How much $ to retire
#6315392
09/01/18 04:00 PM
09/01/18 04:00 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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I plan on retiring at 60, which is longer than I planned on working. This should put me in good shape financially, or at least I hope so. I was reading online that the average american retirement income is at $48,000 anually, with an average of $46,000 spent. To me, that seems like a slim margin of error, for unseen problems, sickness, etc! I was planning on retiring at 57-58 but have decided to go 5 more years, to 60. I guess my question is, for you folks whom retired early, do you have any regrets? Do you wish you would have worked longer?
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: hrdtoflw]
#6315395
09/01/18 04:11 PM
09/01/18 04:11 PM
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Joined: Dec 2010
Posts: 1,678 Wisconsin
Green Bay
trapper
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trapper
Joined: Dec 2010
Posts: 1,678
Wisconsin
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Here are some things to think about:
inflation - what if there is 3% inflation over the next 30 years?
Stock market - what if there is another crash like 2008
How much do you currently owe?
How much do you have saved?
What do you plan to do in retirement? Travel, Hunt, fish...
Do you have money to draw on besides social security?
My financial guy talks about having $1.6 million in assets before retiring.
The people who retire early enjoy more years of good health which is also a big consideration.
Good luck on making your decision.
Author of The Lure Hunter: A Guide to Finding Fishing Lures
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Re: How much $ to retire
[Re: hrdtoflw]
#6315401
09/01/18 04:19 PM
09/01/18 04:19 PM
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Joined: Dec 2006
Posts: 2,755 Nevada
thrstyunderwater
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trapper
Joined: Dec 2006
Posts: 2,755
Nevada
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Read the book "Rich Dad Poor Dad"
Pat, as usual, you are right....
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Re: How much $ to retire
[Re: hrdtoflw]
#6315404
09/01/18 04:20 PM
09/01/18 04:20 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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Good luck with your plan. I hope it works for you!
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: hrdtoflw]
#6315406
09/01/18 04:21 PM
09/01/18 04:21 PM
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Joined: Oct 2013
Posts: 11,269 Indiana
brianmall
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trapper
Joined: Oct 2013
Posts: 11,269
Indiana
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When it comes down to the brass tax. The only things you will worry about are the utilities and health care. Me I'm not playing life to retire at an age where I can't enjoy anything. I'm playing life to furnish a mansion for eternity! Here My goal is to build a financial empire that will support missions, Buid churches, build schools, build orphanages, and fund pastor's. In such a way that will keep on going long after I'm called home. But I'm just a greedy man that wants to make sure I'm not moving into an empty mansion when I am.
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Re: How much $ to retire
[Re: hrdtoflw]
#6315417
09/01/18 04:44 PM
09/01/18 04:44 PM
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Joined: Dec 2006
Posts: 8,853 Magna, Utah
GritGuy
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trapper
Joined: Dec 2006
Posts: 8,853
Magna, Utah
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I don't see how one can save half of their wages, plus run a family life and have enough to even think about retiring.
If one bad accident happens or a calamity, even your insurance can't be trusted to cover it any more. Life insurance helps the family but is still a bill going out while your alive. Until your to old to have it, then look at all the funds you spent on it you don't get back, legalized gambling, like health insurance is. Only one winner in either.
People have to work two jobs today to help keep anything theirs, plus get the kids through school unless your the sort of parents who just tell the kids see ya, which is another thing I can't understand, but a different thread.
I don't plan on retiring, I can't afford to and don't want to live off the street either !
Sorry if my opinions or replies offend you, they are not meant to !
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Re: How much $ to retire
[Re: hrdtoflw]
#6315421
09/01/18 04:52 PM
09/01/18 04:52 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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At 60, I will still do something to suplement my income. It will be a tough decision for sure. I do know people that retired early, and I don't know how they get by, and that will only get worse.
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: hrdtoflw]
#6315428
09/01/18 04:58 PM
09/01/18 04:58 PM
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Joined: Dec 2010
Posts: 34,872 Central, SD
Law Dog
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trapper
Joined: Dec 2010
Posts: 34,872
Central, SD
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Insurance is the biggest killer for draining your income, my wife works and I pay her for the insurance, most people wait until 65 to get on Medicare for coverage to retire. State pension and SS and good health goes a long way if you retire early if sickly keep the insurance you have.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: How much $ to retire
[Re: hrdtoflw]
#6315444
09/01/18 05:25 PM
09/01/18 05:25 PM
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Joined: Dec 2006
Posts: 3,408 Ohio
Minker
trapper
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trapper
Joined: Dec 2006
Posts: 3,408
Ohio
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How much ?
You can't have too much or even enough . You just decide you've had enough and live with it the best you can .
Fur Trapping ; Its not about making Money, Its All about the Adventures you'll have on the Trapline .
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Re: How much $ to retire
[Re: hrdtoflw]
#6315446
09/01/18 05:31 PM
09/01/18 05:31 PM
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Joined: Dec 2011
Posts: 10,364 MT
snowy
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trapper
Joined: Dec 2011
Posts: 10,364
MT
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One of the very first things you need to do is get a very exact number of your expenses. Then pad that number for incidental/unexpected things that come up.
When you know that number then you should have 30X the expense number you come up with. That would be for 30 more years of living from that money. You will gain SS and gains from the money you have as time goes on but that should be your cushion. I would advise that you have NO debt when you plan to exit.
I retired early (5 to 6 years before the start of SS) and had a lot of mixed feelings about it but I kept telling myself I can't buy back time. My health is good and time was worth more then to me then a pay check.
You will never hear someone say lying in their death bed, that they wished they had worked one more year or stayed at the office after hours doing work. I didn't want to be one of those.
I can say for myself it was the best choice I ever made. I have never had so much fun doing what I want and when I want and healthy so far to do it my way.
I spend many pleasant days in paradise at the ranch just living life simple and one step at a time. LOL
I wish you well and hope it works out for you. I'm no financial expert this is just my opinion.
Last edited by snowy; 09/01/18 05:38 PM.
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
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Re: How much $ to retire
[Re: hrdtoflw]
#6315456
09/01/18 05:56 PM
09/01/18 05:56 PM
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Joined: Dec 2006
Posts: 3,473 Northern Ohio ...
Sullivan K
"Keith"
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"Keith"
Joined: Dec 2006
Posts: 3,473
Northern Ohio ...
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Before I retired, at 61 and 6 months, for a two year time period, I kept track of every cent, and I mean every cent, I spent. I wanted to know exactly what I was spending. Once I knew what I was spending, and then adding in for unexpected things, I knew just what I needed.
My name ain't Keith
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Re: How much $ to retire
[Re: hrdtoflw]
#6315479
09/01/18 06:45 PM
09/01/18 06:45 PM
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Joined: Dec 2006
Posts: 1,606 Pa
coalminer
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trapper
Joined: Dec 2006
Posts: 1,606
Pa
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I am 62 reading this n taking it all in. Agree in knowing what u spend, 2 very good friends told me same thing,write down everything you spend for 2 years prior , add 10% then u have a really good idea of what u need.
My heart belongs to my family. My body belongs to my work. My soul belongs to the woods.
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Re: How much $ to retire
[Re: hrdtoflw]
#6315498
09/01/18 07:20 PM
09/01/18 07:20 PM
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Joined: Mar 2007
Posts: 2,347 New Mexico
Chamacat
trapper
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trapper
Joined: Mar 2007
Posts: 2,347
New Mexico
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Yep..Make no mistake about it..Each step you take is a step to the last step in your life..And in the end nothing matters..no matter how rich nor how poor..done is done....
I can catch them here...I can catch them ANYWHERE
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Re: How much $ to retire
[Re: hrdtoflw]
#6315526
09/01/18 07:59 PM
09/01/18 07:59 PM
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Joined: Jan 2008
Posts: 9,200 Alaska and Washington State
waggler
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trapper
Joined: Jan 2008
Posts: 9,200
Alaska and Washington State
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So what do you guys plan to do after you retire; just sit in the shade? Making money is fun, not just because you can do stuff with money, but it's kind of a game. I'm 60 and have never given retirement a thought. My plan is to work and play until I drop.
"My life is better than your vacation"
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Re: How much $ to retire
[Re: hrdtoflw]
#6315535
09/01/18 08:21 PM
09/01/18 08:21 PM
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Joined: Mar 2018
Posts: 3,159 Pa.
Bigbrownie
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trapper
Joined: Mar 2018
Posts: 3,159
Pa.
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I quit my job at 54 1/2. I worked everyday underground for 20 years and then another 17 in management which was both inside and outside work. My accountant guaranteed me that I had enough money for two families to retire with, but I couldn’t find a doctor who could guarantee that I would live past 3:30 today. My three kids finished college and we paid for their 4 year degrees. I used several money managers and bought mutual funds, preferred stock, bonds, common stock and an annuity to diversify my holdings. I invested for 20 years, buying every month, and increased that amount every year as my income rose. My wife retired at 57 as a teacher and she recieved a pension and we will have health insurance till we turn 65.
I had a long range plan to retire early ever since I turned 40. My health is good and I’m very active at 60 years old. People ask me....what do you do all day? You can’t just hunt, fish and trap? I respond, yea you can, and I’ve even done all three in the same day. I grow a 3/4 acre garden, tend to an orchard, keep bees, go to camp every week, cut wood, and play with my 5 grandsons who are all under 4.
I had a great job with a great company but the urge to play was too much for me to keep working. I do miss my friends at work, and there isn’t many kids my age to play with....they’re all still working. But there was never a day I regretted retiring early. You’re not guaranteed any tomorrows.
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Re: How much $ to retire
[Re: waggler]
#6315548
09/01/18 08:36 PM
09/01/18 08:36 PM
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Joined: Dec 2006
Posts: 3,473 Northern Ohio ...
Sullivan K
"Keith"
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"Keith"
Joined: Dec 2006
Posts: 3,473
Northern Ohio ...
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So what do you guys plan to o after you retire; just sit in the shade? My plan is to work and play until I drop. Well, today was kinda rough. I got up this morning, about 4, and went squirrel hunting. Came home and read a bit of “Common Sense” by Thomas Payne. Kind of a weird read, if you have never read it. I went out, about noon, and dug potatoes. Came back in and read a little more of “Common Sense”. About 2 in the afternoon I picked up my 4 year old grand daughter and took her to the swimming pool. She didn't want to leave and we spent three hours at the pool. I got home about 6 and ate some sea food bisque and started drinking “Rusty Nails”. This retirement is rough. Don't do it unless you are really prepared for it
My name ain't Keith
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Re: How much $ to retire
[Re: hrdtoflw]
#6315556
09/01/18 08:52 PM
09/01/18 08:52 PM
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Joined: Dec 2010
Posts: 34,872 Central, SD
Law Dog
trapper
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trapper
Joined: Dec 2010
Posts: 34,872
Central, SD
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I work part time but can only work 20hrs a week or the State gets huffy and some weeks I don't get called. I work on skunks, glands and lures in the summer time help out the brother-in-law at the farm with cattle and driving truck. I trap 6-7 months here in the fall, winter and some spring beaver or badgers at times.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: How much $ to retire
[Re: teepee2]
#6315557
09/01/18 08:52 PM
09/01/18 08:52 PM
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Joined: Dec 2006
Posts: 3,473 Northern Ohio ...
Sullivan K
"Keith"
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"Keith"
Joined: Dec 2006
Posts: 3,473
Northern Ohio ...
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If I knew it was going to be this much fun I would of done it at 50. If I knew I would be having such a good time, I would never had started working in the first place
My name ain't Keith
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Re: How much $ to retire
[Re: hrdtoflw]
#6315563
09/01/18 08:58 PM
09/01/18 08:58 PM
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Joined: Dec 2010
Posts: 34,872 Central, SD
Law Dog
trapper
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trapper
Joined: Dec 2010
Posts: 34,872
Central, SD
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A guy can spend a few years selling off the junk that he no longer needs that is piled up in the sheds! LOL
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: How much $ to retire
[Re: Trapper Dahlgren]
#6315578
09/01/18 09:20 PM
09/01/18 09:20 PM
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Joined: May 2011
Posts: 2,494 Garden,Michigan
Buck (Zandra)
trapper
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trapper
Joined: May 2011
Posts: 2,494
Garden,Michigan
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I plan on retiring at age 55 I started saving for retirement when I was 19, I work for 31 years for a big company. we had good retirement every year they took something away final we had no retirement . at age 51 I had cancer an a stroke was planning on going back to work 1 year later . they told me I didn't have a job anymore that I was a liability . so they retire me I have had 2 more cancers since but still going strong I got ss when I turn 57 .one think I no is you can only spend what you have coming in . I found out the hard way it don't take much to live a good life on if you don't have any major monthly bills ,retire when you can saw to many guy wait till they get to 62-65 ,and were in to bad of shape[wore out] to do what they like get out when you can This***.I had a good friend who spent 40 yrs.working for the state of Michigan,spent all his spare time hunting,guiding bear hunters,fishing,trapping.Couldn't wait till he retired so he could go all out,1st yr.into retirement he was diagnosed with a brain tumor,he fought it for a year,3rd into retirement was his funeral.Enjoy your time now,not after you retire.
Buck(formely known as Zandra)
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Re: How much $ to retire
[Re: teepee2]
#6315579
09/01/18 09:20 PM
09/01/18 09:20 PM
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Joined: Sep 2007
Posts: 5,956 South metro, MN
Calvin
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trapper
Joined: Sep 2007
Posts: 5,956
South metro, MN
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15 years ago I retired at 53. If I knew it was going to be this much fun I would of done it at 50. My buddy retired at 50. Says he spends a lot less now that when he worked. Says I'm stupid for waiting till I'm 55. But everyone has different financial situations...But some THINK They need more money than they really do. After about that age, Being able to do things like you want physically can be lost...so what's your quality of retirement if you wait for "X" amount of money?
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Re: How much $ to retire
[Re: hrdtoflw]
#6315585
09/01/18 09:29 PM
09/01/18 09:29 PM
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Joined: Aug 2011
Posts: 1,600 Ohio
newtoga
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trapper
Joined: Aug 2011
Posts: 1,600
Ohio
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Retired at 55 and 6 months, I do not regret 1 min of retirement. I have done a lot of things I always wanted to do, vacations, trapping trips, Canadian fishing trips. I have been retired for 8 years. I was able to carry my insurance into retirement, so that saved a bunch. Also having no debt is nice, makes it easy to do the fun things. I agree with law dog, you can sell off all the junk you have accumulated over the previous 30 plus years and put a lot of cash aside. Our sell off produced about 30 grand. I also work cash jobs as I am needed to stay busy. The amount off money needed will depend on what you want to do after retirement, do you want to stay home raise a little produce, trap, roots,hunt,fish ect. Then it will be a lot cheaper, but if you have vacation plans ect you will need more. The price of retirement will differ by individual and life style.
lifetime member NTA, OSTA, GTA
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Re: How much $ to retire
[Re: hrdtoflw]
#6315612
09/01/18 10:02 PM
09/01/18 10:02 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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A lot of good advise here. I still have a lot of thinking to do.
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: hrdtoflw]
#6315653
09/01/18 11:16 PM
09/01/18 11:16 PM
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Joined: Dec 2006
Posts: 7,516 WI>>>MN >>>WI
T-Rex
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trapper
Joined: Dec 2006
Posts: 7,516
WI>>>MN >>>WI
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Retirement is just a political made up idea created to draw funds into a Social Security tax.
If you can't work until you die, you're just a drag on society.
Man who mistake shillelagh for fairy wand; see pixie dust, also.
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Re: How much $ to retire
[Re: hrdtoflw]
#6315741
09/02/18 06:55 AM
09/02/18 06:55 AM
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Joined: Dec 2017
Posts: 6,221 Kansas
Pawnee
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trapper
Joined: Dec 2017
Posts: 6,221
Kansas
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I had Know idea that people retire in there 50’s!! Sounds like a good plan to me. It must be a regional and a cultural thing?? Around here no one retires. Dad worked from 4am-9pm yesterday, he’ll be 70 in November. My FNL is 68 and still works sunrise to sunset. Both work 7 days a week. Sunday’s are short so everyone can get to church.
Good for you guys. Play hard!!!!
Everything the left touches it destroys
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Re: How much $ to retire
[Re: hrdtoflw]
#6315829
09/02/18 09:42 AM
09/02/18 09:42 AM
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Joined: Mar 2007
Posts: 2,347 New Mexico
Chamacat
trapper
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trapper
Joined: Mar 2007
Posts: 2,347
New Mexico
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Yep..I see retired people all the time on the road in their late model 2500 and 3500 pick-ups and their very,very nice pull trailers or fifth wheels. AND LOVING IT..
I can catch them here...I can catch them ANYWHERE
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Re: How much $ to retire
[Re: hrdtoflw]
#6315853
09/02/18 10:07 AM
09/02/18 10:07 AM
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Joined: Mar 2007
Posts: 2,347 New Mexico
Chamacat
trapper
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trapper
Joined: Mar 2007
Posts: 2,347
New Mexico
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Yep..I even see and talk to all kinds of people that have living quarter horse trailers..These are some extremely nice horse trailers and living quarters. Seems like they can live off grid easily.
I can catch them here...I can catch them ANYWHERE
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Re: How much $ to retire
[Re: hrdtoflw]
#6315862
09/02/18 10:25 AM
09/02/18 10:25 AM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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A guy that works for the same contractor that I do, is 68, and plans to retire at 72. He has no kid, no wife, and lots of money. This guy could be travelling the world, but chooses to keep going to work. I just don't get it. My wife watched her parents struggle during retirement, and now she's scared that could happen to us. Everything we will own at retirement will be paid off, and I will have a good pension. We also have been putting money into stock ( company I work for ) for a long time. That has grown big time, as our company grows. I think we will survive. As long as the wife is happy, and I have some fuel for the boat, we'll be good. Lol
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: hrdtoflw]
#6315867
09/02/18 10:34 AM
09/02/18 10:34 AM
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Joined: Mar 2018
Posts: 3,159 Pa.
Bigbrownie
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trapper
Joined: Mar 2018
Posts: 3,159
Pa.
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Every day is like a Saturday when you hang it up. I really enjoy seeing Monday morning every week....all the amateur play babies go back to work and leave the woods and waters to us pros who really know how to have fun.
I trapped hard in my younger days, but had to hang it up when my job had me working 5 am to 4:30 am for 30 years. All 300 traps hung for years in the shed, dyed and waxed, ready to be called back to active duty. When I retired in the summer of 2013, the first job for me was to get those traps ready for that fall’s season.
Trapping had changed dramatically since I quit many years before....new animals like fisher and coyotes. New methods and gear....cable stakes, trapper caps, wax dirt, cable restraints, etc. I had to relearn the whole sport over again.
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Re: How much $ to retire
[Re: kytrapper]
#6315875
09/02/18 10:41 AM
09/02/18 10:41 AM
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Joined: Mar 2012
Posts: 472 Wyoming
ttzt
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trapper
Joined: Mar 2012
Posts: 472
Wyoming
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And, just because you retire that doesn’t mean to become lethargic and watch soap operas. I’ve talked to 20 people or so that live locally and not one has wished they kept working. I’ve driven the same road 11 miles each way for going on forty years and I want to drive the roads I want to instead of have to for a few years. Its funny you said that kytrapper, Momma always used to joke that she wanted to retire so she could sit around all day and eat bonbons and watch soap operas.
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Re: How much $ to retire
[Re: hrdtoflw]
#6315944
09/02/18 12:32 PM
09/02/18 12:32 PM
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Joined: Aug 2011
Posts: 83 shelby, ohio
tightwad
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trapper
Joined: Aug 2011
Posts: 83
shelby, ohio
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At 62, am retiring this year. Never made $48,000 dollars so guess I'm below average, however lived within what I made. My out is no debt, there are still monthly bills though, you just got to figure those up. My financial guy says I'm good to go, and I trust him. Told my boys growing up, it's not always what you make but what you spend, when making a purchase ask yourself and be honest do I need it or want it? I have options to generate income if need be or want to, I am not able to generate more time. Stay healthy and in shape as best you can, they kind of go together, make sure you have enough traps and gas money for your truck. People ask me if I make money trapping, my usual reply is, just try and cut my losses. I knew or know of to many people that did not get a chance to retire, and there are those that have nothing to retire to.
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Re: How much $ to retire
[Re: Rat Masterson]
#6316114
09/02/18 05:23 PM
09/02/18 05:23 PM
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Joined: May 2010
Posts: 10,470 mn north of blakely
Steven 49er
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trapper
Joined: May 2010
Posts: 10,470
mn north of blakely
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tbn, if you don't pay for nursing home care who does? Exactly! It gets old hearing about how the home "takes" everything one works for. If people don't like it they should take a swan dive.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316149
09/02/18 06:23 PM
09/02/18 06:23 PM
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Joined: May 2010
Posts: 10,470 mn north of blakely
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,470
mn north of blakely
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What does working in the medical profession have to do with personal responsibility?
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316162
09/02/18 06:47 PM
09/02/18 06:47 PM
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Joined: Dec 2011
Posts: 10,364 MT
snowy
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trapper
Joined: Dec 2011
Posts: 10,364
MT
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If you love your job and you are happy work till you drop. What I see in some that I know that still work into their 60's and 70's is that they have nothing but work. They don't have a hobby and all they know is how to work and save money. Nothing wrong with that life.
For me I want to do other things and explore life after working for 40 years. The stress of the work place can be a bad thing and a killer for a person. It is amazing what retirement can do for one's health.
When people retire they need to retire too something just not retire. If you don't have a plan it might not be for you.
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
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Re: How much $ to retire
[Re: hrdtoflw]
#6316193
09/02/18 07:34 PM
09/02/18 07:34 PM
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Joined: Dec 2006
Posts: 3,639 De
coop
trapper
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trapper
Joined: Dec 2006
Posts: 3,639
De
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I went at 55, wife at 52... never looked back... we have state benefits from her being a teacher. Our assets have grown nicely actually. I think the key is being debt free, we have no mortgage or car payments and all college education is behind us... We use CC's all the time, but pay off monthly for no finance charges and get the points... We're pretty "middle class" IMO... it can be done.
Last edited by coop; 09/02/18 07:34 PM.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316205
09/02/18 08:01 PM
09/02/18 08:01 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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i would love to go out earlier, but will try for 60. A man has to have some toys for retirement. If I get debt free sooner, I'm gone. Life is too short to spent it working, if you don't need to.
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: bblwi]
#6316228
09/02/18 08:32 PM
09/02/18 08:32 PM
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Joined: Dec 2006
Posts: 2,958 Va
pass-thru
trapper
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trapper
Joined: Dec 2006
Posts: 2,958
Va
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Also many create trusts etc. and other legal vehicles to transfer all of their wealth away from the elderly persons and thus they will qualify for Medicaid when they enter into care. The look backs vary from state to state but we do see many financially able to pay families follow this policy so they don't lose their inheritance by elder care.
To me this is just a disgusting practice in general, for several reasons. Welfare at its worst.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316253
09/02/18 08:58 PM
09/02/18 08:58 PM
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Joined: Dec 2008
Posts: 1,749 eastern washinghton
70sdiver
trapper
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trapper
Joined: Dec 2008
Posts: 1,749
eastern washinghton
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I’m going at 65 got just under 3 years.got everything almost paid off except the house and there’s no way I can get that paid off unless I Used my 401 k money.We have one house we’re going to sell next year and should net around 70-75 k I’m thinking I might use that money to pay down our house which is 143,000 and refinance the balance for a long term small payment.I think not drawing down the 401 k to pay the balance would be best as half my 401k draw down of 4% will make the payment.What do you guys think.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316352
09/02/18 11:26 PM
09/02/18 11:26 PM
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Joined: Dec 2015
Posts: 6,340 se South Dakota
NonPCfed
trapper
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trapper
Joined: Dec 2015
Posts: 6,340
se South Dakota
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Most states use about 25-30% of their budgets for their share of Medicaid. Typically, about 30% of a state's Medicaid budget goes for nursing home care.
I've never considered myself a big spender, only have owned 1 new vehicle in my life, my wife's 2003 Honda van that I'm now driving but I must be doing something wrong compared to some of you guys. Then again, I came to my real profession fairly late and didn't make much money in my 20s and 30s. Probably bought too big a house when we built this one in 2008 but I've enjoyed it here. On paper, I think our retirement funding is doing well but as of now we live check-to-check. My wife's 57 and has been a RN for 32 years but made the mistake of renting instead of buying a home in her earlier nursing days. Her 1st husband mooched off of her until they got divorced. We've been married for 22 1/2 years, first kid started college this fall but is living at home, second kid wants to do Army before going to school. He's a hs senior. Trying to get the wife to make it as a RN for another 5 years but she's pretty gimped up from multiple issues.
I had a cop friend in the old neighborhood who asked me, "when can she retire?" (city workers know exactly when they can retire!). I said, "when she thinks she's financially able to." It was foreign concept to the cop, his magic number was "75" (50 years of age, 25 years of service) but I heard he had to do another couple because of the great recession and he still works part time for the cops after retiring (that's sort of a racket here, local and state people pulling their retirement from those governments but coming back and working part-time sometimes in the same jobs as before). Big difference too if a person enters federal service in their 20s or in their 40s.
I plan to retire at the end of 2025, seems like a nice round number and I'll be 63, the wife 64. I still want to get some things done at work that I think should be done and if nothing else, I want to see how my section fairs after all the old guard SOBs who have ruled the place are gone in another 3 years or so. I'd also like to get the last advancement that I can probably achieve and then turn around and give the whole organization the double bird within a year or so. Everybody has their own reasons for how long they stay "working" for someone else and when they walk out the door and "work" for themselves until they can't anymore. So it goes...
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
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Re: How much $ to retire
[Re: hrdtoflw]
#6316395
09/03/18 01:55 AM
09/03/18 01:55 AM
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Joined: Aug 2011
Posts: 45,488 james bay frontierOnt.
Boco
trapper
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trapper
Joined: Aug 2011
Posts: 45,488
james bay frontierOnt.
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Get out as soon as you can.I built up my pension by working lots of overtime the last 5 years I worked.My pension wound up as the same as my regular wage when working,and I was able to retire at 56,a year earlier than if I hadn't built up the pension thru the extra hours.
Most young people don't think about pensions and retirement,but when you are young is the time to salt away whatever you can by taking on extra work to build up your retirement fund.This will allow you to retire early with a decent income and you can do whatever you want whenever you want for a good number of years before father time catches up with you.After 5 years of retirement,I felt a lot better physically than I did my last 5 years of working.A lot of the joint pain has disappeared.
Forget that fear of gravity-get a little savagery in your life.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316550
09/03/18 09:31 AM
09/03/18 09:31 AM
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Joined: Sep 2012
Posts: 7,240 West Michigan
Getting There
trapper
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trapper
Joined: Sep 2012
Posts: 7,240
West Michigan
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It depends on the life style. If you want to run the world and see everything, you better have had a good job with benefits with a wife working and have the same good benefits. Have a summer home, two new cars every few years. But if you own your home, and have a retirement plan from work. Have a health plan that helps pay your insurance. Item you can not get away from are taxes, light bill, food. A lot depend where you live. If you live in the city you get stuck with other bill you can not get rid of. I retire when I was 56. I never look back.
To Old U.S. Army 60-63 SGT.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316566
09/03/18 09:58 AM
09/03/18 09:58 AM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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I have decided that saving my first million dollars is too difficult. So I will just start on the second million now. Lol!
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: Eric B]
#6316616
09/03/18 11:20 AM
09/03/18 11:20 AM
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Joined: Mar 2018
Posts: 3,159 Pa.
Bigbrownie
trapper
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trapper
Joined: Mar 2018
Posts: 3,159
Pa.
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I just started working my career, but am already dreaming of retiring. I worked my way through college, and with about 50% help from my parents (one of the greatest gifts I could get), I came out debt free with considerable savings. I was able to pay for my wedding and finance a home and some land. Wife is going to grad school, so when she gets out she should make decent money. Between personal contributions and a very generous employer match I'm contributing about 25% to retirement, and payingfor extra 10% on my mortgage. We live a very modest life, but we're comfortable and enjoy ourselves. No tv, spend our weekends working on our house, and working my new pup to be a bird dog. Goal is to have my 20 year note gone at 35. I'm 22 now. When the wife gets out and starts working we'll feel like we're rolling in money after living on one income for so long. Smart man here.
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Re: How much $ to retire
[Re: hrdtoflw]
#6316688
09/03/18 01:56 PM
09/03/18 01:56 PM
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Joined: May 2015
Posts: 639 Southern Illinois
ilbucksndux
trapper
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trapper
Joined: May 2015
Posts: 639
Southern Illinois
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I didnt come into my career until my late 20's Before then I spent every dime I made and then some,but once I had a different job I started saving/investing. Due to some unforeseen events 1/2 of what we had put back is now gone. The plan was to retire as soon as I have in my 20 years, I have 3-4 years left till then. I drive an old truck, dont buy new extravagant things ,but do enjoy a treat now and then. We are down sizing the house right now. I can work longer if I would like because my pension does not max out at 20 years. I plan to work another job where I could get in 9 more years of paying into some type of retirement and downsize even more. OR I could hang it out where Im at and contribute more to the pension I already have. The down side to staying where Im at is the job is physically and mentally draining. The up side is I cant go anywhere else,start over, and make what I do now.I currently have several weeks of vacation, only work 36 hours a week,and have access to almost unlimited OT. We plan on and want to just live as simply as we can so we can afford to do things when we want.
The only down side to retirement now is heath insurance. Retiree insurance is ok but still expensive. I cant find anything on the market that is or will be any cheaper. Medicare right now dont kick in till you are 65 and you still need supplemental insurance.
Gary Bartlow
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Re: How much $ to retire
[Re: Timber Hole]
#6317004
09/03/18 09:20 PM
09/03/18 09:20 PM
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Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
OP
trapper
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OP
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
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I retire in two days so I’ll decide whether it was a good decision on Thursday. I do intend to work part time but if I feel like heading to the woods, I’m going. I can make a case for working longer but I finally decided it was time to enjoy some of what I have worked for. Good for you. Go get life like you own it. You earned it, and that is the final word. I will be the same way when my time gets here. CONGRATS to you!!!
If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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Re: How much $ to retire
[Re: Timber Hole]
#6317080
09/03/18 10:55 PM
09/03/18 10:55 PM
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Joined: Dec 2011
Posts: 10,364 MT
snowy
trapper
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trapper
Joined: Dec 2011
Posts: 10,364
MT
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I retire in two days so I’ll decide whether it was a good decision on Thursday. I do intend to work part time but if I feel like heading to the woods, I’m going. I can make a case for working longer but I finally decided it was time to enjoy some of what I have worked for. That is great! I wish you well and you will find your way. It may take some adjustments but you will soon find that freedom. Now you are the boss, everyday, do it your way.
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
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Re: How much $ to retire
[Re: hrdtoflw]
#6317081
09/03/18 10:56 PM
09/03/18 10:56 PM
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Joined: Oct 2014
Posts: 1,655 Meridian , ID
Badgerman50
trapper
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trapper
Joined: Oct 2014
Posts: 1,655
Meridian , ID
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Our passive income exceeds the amount we need to live on by a few thousand a month. Next year I’ll be eligible to draw a small pension. All our money is tied up in rentals. The trouble is we’re used to making the money my job brings in as well. While we could make it without my income, it would be a definite hit in lifestyle. If it was solely up to me, I’d be gone now. Any talk about early retirement makes my wife nervous as all get out. I’m 54 as of this week. Some people in my family live until they’re 90 and others dropped dead in their 30’s. So who knows. Definitely something to think about.
Badgerman
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Re: How much $ to retire
[Re: hrdtoflw]
#6317389
09/04/18 11:17 AM
09/04/18 11:17 AM
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Joined: Dec 2014
Posts: 1,222 MN
yukonal
trapper
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trapper
Joined: Dec 2014
Posts: 1,222
MN
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I retired this year at 57, and am busier than when I was working. I make a "to do" list weekly. When it is all crossed off, I make another one. Between competitive rifle shooting, reloading, competitive fishing, fun fishing, hunting, trapping, welding, wood working projects, home improvement projects, food plotting, working on and maintaining 4 vehicles, yard work and landscaping, putting up firewood, BBQ'ing and smoking meat, visiting my 80 some year old parents weekly, and helping them with the farm...I barely have time to eat supper and go to bed. And...I left out a few other things that I do weekly. I went to New Zealand this May, hunting Red Stag and Himalayan Tahr. Next year it is an African Safari for plains game. 2020 will be grizzly bear in Alaska. And so it will go until I tip over. The original question was...how much to retire? There is no set price for everyone. Financially, I can do it...so I did. I spent the last 26 years running heavy equipment, and all the bouncing and banging around is taking a toll. I'm starting to slow down...I can feel it. I'm going to enjoy it while I can.
Last edited by yukonal; 09/04/18 11:18 AM.
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Re: How much $ to retire
[Re: hrdtoflw]
#6317466
09/04/18 01:12 PM
09/04/18 01:12 PM
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Joined: Aug 2011
Posts: 45,488 james bay frontierOnt.
Boco
trapper
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trapper
Joined: Aug 2011
Posts: 45,488
james bay frontierOnt.
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When you retire you should have way more disposable income than when you are working.No mortgage,no kids to raise,no college fund,everything paid off,no debt,lower tax bracket,and a slush fund bank account.Even if you have a bit less monthly income when your retired,the expenses should be way less than when you are younger paying a mortgage,and raising kids. Also,just because you retired from a steady job,doesnt mean you have to blimp out in front of the TV.You can work at what you want,when you want and how much or little you want(Trapping fits in very well especially if your young enough when you retire).Also volunteer for church or trapping org,etc.
Last edited by Boco; 09/04/18 01:17 PM.
Forget that fear of gravity-get a little savagery in your life.
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Re: How much $ to retire
[Re: hrdtoflw]
#6317475
09/04/18 01:26 PM
09/04/18 01:26 PM
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Oh Snap
Unregistered
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Oh Snap
Unregistered
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Stay working as long as you can. Keep your mind busy, you will stay younger and live longer!
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