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Do this ONE THING to secure retirement:
Ensure you can live off of Social Security
Otherwise you are living beyond your means
Plan now to spend money at the next high in the market to make this happen
We withdrew much of my IRA last year
Bought:
Solar panels to run our newly built tiny house (750 ft w.h huge wrap around deck)
Nissan Leaf electric car
Two E-Bikes
Built an illegal studio cabin for a possible future tena
An old RV for camping or to rent out
DIY solar is the way to gont
We live off-grid on $2100 Social Security. 25 min from a larger city in a Forest Recreation District Camping area with rivers.
Studio cabin will easily rent for $600 a month
We consider ourselves retired though we work p/t June-Aug earning 10k a yr.
4k to IRA ,6k to cash emergency fund. We DO NOT live off of that 10k.
Make changes now then you won't have reason to worry in the future
If all of this is possible in your area great! Especially the anticipated income for an illegal structure.
I don't understand this. Statistically, only 4% of the population lives to be 90 or older. Of course a couple where both people are already over 65 has a greater percentage of one of them reaching 90 but overall it's only a little more than 4% of the general population.
Not even close to correct - here is the stats if already 65 from 2015 Dr Paul Cox report
Male age 65 in 2015 (born 1950) expected to reach age 90 - 40% - to age 95 - 23%
Females age 65 in 2015 (born 1950) expected to reach age 90 - 52% - to age 95 - 32%
Couple age 65 in 2015 (born 1950) expectation of one to reach age 90 - 71% - one to age 95 - 48%
From American Academy of Actuaries, using SS admin data - 50% probability of one half of a couple lasting 42 years in retirement.
Not even close to correct - here is the stats if already 65 from 2015 Dr Paul Cox report
Male age 65 in 2015 (born 1950) expected to reach age 90 - 40% - to age 95 - 23%
Females age 65 in 2015 (born 1950) expected to reach age 90 - 52% - to age 95 - 32%
Couple age 65 in 2015 (born 1950) expectation of one to reach age 90 - 71% - one to age 95 - 48%
From American Academy of Actuaries, using SS admin data - 50% probability of one half of a couple lasting 42 years in retirement.
OK, but I did say on average, I didn't say it was only pertaining to people in the mid 60s or later. People don't start planning for retirement in their mid 60s. It's too late by then. The data I found said only 4% of people will live into their 90s in the U.S, but maybe that's incorrect. I didn't make it up. Of course the older you are, the more likely it becomes you're going to live into your 90s. No one is arguing that. That's really not the issue if one is talking about putting money into the stock market if it's a long term investment from a young age. If a couple are in their 20s and 30s, and are putting money away for retirement, it's not very likely either will live to be 90 or older right now.
But that all can change with medical improvements in the future.
Last edited by marino760; 10-01-2022 at 06:18 PM..
I am male. In my family, my stepfather made it to 94 despite some form of blood cancer. My boss's father also made it to 94. My father-in-law made it to 87 despite years of serious cardiac issues. My wife's stepfather is about to celebrate his 90th birthday with a fishing trip to the Thousand Islands. I think my demographic, upper-middle class Jews, has a propensity to make it to 90, even if not close to a majority. Most never smoked or quit in their 50's or earlier.
My friend's best friend from high school was Jewish. She smoked from 18 to 30 and sadly was diagnosed with lung cancer at 64 and did not make it to her 65th birthday. She was definitely upper middle class her whole life. Maybe there's a difference between NY Jewish and West Coast Jewish? I believe her mother lasted way longer than that though.
I have been on the periphery of a Jewish person here and there and it seems (as a complete outsider) that there is a strong community. I believe that would be a huge factor for longevity. Maybe that is not as strong of community out West as it is back East? However, other things you read make it sound like higher income equates to more and better medical care, etc. So, who knows. I'm only 60; but, it feels like a very long life to me just to this point. I'm not wishing for all that time being older or much older than this here necessarily.
Last edited by Wile E. Coyote; 10-02-2022 at 12:54 AM..
OK, but I did say on average, I didn't say it was only pertaining to people in the mid 60s or later. People don't start planning for retirement in their mid 60s. It's too late by then. The data I found said only 4% of people will live into their 90s in the U.S, but maybe that's incorrect. I didn't make it up. Of course the older you are, the more likely it becomes you're going to live into your 90s. No one is arguing that. That's really not the issue if one is talking about putting money into the stock market if it's a long term investment from a young age. If a couple are in their 20s and 30s, and are putting money away for retirement, it's not very likely either will live to be 90 or older right now.
But that all can change with medical improvements in the future.
Marino the data are actuarial probabilities. Nothing you said, your opinion does not enter into it. It's data and if you are 65 your chances as a male, female or one of a couple of making it to 90 or 95 go up rather dramatically compared to when you are younger and have not made it to 65 (for instance).
There’s a lot of longevity in my family. All 4 of my grandparents were born in the 1800’s and the youngest died at 77 and the oldest at 91 with the others in the middle in their 80’s. My mom died a few months short of 90 and her sister at 96. Luckily all were in good health and only 2 went to homes 6 months before they died and they wanted to. They both could have paid for some help in their homes. Luckily no one had dementia.
1. Found a location in which it's cold at least half the year,yet with enough sun to grow some of our food with enough sun to heat the house up somewhat, even during some days in winter. 2. Find a location which offers plenty of water. Springs, a few strong wells, develop ponds of any size when you see seeps on your property to help keep the wildlife hydrated. Plan ahead what fish you are going to raise based on water temperature, etc. Plan on that pond being part of your fire prevention plan 3. Add Sprinklers to the roof if in a high fire risk area and a powerful misting system on the deck. Hopefully you've chosen property with plenty of NATURAL water sources to keep the water flowing indefinitely, but if not, ensure you have a pond you can draw water from. 4. Tear out a wall of your home and add a leaning greenhouse
- For free heat. Then add Heavy Black out curtains to keep the heat inside, close and open as needed.
-Grow edible plants to filter out the air adding oxygen.
-Grab a sprig of fresh oregano, thyme, lemon balm, mint, parsley, etc for cooking 5. Sleep outside during hot summers.
-It's natural and where humans were meant to sleep. Better air quality than inside.
-Keeps the blood pressure low to hear sounds of nature (considering you live on acreage as planned)
-Keeps your preferably, very expensive mattress lasting longer as you sleep on an air mattress during summer 6. Volunteer at a Food bank. Pretty much all need the extra help
-Take home the expired dairy which is usually in major excess- Eggs & Milk especially
-Make your own cheese out of the expired organic milk, very easy. Add your own homegrown herbs & flavor
-Use the non-fat, non flavored expired yogurt in your homemade dog food
-Use the eggs as a base for your home made dog food. Be on the lookout for canned meat most of the food bank recipients discard (also place a discard bin so they can toss back food they do not want so others can take it, sardines are often left behind). Use the canned sardines+ eggs+yogurt and any older veggies that dogs can tolerate which would be tossed out (carrots, sweet potato, cabbage, kale. Some veggies are toxic. 7. Collect the old pumpkins the stores toss out after halloween and take home. Make massive amounts of canned pumpkin for your family and for the dogs food. 8. Dig up seeps on your property into ponds as best you can. The least, have it be an area where wildlife go to hydrate. You can then hunt those animals such as wild bores, etc. I will not undertake but an idea nonetheless came from my neighbor who feeds his dog this way. 9. Barter with your neighbors. It keeps you on good terms with them and makes both of you feel good helping the other out. We trade our seasonal apple & lemon trees fruit for homemade bread, jam and syrup. We provide 1 dozen eggs & produce twice a month to a neighbor who learns what we need in conversation then occasionally brings it to us. The trade is NOT equal though he says he acquires these items for free. 10. Learn to can. Collect glass jars and lids at yard sales, or for free. You'll need plenty. These pestilences are not going away so don't rely not eh grocery store. 11. Eliminate using dryer on sunny days. It ruins your clothes, Hang them out instead. 12. Give gifts which are handmade- People love it even more nowadays. Homemade cheese, homemade laundry soap (very easy to make) homemade jam. Give to neighbors, church friends, friends, etc. 13. Have a theme party 1x a yr. Let friends/neighbors bring one item such as an horderve or dessert. If you have lemon or apple trees, plan the party to have homemade lemonaide and whatever else you can get for free such as eggs from the food bank as horderves. 14. BUILD A HIDDEN SPOT In your house. Think Ukraine! Think food shortages and thieves.
-Hide your safe down below in a hidden dug out area of the home. Ensure there is a few blow up mattresses in case you need to hide down there, some pairs of reading glasses, food, water, matches, small area to cook, extra clothes, washcloths, coffee, blankets, first aid kit, cans to poop in, items you canned such as applesauce, the Bible to read, music, etc. You may be hiding out a while. We plan for 1 month. 15. If you live in a colder area, consider an ICE HOUSE to store some of your items. Dig into the side of a hill. Make a trip up a few times a month to stock your pantry. IT frees up room in your refrigerator as vegetables and fruit take up plenty of room. 16. Use a radio to deter thieves while gone. Turn it on in the house, have a light flicker every once in a while. 17. Consider a bidit toilet next to the regular toilet. This is a goal of ours.. Installation is easy I hear, and you can spend very little depending...TOILET PAPER may not be available during a shortage due to pestilences such as the COVID, etc. 18. Working on your home in retirement is FUN! It offers projects the neighbors can ask about and get involved in.
1. Found a location in which it's cold at least half the year,yet with enough sun to grow some of our food with enough sun to heat the house up somewhat, even during some days in winter. 2. Find a location which offers plenty of water. Springs, a few strong wells, develop ponds of any size when you see seeps on your property to help keep the wildlife hydrated. Plan ahead what fish you are going to raise based on water temperature, etc. Plan on that pond being part of your fire prevention plan 3. Add Sprinklers to the roof if in a high fire risk area and a powerful misting system on the deck.
Hopefully you've chosen property with plenty of NATURAL water sources to keep the water flowing indefinitely, but if not, ensure you have a pond you can draw from. 4. Tear out a wall of your home and add a leaning greenhouse
- For free heat. Then add Heavy Black out curtains to keep the heat inside, close and open as needed.
-To grow edible plants to filter out the air adding oxygen.
-So nice to grab a sprig of fresh oregano, thyme, lemon balm, mint, parsley, etc for cooking or juice 5. Sleep outside during hot summers.
-It's natural and where humans were meant to sleep. Better air quality than inside.
-Keeps the blood pressure low to hear sounds of nature (considering you live on acreage as planned)
-Keeps your preferably, very expensive mattress lasting longer as you sleep on an air mattress during summer 6. Volunteer at a Food bank. Pretty much all of them need the extra help
-Take home the expired dairy which is always usually in major excess- Eggs & Milk especially
-Make your own cheese out of the expired organic milk, very easy. Add your own homegrown herbs & flavor
-Use the non-fat, non flavored expired yogurt in your homemade dog food
-Use the eggs as a base for your home made dog food. Be on the lookout for canned meat most of the food bank recipients discard (also place a discard bin so they can toss back food they do not want so others can take it, sardines are often left behind). Use the canned sardines+ eggs+yogurt and any older veggies that dogs can tolerate which would be tossed out (carrots, sweet potato, cabbage, kale. Some veggies are toxic. 7. Collect the old pumpkins the stores toss out after halloween and take home. Make massive amounts of canned pumpkin for your family and for the dogs food. 8. Dig up seeps on your property into ponds as best you can. The least, have it be an area where wildlife go to hydrate. You can then hunt those animals such as wild bores, etc. I will not undertake but an idea nonetheless came from my neighbor who feeds his dog this way. 9. Barter with your neighbors. It keeps you on good terms with them and makes both of you feel good helping the other out. We trade our seasonal apple & lemon trees fruit for homemade bread, jam and syrup. We provide 1 dozen eggs & produce twice a month to a neighbor who learns what we need in conversation then occasionally brings it to us. The trade is NOT equal though he says he acquires these items for free. 10. Learn to can. Collect glass jars and lids at yard sales, or for free. You'll need plenty. These pestilences are not going away so don't rely not eh grocery store. 11. Eliminate using dryer on sunny days. It ruins your clothes, Hang them out instead. 12. Give gifts which are handmade- People love it even more nowadays. Homemade cheese, homemade laundry soap (very easy to make) homemade jam. Give to neighbors, church friends, friends, etc. 13. Have a theme party 1x a yr. Let friends/neighbors bring one item such as an horderve or dessert. If you have lemon or apple trees, plan the party to have homemade lemonaide and whatever else you can get for free such as eggs from the food bank as horderves. 14. BUILD A HIDDEN SPOT In your house. Think Ukraine! Think food shortages and thieves.
-Hide your safe down below in a hidden dug out area of the home. Ensure there is a few blow up mattresses in case you need to hide down there, some pairs of reading glasses, food, water, matches, small area to cook, extra clothes, washcloths, coffee, blankets, first aid kit, cans to poop in, items you canned such as applesauce, the Bible to read, music, etc. You may be hiding out a while. We plan for 1 month. 15. If you live in a colder area, consider an ICE HOUSE to store some of your items. Dig into the side of a hill. Make a trip up a few times a month to stock your pantry. IT frees up room in your refrigerator as vegetables and fruit take up plenty of room. 16. Use a radio to deter thieves while gone. Turn it on in the house, have a light flicker every once in a while. 17. Consider a bidit toilet next to the regular toilet. This is a goal of ours.. Installation is easy I hear, and you can spend very little depending...TOILET PAPER may not be available during a shortage due to pestilences such as the COVID, etc. 18. Working on your home in retirement is FUN! It offers projects the neighbors can ask about and get involved in.
Thanks for helping me make the decision to work another 5 years to 67.
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