Retirement (Page 1 of 4)
Posted: 9/13/2025 7:02:12 AM EDT
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Hello all. In August I posted about a crappy work environment, and by decision to quit and retire. I guess this is a follow up. We often think about SHTF emergency funds. Have $1000... Have three months wages. Have six months wages. There is, I suppose, the idea that retirement is simply a really big emergency fund.... It's an emergency fund that covers most of your expenses for 20, 25, 30 years..... Now that I'm here, and been very focused on the numbers, I'm seeing several "issues" that seem to blindsided many people. I'm simply tossing these out for thoughtful consideration. Retirement timing: in a lot of cases, it's not a date picked by you. Retirement is often forced on you by circumstances. 58% of retirees have retirement "forced" on them earlier than planned or intended...You're laid off. Plant closes. Contract ends. Health gets shitty. All of a sudden you're 58 or 63 or 65 and BOOM!, career over. Those who plan ahead are usually better equipped than those who didn't. I'll reiterate: for MANY, retirement isn't a retirement party, and lots of golf in FL. For many, it's simply an inability to work anymore ( because there is no more work OR because the body won't permit more work) and a sudden dramatic loss of income. Arguably, this is a serious, permanent SHTF event... Fact: Median household retirement income for those over 65 is something like $50,000 a year . Median means half the retiree households in the USA have an annual income of less than $50k. That's HOUSEHOLD income. And that's not a bunch of money. Social security: if you have not looked up your estimated SS benefit, do so. It's not much. I see lots of people claiming "I can't wait until 62 so I can get my SS retirement". News flash: SS is peanuts. It's NOT a retirement. It's only pocket change to assist the retirement YOU have. In a lot of cases, the dude making $50k a year is going to get a SS benefit of something like $1,100 - $1,200 a month at 62. At 67, it's a bit better, but median Social Security benefit for 65 and older is $18,500 per year. If you don't have your own income source, that's poverty. Pensions. Defined benefit. Common decades ago, rare today . Dad/grandpa had them. You worked 30 years. You got a pension that was 60% of your best/last three years. If you made $50k, your pension was $30k. Problem: these are mostly gone. If you are a newer hire, your new pension tier is likely FAR FAR less generous. Typically, pensions are now limited to fire, police, state and fed employees. New hire pensions are half of what the payout used to be. If you have one. 401k / 403b. Defined contribution plan. You decide what you want to put in. If you make $50k, and you put 10% in, your pay this year is $45k, with $5k in the 401k. Company often kicks in a bit more, usually $2.5k ,( matching first 5%). This CAN work, if you start early (20 21 years old) and you contribute hard. It usually doesn't work. Most workers NEED to put a solid 15% per year in, and most don't. median contribution is 7-8%. I've realized most people suck at math.... Many will say " ...but I have $200,000 in my 401k!". Peanuts. If you need $40k to supplement your income each year, your $200k is gone in five or six years depending on returns. The 4% rule: A general retirement rule is you can take 4% of your best egg each year. I don't want to get bogged down in "is it 4 or is it 5%?". Let's use 4% to illustrate something. If you have $200k, you can take 4%, or $8,000 annually, as a withdrawal and have your funds last.. there ARE much better withdrawal.models, but I'm using this one as a quick and dirty back of the napkin illustration. Ideally, retirement is referred to as a three legged stool.. one leg is Social Security, another is the corporate pension ( which most don't have) , the third is your 401k and IRAs. Realistically , SS gives you $15 or $20k ( if it's solvent). Your pension is $20k, and your 401k/ IRA supplements another $10-20k. Together, these give you a viable if modest income.... In all likelihood, the only Survival Forum readers to actually read this will be those of us already 40,45,50 years old. "Retirement" is more relevant. Unfortunately, the 24 year old on here will just reply "tldr", and go elsewhere. I'm kind of hoping one or two younger SF readers might scan this, read it, and think " shit, I didn't realize Social Security was so little". Maybe I need to start contributing to my 401k.... Just food for thought. There's lots of opportunities to get side tracked. We can argue withdrawal rates, or SS strategies, or whatever. We can also argue " but my brother saved all.his life and died at 57, leaving $2.5 million". Not my monkey, not my circus. Some of us prep. Some don't. Everyone makes a decision, and everyone has consequences of those decisions. It's simple: those who live in today, and never prep for tomorrow, have more money today. But hitting the wall at 61 with an unplanned retirement and an income of $18,400 a year is pretty shitty... Those who plan ahead are better equipped. Just food for thought. |
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Good review…. My youngest son is 23 and has been investing in a 401k for a couple years. He’s already seeing the benefit. Start early and you won’t be trying to catch up in your 50’s, forced to work when you’re ready to quit but can’t… Word of advice, if you’re working in your 50’s it better be a job you really like or a job that makes lots of money because inevitably you’re gonna get tired of working for someone else or just tired of the pendulum swings of your boss/corporate/government etc… |
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Good read.. I'm getting ready to retire full time in a year or so and am really looking forward to the next chapter. I'm fortunate in that I'll be 51 and still be able to move my body. 30 years military(20Active), 12 years in the state LE system. I won't be overly rich and will have to take a part time gig at least until i hit 59 and can start drawing IRAs. I was fortunate that I have those defined benefit plans but kick myself for not starting the 401K sooner... we will probably have a lot more than your typical retiree in there, and really won't have to work, but I kick myself when I think where we would be had I started 15 years earlier. About 10 years ago I decided I hated my job and didn't want to be a wage slave and started researching retirement... Ran into the whole "Fire" movement, Dave Ramsey and JL Collins.... LIFE CHANGING! Got the old lady on board, paid off all debt and live on 1/2 out income and been plowing everything else into the SP500.. I'm pretty confident that I'd have over 10Mil in retirement had I started 15 years earlier... But we'll still be OK. Now I'm like a Dave Ramsey/JL Collins apostle... I've counseled I don't know how many friends, peers and subordinates on it.. probably bought the book for 5 different people and lent it to countless others... Just talking to a younger friend, the other day and he was thanking me for a discussion we had 5 years ago and was excited that his 401 had just hit 400K... Dude is well on track to be retired at 50 with over 5Mil in 401K... That is life changing .. TLDR: Live on 1/2 you earn, plow everything else into the SP500 and START YESTERDAY!! |
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All good comments but probably lost on the “buy more stuff” survival crowd. The SHTF may never come but you (or your family….if you die early) WILL get old. Tried to have this conversation with one of my brothers. Hard working, great guy but he spends the money as it comes in. When I recommended he start planning for retirement, he told me he plans to work till he dies. He’s a mechanic and makes good money working for himself. Not saying you can’t fix vehicles in your 80s but you won’t be working very quickly. And, I don’t think he contributes much to Social Security (business owners can avoid some SS taxes…legally and illegally!) so he won’t even have that. I’ve tried to warn him but he’s not interested. Oh well. I tried. A good comment I heard somewhere is…figure out your potential big expenses in retirement. New roof. New appliances. New HVAC system. Etc. Then make sure you have that much sitting in an account somewhere ready to go before you retire. In a 30+ year retirement, you’ll have to replace those things at least once most likely. Another thing my wife and I did a few years ago was to define retirement. What did we want it to be? Once we figured that, then the next question was, Does our current retirement funding at least meet or preferably exceed our expectations? So many people get to retirement (forced or voluntary) and suddenly realize their retirement funding can’t support their expected lifestyle. I am set for retirement funding but I really wish I had started much sooner. I did fine compared to most people but could have been in much better shape if I had started saving and investing sooner. I’m making up for lost time now but, time in the market is critical. So many people are living at the edge of their income in their working years. It’s gonna be rough on them when they get to retirement (especially if it’s forced on them) and they discover they don’t have nearly enough to support their lifestyle. Not saying they won’t make it but retirement may not be nearly as fun as they thought it would be. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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A while back we talked about this and I mentioned planning to a few years before retiring- Buy a new vehicle, re-do roof, finish any home upgrades, etc. Doing those major outlays BEFORE income slows is a key thing. 33 years in the same industry we are used to ups and downs and saving more when the harvest is good and living lean when the harvest is poor sort to speak. The problem I personally have is that I'll set aside cash for specific things when it's busy and I don't have time to start them. But then when it slows and I have time to work on them, I want to hold on to the money. We are used to spending based on what's coming in. And even setting money aside for things - just re-did a bathroom and flooring in half the house- money was set aside a year or more ago, but it becomes hard to justify spending it later. Have several methods of saving/investing- including some of the "boring" stuff like CDs. And if your taking your preps seriously, they will be a help to you in retirement also. They have ALWAYS been a help to us in lean times and in the almost 2 years we spent getting out of debt 16 years ago. A solid AE system means no or little electric bills, no mortgage = no monthly expense for that, big garden, greenhouse, chickens and rabbits, fruit trees all mean you'll be eating fresh food that costs a helluva lot less than store bought. Regular exercise, combatives, etc. means your likely in good health means less doctor trips, costs of "meds" etc. All these things means less outflow of funds. Combine that with a couple sources of income from retirement accounts, CDs, savings, dividends, other business income, side work, etc. |
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Quickest ways to contact us-
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[email protected]
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One of my short comings is not maintaining a larger free pool of liquid cash. I moved a chunk of money from pretax to Roth this year when the stock market had that tariff fear dip. While i did save a lot on the transfer as I transferred a devalued stock array and paid taxes on that lower amount, I did have to pay the taxes out of those funds. I didn’t get hurt really as the dip and subsequent rise pretty much covered the outlay for taxes it still kind of stung. I know I should have liquid reserves outside of retirement accounts and I normally do but I had dipped in to them and hadn’t got it back up to where it was. The other thing to look out for is having a segment in your IRAs or Roth or other post tax investments in a more stable investment than the SP500. If the market dips or stays low do you really want to have to sell those devalued stocks at a loss for your normal retirement income? I saw my mom years ago get hit a couple times living off investments when the market was tanked. Those funds dwindled a lot faster than they might have. Hell they even got to her with bad timing. My grandfather was the one who invested that money and she inherited it. He died at peak values with a lot of Disney, Apple, Microsoft when those were all super hot. By the time the estate was getting settled the dot com crash happened. Uncle Sam got his cut on the value at the time of death not its value upon the dispersal. The government got way more than my grandfather’s heirs. Anyways, I get off track. Set yourself up with a year or two worth of expenses that aren’t as volatile as a precaution. Draw those when the SP500 is deflated. Yes, you’ll miss some profits but you will also miss taking the loss because you need the cash. Roth may or may not be a great blessing to some. I think if I was married I would be more inclined to do larger Roth conversions. Convert them at a married couple’s tax rate as some day one of you will pass before the other and be subject to the “widow’s tax”, aka the single person’s confiscatory tax rate (my world). |
The only hyphenated names I like are cartridge names......30-06, 30-40, 38-55 etc.
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Originally Posted By rrbgeb: You might add something on debt. Much easier to walk away when you don't owe anyone anything. This is the biggest. Especially as you get older. No debt, you can pile more into retirement. Wife and I will have no debt going into retirement. Hopefully a new car when needed will be paid in cash. |
| I lean toward the bucket strategy for retirement funding out of retirement accounts but the 4% rule has a solid track record as well. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By SteelonSteel: One of my short comings is not maintaining a larger free pool of liquid cash. I moved a chunk of money from pretax to Roth this year when the stock market had that tariff fear dip. While i did save a lot on the transfer as I transferred a devalued stock array and paid taxes on that lower amount, I did have to pay the taxes out of those funds. I didn’t get hurt really as the dip and subsequent rise pretty much covered the outlay for taxes it still kind of stung. I know I should have liquid reserves outside of retirement accounts and I normally do but I had dipped in to them and hadn’t got it back up to where it was. The other thing to look out for is having a segment in your IRAs or Roth or other post tax investments in a more stable investment than the SP500. If the market dips or stays low do you really want to have to sell those devalued stocks at a loss for your normal retirement income? I saw my mom years ago get hit a couple times living off investments when the market was tanked. Those funds dwindled a lot faster than they might have. Hell they even got to her with bad timing. My grandfather was the one who invested that money and she inherited it. He died at peak values with a lot of Disney, Apple, Microsoft when those were all super hot. By the time the estate was getting settled the dot com crash happened. Uncle Sam got his cut on the value at the time of death not its value upon the dispersal. The government got way more than my grandfather’s heirs. Anyways, I get off track. Set yourself up with a year or two worth of expenses that aren’t as volatile as a precaution. Draw those when the SP500 is deflated. Yes, you’ll miss some profits but you will also miss taking the loss because you need the cash. Roth may or may not be a great blessing to some. I think if I was married I would be more inclined to do larger Roth conversions. Convert them at a married couple’s tax rate as some day one of you will pass before the other and be subject to the “widow’s tax”, aka the single person’s confiscatory tax rate (my world). If you have access to a Roth401k, take advantage of it. Less to convert later. I will have to do some conversions when I go part time in 2yrs. We ran down our liquid savings buying our retirement home in AZ last year, but are building it back up. I was looking into RMD's impact when we get to that age and we need to get more converted or will be taking a big hit. |
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Originally Posted By 13gunbunny: Good read.. I'm getting ready to retire full time in a year or so and am really looking forward to the next chapter. I'm fortunate in that I'll be 51 and still be able to move my body. 30 years military(20Active), 12 years in the state LE system. I won't be overly rich and will have to take a part time gig at least until i hit 59 and can start drawing IRAs. I was fortunate that I have those defined benefit plans but kick myself for not starting the 401K sooner... we will probably have a lot more than your typical retiree in there, and really won't have to work, but I kick myself when I think where we would be had I started 15 years earlier. About 10 years ago I decided I hated my job and didn't want to be a wage slave and started researching retirement... Ran into the whole "Fire" movement, Dave Ramsey and JL Collins.... LIFE CHANGING! Got the old lady on board, paid off all debt and live on 1/2 out income and been plowing everything else into the SP500.. I'm pretty confident that I'd have over 10Mil in retirement had I started 15 years earlier... But we'll still be OK. Now I'm like a Dave Ramsey/JL Collins apostle... I've counseled I don't know how many friends, peers and subordinates on it.. probably bought the book for 5 different people and lent it to countless others... Just talking to a younger friend, the other day and he was thanking me for a discussion we had 5 years ago and was excited that his 401 had just hit 400K... Dude is well on track to be retired at 50 with over 5Mil in 401K... That is life changing .. TLDR: Live on 1/2 you earn, plow everything else into the SP500 and START YESTERDAY!! Why just the S&P 500? There's more to investing than just US large cap stocks. |
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Here's some sad stats: https://www.usatoday.com/story/money/personalfinance/retirement/2025/09/10/average-social-security-check-age-65/86011586007/ "An eye-opening 56% of respondents in the 2025 Nationwide Retirement Institute's Social Security Survey say they wouldn't survive financially if they missed half of a Social Security payment." "Well, the overall average monthly Social Security benefit for retirees was $2,007 as of July — about $24,000 per year." Why anyone relies on this program as an essential part of their retirement amazes me. Sure we all expect it since we paid into it but to rely on it....as in you can't afford retirement if you don't have social security? That's sad. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By bigborehound: I invested as if SS wouldn't be there for me. Anything I receive will just be a bonus. I'm in the same boat. If the system disappeared tomorrow (which it won't) it won't change my planned retirement date. Funny thing about it.....I know people and am related to people who for YEARS were telling everyone that social security was going to be broke and would never be there for them and yet, they never planned for an alternative. If you don't think the system will be there for you, why wouldn’t you plan for retirement without it? The simple answer is, like many people on many topics, you aren’t really serious about your beliefs. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Mainly just ease of use... Set it and forget it. It's one of JL Collins tenants he speaks about in his book "simple path to wealth". I know there are some other strategies like the 4-bucket strategy, and a few others but they require more work that I just don't do. I sometimes wish I had done a bit more with real estate but those are more labor intensive. I'm split almost evenly between the TSP C fund and Vanguard VTSAX which is essentially the same thing. 100% Roth since they changed the rules and allowed it. |
| I retired back in 2005. Wife is getting ready to retire. Maybe this year. We are without debt. No mortgage, no car payments, no credit card debt, no medical debt. Combined income from current jobs, SS, pensions, State of Fl retirement and investments is more than adequate. All that took planning and hard work. We lived in a less expensive home, and did without a lot of 'stuff'. Now we can sit back and enjoy the ride. |
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Originally Posted By bigborehound: If you have access to a Roth401k, take advantage of it. Less to convert later. I will have to do some conversions when I go part time in 2yrs. We ran down our liquid savings buying our retirement home in AZ last year, but are building it back up. I was looking into RMD's impact when we get to that age and we need to get more converted or will be taking a big hit. Originally Posted By bigborehound: Originally Posted By SteelonSteel: One of my short comings is not maintaining a larger free pool of liquid cash. I moved a chunk of money from pretax to Roth this year when the stock market had that tariff fear dip. While i did save a lot on the transfer as I transferred a devalued stock array and paid taxes on that lower amount, I did have to pay the taxes out of those funds. I didn’t get hurt really as the dip and subsequent rise pretty much covered the outlay for taxes it still kind of stung. I know I should have liquid reserves outside of retirement accounts and I normally do but I had dipped in to them and hadn’t got it back up to where it was. The other thing to look out for is having a segment in your IRAs or Roth or other post tax investments in a more stable investment than the SP500. If the market dips or stays low do you really want to have to sell those devalued stocks at a loss for your normal retirement income? I saw my mom years ago get hit a couple times living off investments when the market was tanked. Those funds dwindled a lot faster than they might have. Hell they even got to her with bad timing. My grandfather was the one who invested that money and she inherited it. He died at peak values with a lot of Disney, Apple, Microsoft when those were all super hot. By the time the estate was getting settled the dot com crash happened. Uncle Sam got his cut on the value at the time of death not its value upon the dispersal. The government got way more than my grandfather’s heirs. Anyways, I get off track. Set yourself up with a year or two worth of expenses that aren’t as volatile as a precaution. Draw those when the SP500 is deflated. Yes, you’ll miss some profits but you will also miss taking the loss because you need the cash. Roth may or may not be a great blessing to some. I think if I was married I would be more inclined to do larger Roth conversions. Convert them at a married couple’s tax rate as some day one of you will pass before the other and be subject to the “widow’s tax”, aka the single person’s confiscatory tax rate (my world). If you have access to a Roth401k, take advantage of it. Less to convert later. I will have to do some conversions when I go part time in 2yrs. We ran down our liquid savings buying our retirement home in AZ last year, but are building it back up. I was looking into RMD's impact when we get to that age and we need to get more converted or will be taking a big hit. Well I was too lazy to set up my own Roth early. The work investment plan that I was in only added an in plan Roth option a couple years before my retirement. Since it was now right there in front of me I took advantage of it maxing it out for the couple years. Honestly way late but I did it and converted some. I have just about 10% in Roth, the rest is still in pretax. As far as the pretax I am pretty happy with my accomplishment. I hammered the pretax savings, most of my raises were stuffed in to retirement as I was living fine on what I was making before. I was saving 18% for a long while before retirement. That’s on top the pension. I won’t be filthy rich but I won’t starve, Fortunately I retired young on a little better than half pay pension. That gives me room to convert in the twenty percent zone of the tax scale. That sucks. I still have some years before the Irma look back. |
The only hyphenated names I like are cartridge names......30-06, 30-40, 38-55 etc.
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Yeah financial planning is as important of a preparation as anything else. And life throws a lot of curve balls at you- I ended up losing out on a lot of income about 2/3 thru my career due to serious injuries, and that set back my (late start) deferred comp savings a lot. Sure do wish I had started that 457b much earlier! I always planned things out as if social security might be cut completely, or seriously reduced. I don’t think it will, but who knows. What I didn’t think would happen was the fast and early devaluation of my pension due to inflation and a minimal COLA on the pension. Talk about bad timing for me. But it points to why you want to have backup income sources, don’t rely on just one thing. But even now, if things just go OK, we should have more spending available in retirement than ever before. Decent pensions, good SS payouts (in theory), plus a decent amount of investments. House will be paid off very soon, kids are thru college with no debt and have jobs…. And my kids were entering the workforce around when I retired, so they have been doing well contributing to their 401k accounts, and were educated on a lot of things my parents never told me. |
a loaded gun won’t set you free, so you say…
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I was able to get the full disability at 62 on my first try, I'd rather have a good back but at least I'm getting a check. Between my SS which is over 3K, a 1k pension, 2K a month in annuities plus my wife's 7K we could live just fine, especially with house paid for. Plus about a million in combined IRAs We are comfortable enough to travel. Since we are Gold on United and Diamond with Hilton we frequently go 1st class. Tahiti, Hawai'i, Alaska in the last few years and a cruise this spring to Greece and Turkey. But we also don't really drink anymore nor gamble. I'm turning 70 this month and am really glad I went out at 62 considering I've had two back surgeries and stage 4 cancer since then. If I waited till 67 I just would have had 5 years less to spend with my kids and traveling. |
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That is a lot of words. I retired at 59. I could have continued to make 6 figures as long as i was willing to put up with dilettante bullshit. I chose to stop before I burned down. Control your overhead, retire as soon as you are able. IM me if you want to talk numbers, and how to achieve them |
Preferred pronoun: MARINE
Where There Are Sheep, Wolves Will Always Thrive
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VA, USA
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Financial planning is just one more prep to manage to me, and fortunately I pretty much figured that out in time. I'm 55 now, and my retirement is planned for June 2026 when I'm 56. One thing I'd change if I could go back, and encourage others to think about, is I put TOO MUCH into the designated 401k, IRA, etc vehicles. I have restrictions on much of that money until I'm 59-1/2, which is why my date is June and age 56 and not sooner. I could have retired at 54 if I'd split my savings and investments more evenly into retirement and generic accounts. It's a good problem to have, sure enough, but my planning spreadsheets really indicate I'll have too much money later in life vs having the right amount spread out over a longer period. I'm also unusual in that I have a military pension starting at 57-1/2, which certainly gives a reliable baseline income. I'm not using the 4% rule in my planning, and lots of advice is out there now to use a higher number unless you specifically want to pass along a significant amount of your estate. Under SECURE 2.0 and other new laws, that is not the path it once was. My draw model is 6% from 59-1/2 to age 62, and then if SS still exists for me I'll drop to 4.5% or 5% or so. |
Where There Are Sheep, Wolves Will Always Thrive
Joined:
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Posts:
9541
EE: 100% (38)
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Originally Posted By TAP: Financial planning is just one more prep to manage to me, and fortunately I pretty much figured that out in time. I'm 55 now, and my retirement is planned for June 2026 when I'm 56. One thing I'd change if I could go back, and encourage others to think about, is I put TOO MUCH into the designated 401k, IRA, etc vehicles. I have restrictions on much of that money until I'm 59-1/2, which is why my date is June and age 56 and not sooner. I could have retired at 54 if I'd split my savings and investments more evenly into retirement and generic accounts. It's a good problem to have, sure enough, but my planning spreadsheets really indicate I'll have too much money later in life vs having the right amount spread out over a longer period. I'm also unusual in that I have a military pension starting at 57-1/2, which certainly gives a reliable baseline income. I'm not using the 4% rule in my planning, and lots of advice is out there now to use a higher number unless you specifically want to pass along a significant amount of your estate. Under SECURE 2.0 and other new laws, that is not the path it once was. My draw model is 6% from 59-1/2 to age 62, and then if SS still exists for me I'll drop to 4.5% or 5% or so. Look into the rule of 55 to see if you can take advantage of it to withdraw money before 59 1/2 without the 10% penalty. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
Where There Are Sheep, Wolves Will Always Thrive
Joined:
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Posts:
9542
EE: 100% (38)
VA, USA
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Look into the rule of 55 to see if you can take advantage of it to withdraw money before 59 1/2 without the 10% penalty. Yes, thanks, I discovered that a short while ago- and it was total news to me. It is of limited usefulness to me though since I started my current job in 2022, after 20yrs with an org that replaced me while I was deployed. My largest accounts still can't be touched without penalty using the Rule of 55. |
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Originally Posted By TAP: Same here. I'm curious what the age transition for that mentality is? I'm 55 and have been planning as if it won't be about since 2010 or so. In my case, my dad told me from as young as I can remember that social security wouldn’t be there for me. He also said it wouldn’t be there for him. Funny thing….he never planned on any alternative so he currently scrapes by on social security and his meager savings. But, I actually planned for it to never exist. I could have done even more to prepare for retirement funding than I did but that would have just enabled me to retire comfortably at 55. As it stands now, I could retire at 55 but would have to cut back a little more than I would like. I am on track to retire at 57 without any issues. Depending on how things are going at that point, I could see myself staying till 58 but that is my absolute last work date. But, I can easily leave at 57 without a single financial worry. The biggest concern I have has already been mentioned…higher than normal inflation eating away at my income. I do have quite a few years left to work so hope inflation is at the Feds target 2-3% by the time I retire. But, I’m planning for it to be higher than I hope for. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
|
Originally Posted By TAP: Yes, thanks, I discovered that a short while ago- and it was total news to me. It is of limited usefulness to me though since I started my current job in 2022, after 20yrs with an org that replaced me while I was deployed. My largest accounts still can't be touched without penalty using the Rule of 55. That sucks. But, glad you mentioned it for those readers who care about their future to be aware of. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Thanks OP! With the times I feel that financial survival should be right up there with concealed carry as a top concern. I've thought about retirement since my early twenties and 30 years later I'm not there yet. Key points I have confirmed over the years: -Planning early is important. -Saving money regularly is important. -Getting money into tax shelters like Roth or 401k is important. -Getting ALL that company matching money they offer is too often neglected. Pay yourself first. Points I have learned the hard way or had to relearn: -Index Funds and Lifecycle funds are actually great options. There are serious vested interests protecting and pushing the market steadily up (ie Greenspan put) -spending vs saving is a behavioral issue -avoid debt -marry well (plenty of women like to spend money... marry a saver) |
per aspera ad astra
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I think I'm on year four or five. Heck, I don't know , don't care. It's bad enough to keep track of what day of the week it is. Time just doesn't mean the same. I have enjoyed your alls post because I've fallen into quite a few of those holes myself. First, we're doing quite well thanks. I set my retirement planning around not cutting back a thing including activities. I pretty much did everything the guys recommended on this forum that went before me, no debt, cash savings, money in the safe and I'm not talking $700 either, gold, silver, and enough high price barrel proof to last 3 lifetimes. Of course, my plans didn't last. My health has just killed all those "Do This" plans and to be honest after a lifetime of traveling around the world, if I never see another airport that's fine with me. You can't stop that. You get old. First was the when and you guys nailed it. I too could have worked till I dropped but then I'm not Joe Biden. When I found myself to where I was catching way too many mistakes I retired. Literally one mistake, people die in my profession. That set my timing not me. Once more you all nailed it. Retirement plans begin when you are young. Like all things in survival, a plan has alternates, if it doesn't it's a decision. Yep, my plans shifted over the years. Nailed it again, lost my pension. I can give you some insight. Where is as important as how. Extreme example, you can't stay in your home paid off or not if you can't afford the taxes and insurance and fellas this is a Mr. Murphy you have no control. My state has no income tax, property tax about half of any of the other seven states I've lived in, and tags are $24 a vehicle no matter how old or new. This you need to figure out young. There's two types of people in life. Those who think he who dies with the most money wins and those who think he who dies with the most toys wins. I'm the later and even with my income couldn't even dream of he same standard of living in about any blue state you can name. Then there's interstate retirement. Funny just this morning my SIL called from Ky, a middle of the road tax state. The little brick across the road with inground pool is for sale, $150K and she wanted us to move there. Quick math, I had to tell her it would be cheaper to just buy the house as a vacation home. Lot's of folks do that but it's usually south to avoid the winters and us fly over states usually near the beach. Well, I lived near the beach for ten years. When on the beach, I miss the mountains and in the mountains the beach. I'm in the Smoky Mountains, winters aren't harsh or long and thanks to TVA, I have 233 miles of fresh water boating/fishing, etc. Better to lease which I have friends from up north that do that every winter, snowbirds. They just planned for it. When you have every toy known to man less an airplane (avoided that one), hen you have to careful where you call home. As for Mr. Retirement Murphy, holy sheat is he a wicked SOB. Since I retired, no kidding, everything that could go out did. Every appliance had to be replaced, new heat pump, new roof, etc. it's ongoing and will never end. My boat needs an overhaul and two of my four cars needs repairs. I'm just too old and my son is like "Cats in a cradle" song from Harry Chapin. Now I know why my grandfather had 12 kids. I may have to adopt a couple Mexicans. LOL Simple maintenance chores like hell cutting the grass becomes a real hassle. All that planning, the biggest financial surprise was Medicare. I know the left politicians with their private government healthcare plan think it's great but man I'm telling you it sucks. Between the wife and I, I pay more out for supplemental insurance than I did buying a private policy. There's no group plans with Medicare. Then there's the advantage plans. Man do they suck. They're $7,500 max out of pocket a year not event so don't get sick in December. Their only advantage is to them by limiting your healthcare and making you pay more of the bill. The whole system is designed for you work all your life and then they take it all end of life. Inheritance planning just like end of life planning is part of the game. Screw them, play to win. I'm old enough now my lifelong friends are dropping one after the other. It's quite depressing. If I had to name one thing most of them blew in planning was end of life. Retirement is all about end of life. Before you retire, you need to king of half assed guess who lone you will live. Yeah, sucks. Now here's the hard part. You have to predict how long you will do what before it's time to watch the grass grow and live you life around doctor appointments and when the mail runs. Easily most planned on sudden death not prolonged illness and unprepared its off to the assisted living or rest home, they take everything and fellas institutional living is like a death factory. Once they get your shit, you are a burden. If I had to put an average to it, it's about six months and gone. Literally I've watch couples both tired of house maintenance go in and both die within that time period. Lot's of things have changed over the centuries but one thing hasn't, God, Family, Country. Wealth was an always will be not money but family. You want a good retirement? The first step is live a good life. The Bible isn't a science book. It's the path to a happy successful life. There's a reason why all those Christians have that content constant smile. And country, oh man politics will rape you when retired. Think about it. Sleepy Joe took 1/3rd of our wealth in four years, buying power is wealth. Not so bad when you are young and in debt but pure freaking nightmare if retired and no debt. Everyone of my representatives know my name. Thanks to Blue Fight, my house has doubled in value. Once again Great when you are young but a PITA when you are retire. My insurance more than doubled and my taxes went way up. Death and taxes fellas, death and taxes. If I had to name now the worst thing I can imagine is to die alone unloved. Now all of this is a hassle fellas but to be honest had I known I'd enjoy retirement this much, I would have done it five years sooner. If you are motivated in life, you will be in retirement. I gotta run now. I think i'll take my Hemi and go tear up some roads in the mountains. Remember the Beach Boys "Little old lady from Pasadena"? I'm her male counterpart both Hemi Challenger and Harley Davidson. Rock and roll till you die man. Good luck, Tj |
"We prepare so we don't have to go to the Superdome!"
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Thanks for the input fellas... I will.be 58 in November. Retiring at 57 and change isn't early, but it beats waiting until 65.. I already see a huge change. A month ago, it was all work.. by the time I got home, there was nothing left...no energy, no time... Working seemed to consume the whole day. Now, I'm busting my ass working around the house. Today I dropped a large dead elm tree. It's dropped, cut, cleared, blocked and split. The tops are cleared. And there's time enough and energy enough to still play later tonight.. . I've had more "living" after working around the house this last week than Ive had in months. Two trips to the beach, a Steel Chalkenge shoot, and a motorcycle ride all in the evening after working around here. Stress is down. Happiness up. More living, more life. We'll see how it holds out, but retirement right now "does not suck". Started work at 15. 42 years of working. No pension. Too young to collect on the Social Security scam. Investments provide the needed income. So very very happy I saved and invested. Side note: I'm seeing a fair bit of hostility from acquaintances. The ones who spent every dollar. Lots of living high, spending free. I did not live like a monk: nice new cars, motorcycles, boats, kevlar canoes, snowmobiles, travel. But I still figured I worked too hard to buy a $7 coffee at Starbucks. Those of you who know, know... End result: I can do anything I want to. And not going to work is what I want to do. And it's freaking awesome. The timing wasn't entirely mine. I would have gone next May. But circumstances change, and I refused to deal with any more bullshit. So I took my "fuck You Fund", and exercised my options. Money is a fantastic tool to have. |
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Originally Posted By frozenny: Snip Side note: I'm seeing a fair bit of hostility from acquaintances. The ones who spent every dollar. Lots of living high, spending free. I did not live like a monk: nice new cars, motorcycles, boats, kevlar canoes, snowmobiles, travel. But I still figured I worked too hard to buy a $7 coffee at Starbucks. Those of you who know, know... Snip I’m expecting this in retirement. I know a lot of people who won’t be able to retire early for sure….and possibly ever. I’ll have those people cut out of my life by then so I will enjoy seeing the envy when I run into them somewhere. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By frozenny: Thanks for the input fellas... I will.be 58 in November. Retiring at 57 and change isn't early, but it beats waiting until 65.. I already see a huge change. A month ago, it was all work.. by the time I got home, there was nothing left...no energy, no time... Working seemed to consume the whole day. Now, I'm busting my ass working around the house. Today I dropped a large dead elm tree. It's dropped, cut, cleared, blocked and split. The tops are cleared. And there's time enough and energy enough to still play later tonight.. . I've had more "living" after working around the house this last week than Ive had in months. Two trips to the beach, a Steel Chalkenge shoot, and a motorcycle ride all in the evening after working around here. Stress is down. Happiness up. More living, more life. We'll see how it holds out, but retirement right now "does not suck". Started work at 15. 42 years of working. No pension. Too young to collect on the Social Security scam. Investments provide the needed income. So very very happy I saved and invested. Side note: I'm seeing a fair bit of hostility from acquaintances. The ones who spent every dollar. Lots of living high, spending free. I did not live like a monk: nice new cars, motorcycles, boats, kevlar canoes, snowmobiles, travel. But I still figured I worked too hard to buy a $7 coffee at Starbucks. Those of you who know, know... End result: I can do anything I want to. And not going to work is what I want to do. And it's freaking awesome. The timing wasn't entirely mine. I would have gone next May. But circumstances change, and I refused to deal with any more bullshit. So I took my "fuck You Fund", and exercised my options. Money is a fantastic tool to have. Yeah I dealt with quite a lot of folks asking what I did for work, and them thinking I was “too young to be retired” when I told them. It isn’t the years for me anyhow, it’s the miles, and how bumpy the road was… |
a loaded gun won’t set you free, so you say…
Where There Are Sheep, Wolves Will Always Thrive
Joined:
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Posts:
9569
EE: 100% (38)
VA, USA
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I'm seeing a fair bit of hostility from acquaintances. The ones who spent every dollar. Lots of living high, spending free. Same here. I have June as my target date retirement (I'll be 56), and worked with our CFO and HR director to ensure we had the 2026 budget for a 30-day overlap with my successor and all the other elements of responsibly handing over the reins. Sure enough, everyone else knew shortly thereafter and about half of them were very happy for me- and the other half most definitely not. One is a lady who retired after winning a lottery of some kind- and had to come back 2 years later when she was broke. You can probably guess which camp she's in. Some of the others were like "You don't look 65!" and did not care for my answer of "I'm not, and counting on someone else's program for my retirement was never part of my planning." |
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The 4% rule is a good bet. The only problem with it is when you reach 73 you have to take minimum distributions from your IRA or 401k that isn't a ROTH. This can push you into a very high tax bracket. All this means you might need to take out more now and invest it in a normal investment account. As far as paying off debt it depends. I'm paying 2.7% interest on my mortgage. Inflation is 3-4% on average. It might not be worth paying off early. I retired at age 60 as soon as I retired I got a pay raise. My military retirement kicked in, with my FERS retirement, and plus my Thrift Savings Plan (type of 401k). At 62 I started drawing Social Security which is based on contributions. Most of my life I worked two jobs they took Social Security out of both. The amount of retirement income need varies based on were you retire at. $60,000 a year is great for the Philippines, but $100,000 a year in Los Angeles, DC, or New York City is barely getting by. Texas is great for Military Veterans and no income tax. It works for me maybe not for you. |
"An armed society is a polite society. Manners are good when one may have to back up his acts with his life." - Robert A. Heinlein
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I retired around ten months sooner than I had planned because the admins really went berserk over disagreements with the union and I was just tired of dealing with it. Ten months wasn't a big deal and after putting up with the BS it was a weight off my chest I'd been winding down from three jobs to two jobs to a single job to a half time job for a while anyways I'm glad that I am retired while dealing with two different estates of deceased relatives Money is fine. I don't plan on having to touch my investments for a long time. I've actually started to spin off chunks of it to my kids as annual gifts I live a simple life. |
*post contains personal opinion only and should not be considered information released in an official capacity*
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I work at small company with around 15 employees. We have a decent 3% on contributions to a simple IRA but only 5 people contribute any of their paycheck and only a couple of employees put in enough to get the full 3% match. It boggles the mind, people will blow their money on the stupidest shit but won't at least contribute enough to get the full extra contribution or even contribute at all. over the years the company has had meetings explaining this in great detail and in the simplest of terms and even offered to sit people down in order to run through the process step by step helping them set it up. I will say that the trend seems to be those that have spouses with kids seem better at planning for the future than those who are single or without kids. of the 5 employees that contribute only one is single without a kid The grasshoppers all nod their heads and make noises about setting it up, but they never do. |
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News flash fellas, even if all you were was a factory worker, if you do right in life, the bottom will always call you "Rich" and envy you almost saying to your face, "You don't deserve it". It gets even worse retired. It then is the same ole shit add in "You had it easy." I use to share how I started life not only with nothing but in debt and how all it takes is the basics finish school, get married, work hard, and live up to your commitments, but that just goes in one ear and out the other. Now all I say is "I didn't spend my life playing video games and staring at a cell phone." Gets them every time right between the eyes. You can't win with those people. Just like it takes determination to be successful in life so does it take determination to be a failure in life. Believe me, being a failure has very little to do with how much money you have. Just an FYI, not everyone who has a bunch of expensive toys is broke. In fact, if I can give advice it's buy those toys when you are young and can use them. I've seen way too many who worked like a dog all their life never having anything to buy a bass boat at retirement then not use it. You see retirement is a lot more than just getting old. Without the stress and hustle or work, our priorities shift. There's no hurry so we naturally slow down. You don't have to get away when there's noting to get away from. Tj |
"We prepare so we don't have to go to the Superdome!"
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Originally Posted By tac556: Yeah I dealt with quite a lot of folks asking what I did for work, and them thinking I was “too young to be retired” when I told them. It isn’t the years for me anyhow, it’s the miles, and how bumpy the road was… Also a lot of people asked "what are you going to do? You will get bored". I retired at 59. I said same as I did when not at work before minus the part where I go to work. Ride dirt bikes, yard work on 4 acres, shooting. I am now the V.P. of a Dirt bike Enduro racing club. We put on a couple events a year, it's a lot of work. I still go to bed at 10 and get up at 5. As for the money part, I spent some updating our vehicles but otherwise live pretty cheap. Wife still works and has insurance, chips in $500 a month toward bills. Son still lives here at 21 so he pays $500/ month rent. That is the going rate for a one room apartment here. |
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From what I have seen, the people who get bored in retirement either had no hobbies or interests outside of work before retirement or they have no money due to poor planning and poor financial management. Some, have both issues....no interests and no money. You don't have to be rich in retirement to have a great retirement but you do need enough money to have some left over after bills for doing things you enjoy. As far as finances, it's never about how much you make...it's about how much you spend. Plenty of lower income people have great retirements because they didn't make a lot of money but they had simple tastes and learned to live on far less than they made. Once they get to retirement, they have plenty of savings but, due to a lifetime of frugal living, they are used to and comfortable with living on less. But, they now have plenty of money to meet all their simple needs. My pensions alone (once I start collecting them all) will ultimately provide me with more than 100% income replacement. Retirement investments, lots in Roth, will provide the extra money for extra enjoyment and then social security (whatever it is) will be gravy on top of everything else. Just gotta make it to retirement. If I don't, then my wife should have a nice income for HER retirement! |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By ColtRifle: From what I have seen, the people who get bored in retirement either had no hobbies or interests outside of work before retirement or they have no money due to poor planning and poor financial management. Some, have both issues....no interests and no money. You don't have to be rich in retirement to have a great retirement but you do need enough money to have some left over after bills for doing things you enjoy. As far as finances, it's never about how much you make...it's about how much you spend. Plenty of lower income people have great retirements because they didn't make a lot of money but they had simple tastes and learned to live on far less than they made. Once they get to retirement, they have plenty of savings but, due to a lifetime of frugal living, they are used to and comfortable with living on less. But, they now have plenty of money to meet all their simple needs. My pensions alone (once I start collecting them all) will ultimately provide me with more than 100% income replacement. Retirement investments, lots in Roth, will provide the extra money for extra enjoyment and then social security (whatever it is) will be gravy on top of everything else. Just gotta make it to retirement. If I don't, then my wife should have a nice income for HER retirement! The problem for me wasn’t being bored, the issue was that all the other folks who retired around age 50 like me had moved on to doing retirement jobs, even a half time job can really mess up a fishing trip plan. Other friends in other job fields are still needing to work a lot longer, so they are usually not available either. Wife has to work til 60 for full pension payout, so M-F is out for her. Basically- the amount of friends available to go do stuff with is more limited than I expected. Everyone is busy. Shooting is something I can do alone no problem, but fishing is usually best with 2 or 3 folks due to the size of my boat and the species I chase. Just an issue that I had not anticipated, but has been a real problem. Literally cancelled a fishing trip today because nobody was available to go. What a bummer, as I had been waiting for a ocean weather window for literally a month! |
a loaded gun won’t set you free, so you say…
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When I was younger, I didn’t trust that the economy, the stock markey, and SS would still be around at retirement and didn’t put anything in beyond the SS deducted from my paycheck. I wish now I had done so at 53-I wouldn’t have noticed 15% or whatever at all in my lifestyle. Now, here we are at age 53 and they are telling me that SS will (currently) not be fully solvent in 2034 and that they will be lowering payouts by 19%. That’s a huge amount of money, and by the time we get there, it will likely be MUCH more than that. What I did do however, was build out a retirement lifestyle that doesn’t need a lot of money to get by comfortably. My house is paid off and I have a paid off rural property with an off grid cabin on it that needs nothing but taxes paid every year, food in my belly, and insurance on it, me, and my vehicles. It won’t be a life well lived in an exotic locale as an Ex-Pat, but I’ll be able to live on my own terms and be comfortable. But it would be easier with a fat IRA or annuity. |
Never make another person a priority when they merely see you as an option...
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
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Originally Posted By TheOtherDave: When I was younger, I didn’t trust that the economy, the stock markey, and SS would still be around at retirement and didn’t put anything in beyond the SS deducted from my paycheck. I wish now I had done so at 53-I wouldn’t have noticed 15% or whatever at all in my lifestyle. Now, here we are at age 53 and they are telling me that SS will (currently) not be fully solvent in 2034 and that they will be lowering payouts by 19%. That’s a huge amount of money, and by the time we get there, it will likely be MUCH more than that. What I did do however, was build out a retirement lifestyle that doesn’t need a lot of money to get by comfortably. My house is paid off and I have a paid off rural property with an off grid cabin on it that needs nothing but taxes paid every year, food in my belly, and insurance on it, me, and my vehicles. It won’t be a life well lived in an exotic locale as an Ex-Pat, but I’ll be able to live on my own terms and be comfortable. But it would be easier with a fat IRA or annuity. While I think your low/no debt lifestyle will help you maintain a fair lifestyle in retirement, just curious.....if you didn't trust SS to be there, why not put money somewhere? I realize you didn't trust the stock market but what about real estate? A business? Aside from a paid off house...if SS wasn't there for you, what was your long term retirement funding plan? The good part is....with a paid off house, unless you live in a very high cost of living area, it shouldn't take much money. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By frozenny: Thanks for the input fellas... I will.be 58 in November. Retiring at 57 and change isn't early, but it beats waiting until 65.. I already see a huge change. A month ago, it was all work.. by the time I got home, there was nothing left...no energy, no time... Working seemed to consume the whole day. Now, I'm busting my ass working around the house. Today I dropped a large dead elm tree. It's dropped, cut, cleared, blocked and split. The tops are cleared. And there's time enough and energy enough to still play later tonight.. . I've had more "living" after working around the house this last week than Ive had in months. Two trips to the beach, a Steel Chalkenge shoot, and a motorcycle ride all in the evening after working around here. Stress is down. Happiness up. More living, more life. We'll see how it holds out, but retirement right now "does not suck". Started work at 15. 42 years of working. No pension. Too young to collect on the Social Security scam. Investments provide the needed income. So very very happy I saved and invested. Side note: I'm seeing a fair bit of hostility from acquaintances. The ones who spent every dollar. Lots of living high, spending free. I did not live like a monk: nice new cars, motorcycles, boats, kevlar canoes, snowmobiles, travel. But I still figured I worked too hard to buy a $7 coffee at Starbucks. Those of you who know, know... End result: I can do anything I want to. And not going to work is what I want to do. And it's freaking awesome. The timing wasn't entirely mine. I would have gone next May. But circumstances change, and I refused to deal with any more bullshit. So I took my "fuck You Fund", and exercised my options. Money is a fantastic tool to have. I do know. I spent most of my life single and didn’t marry until 49. I spent freely on hobbies and always had a really fast motorcycle or three around. I have always chosen to live in a way that I would not be that guy that had a midlife crisis, bought a Corvette after the grey hairs came, and pissed his life away trying to be 20 again. I was miserly on the parts of life that didn’t matter to me (still haven’t ever owned a new car) but spent freely on the things that brought me joy-we “survive” every day, some days you have more to work with than others and if I was fed and sheltered, my hobbies and interests would always distract me. Then I got married at 49 and lost almost everything in a fire. It has been a battle to not fill the house back up with crap I will never get to use in my lifetime, and to start getting rid of the motorcycles as I can’t take them with me in retirement. I did make one last dream happen with the insurance proceeds after paying the house off and putting life back together-I bought an ultralight helicopter and took lessons. THAT, I can take into retirement and get both utility and enjoyment from it. My biggest financial frustration is that I have not been answerable to myself for where the money that was going into the mortgage has gone… I needs to be invested, but I am getting nickled and dimed by improvements to the retirement cabin.. this year was the bulk of the cost of a solar upgrade and it always seems like I am buying a gadget or tool when it feels like I should be increasing contributions to my late start 401K… My wife is already retired and having an exceptionally easy time of it…. He had a small IRA and recently converted about 2/3 into an Annuity because she didn’t know if Biden would get back in and wanted more income security than growth. Her parents left her with rental properties and real estate that give her a little flash cash above SS, but her best retirement prep was marrying a guy 19 years younger…. It’s a pretty sweet deal, take care of the house and cook food and never have to touch your retirement investments. Ahh, if only we were all born with a pussy.. |
Never make another person a priority when they merely see you as an option...
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
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Originally Posted By ColtRifle: I’m expecting this in retirement. I know a lot of people who won’t be able to retire early for sure….and possibly ever. I’ll have those people cut out of my life by then so I will enjoy seeing the envy when I run into them somewhere. Don’t get too glib….. a good friend of mine I have known for a decade is 76. He’s well off financially, but lives like a pauper from the outside. He bought a pro-street Camaro a few years ago because he always wanted a fast car because when he was younger he just didn’t have the means. He has barely driven it (probably because it scares him, it’s a low 9 second car) and has been putting off some repairs and maintenance-I have been harping on him for over a year to get it fixed because you never know when you just won’t be able to drive anymore… Well,… that day is almost here. We went to a drag race this weekend and between his house and mine he got lost twice in the 5 miles there and back….. a trip he makes several times a month between neighboring cities on major roads with few turns. Those 15 years between when you retire and when you lose your faculties and then basically wait to die goes awfully fast. It’s academic if you have more toys than the people around you after that-you’ll be in the next plot over soon enough. |
Never make another person a priority when they merely see you as an option...
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
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Originally Posted By ColtRifle: While I think your low/no debt lifestyle will help you maintain a fair lifestyle in retirement, just curious.....if you didn't trust SS to be there, why not put money somewhere? I realize you didn't trust the stock market but what about real estate? A business? Aside from a paid off house...if SS wasn't there for you, what was your long term retirement funding plan? The good part is....with a paid off house, unless you live in a very high cost of living area, it shouldn't take much money. Financially, I started to get my shit together in my mid-late 30’s. That was when I started buying the land and building the cabin-I did that before I owned a home. Not everyone has the same life circumstances-I worked nights and was in a strange city I didn’t grow up in, so I bought my happiness in my early years with toys. That’s a hard habit to break but I did manage to get my shit together eventually. I’m still not Dave Ramsey. The house will be sold at retirement and I’ll move to the rural cabin. I’ll likely look into an Annuity and manage the next decade off of savings and 401K until the Annuity starts to pay out. |
Never make another person a priority when they merely see you as an option...
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
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Originally Posted By TheOtherDave: I do know. I spent most of my life single and didn’t marry until 49. I spent freely on hobbies and always had a really fast motorcycle or three around. I have always chosen to live in a way that I would not be that guy that had a midlife crisis, bought a Corvette after the grey hairs came, and pissed his life away trying to be 20 again. I was miserly on the parts of life that didn’t matter to me (still haven’t ever owned a new car) but spent freely on the things that brought me joy-we “survive” every day, some days you have more to work with than others and if I was fed and sheltered, my hobbies and interests would always distract me. Then I got married at 49 and lost almost everything in a fire. It has been a battle to not fill the house back up with crap I will never get to use in my lifetime, and to start getting rid of the motorcycles as I can’t take them with me in retirement. I did make one last dream happen with the insurance proceeds after paying the house off and putting life back together-I bought an ultralight helicopter and took lessons. THAT, I can take into retirement and get both utility and enjoyment from it. My biggest financial frustration is that I have not been answerable to myself for where the money that was going into the mortgage has gone… I needs to be invested, but I am getting nickled and dimed by improvements to the retirement cabin.. this year was the bulk of the cost of a solar upgrade and it always seems like I am buying a gadget or tool when it feels like I should be increasing contributions to my late start 401K… My wife is already retired and having an exceptionally easy time of it…. He had a small IRA and recently converted about 2/3 into an Annuity because she didn’t know if Biden would get back in and wanted more income security than growth. Her parents left her with rental properties and real estate that give her a little flash cash above SS, but her best retirement prep was marrying a guy 19 years younger…. It’s a pretty sweet deal, take care of the house and cook food and never have to touch your retirement investments. Ahh, if only we were all born with a pussy.. Dave buddy you owe me a screen wash. This has to be the funniest post you've done over the years. My grandfather use to say, "They all think they have a Golden receptacle, but only a very few actually do." |
"We prepare so we don't have to go to the Superdome!"
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Originally Posted By TheOtherDave: When I was younger, I didn’t trust that the economy, the stock markey, and SS would still be around at retirement and didn’t put anything in beyond the SS deducted from my paycheck. I wish now I had done so at 53-I wouldn’t have noticed 15% or whatever at all in my lifestyle. Now, here we are at age 53 and they are telling me that SS will (currently) not be fully solvent in 2034 and that they will be lowering payouts by 19%. That’s a huge amount of money, and by the time we get there, it will likely be MUCH more than that. What I did do however, was build out a retirement lifestyle that doesn’t need a lot of money to get by comfortably. My house is paid off and I have a paid off rural property with an off grid cabin on it that needs nothing but taxes paid every year, food in my belly, and insurance on it, me, and my vehicles. It won’t be a life well lived in an exotic locale as an Ex-Pat, but I’ll be able to live on my own terms and be comfortable. But it would be easier with a fat IRA or annuity. I can understand where you came from on that. I watched a long time mentor pull his money out of his IRA and likely his pension/401K to move to the woods in the early 90's. It was either a very early retirement or a very premature full time BO. They were very tight on money for years after. He went back to work and it seemed to get better for them. My thoughts were always if he hadn't touched that money, he would have probably had a normal retirement time/age, etc. As survivalists we tend to think "the system is all going to fall" and we plan for that. However, it's important we also have a plan for if things keep continuing- Continuation of Life more or less like it is now- COLMOLLIN is just as important to prepare for as TEOTWAWKI. Income is income. When we moved to our retreat full time in the late 90's, it also corresponded to a time when our industry went through a major down time. After 6-7 years of great growth, it got stagnant for several years. Had we not stockpiled some cash, had paid for homes and land, storage food, animals, etc. we would have been worse off. Spent the first few years developing a second business that got us through till things came back in our industry. It's easy to look around at all the signs and signals and think "this crap ain't gonna matter in a few years", but it likely will. It doesn't help that survival "experts" and authors every few years throw crap out like "get out of dollar denominated assets NOW!" (2013 a certain "author"). My Roth has done great since that time period and every freakout market drop "This IS it" moment is another chance to buy stocks and funds greatly discounted. If the "system" fails altogether, your Roth, retirement money, etc. is all gone any damn way- that's where your preps come in. If things continue puttering along like they have been- the preps will help you live cheaply (or should if done right) and your investments will make life more comfortable. I remember being one of 4 speakers at a "prepper" conference around 2013 or 14. They had us all up on stage and people were asking questions. The "what to do with my money" question inevitably came up. The other three did the sterotypical prepper response. Then it came to me. The conference was in a church setting so I said "fill in the missing words here- God has not given us a spirit of (pause)... but of (pause)... and of a sound (pause)... God has not given us a spirit of fear, but of power and of sound mind. The crowd filled in the words. I said, it's easy to prepare out of "fear" but that's not what we should be doing. I mentioned how I've been doing this since the 1980's and mentioned my buddy that cut out of investments and ran too early and how he was still working later in life when he otherwise wouldn't have needed to, how that lesson came across to me and I vowed to look at investing and saving as the other side of the coin, to prepare for if S did NOT HTF. I realized this was going against the grain at something like this, but it's truth. After it concluded several folks came up and thanked me for that part in particular. You can prepare for long term bad times and in the same token prepare for things to continue like they (mostly) always have. |
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Quickest ways to contact us-
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[email protected]
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Originally Posted By TomJefferson: Dave buddy you owe me a screen wash. This has to be the funniest post you've done over the years. My grandfather use to say, "They all think they have a Golden receptacle, but only a very few actually do." Funny thing is, she doesn’t appreciate me and it is likely going to result in a divorce. We don’t have a marriage of equals and counseling hasn’t worked-she doesn’t take any ownership of her behavior and the problems it has caused the marriage and from day one has not taken the meetings seriously…. You know it’s bad when you get a female couples counselor and she calls your wife out on the very first visit for not taking it seriously after an hour of Girlsplaining to her every perceived fault and shortcoming I have…. And a golden receptacle is only valuable as long as they keep handing out ass. I told her recently that while I would prefer that it could be with her, I was not ready to give up a sex life 3 years into my first marriage and that I would would figure something else out. That ended a year long drought and started the next one. I never should have married-but we all want the things we don’t have… her behavior wasn’t present before the house fire, the fire just made the mask come off sooner. A good wife can be the best prep ever-and she was….. but you never know how things are going to turn out in life. I don’t like not being in control of my future, but it’s her marriage to lose right now and I am at peace with it. I now look forward to her being gone to visit grandkids out of state-that realization was largely responsible for coming to terms with whichever outcome happens. She was on her best behavior when she left, I hope she can keep that up but don’t think it’s possible. How hard can it be, Tom? All they have to do is act like they are happy when you walk in the door, be respectful, and put a sandwich in your hand any time you aren’t humping their leg… |
Never make another person a priority when they merely see you as an option...
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
"Some People Are Like Slinkies. They're Not Really Good For Anything, But They Bring a Smile To Your Face When Pushed Down The Stairs."
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I'm around 40 with half a million in retirement accounts and I'm two years away from a military reserve pension (that starts paying around age 56). I've also got a paid for house, three paid off vehicles, full off grid solar power, about a years worth of food for the family a little bit of shiny metal, and a bitcoin. Hopefully I'll be ok at retirement time. I still need my own well 
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Originally Posted By 13gunbunny: Mainly just ease of use... Set it and forget it. It's one of JL Collins tenants he speaks about in his book "simple path to wealth". I know there are some other strategies like the 4-bucket strategy, and a few others but they require more work that I just don't do. I sometimes wish I had done a bit more with real estate but those are more labor intensive. I'm split almost evenly between the TSP C fund and Vanguard VTSAX which is essentially the same thing. 100% Roth since they changed the rules and allowed it. Most savers are best suited by a combination of traditional and Roth accounts. In retirement you can fill the lower tax brackets with withdrawals from your traditional accounts and then start using Roth. |
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Originally Posted By TAP: Yes, thanks, I discovered that a short while ago- and it was total news to me. It is of limited usefulness to me though since I started my current job in 2022, after 20yrs with an org that replaced me while I was deployed. My largest accounts still can't be touched without penalty using the Rule of 55. |