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Old 06-24-2007, 09:56 AM
 
4,610 posts, read 10,206,766 times
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Quote:
Originally Posted by Buckhead_Broker View Post
OK, this ought to be interesting. How much do you think you'll need in savings to retire?

This varies from person to person. My husband and I are what is called "young retirees" We retired when my husband turned 40 and I was 38. We have been retired for as little over 2 1/2 years now.

How much money is needed all depends on what kind of person you are and what you enjoy in life. So I can only put a figure on what is right for us but it may not be right for the next person.
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Old 06-28-2007, 08:51 AM
 
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There is a company I know of that doesn't have many restrictions and costs thousands less than any where else. As well you have total check book control! No going begging the custodian for money! It is a totally legal structure and strategy. If anyone wants more info just message me.
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Old 06-28-2007, 10:53 AM
 
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Smile Don't let the financial planners scare you!

I have written on this before, but I will reiterate that most of the financial planning guides concerning how much you need to retire are designed to make you save more money so someone else can manage it and charge you more fees.

Your responsiblility is to determine what kind of lifestyle you want. You can live on 20-30K a year if your house is payed for and you have medical insurance. But you cannot live in a fancy-schmancy resort area where taxes and the cost-of-living is sky high. And forget those expensive trips. Have the grandkids visit you. Live in an area you really like and just stay there and enjoy it. Whatever you do, don't try to juggle two homes. Seek some sort of compromise between the warm and cold weather. I found it in Northeast Oklahoma.

Another advisor told me that I could have a house in the Carolina Mountains and in Florida and enjoy the best of both worlds. But I would have to keep working into my 70s! No thanks!

And my present advisor insisted that the Texas Hill Country was the place for me and not East Texas--I was thinking of avoiding state income tax and was looking at Texas. Yeah, I told him, I will be the poorest man in the Hill Country with all that money going into a house. In East Texas I can get a nice place for under 200K and have some money left over.

Soooo--Determine what your lifestyle will be and plan your needs from there. And don't forget reverse mortgages. No reason to die with lots of money unless you want to give it to grandkids. You have to decide.

I talked with an advisor who had me living on 100K a year! You will run out of money in 10 years if you retire and don't save more, he said. Well, excuse me, I am not going to live that high on the hog. The most important thing is to have some sort of healthcare coverage until medicare kicks in.
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Old 06-28-2007, 05:55 PM
 
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Let's face it if you are a single man you are going to die sooner. What do y'all think -- should the withdrawl rate be higher, say 5% or more?
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Old 06-28-2007, 06:51 PM
 
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Default I agree. Lakewooder.

Quote:
Originally Posted by Lakewooder View Post
Let's face it if you are a single man you are going to die sooner. What do y'all thnk -- should the withdrawl rate be higher, say 5% or more?

All the financial wizards insist on no more than 4% withdrawal. But it all depends on what kind of market we are in for stocks or the yield you can get for bonds. If you have real estate you have possible appreciation. And inflation varies, too. But I agree that the no more than 4% rule is too low.
You have to take some risks in life. People will deprive themselves in their younger retirement years and then be too old to enjoy their money later. Truth be told, most people will never see 90 years of age.
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Old 06-28-2007, 07:10 PM
 
4,948 posts, read 16,530,115 times
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I am in big trouble, am single, almost own a home. I live on 28000 per year.

I did retire, and next march might get S.S. I do get medical, and perscription coverage with a low co pay, and no co pay for medical. I yet have not touched the IRA, or 401K. If i am lucky it will grow to half a million . There was and will be no way I could have got 2 plus. I only earned like 35,000 per year? Peanut butter and Tuna Fish here I come. I guess I will be long gone by 80.
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Old 06-28-2007, 09:29 PM
 
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Wink I think you are sitting pretty if you ask me.

Quote:
Originally Posted by maggiekate View Post
I am in big trouble, am single, almost own a home. I live on 28000 per year.

I did retire, and next march might get S.S. I do get medical, and perscription coverage with a low co pay, and no co pay for medical. I yet have not touched the IRA, or 401K. If i am lucky it will grow to half a million . There was and will be no way I could have got 2 plus. I only earned like 35,000 per year? Peanut butter and Tuna Fish here I come. I guess I will be long gone by 80.
Not sure what you mean by thinking you will get S. S.? It is not going bankrupt that soon. Unless you live in a real expensive area with high taxes and have humongous household expenses I see no reason for you to worry. That medical you describe is to-die-for!

By the way, tuna and peanut butter isn't a bad diet. But if that is all you eat you may not make 80. I suggest some fiber--and that is even cheaper! Relax! I think you are doing fine. 2 plus! I guess you mean 2 million. That is pretty ridiculous, eh? Dawned on me that you might be pulling our leg a bit--but I just don't want you to worry. Heck, with your income you could adopt me and we could both live good for a long time.
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Old 06-28-2007, 10:39 PM
 
4,948 posts, read 16,530,115 times
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Quote:
Originally Posted by Kurt View Post
Not sure what you mean by thinking you will get S. S.? It is not going bankrupt that soon. Unless you live in a real expensive area with high taxes and have humongous household expenses I see no reason for you to worry. That medical you describe is to-die-for!

By the way, tuna and peanut butter isn't a bad diet. But if that is all you eat you may not make 80. I suggest some fiber--and that is even cheaper! Relax! I think you are doing fine. 2 plus! I guess you mean 2 million. That is pretty ridiculous, eh? Dawned on me that you might be pulling our leg a bit--but I just don't want you to worry. Heck, with your income you could adopt me and we could both live good for a long time.
my thought is yes at 62, or wait til 64, anyway I think life simple, as when I did get very impressed, oh, well. my aussie and books, and no stress.

if you like books, and to cook tuna fish, and yes, the dog, needs her treats.
so if i do not get to 80 that means spend and spend. a bright idea. and no i am really telling the truth. this vet, who is fired, when she gave me a bill for the bichon, angel, who did die in my arms then had the nerve to call for the aussie, like, no way. A doctor visit 46.00 kennel shot here oh and a fecal test, like she had this in Jan. my reply is No, and you are fired, not I did not say this, however, she is.no i have no means to even get 2 million. anyway, being from Boston, and Irish-you adopt me and the aussie i am thinking take the money and say thank you at age 62 or wait. only til 64. oh then at 62 I do minus 500 per month. then I live on 13,000 yikes if only a dog star.next year with an income of 13,000 wonder I do.

Last edited by maggiekate; 06-28-2007 at 10:50 PM..
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Old 06-29-2007, 11:18 AM
 
450 posts, read 1,839,426 times
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Default Sorry to hear of your loss. Hard to lose those you love.

Quote:
Originally Posted by maggiekate View Post
my thought is yes at 62, or wait til 64, anyway I think life simple, as when I did get very impressed, oh, well. my aussie and books, and no stress.

if you like books, and to cook tuna fish, and yes, the dog, needs her treats.
so if i do not get to 80 that means spend and spend. a bright idea. and no i am really telling the truth. this vet, who is fired, when she gave me a bill for the bichon, angel, who did die in my arms then had the nerve to call for the aussie, like, no way. A doctor visit 46.00 kennel shot here oh and a fecal test, like she had this in Jan. my reply is No, and you are fired, not I did not say this, however, she is.no i have no means to even get 2 million. anyway, being from Boston, and Irish-you adopt me and the aussie i am thinking take the money and say thank you at age 62 or wait. only til 64. oh then at 62 I do minus 500 per month. then I live on 13,000 yikes if only a dog star.next year with an income of 13,000 wonder I do.
Your reply is a bit hard to read, but I do feel for you. Boston is a very expensive area to live if that is where you are. You will have to find somewhere cheaper, I suppose. You are still rather young and could get a fresh start--my advice, but I hardly know you--would be to take the money and run and get a fresh start somewhere that is not so connected with your troubles. God Bless. I posted earlier but gave my message the wrong icon--a smiley face for hope--but I feared you would take that the wrong way. God Bless. I still think you can make it on your resources--how much of the home needs to be paid off? If it is alot you will definitely have to sell and downsize. You know, you can get a reverse mortgage if you have enough equity in the house.
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Old 07-04-2007, 09:16 AM
 
153 posts, read 1,167,010 times
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Quote:
Originally Posted by Buckhead_Broker View Post
OK, this ought to be interesting. How much do you think you'll need in savings to retire?
I am not materialistic, don't really care if I travel much, and have always been one who is never bored and don't have to be "doing" something to be content. All I need is a roof over my head, food to eat, good health and so be it. So, how much? Well, let's see, housing = $600/mo; food = $300/mo; utilities = $90/mo; gasoline = $40/mo; ins = $100/mo; clothing = ?? I only buy clothes when I have too...so who knows; entertainment = ?? I don't have to be entertained, so ??....y'all figure it out. How much will I have in savings when I retire? Probably around 250k; how much will my s/s be each month? ~$1600/mo; 401k? around 100k. So, that's it. And, I don't stay up nights worrying about it.
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