$1 million would go a long way in retirement but..... - Page 2

$1 million would go a long way in retirement but.....

This is a discussion on $1 million would go a long way in retirement but..... within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Originally Posted by 5lima30ret I have been retired over 10 years now. What I have found to be key to a successful retirement is having ...

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  1. #16
    Distinguished Member Array NECCdude's Avatar
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    Quote Originally Posted by 5lima30ret View Post
    I have been retired over 10 years now. What I have found to be key to a successful retirement is having little or no no debt and keeping your expenses down. My largest expense is healthcare insurance. One other thing I discovered that is key is where you retire to. (If I had stayed on the East Coast of Central FL where I retired from I would still be working!)
    I have no debt and I'm still able to pay off any credit card debt every month. Too bad I can't get rid of that pesky $2600/year property tax without having to move. I could move to Wyoming but who would want to live there?
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    Distinguished Member Array NECCdude's Avatar
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    Quote Originally Posted by Havok View Post
    You mean the way to go isnít to sell your already paid off house, and start another 30 year mortgage so you have have this giant house that youíll be paying for until you die?
    Agreed. I was wondering if I could sell my house (paid off mortgage) and move to a lower COL location without ending up with another mortgage.

    Quote Originally Posted by Havok View Post
    Renting certainly simplifies things, but from a financial perspective, the landlord is covering the cost of all that with the money they make from the tenant.
    I looked into that and found that rents can be very high these days. My older brother's kids can't afford to rent in Denver so they're living with him.
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  3. #18
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    One report says $1M is not enough while another report say the median retirement savings is $10k. Don't remember the exact amount, but it was well short of $1M. Somethings gotta give.

  4. #19
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    Quote Originally Posted by NECCdude View Post
    I have no debt and I'm still able to pay off any credit card debt every month. Too bad I can't get rid of that pesky $2600/year property tax without having to move. I could move to Wyoming but who would want to live there?
    $2600? Wow. I don't know what size property or how the value is taxed there, but my taxes are about $1200. But you either have to be from NY/NJ or have a special Curmudgeon permit to move here.
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    Rent/buy and keeping vs paying off mortgage are both ďit dependsĒ decisions (as are so many we face like, ďwhich gun should my friend buy for plinking?Ē). Thereís no right answer without looking at all the variables involved. My brother can afford a new mortgage after selling his house but at his age is happier with the renter flexibility and freedom from worry. He isnít trying to or doesnít need to build equity at his ancient age. He can buy out the remainder of his lease or leave at the end of lease term and move further from me or his kids when he wants, for example.

    Saving a million bucks? Itís more about the time value of money than it is how much you can make as your wage or business improve. Thereís no replacement for socking away some savings in your twenties or thirties in earnings accounts or investments. Time compounds the interest earned and the stuff just silently increases. The time value of money is something my parents never taught me, darn it, and I was too slow to figure it out on my own. This was exacerbated by my ex-wifeís determined recklessness in spending because she didnít think sheíd live long enough to enjoy savings anyhow. Luckily, my wife is frugal and a prodigious saver. Sheís not a cheapskate, she knows how quality pays. I guess thatís how she consented to pick me up a couple of decades ago. Anyhow, getting to a million requires consistent savings of sums into interest bearing instruments and it requires time.

    So yeah, itís difficult for someone my age to rack up a fresh million from zero. A young person without a student loan debt, with a good job, given the current financial markets, and with the grit to do it can easily accrue a million dollars over their earning lifetime.
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    Quote Originally Posted by OldVet View Post
    $2600? Wow. I don't know what size property or how the value is taxed there, but my taxes are about $1200. But you either have to be from NY/NJ or have a special Curmudgeon permit to move here.
    I donít know but it looks like you could be at risk of losing your curmudgeonality if your avatar keeps getting younger-looking.
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    In 2009, I was in my late 50's and the recession hit us hard. We nearly had to declare bankruptcy, we were up to our eyeballs in debt and our credit ratings were in the crapper. We clawed our way back over 10 years. Now our only debt is our mortgage. Two fairly new cars and a motorcycle, all paid off. No revolving debt. We have great healthcare. And we were just able to retire this year. Our retirement portfolio and strategy is pretty much recession and inflation proof. We will soon be insured for just about anything that could happen.

    We aren't rich, but comfortable and we could downsize our budget if we had to. We tried semi-retirement for a while and realized most employers are getting to be complete jerks, especially to older people and we said we'd rather have less money and more freedom. We're lovin' it!

    The reason I bring this up is to encourage people that you don't need as much runway to save for retirement as people think. You don't need a million dollars to retire. One thing I'd suggest is to find a really good financial planner who specializes in retirement, but not just retirement investing, but also retirement distributions. These folks are rare. Most financial planners don't get that or don't want to tell you. We went through some real dud planners before we found that one we have. And we ran into a lot of hucksters out there. Learn about the 4% Rule, the pros and cons of annuities and stuff like that.
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    Quote Originally Posted by SAXDM9 View Post
    I donít know but it looks like you could be at risk of losing your curmudgeonality if your avatar keeps getting younger-looking.
    I'm a master of illusions.
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    Distinguished Member Array NECCdude's Avatar
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    Quote Originally Posted by OldVet View Post
    $2600? Wow. I don't know what size property or how the value is taxed there, but my taxes are about $1200. But you either have to be from NY/NJ or have a special Curmudgeon permit to move here.
    950 square feet
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    Quote Originally Posted by NECCdude View Post
    950 square feet
    Mine is @1600 under roof but includes garage I think. Lot about 85x125. I'll send you a Curmudgeon Work Permit in your Christmas card.
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    Quote Originally Posted by NECCdude View Post
    I have no debt and I'm still able to pay off any credit card debt every month. Too bad I can't get rid of that pesky $2600/year property tax without having to move. I could move to Wyoming but who would want to live there?
    I would. I have lived in California, Oregon, Washington, Nevada, Idaho, Montana and finally here in Wyoming. Best place we have ever lived and my wife has lived in 43 states. Great hunting and fishing, great gun laws or rather lack of gun laws, no income tax and a 4% sales tax.The massive open space and the weather scare a lot of people away but, they don't know what they don't know. BTW, we have a small newly remodeled 2 bedroom house on 1/4 acre in a small blue collar farming and ranching town with a garage and three storage buildings. Twice a week garbage pickup and street sweeping. Great hospital, solid Sheriff's and Police departments and my annual property taxes are $340 bucks.
    The kids here say "Yes,Sir" and "Yes,Ma'am" and not a skinny jean or man bun in sight. People here don't spend money on flash. Pickup trucks are used as trucks and not status symbols. Open carry is common and nobody freaks out. The town is empty on Sunday until Churches get out. Its not for everyone, thank God, but, its our last, best place.
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    @forester58 , your WY place sounds perfect. Iíd be very happy with your four seasons and the strong independent values. The locals around whom we live have similar values but I nearly never see open carry except the .243 or .270 across the handlebars of their 4-wheeler.
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    VIP Member Array Havok's Avatar
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    Quote Originally Posted by easy10 View Post
    One report says $1M is not enough while another report say the median retirement savings is $10k. Don't remember the exact amount, but it was well short of $1M. Somethings gotta give.
    The median savings being 10k, and that being enough is not the same thing. That also doesnít mean that those people who have $10k will have that much when they retire. That factors in everyone from probably age 18, maybe even 16 on.
    Quote Originally Posted by NECCdude View Post
    I have no debt and I'm still able to pay off any credit card debt every month. Too bad I can't get rid of that pesky $2600/year property tax without having to move. I could move to Wyoming but who would want to live there?
    Credit cards are awesome if you pay them off every month. Get those rewards points.

    Quote Originally Posted by jmf552 View Post
    In 2009, I was in my late 50's and the recession hit us hard. We nearly had to declare bankruptcy, we were up to our eyeballs in debt and our credit ratings were in the crapper. We clawed our way back over 10 years. Now our only debt is our mortgage. Two fairly new cars and a motorcycle, all paid off. No revolving debt. We have great healthcare. And we were just able to retire this year. Our retirement portfolio and strategy is pretty much recession and inflation proof. We will soon be insured for just about anything that could happen.

    We aren't rich, but comfortable and we could downsize our budget if we had to. We tried semi-retirement for a while and realized most employers are getting to be complete jerks, especially to older people and we said we'd rather have less money and more freedom. We're lovin' it!

    The reason I bring this up is to encourage people that you don't need as much runway to save for retirement as people think. You don't need a million dollars to retire. One thing I'd suggest is to find a really good financial planner who specializes in retirement, but not just retirement investing, but also retirement distributions. These folks are rare. Most financial planners don't get that or don't want to tell you. We went through some real dud planners before we found that one we have. And we ran into a lot of hucksters out there. Learn about the 4% Rule, the pros and cons of annuities and stuff like that.
    I guess it all depends what you want out of retirement. Someone who is 20 today and plans to retire when they are 60 may be very disappointed with the quality of life they willl be able to have with only a million dollars saved when they are of retirement age. On the other hand someone retired today may live just fine.
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  14. #29
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    Quote Originally Posted by jmf552 View Post
    In 2009, I was in my late 50's and the recession hit us hard. We nearly had to declare bankruptcy, we were up to our eyeballs in debt and our credit ratings were in the crapper. We clawed our way back over 10 years. Now our only debt is our mortgage. Two fairly new cars and a motorcycle, all paid off. No revolving debt. We have great healthcare. And we were just able to retire this year. Our retirement portfolio and strategy is pretty much recession and inflation proof. We will soon be insured for just about anything that could happen.

    We aren't rich, but comfortable and we could downsize our budget if we had to. We tried semi-retirement for a while and realized most employers are getting to be complete jerks, especially to older people and we said we'd rather have less money and more freedom. We're lovin' it!

    The reason I bring this up is to encourage people that you don't need as much runway to save for retirement as people think. You don't need a million dollars to retire. One thing I'd suggest is to find a really good financial planner who specializes in retirement, but not just retirement investing, but also retirement distributions. These folks are rare. Most financial planners don't get that or don't want to tell you. We went through some real dud planners before we found that one we have. And we ran into a lot of hucksters out there. Learn about the 4% Rule, the pros and cons of annuities and stuff like that.
    Can I "like" this more than once? Yes, you need a dedicated and knowledgeable financial advisor working on your behalf and providing you with good advice so you can relax and allow the best things to happen!

  15. #30
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    Quote Originally Posted by Havok View Post
    You mean the way to go isnít to sell your already paid off house, and start another 30 year mortgage so you have have this giant house that youíll be paying for until you die?



    Renting certainly simplifies things, but from a financial perspective, the landlord is covering the cost of all that with the money they make from the tenant.
    There is no way to predict the future. Back in the mid-1960's I rented a perfectly nice 1BR apartment for $35 per month. By 1970 (while I was in Vietnam) a similar apartment for my wife cost us $70 per month. During most of the 1970's I could purchase a decent home in a decent neighborhood for $25,000 with payments around $200 per month, and the same home would rent for $175.

    Fast forward to more recent years. I now pay $1200 per year in property taxes and $1100 per year for homeowners insurance ($2300 per year, or nearly $200 per month) for a house I already own and have paid for in full. I could rent that house out for $1200 per month easily (but that would put me out on the street looking for "affordable housing").

    My point here is that inflation is a never-ending attack on your plans for life. If you rent you will always be at the mercy of inflation and your landlord. If you own your home (by that I mean purchase it and pay off the mortgage completely) you remain at the mercy only of your taxing authorities and the insurance companies.

    Own it. Pay it off. End of discussion.
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