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Re: Retirement age [Re: Cragar] #6777554
02/20/20 07:11 PM
02/20/20 07:11 PM
Joined: Dec 2018
Posts: 5,214
Crivitz WI
Sprung & Rusty Offline
trapper
Sprung & Rusty  Offline
trapper

Joined: Dec 2018
Posts: 5,214
Crivitz WI
Originally Posted by Cragar
Food for thought.

We have heard that Social Security is having insolvency issues for years and this is why the age to apply has been bumped up. We know why , politicians have raided this fund.

Why do we never hear about welfare having insolvency issues ?

Makes you think.


Because welfare recipients vote for people that give them free stuff.


No Jab.
Re: Retirement age [Re: Claypool313] #6777661
02/20/20 08:46 PM
02/20/20 08:46 PM
Joined: Mar 2018
Posts: 3,121
Pa.
B
Bigbrownie Offline
trapper
Bigbrownie  Offline
trapper
B

Joined: Mar 2018
Posts: 3,121
Pa.

I worked as a coal miner and later as as a mine manager, and quit at 54.5. My wife taught school and worked 2 more years past my retirement so she could get 8 years worth of health care for us when she retired. Monthly, we get her SS check ($1300) her teachers pension ($1800) , a $3500 per month annuity payment, a 403b dividend ( $2000), and another $2200 dividend payment. I’ll turn 62 this fall and will collect $2200 from SS.

We haven’t used any of our IRA monies, and I’m reinvesting every month. Sometimes it not about how much you make, it’s about how much you spend.

Re: Retirement age [Re: Trapper Dahlgren] #6777671
02/20/20 08:58 PM
02/20/20 08:58 PM
Joined: Dec 2010
Posts: 34,751
Central, SD
Law Dog Offline
trapper
Law Dog  Offline
trapper

Joined: Dec 2010
Posts: 34,751
Central, SD
Originally Posted by Trapper Dahlgren
put away as much as you can now , plan to retire at what age you want to ,but be willing to roll with the punches , know one know what going to happen between now an retirement, if you don't have payments you can live on a lot less



Go into it debt free that will make it easy to sleep better at night, insurance will be a big factor.


Was born in a Big City Will die in the Country OK with that!

Jerry Herbst
Re: Retirement age [Re: Bigbrownie] #6777674
02/20/20 09:00 PM
02/20/20 09:00 PM
Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
Financial security is a state of mind not a number! If you keep looking at your account balance and not your lifestyle and spending habits you probably will have some difficulties down the road.

I was always cautious and financially conservative and we are able to spend about 20% more in retirement than we did when I worked. I have friends who made considerably higher incomes then I ever did but with job changes, pension issues, moving and buying and selling homes several need to keep working just to keep ahead of the curve.

Bryce

Re: Retirement age [Re: BuckMink] #6777699
02/20/20 09:21 PM
02/20/20 09:21 PM
Joined: Jan 2008
Posts: 9,947
Central Pa. 62
B
bic Offline
"Mr. Sensitivity"
bic  Offline
"Mr. Sensitivity"
B

Joined: Jan 2008
Posts: 9,947
Central Pa. 62
After a couple divorces, I will be officially "retired" when the funeral director closes the lid on the box i'm in. until then, I will be working.


Life always offers a second chance.
It's called Tomorrow
Re: Retirement age [Re: Bigbrownie] #6777733
02/20/20 09:44 PM
02/20/20 09:44 PM
Joined: Feb 2007
Posts: 5,365
New York border
Cragar Offline
trapper
Cragar  Offline
trapper

Joined: Feb 2007
Posts: 5,365
New York border
Originally Posted by Bigbrownie
Sometimes it not about how much you make, it’s about how much you spend.


Serious quote there. One of my favorite sayings is " It's not how much you make , it's about how much you keep "

Follow this through life , you will be SO much better off.


NRA benefactor member
Re: Retirement age [Re: Bigbrownie] #6777754
02/20/20 10:12 PM
02/20/20 10:12 PM
Joined: Nov 2010
Posts: 578
Iowa
B
beeman Offline
trapper
beeman  Offline
trapper
B

Joined: Nov 2010
Posts: 578
Iowa
Originally Posted by Bigbrownie

I worked as a coal miner and later as as a mine manager, and quit at 54.5. My wife taught school and worked 2 more years past my retirement so she could get 8 years worth of health care for us when she retired. Monthly, we get her SS check ($1300) her teachers pension ($1800) , a $3500 per month annuity payment, a 403b dividend ( $2000), and another $2200 dividend payment. I’ll turn 62 this fall and will collect $2200 from SS.

We haven’t used any of our IRA monies, and I’m reinvesting every month. Sometimes it not about how much you make, it’s about how much you spend.


I am curious. What is a 403B dividend and what is your other $2200 dividend payment from? Are all these sources of income from you and your wife’s wages or did you or she inherit some wealth? There are not many workers that are able to amass enough wealth to have an income of $156,000 a year.

Re: Retirement age [Re: BuckMink] #6777803
02/20/20 11:04 PM
02/20/20 11:04 PM
Joined: Dec 2006
Posts: 3,634
De
C
coop Offline
trapper
coop  Offline
trapper
C

Joined: Dec 2006
Posts: 3,634
De
I went at 55, wife at 51... We have state benefits because she is/was a teacher. She subs 1-4 days a week now. We paid our mortgage off early (13yrs.) by making double payments, 2 kids thru college w/ no $ borrowed, keep our vehicles about 10 yrs. I get a small pension and SS, she gets her pension plus her sub money, and is deferring her SS for now. We have never touched our 401K's yet. I'm 65 and she is 63... I think we are OK but you never know... life can throw you a curve in an instant.

Last edited by coop; 02/20/20 11:58 PM.
Re: Retirement age [Re: BuckMink] #6777817
02/20/20 11:20 PM
02/20/20 11:20 PM
Joined: Jul 2016
Posts: 2,740
Wisconsin
B
Bear Tracker Offline
trapper
Bear Tracker  Offline
trapper
B

Joined: Jul 2016
Posts: 2,740
Wisconsin
Part of my retiring in 1-2 years is they are changing the health insurance retirement pay out in two years. I would loose $70,000.00 in health insurance benefits if I don't go.

Re: Retirement age [Re: BuckMink] #6777849
02/20/20 11:59 PM
02/20/20 11:59 PM
Joined: Jan 2008
Posts: 4,790
M.T.V. Alaska
Y
yukonjeff Offline
trapper
yukonjeff  Offline
trapper
Y

Joined: Jan 2008
Posts: 4,790
M.T.V. Alaska
My plan is : instead of living like a curmudgeon, and pinching pennies my whole life I am going travel and enjoy my fading youth as much as I can. I own a couple small businesses, and when I reach 62, I will move to a cheap country where the bedside care is $100 a month, and live like a rock star on $1200. a month.

Re: Retirement age [Re: bic] #6777859
02/21/20 12:09 AM
02/21/20 12:09 AM
Joined: Mar 2012
Posts: 4,324
AK
F
FairbanksLS Offline
trapper
FairbanksLS  Offline
trapper
F

Joined: Mar 2012
Posts: 4,324
AK
Originally Posted by bic
After a couple divorces, I will be officially "retired" when the funeral director closes the lid on the box i'm in. until then, I will be working.


Guess you never heard of free milk.


formerly posting as white dog
Re: Retirement age [Re: BuckMink] #6777863
02/21/20 12:16 AM
02/21/20 12:16 AM
Joined: Jan 2008
Posts: 9,153
Alaska and Washington State
W
waggler Offline
trapper
waggler  Offline
trapper
W

Joined: Jan 2008
Posts: 9,153
Alaska and Washington State
I remember an older friend of mine retired from the longshoreman's union in about 1980. Longshoring was/is a high paying job. If I remember right I think his pension was $1100 a month, he thought he was in fat city. I guess maybe it was a good thing he died of a heart attack at about 68. That $1100 a month sure wouldn't have bought much a few years later.

You guys retiring in your late 50's and thinking $7000 a month will put you on easy street may be in for a shock by the time you are 80.
You better keep investing part of that $7000.


"My life is better than your vacation"
Re: Retirement age [Re: BuckMink] #6777864
02/21/20 12:19 AM
02/21/20 12:19 AM
Joined: Mar 2012
Posts: 4,324
AK
F
FairbanksLS Offline
trapper
FairbanksLS  Offline
trapper
F

Joined: Mar 2012
Posts: 4,324
AK
Might be in for a real shock when we have our first Socialist President or a Civil War.


formerly posting as white dog
Re: Retirement age [Re: BuckMink] #6777867
02/21/20 12:22 AM
02/21/20 12:22 AM
Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
J
James Offline
"Minka"
James  Offline
"Minka"
J

Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
I think most people could retire comfortably, along with SS benefits, on one million dollars.

Suppose you take four percent per year out of your fund. That's $40,000, plus any pension and SS benefits, to live on.

But your fund isn't just sitting there suffering a $40k depletion every year. If you've got brains, it's invested. Suppose it's conservatively invested, and you're making six percent per year in investment earnings. You're netting out $20k as an increase to your fund every year.

Your fund should be able to sustain itself indefinitely, and be protected from inflation, so long as you don't take out more than your investment earnings.

Jim


Forum Infidel since 2001

"And that troll bs is something triggered snowflakes say when they dont like what someone posts." - Boco
Re: Retirement age [Re: BuckMink] #6777870
02/21/20 12:35 AM
02/21/20 12:35 AM
Joined: Nov 2009
Posts: 843
upstate NY
M
Mr. Ed Offline
trapper
Mr. Ed  Offline
trapper
M

Joined: Nov 2009
Posts: 843
upstate NY
What is debt free ? I use to laugh at guys that were about 10-15 yrs younger than me and said as soon as their mortgage is paid off they will be debt free. I only laughed at them. I never had a mortgage except a 5 yr land payment on 100 acres. Designed, drew and built my home on my own minus foundation and well. No mortgage, just money saved and paycheck to paycheck. After we had our two kids, we added another 1200 sq ft. So by the time we were 35 we had just normal bills. Believe me there is no such thing as debt free. It is brutal seeing money go out of savings for a propane boiler, $1500 in maintenance on the outdoor boiler, $600 for car parts, $800 for a new chainsaw, $500 for car tires, $7500 for property/school taxes. A new roof will be needed this year ---38 square. I am turning 61 in March and am retiring next March at 62. We have good savings, am giving my 401k to the kids to build houses and keeping the wife's for our emergency fund. Normal bills can be are far from debt free. Add up everything you spend now minus your mortgage and then figure needing and extra $10k/yr then you might be alright to retire.

Re: Retirement age [Re: beeman] #6777871
02/21/20 12:38 AM
02/21/20 12:38 AM
Joined: Mar 2018
Posts: 3,121
Pa.
B
Bigbrownie Offline
trapper
Bigbrownie  Offline
trapper
B

Joined: Mar 2018
Posts: 3,121
Pa.
No inherited money here. I wish. LoL.

Coal mining was hard work. I started in 1976, 18 years old, as a timber man in the #8 seam near Pittsburgh. High coal. Seven years later I was working low coal, in 40 inches and knew I couldn’t do this for 50 years. When I got certified as a mine foreman in 1991, I went from roof bolting to a higher paying salaried mine foreman job. Long 12 hours days, but payed better. I started investing $800 a month ( back then it was With Legg Mason ), and by the time I retired, I was General Manager of a great company, and was saving $2500 each month. That account was worth $700,000 when I retired in 2013. Without touching principle, we take a $2200 check each month from Stifel Nicholas .

My wife taught special ed at the local high school for 20 years. She was eligible for a pension from the Pa. PSERS plan. The district she worked in offered a voluntary 403b plan ( with no matching contributions) . She maxed out her contributions every year....the amounts were the same as what 401 k allowed. She had $395,000 with Lincoln Financial when she quit, and that plan generates $2000 income for us every month while maintaining the principle balance.

I also maxed out my 401 k contributions every year, ( with a 10% match on contributions) and left with over $1,000,000 in my Morgan Stanley retirement account.

The year I retired ,I bought a $500,000 annuity with half of my 401 k , the other half I invested in an IRA stock fund. It’s worth a million now. That’s money for the kids someday.

We tapped the annuity two years ago, and will pay us $3500 a month till we both are dead.

Early retirement was a big priority for us, so we really worked hard to make it happen. I’m only sharing the details here to show that if a coal miner and school teacher can do it, others can too. You just have to stay focused on your goals.

Re: Retirement age [Re: BuckMink] #6777875
02/21/20 12:41 AM
02/21/20 12:41 AM
Joined: Jul 2017
Posts: 1,790
IA
T
teepee2 Offline
trapper
teepee2  Offline
trapper
T

Joined: Jul 2017
Posts: 1,790
IA
Food for thought; "You don't make a living, you live on what you make."

Re: Retirement age [Re: BuckMink] #6777894
02/21/20 01:45 AM
02/21/20 01:45 AM
Joined: Dec 2006
Posts: 717
Saskatchewan
S
Saskquatch Offline
trapper
Saskquatch  Offline
trapper
S

Joined: Dec 2006
Posts: 717
Saskatchewan
I retired June/14/2019 at the age of 49 as a big bank shut down the company we worked for. Second time I've been through it and have had enough of the corporate world and the fools within it. I've been a decent investor my whole life and have both our home, cottage and everything else paid off for a long time. I live on dividend income with a small piece of my annual income coming from pension. Here we are allowed just over 45000 a year in dividend income, tax free, as long as your other income isn't above a certain level. I live on approx. 40k year tax free. Big drop from 140+ a year ago but who give a flying fart. My wife 25 years ago told me after 7 years of her going to university that one day she will make more than me which I told her that would be great. We joke about it all the time that she is finally making more than me...But when she gets out of bed at 5:45am and I get to snooze with the kids...Who is really living the life.

Re: Retirement age [Re: BuckMink] #6777907
02/21/20 02:49 AM
02/21/20 02:49 AM
Joined: Aug 2010
Posts: 10,787
Asheville, NC
C
charles Offline
trapper
charles  Offline
trapper
C

Joined: Aug 2010
Posts: 10,787
Asheville, NC
Healthcare, and especially long term care can be very expensive. Get Alzheimer’s in your 60s and that million can go away quickly.

I am writing this from a hospital bed in Asheville. In the last 12 months I have had colon cancer surgery, a malignant right kidney removed, an outdoor accident, a diagnosis of spinal stenosis, heart Afib, and the surgery of the day is a large hernia that developed at the colon surgical site. What started as day surgery turned into a three day stay in the hospital. I have a near 20 year old knee problem from a replacement infection, and four rotator cuff repairs. Can you see from my experience where the first million might go?

Life if full of expensive surprises. Start early and save until the amount you invest begins to take food off your table and fun out of your life. And oh, marry well and have lucrative careers. Rich parents will help a lot. Never borrow money to spend on a depreciating asset. Live within your means.

Last edited by charles; 02/21/20 02:54 AM.
Re: Retirement age [Re: BuckMink] #6777914
02/21/20 03:50 AM
02/21/20 03:50 AM
Joined: Jan 2008
Posts: 4,790
M.T.V. Alaska
Y
yukonjeff Offline
trapper
yukonjeff  Offline
trapper
Y

Joined: Jan 2008
Posts: 4,790
M.T.V. Alaska
I am starting to see a pattern of retirement in America. Work hard, scrimp and save all your life and then give it all up to the hospital and nursing home and die a poor broke man anyway.

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