. Number one decision is who you marry.

And we who are still working will continue to ask this question over and over again until the day we do decide to retire at which point we will simply deal with it.



Congratulations.
If you have to worry about researching your future
retirement needs you have probably done well.

Unfortunately 80-90 percent of the rest of the population
in the United States has not. If you worry about going without
just imagine how much harder it will be for the rest of the population.
You will know when it is time to retire as my body told me.
Your biggest expenses are covered. You have a roof over your head,
clothes on your back and food on the table.
Enjoy Life. Don't let the window of retirement close on you once and for all.
Hand the reigns of employment over to the young and restless yearning to make
a living and please take the time out to enjoy yours before it is too late.
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Old 08-13-2019, 06:52 AM
 
72,749 posts, read 72,586,872 times
Reputation: 50259
Quote:
Originally Posted by Mr.Retired View Post
Opinion:

These are words I learned at a very young age from some very old yet wise men.
I'll translate it to fit into this discussion.

One who successfully overcomes poverty will always know
his bottom for the many fears of never having enough.
Those who are no longer concerned of the bottom achieving wealth and
satisfaction still continue to run on all cylinders as their only fear left
is that it's never enough.



I knew of an acquaintance : a person of Local power in the United States.
He had achieved great success but I always sensed he was never truly satisfied.
One day we sat down and just chatted. Trust me ,he was anxious as he felt he could
be doing something more productive but I was driven and he conceded.
I poured my heart out and had to explain how well off he was in comparison
to the average Joe like me. I took the time out to explain to him that his constant
push to keep pushing forward was that he was raised by wonderful family and
surrounding but he missed the part about the goal posts. He was running on an
endless field never capable of crossing the goal line to score and put points on the board.
In my laymen language I sympathetically explained he has already won the games,
the super bowl, earned the coveted ring and there was nothing left to prove to anybody.
I pleaded to him. Enjoy your life. You earned it. In summation of my heart felt thoughts,
He paused ,turned to me with teary eyes and said you are right. Breakthrough !
Our conversation ended and we parted ways for the final time. Today he is living an
unimaginable, studded stars retirement ,enjoying the company of his grand and great
grand children. I am so joyously content for him.
Nuff said................
the problem is lifestyle can have movable goal posts for many of us ... today they are where they are because that is what i have to work with ... i never felt like i won the game because there never was a game to win ...if i somehow doubled our assets and income it would only move the goal posts farther out with a better lifestyle and more options for us
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Old 08-14-2019, 06:01 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by mathjak107 View Post
the problem is lifestyle can have movable goal posts for many of us ... today they are where they are because that is what i have to work with ... i never felt like i won the game because there never was a game to win ...if i somehow doubled our assets and income it would only move the goal posts farther out with a better lifestyle and more options for us

Hey Math,
Nice to hear from you.
Saddened that many choose to not affix their goal posts.
If I could wish anything more to compliment their life
long successes it would be that they be fortunate enough
to one day sip water from the fountain of youth.
I have already found mine. It's called retirement.
My superior also coworker has just passed after 30 years of
a wonderful retirement. He had opted out on an early pension.
I followed suit just about 30 years later. While visiting him at
hospice he told me that retiring early was the smartest move
he ever made in life and was overjoyed to hear I did the same.
His only regret was that of his coworkers who did not follow his
advice. He was truly tired of visiting all their graves. I am personally
content I left him on a high note. R.I.P. my dear dear friend. R.I.P.

Last edited by Mr.Retired; 08-14-2019 at 06:32 AM..
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Old 08-15-2019, 06:28 AM
 
Location: northern New England
2,550 posts, read 1,122,927 times
Reputation: 9907
Hi there, discussing Jeff Bezos and his girlfriend is off topic on a "how much is needed for retirement" thread.



City Data has rules against going off topic. I am just following their guidelines. It doesn't matter to me personally, I happen to enjoy rambling threads (on other forums) but as a mod I have to follow the rules here.
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Old 08-15-2019, 04:10 PM
 
592 posts, read 170,754 times
Reputation: 1451
Thanks snowbird for explaining. I had forgotten it took that turn.
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Old Yesterday, 12:05 AM
 
Location: Prepperland
13,823 posts, read 9,929,338 times
Reputation: 9957
Of course, if there was no money, how else would you provide shelter, food, water, clothing, and other necessities?
Could you be productive and trade / barter for your needs?
Do you have enough children / extended family to care for you when socialism collapses / pensions vanish?
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Old Yesterday, 12:42 AM
 
416 posts, read 168,249 times
Reputation: 1232
Our house is completely paid off, as are the cars (4) and no credit cards. My husband and I both have pensions, $100K together. We have a small office building with two tenants. Small income there. I collected SS early, but my husband decided to wait until FRA at 66 and 4 months. I am penalized with the windfall deduction because I retired early with a pension at 63. Husband also has a part-time job that he loves that brings in a paltry $800.00 a month. Our total income is about $135K a year.

Our expenses are not bad, I think we spend about $4-5K a month together, including $500.00 a month for medical insurance for the two of us. His former employer pays about $1000.00 a month. We have to pay the $500.00 a month until we are old enough for medicare. We pay $400.00 a month for LT nursing care insurance. Hope we never have to use it.

At this time, we make more than we spend. We like to go on one cruise a year.
We decided to retire because we worked hard at our jobs/careers and "life is too short."


Hate the thought of one of us having a health problem and needing to enter a nursing home or have to hire a nurse for longer than a year. That would derail all of our plans.

Last edited by suziq38; Yesterday at 12:57 AM..
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