Defensive Carry banner

1 - 20 of 49 Posts

·
Premium Member
Joined
·
2,216 Posts
Discussion Starter #1
......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-finance/americans-think-1m-enough-retirement-top-10-cities-last
 
  • Like
Reactions: easy10

·
Registered
Joined
·
7,820 Posts
$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.
 

·
Registered
Joined
·
33,868 Posts
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.
 

·
Premium Member
Joined
·
686 Posts
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!
 

·
Registered
Joined
·
3,982 Posts
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.
 

·
Registered
Joined
·
2,790 Posts
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
 

·
Registered
Joined
·
788 Posts
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.
 

·
Registered
Joined
·
5,889 Posts
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!):mad:
 

·
Registered
Joined
·
1,869 Posts
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.
 

·
Registered
Joined
·
33,868 Posts
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.
 

·
Registered
Joined
·
788 Posts
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!):mad:
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!
 

·
Registered
Joined
·
7,820 Posts
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!):mad:
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?

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.
 
  • Like
Reactions: 5lima30ret

·
Premium Member
Joined
·
2,216 Posts
Discussion Starter #14
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.
 

·
Premium Member
Joined
·
2,216 Posts
Discussion Starter #15
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.
 

·
Premium Member
Joined
·
2,216 Posts
Discussion Starter #16
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!):mad:
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?
 

·
Premium Member
Joined
·
2,216 Posts
Discussion Starter #17
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?
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.

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.
 

·
Registered
Joined
·
26 Posts
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.
 

·
Registered
Joined
·
33,868 Posts
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.
 

·
Premium Member
Joined
·
525 Posts
Rent/buy and keeping vs paying off mortgage are both “it depends” decisions (as are so many we face like, “which gun should my friend buy for plinking?”). There’s 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 isn’t trying to or doesn’t 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? It’s more about the time value of money than it is how much you can make as your wage or business improve. There’s 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-wife’s determined recklessness in spending because she didn’t think she’d live long enough to enjoy savings anyhow. Luckily, my wife is frugal and a prodigious saver. She’s not a cheapskate, she knows how quality pays. I guess that’s 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, it’s 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.
 
1 - 20 of 49 Posts
Top