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People do brag. We all agree. What you don't know is if the OP was bragging. I read it and heard it in my head as an honest question.
Is there any previous context that would support otherwise?
To me:
"I'm a millionaire in retirement! Here's how I got there" = Not bragging
"I'm a millionaire in retirement! You're not!" = bragging
It's all in the language and how we play back the words in our heads. Again, it didn't seem to me that OP was bragging.
How about we all just accept that others may have it better or worse than us and use or enjoy the information in this fora.
Using 2018 dollars, millionaire isn’t bragging. If you don’t have two Social Security checks or an increasingly rare defined benefit pension coming, that’s a fairly modest middle class retirement.
This thread highlights the difference between a couple who both have pensions and most people who have to do it with savings and a Social Security check. I read the OP and thought “wouldn’t it be nice to have that kind of security”. I have to be way more attentive to my finances or I risk running out of money.
Using 2018 dollars, millionaire isn’t bragging. If you don’t have two Social Security checks or an increasingly rare defined benefit pension coming, that’s a fairly modest middle class retirement.
This thread highlights the difference between a couple who both have pensions and most people who have to do it with savings and a Social Security check. I read the OP and thought “wouldn’t it be nice to have that kind of security”. I have to be way more attentive to my finances or I risk running out of money.
I used the term "millionaire" as a euphemism for language that many would consider bragging.
But ... is it really a modest middle class retirement? The articles I read talk about the huge lack of retirement preparedness for the majority of Americans and would have you believe that future retirees will likely be on the street or near to it. That's my impression anyway. Having a million saved for retirement doesn't seem to be the median at all.
Yeah, I get what you are saying about your situation though.
well the 40k a million generates pre tax would not go very far here that's for sure . especially paying for all your medical and dental . a sanitation worker can see more than 40k as a pension here which is representative of many middle class blue collar pensions in the tristate area . . that generates what a million does to live on.
Hey ... I get what you are saying .. 100%. What I am saying is that people who don't have those kinds of resources, in any manner, may very well feel like someone who is talking numbers like that is bragging. That's the issue I was trying to address. I have seen it happen to you on this forum many times when I knew you weren't bragging about anything, just trying to be helpful.
Honestly, my blunt assessment is for those people to take their envy somewhere. Since CD has a widespread of spectrum of people, not clog up the internet with comments like that.
A lot comes down to how crucial every social security dollar is to the person and how much, in real dollars, you actually come out ahead by waiting. A lot of women with breaks in careers to be family caregivers are on the low end for social security earnings. If waiting almost five years to FRA is going to net someone just a few thousand more dollars, that may be critical to some people and less so to others. I am about to receive my first social security payment at age 62. I have the assets that would allow me to wait, but not the cashflow. With my modest pension and social security combined, I can live on cashflow for my daily needs and only use investment funds for large expenses that might come up. This is what I prefer and what will be easier for a person like me, who has a hard time getting away from the "saver" mentality drilled into me by my parents. Each person must consider their own particular situation and act accordingly.
This is quite true. For many people, after saving for so long and finally achieving their savings goal, it becomes too difficult to actually spend it, especially for something as mundane as ordinary income. I can sense that in myself, even though I hope I will have no trouble spending down. If delaying filing by spending down reduces ones nest egg to an uncomfortable level (for them), then filing early makes sense. The reality is that with the exception of spousal benefits, the difference between leaving the saved money invested or spending it for more as income is pretty much a wash.
Lots of people are uncomfortable using income generated from investments. It is not what they have “done” for most of their life. Yet that is exactly what the vast majority of early retirees do, and even a casual investigation of the Early Retirement forum reveals that it DOES take a certain amount of financial and investing skill and determination to do it successfully.
I like to think that I will have that ability, but the truth is, I should already have it and be living on my investments and what my current pension would be, if that was my natural propensity. Instead, I inexplicably find myself automatically working another year (OMY Syndrome) to build up savings even more and increase my pension an added $350/mo. I can’t tell if it is greed or fear. Fear of appearing less successful, or fear of running out of money? Fear of leaving a well paying job. Time is too precious, and I should not be trading it for dollars. Yet I am, and have to come to gripsnwith that soon.
Last edited by Perryinva; 12-10-2018 at 05:44 AM..
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