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

$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; ......how many people will be capable of saving that much? Also, I laughed at the chart showing just under $7000 per year for medical insurance/expenses. ...

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

    ......how many people will be capable of saving that much? Also, I laughed at the chart showing just under $7000 per year for medical insurance/expenses. The only healthcare plan I can get for my wife and dependents through the states health exchange is $24,000 per year (and that doesn't include deductibles, copays, dental and eyecare). Add my Medicare to this and it's an impossible scenario. I have no lower cost options except maybe Medishare. I can't even get Medicare Advantage here. Obamacare didn't account for any of this. In the meantime Congress still drags their feet on coming up with a solution. I hope family members stay healthy.......

    https://www.foxbusiness.com/personal...10-cities-last
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    VIP Member Array Havok's Avatar
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    $1000000 is very attainable. The problem is that we have a culture where people want to spend all their money now, rather than saving for the future. Couple that with people starting off their adult life by going 10s of thousands of dollars in debt for something that will never make them money.
    Last edited by Havok; October 26th, 2019 at 06:41 PM.
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    a poor plan that is well executed will produce better results that a good plan that is poorly executed.

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    I had very little savings when I retired from the military at 39. I landed a decent job and packed away the income like a squirrel sensing a hard winter. It wasn't hard as I still had more income than my mil pay and had two kids in college to boot. My wife and I get along fine on our SS and my mil retirement and don't touch the "savings" except for major projects, like a much needed bathroom renovation. My financial adviser says I did it right.
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    Sorry, but Obama care DESIGNED it like that, to destroy your ability to afford health care, pressing you into an overpriced, underperforming single-payer plan.
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    I was in sales for over twenty four years and always felt unemployed unless I made a sale. I knew too many sales people that just ended up as "broken down old salesmen". I was the only income earner as my wife was a full time homemaker and home schooled our two boys for many years. We took rare expensive vacations and did without a lot of material things. I saved all that I could while selling and last year found myself unemployed after working for the same company as a sales\project manager for 20 years! I'm down, but not out. I had a few health issues to address but hope to be back in my game again. I'm not at a million saved yet, but I just might make it. And by the way, I bought all my guns and ammo on sale! I think my wife still believes that!
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    Quote Originally Posted by RedSafety View Post
    Sorry, but Obama care DESIGNED it like that, to destroy your ability to afford health care, pressing you into an overpriced, underperforming single-payer plan.
    Just another plan to go along with the discredit of law enforcement and creating more divides than ever. Overall, the Great Khalif was a failure in this mission, but he did advance their cause.
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    Quote Originally Posted by armado View Post
    I was in sales for over twenty four years and always felt unemployed unless I made a sale. I knew too many sales people that just ended up as "broken down old salesmen". I was the only income earner as my wife was a full time homemaker and home schooled our two boys for many years. We took rare expensive vacations and did without a lot of material things. I saved all that I could while selling and last year found myself unemployed after working for the same company as a sales\project manager for 20 years! I'm down, but not out. I had a few health issues to address but hope to be back in my game again. I'm not at a million saved yet, but I just might make it. And by the way, I bought all my guns and ammo on sale! I think my wife still believes that!
    Best wishes and good luck
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    After a lifetime spent paying bills and raising children I was able to retire debt-free with over a million in savings and investment accounts. I will say two things about being a millionaire:

    1. You can have a million or you can spend a million, but you can't spend a million and still have a million.

    2. The current earnings (2019) on a million dollar portfolio invested conservatively might be $35,000 to $50,000, and that may vary widely with some years resulting in a net loss rather than any investment gain. Not exactly living in tall cotton in most places I know about.

    Being a millionaire just ain't what it used to be. It is better to have it than to not have it, but it doesn't mean we are wealthy by any objective measure.

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    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!)
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    My father recently retired. He paid off all of his debt before doing so. He lives comfortably on $3100 a month. If he had $1M in the bank that would last 26.88 years without interest or investment.

    He has decided to rent instead of own in retirement. That way he has no high dollar unexpected expenses. AC goes out? Leely roof? Septic system needs to be replaced? Someone else pays for it.

    Maybe you can't live comfortably on $3100 a month in FL but you certainly can here.
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    I considered paying off my house, but my adviser pointed out that at this point, I'm paying so little interest it would have insignificant impact.
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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 absolutely agree. Trying to retire with a mortgage, car payments, credit card debt, or other recurring obligations would be very difficult at best. My home was paid off, my automobiles were paid off, we have no monthly obligations other than utilities, insurance, and sustenance. Absolutely amazing how far the retirement checks will go when you haven't already spent them before they arrive!
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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!)
    You mean the way to go isn’t to sell your already paid off house, and start another 30 year mortgage so you have have this giant house that you’ll be paying for until you die?

    Quote Originally Posted by Novarider View Post
    My father recently retired. He paid off all of his debt before doing so. He lives comfortably on $3100 a month. If he had $1M in the bank that would last 26.88 years without interest or investment.

    He has decided to rent instead of own in retirement. That way he has no high dollar unexpected expenses. AC goes out? Leely roof? Septic system needs to be replaced? Someone else pays for it.

    Maybe you can't live comfortably on $3100 a month in FL but you certainly can here.
    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.
    5lima30ret likes this.
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    Quote Originally Posted by RedSafety View Post
    Sorry, but Obama care DESIGNED it like that, to destroy your ability to afford health care, pressing you into an overpriced, underperforming single-payer plan.
    If I had done my research before retiring I would've stayed working where I had a much better medical/dental/eyecare plan. Unless there's some way to fix medical plans I would highly recommend that people keep working until they drop - especially if they have dependents.
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    Quote Originally Posted by retired badge 1 View Post
    After a lifetime spent paying bills and raising children I was able to retire debt-free with over a million in savings and investment accounts. I will say two things about being a millionaire:

    1. You can have a million or you can spend a million, but you can't spend a million and still have a million.

    2. The current earnings (2019) on a million dollar portfolio invested conservatively might be $35,000 to $50,000, and that may vary widely with some years resulting in a net loss rather than any investment gain. Not exactly living in tall cotton in most places I know about.

    Being a millionaire just ain't what it used to be. It is better to have it than to not have it, but it doesn't mean we are wealthy by any objective measure.
    Good for you. I figured that in order for me to save a million dollars and still live comfortably I'd have to make a 6 figure income. I got to the age where I had the option of doubling my 401k contributions (so-called catch-up contributions) but there's no way I could've done that. It would've helped greatly if my employer had matched my contributions. Like I stated before, some can invest a million, most can't.
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