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Old 02-21-2010, 06:45 AM
 
71,763 posts, read 71,853,273 times
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the problem with most failed retirements is the words" I THINK"

there are enough decent retirement calculators and planners out there that you can input your info to and get a fairly close picture of what things look like. some may be a little more conservative or generous in their calculations but you can get a good feel for whats practical thinking or just wishful thinking.

one of the best around is firecalc.

http://www.firecalc.com/
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Old 02-21-2010, 07:47 AM
 
Location: Grove City, Ohio
10,138 posts, read 12,398,078 times
Reputation: 13987
Quote:
Originally Posted by mathjak107 View Post
the retirement graveyard is filled with failed retirements because of under funded nest eggs and inflation. we dont realize how over time we need double just to keep up .
We need to accept the fact few have pensions that can be relied upon.

Think Pension Tsunami, prepare for the worst and hope for the best.

Nobody really knows for certain what the lay of the land will look like in 10 years much less 20. Seriously, looking back to 1999 would you have guessed we would be where we are today?

To avoid all the stress and strain I accept I will work to age 75 or I drop dead. I could retire in a few, I could collect social security in a couple months and retire as early as 18 months, but I don't want to deal with it. I don't want the stress of worrying if I have enough, how will I make it and will I be forced to eat cat food.

If you are worried about retirement try this, it really works.
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Old 02-21-2010, 07:57 AM
 
Location: Tennessee
34,696 posts, read 33,714,187 times
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Quote:
Originally Posted by BucFan View Post
I think with a spartan lifestyle (non-extravagant), you could. Depends also on life expectancy, medical costs, house payments, etc, cost-of-living.
Yeah, I was thinking what if her house is already paid off?
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Old 02-21-2010, 09:00 AM
 
8,204 posts, read 11,925,738 times
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Quote:
Originally Posted by nicet4 View Post
To avoid all the stress and strain I accept I will work to age 75 or I drop dead. I could retire in a few, I could collect social security in a couple months and retire as early as 18 months, but I don't want to deal with it. I don't want the stress of worrying if I have enough, how will I make it and will I be forced to eat cat food.

If you are worried about retirement try this, it really works.
If I had to think about working to age 75, the stress of that thought alone would be enough to kill me. I wasn't even able to make it to 55! But then again, I've been planning for an early retirement since I was 22.
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Old 02-21-2010, 09:02 AM
 
Location: Tampa, FL
27,798 posts, read 26,235,889 times
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Same here ----just retired at 46.
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Old 02-21-2010, 10:07 AM
 
71,763 posts, read 71,853,273 times
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same here, started at 18 years old and pulling the plug at 57 next year...
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Old 02-22-2010, 02:28 AM
 
Location: Portlandia "burbs"
10,234 posts, read 13,995,331 times
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You would be eligible for your husband's social security benefits when he dies. Likely his retirement, too, if he has it. A parttime job at home would be nice for you.

Hopefully you have health insurance.
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Old 02-22-2010, 06:27 AM
 
Location: Tampa, FL
27,798 posts, read 26,235,889 times
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http://www.cotterfinancial.com/new/Gary.Cotter/


Good website for a variety of retirement calculators. Hit the "research" tab.
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Old 02-22-2010, 07:55 PM
 
Location: Grove City, Ohio
10,138 posts, read 12,398,078 times
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Quote:
Originally Posted by BucFan View Post
http://www.cotterfinancial.com/new/Gary.Cotter/


Good website for a variety of retirement calculators. Hit the "research" tab.
Nice one, thanks!

I don't have enough.

Many of us don't have nearly enough to retire without social security and for some it is their fault (I raise my hand), for some they couldn't save enough and for others bad things happen (Madoff).

If you raised a family you know it wasn't always easy and for many saving the equivalent of $500 a month can be difficult.

Starting at age 30 and saving $500 per month increasing with inflation only provides inflation adjusted equivalent of just $1,802 per month for 30 years. That is not enough for two people. It's not enough for one when you consider 10% of that will be eaten up with average property taxes alone.

When I was single in my 20's I had the morals of an alley cat and even if I really wanted to I could not have saved because I didn't make that much.

This is why I got to work until 70 and at least part time after that if I am able. I know two guys in my field that is still working one at 85 and one at 83.

Then came the time I could have saved but didn't opting instead to own an airplane. For those of you who fly it's a Piper Arrow, PA28-200R. Airplanes are salty making boats look cheap by comparison but if I had to do it all over again I would do the same exact thing. If you've ever left the coast of Florida early in the morning heading 300 miles southeast to Long Island and a week long vacation you know what I mean. Stella Maris Resort, it's kind of low key and definitely out of the way .

There isn't any scheduled air service you so you either fly your own plane or boat to get there. I figure the plane cost me $1,500 a month but there isn't enough money to have me trade the experience.


YouTube - Stella Maris Resort, Long Island, Bahamas http://bahamasaviator.com/
And I am going to continue flying until the FAA says no medical or they pry the yoke from my cold dead fingers.

There has to be more life than just "saving for retirement". I am not advocating being a total idiot but you got to live too.

In one respect I am the luckiest guy in the world. I love my job, I've always liked what I do and at 62 I can say the saddest day in my life will be when I can no longer work. I am left alone and while I work for a company I don't have any bosses, at least in the traditional sense. Just the idea of having a boss makes me feel belligerent and want to fight. What people call work related stress I am pretty sure I've never had. With my wife's retirement, along with my social security I will collect at 70, we'll have way more than we need to live on and there's no reason I couldn't save my entire gross paycheck for five years. My thinking is this would atone for my alley cat years. If I wanted to I know I could work 2 or 3 days a week if I wanted to and even if I got paid half it would still be a lot considering.
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Old 02-28-2010, 02:22 PM
 
Location: Tampa, FL
27,798 posts, read 26,235,889 times
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How to Tell if You Are Saving Enough for Retirement - Yahoo! Finance (http://finance.yahoo.com/news/How-to-Tell-if-You-Are-Saving-usnews-866328234.html?x=0&.v=1 - broken link)
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