Re: Retirement age
[Re: Cragar]
#6777554
02/20/20 07:11 PM
02/20/20 07:11 PM
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Joined: Dec 2018
Posts: 5,214 Crivitz WI
Sprung & Rusty
trapper
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trapper
Joined: Dec 2018
Posts: 5,214
Crivitz WI
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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.
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Re: Retirement age
[Re: Trapper Dahlgren]
#6777671
02/20/20 08:58 PM
02/20/20 08:58 PM
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Joined: Dec 2010
Posts: 34,928 Central, SD
Law Dog
trapper
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trapper
Joined: Dec 2010
Posts: 34,928
Central, SD
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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
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Re: Retirement age
[Re: BuckMink]
#6777699
02/20/20 09:21 PM
02/20/20 09:21 PM
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Joined: Jan 2008
Posts: 9,947 Central Pa. 62
bic
"Mr. Sensitivity"
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"Mr. Sensitivity"
Joined: Jan 2008
Posts: 9,947
Central Pa. 62
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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
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Re: Retirement age
[Re: Bigbrownie]
#6777733
02/20/20 09:44 PM
02/20/20 09:44 PM
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Joined: Feb 2007
Posts: 5,436 New York border
Cragar
trapper
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trapper
Joined: Feb 2007
Posts: 5,436
New York border
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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
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Re: Retirement age
[Re: Bigbrownie]
#6777754
02/20/20 10:12 PM
02/20/20 10:12 PM
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Joined: Nov 2010
Posts: 579 Iowa
beeman
trapper
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trapper
Joined: Nov 2010
Posts: 579
Iowa
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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.
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Re: Retirement age
[Re: BuckMink]
#6777803
02/20/20 11:04 PM
02/20/20 11:04 PM
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Joined: Dec 2006
Posts: 3,640 De
coop
trapper
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trapper
Joined: Dec 2006
Posts: 3,640
De
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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.
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Re: Retirement age
[Re: bic]
#6777859
02/21/20 12:09 AM
02/21/20 12:09 AM
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Joined: Mar 2012
Posts: 4,324 AK
FairbanksLS
trapper
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trapper
Joined: Mar 2012
Posts: 4,324
AK
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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
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Re: Retirement age
[Re: BuckMink]
#6777863
02/21/20 12:16 AM
02/21/20 12:16 AM
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Joined: Jan 2008
Posts: 9,233 Alaska and Washington State
waggler
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trapper
Joined: Jan 2008
Posts: 9,233
Alaska and Washington State
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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"
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Re: Retirement age
[Re: BuckMink]
#6777864
02/21/20 12:19 AM
02/21/20 12:19 AM
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Joined: Mar 2012
Posts: 4,324 AK
FairbanksLS
trapper
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trapper
Joined: Mar 2012
Posts: 4,324
AK
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Might be in for a real shock when we have our first Socialist President or a Civil War.
formerly posting as white dog
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Re: Retirement age
[Re: BuckMink]
#6777867
02/21/20 12:22 AM
02/21/20 12:22 AM
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Joined: Dec 2006
Posts: 17,379 Coeur d' Alene, Idaho
James
"Minka"
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"Minka"
Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
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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
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Re: Retirement age
[Re: beeman]
#6777871
02/21/20 12:38 AM
02/21/20 12:38 AM
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Joined: Mar 2018
Posts: 3,193 Pa.
Bigbrownie
trapper
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trapper
Joined: Mar 2018
Posts: 3,193
Pa.
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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.
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Re: Retirement age
[Re: BuckMink]
#6777907
02/21/20 02:49 AM
02/21/20 02:49 AM
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Joined: Aug 2010
Posts: 10,835 Asheville, NC
charles
trapper
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trapper
Joined: Aug 2010
Posts: 10,835
Asheville, NC
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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.
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