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Old 07-04-2007, 09:25 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,579,200 times
Reputation: 5692

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With our progressive tax rates (thank you Carl Marx) we are not sure we can ever really retire. On paper, we should have enough, but in reality, who knows what property tax will be in 10 to 20 years from now. Will there be an affordable state to go to? Can we stay in AZ if we choose. We own two homes free and clear and have a nice savings that should grow. We will still work for another 10 years and save even more, but I still do not sleep well at night. Like the lady from KS, we are not into luxury living although we design a few of them now and then. We just want a little box and a table to have coffee in the mornings.
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Old 07-04-2007, 09:37 AM
 
153 posts, read 1,166,611 times
Reputation: 136
Quote:
Originally Posted by MotleyCrew View Post
With our progressive tax rates (thank you Carl Marx) we are not sure we can ever really retire. On paper, we should have enough, but in reality, who knows what property tax will be in 10 to 20 years from now. Will there be an affordable state to go to? Can we stay in AZ if we choose. We own two homes free and clear and have a nice savings that should grow. We will still work for another 10 years and save even more, but I still do not sleep well at night. Like the lady from KS, we are not into luxury living although we design a few of them now and then. We just want a little box and a table to have coffee in the mornings.
Excellent! I'm with you guys!
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Old 10-28-2011, 11:29 AM
 
1,328 posts, read 2,450,450 times
Reputation: 1389
Somewhere between $4-6 million.
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Old 10-28-2011, 05:33 PM
 
Location: Oklahoma
6 posts, read 8,962 times
Reputation: 11
My 4500 a month is plenty it's tax free and it's just me,free medical helps alot also.
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Old 10-28-2011, 05:34 PM
 
Location: Morris, IL USA
8 posts, read 6,858 times
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Quote:
Originally Posted by kansaslady View Post
Excellent! I'm with you guys!
Millions and millions!
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Old 10-28-2011, 05:50 PM
 
Location: Bar Harbor, ME
1,922 posts, read 3,779,224 times
Reputation: 1292
Quote:
Originally Posted by MotleyCrew View Post
With our progressive tax rates (thank you Carl Marx) we are not sure we can ever really retire. On paper, we should have enough, but in reality, who knows what property tax will be in 10 to 20 years from now. Will there be an affordable state to go to? Can we stay in AZ if we choose. We own two homes free and clear and have a nice savings that should grow. We will still work for another 10 years and save even more, but I still do not sleep well at night. Like the lady from KS, we are not into luxury living although we design a few of them now and then. We just want a little box and a table to have coffee in the mornings.
Waiting until you are completely sure is the same as waiting until you are sure you have the money to have children. You never will. It usually depends on whether you are actually enjoying your job. If you do, and yoiu don't have someplace you want to move to enjoy life differently, then...Heck. Keep working and having fun at work.

My job was fun until about 2002, when it was literally destroyed by the
Federal No Child Left Behind law. After that the drugery got more and more intense, and the fear of nasty things happening got more and more scary. I was happy to leave. Will we have enough funds for 20 years from now? Who knows, but then I may not live that long.
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Old 10-28-2011, 06:56 PM
 
Location: Prospect, KY
5,288 posts, read 17,957,332 times
Reputation: 6544
Quote:
Originally Posted by Zarathu View Post
Waiting until you are completely sure is the same as waiting until you are sure you have the money to have children. You never will. It usually depends on whether you are actually enjoying your job. If you do, and yoiu don't have someplace you want to move to enjoy life differently, then...Heck. Keep working and having fun at work.

My job was fun until about 2002, when it was literally destroyed by the
Federal No Child Left Behind law. After that the drugery got more and more intense, and the fear of nasty things happening got more and more scary. I was happy to leave. Will we have enough funds for 20 years from now? Who knows, but then I may not live that long.
I agree with this.
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Old 10-28-2011, 07:26 PM
 
Location: Forests of Maine
30,680 posts, read 49,443,611 times
Reputation: 19129
My home is paid off. My former employer provides my medical coverage. So we are fine with $1500/month.
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Old 10-29-2011, 06:18 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,477,375 times
Reputation: 8777
Quote:
Originally Posted by Lakewooder View Post
I used to think $3-5 million - but as I approach the actual time of my intended 'early' retirement in 5-10 years, I'm hoping my money will double by the rule of sevens!
It depends on how much you could get by investing safely, doesn't it? If you were retired right now you'd probably need a lot more because there is so little return on a safe investment.
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Old 10-29-2011, 06:24 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,477,375 times
Reputation: 8777
Quote:
Originally Posted by nooneknowsmyname View Post
I have been working with a financial planner for 5 years now. My financial planner, spouse, and I have determined that we could retire now although we probably will work another 4 years. In addition to my spouse's retirement--a defined benefit pension plan--and my TIAA/CREF retirement, we have saved an additional 2 million dollars upon which we can draw. In addition to this money, we both have have paid into social security and will collect it once we reach 66 (he will turn 66 two years before I do). We will be selling a rental home that we own in the Northeast, doing a 1031 exchange on this property purchasing an apartment in a southern city and a house on the beach, relocating to that city and making those 2 houses our permanent residence. Then we plan to sell our house in the SF Bay Area on which we have no mortgage and invest that money into our portfolio. So when we retire we will have an apartment in the city, a house by the Gulf, both completely paid for, and no mortgages. We've estimated that with my husband's pension, my TIAA/CREF, drawing 5% of our savings, and later our social security, we will easily have an income of 100,000.00+ per year. And based on our calculations, if we both lived to 95, we would still have sizable portfolio left for our legatee or beneficiary or to give to charity.
My spouse and I have lived frugally, saved and invested our money and are confident that we will more than enough to live on when we retire.
Congratulations. We, too, have lived what many would call as below our means and we have invested when the market was good. It was not easy, when many around us were going on vacations and buying impressive cars. Now, we are hoping to reap the benefit from all that. Good luck to you.
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