Re: Serious Retirement Question
[Re: Bear Tracker]
#6331665
09/23/18 09:17 PM
09/23/18 09:17 PM
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Joined: Aug 2010
Posts: 10,826 Asheville, NC
charles
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trapper
Joined: Aug 2010
Posts: 10,826
Asheville, NC
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The calculation is not as hard as you think. Whatever number you think is about right, triple it. Nothing in life gets cheaper and even if it did, you won't want cheap stuff after you retire. Taxes take a real bite our of IRA and pension income.
Last edited by charles; 09/23/18 09:18 PM.
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Re: Serious Retirement Question
[Re: Bear Tracker]
#6331753
09/23/18 11:19 PM
09/23/18 11:19 PM
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Joined: Dec 2011
Posts: 10,366 MT
snowy
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trapper
Joined: Dec 2011
Posts: 10,366
MT
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^ first off I'm no expert but I done it and been there so I can tell you what I have learned.
The very first thing you need to do is get an exact expense number and pad that number with an extra 300$ for incidental items for each month. So add 3600$ extra for the year.
Second get a number of years you plan on living in retirement. So if you retire at 60 you think you will live to 90 then plan for 30 years.
Now you should have a number for expenses, right then you can take that number for the year and that number times the years you plan on living.
So if you can live on 40000$ a year times 30 years of life then you should have about 1200000.00$ right?
You know what you have now then divide that number by the years you plan on living and see what you should be able to spend in retirement as of today.
You also will be receiving SS and I didn't figure that into my equation and used those dollars as a comfort zone and a cushion for the unexpected things in life.
The one thing I would strongly suggest is to be totally debt free before you throw in the towel. IMO
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: Serious Retirement Question
[Re: Bear Tracker]
#6331780
09/24/18 12:07 AM
09/24/18 12:07 AM
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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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A buddy retired a year ago. Said he spends a lot less now than when he worked. But everyone's lifestyle is different, of course.
I do know being in WI, your healthcare is about 1/3 of what we will pay here in MN. retired.
Last edited by Calvin; 09/24/18 12:07 AM.
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Re: Serious Retirement Question
[Re: Calvin]
#6331804
09/24/18 04:18 AM
09/24/18 04:18 AM
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Joined: Oct 2007
Posts: 7,674 OK
Aaron Proffitt
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trapper
Joined: Oct 2007
Posts: 7,674
OK
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A buddy retired a year ago. Said he spends a lot less now than when he worked. But everyone's lifestyle is different, of course.
Same here. I was driving three hours a day with two toll booths to go through so I was easily spending $600 a month commuting alone . Here's where it really gets bizarre is my pension for my first year is 60% of what my last highest pay grade was ( actually 3 highest years ) , but my take home is actually more than when I was working.
Honor a Soldier. Be the kind of American worth fighting for.
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Re: Serious Retirement Question
[Re: Bear Tracker]
#6331827
09/24/18 06:37 AM
09/24/18 06:37 AM
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Joined: Dec 2006
Posts: 2,451 PA Venango Co.
Ron Marsh
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trapper
Joined: Dec 2006
Posts: 2,451
PA Venango Co.
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Find something to do. The worst thing to do in retirement is to stop.
PTA Lifetime #131N. Salvation Army CSM Stakes: Why leave them? ALWAYS John 3:16 814-516-2923
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Re: Serious Retirement Question
[Re: Ron Marsh]
#6331876
09/24/18 08:09 AM
09/24/18 08:09 AM
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Joined: Apr 2008
Posts: 3,177 Albany, NY
bobsheedy
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trapper
Joined: Apr 2008
Posts: 3,177
Albany, NY
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Find something to do. The worst thing to do in retirement is to stop. 2X
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Re: Serious Retirement Question
[Re: Aaron Proffitt]
#6331965
09/24/18 09:58 AM
09/24/18 09:58 AM
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Joined: Sep 2007
Posts: 5,956 South metro, MN
Calvin
trapper
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trapper
Joined: Sep 2007
Posts: 5,956
South metro, MN
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A buddy retired a year ago. Said he spends a lot less now than when he worked. But everyone's lifestyle is different, of course.
Same here. I was driving three hours a day with two toll booths to go through so I was easily spending $600 a month commuting alone . Here's where it really gets bizarre is my pension for my first year is 60% of what my last highest pay grade was ( actually 3 highest years ) , but my take home is actually more than when I was working. Good point Aaron. For me, my check will be the same at 72%...Something few take into account. We have to remember after retirement we won't be paying in all those extra benefits, etc. Then add up the commute fees (and time) let alone wear and tear on a car, and often times we are way ahead in the end.
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Re: Serious Retirement Question
[Re: Bear Tracker]
#6331992
09/24/18 10:38 AM
09/24/18 10:38 AM
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Oh Snap
Unregistered
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Oh Snap
Unregistered
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Along with medicare get a good supplemental insurance plan. If we had not had supplemental insurance we would have been completely wiped out by the Golden Years!
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