Re: Retirement age
[Re: charles]
#6777954
02/21/20 07:56 AM
02/21/20 07:56 AM
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Mark June
Unregistered
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Mark June
Unregistered
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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. Charles, You're keeping the medical professionals in your region gainfully employed + and then some! We pray all is patched up, stitched up, and healed up! My wife and I, along with my older brothers Keith from MI and his wife, and Brian from NC, will be in your neck of the woods first week of June. We're all taking a week long biblical course at The Cove, Billy Graham's Retreat there in Asheville. I've never been to The Cove and we hear it's a wondrous place. Us three "boys" as our dad still calls us, have never studied the Word together, so we're pretty excited about it all. The topic is Genesis to Revelation and it'll be taught by our current DTS president Dr. Mark Bailey and his successor this coming summer Dr. Mark Yarbrough. Super teachers and Godly men. I'm taking the course for student credit, and my brothers are taking it for the experience, learning, and time we'll spend together while at it. I believe it's open to the public, if you know anyone interested. June 1-5th. The Cove website would have details. The very nice lady from the retreat that I spoke with about registration said they really enjoy working with the DTS family! Heal up fast sir. There's critters still to be caught and family to be hugged! Blessings, Mark
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Re: Retirement age
[Re: Cragar]
#6778021
02/21/20 09:21 AM
02/21/20 09:21 AM
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Joined: Feb 2013
Posts: 1,706 Ohio
Ronaround
trapper
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trapper
Joined: Feb 2013
Posts: 1,706
Ohio
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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. ^^^On target here!
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Re: Retirement age
[Re: ]
#6778038
02/21/20 09:40 AM
02/21/20 09:40 AM
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Joined: Sep 2012
Posts: 2,066 NY
rendezvous
trapper
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trapper
Joined: Sep 2012
Posts: 2,066
NY
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I was delivering major appliances at minimum wage and my father told me to get a job with benefits, pension, health care, etc. I was lucky enough to get a good job with decent benefits at 21. As soon as I started my father told me to start saving now and had always stressed living well within your means. He told me save as much as you can, as early as you can and leave it there as long as you can. Later in life he also told me, don't take advice from someone who has less than you. They have been truths that prevail over time.
A million enough? Depends... What do you want out of life? Pension? Benefits? Debt load? Retirement age? Discipline!
"Old age is like everything else. To make a success of it, you've got to start young." -Theodore Roosevelt
Let's go Brandon!
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Re: Retirement age
[Re: yukonjeff]
#6778046
02/21/20 09:51 AM
02/21/20 09:51 AM
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Joined: Jan 2007
Posts: 17,888 MN
160user
trapper
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trapper
Joined: Jan 2007
Posts: 17,888
MN
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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. You are spot on! I am going to retire in 2 years, have saved HARD (25% of my gross earnings) and will live until it's gone. I don't go to the doctor anyway and never will so I am going to spend every penny of it.
I have nothing clever to put here.
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Re: Retirement age
[Re: James]
#6778077
02/21/20 10:30 AM
02/21/20 10:30 AM
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Joined: Dec 2011
Posts: 10,404 MT
snowy
trapper
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trapper
Joined: Dec 2011
Posts: 10,404
MT
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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 This is sound advice IMO. You need to get a retirement budget which is about 3% of what you have saved and you will be fine. Many people live on little and live happy and they have what they need and don't need to live like kings.
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: Retirement age
[Re: BuckMink]
#6778115
02/21/20 10:58 AM
02/21/20 10:58 AM
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Joined: Dec 2006
Posts: 15,734 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,734
MN, Land of 10,000 Lakes
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I feel like Klinger on MASH. He was always looking for a way to get out of Korea and the military. In the end, he ended up staying after all his comrades had left when the war was over. I planned to retire when I was in my early 50s. But, with my job being one where I can come and go as I please, I don't know if I'll ever retire. Well, maybe when I'm dead...….
The difference between animals and humans is that animals would never let the dumbest ones lead the pack.
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Re: Retirement age
[Re: BuckMink]
#6778125
02/21/20 11:09 AM
02/21/20 11:09 AM
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Joined: Jan 2008
Posts: 9,227 Alaska and Washington State
waggler
trapper
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trapper
Joined: Jan 2008
Posts: 9,227
Alaska and Washington State
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^^^^^^^^ That is exactly the model the corporate world has created. The "health care" industry is one of the largest if not the largest business in the USA. You hit it exactly right. The goal is to transfer all your remaining wealth from your estate to the health care industry. Nothing left for your kids or any others that you might chose to leave it to.
"My life is better than your vacation"
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Re: Retirement age
[Re: Trapper7]
#6778132
02/21/20 11:20 AM
02/21/20 11:20 AM
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Joined: Jan 2007
Posts: 17,888 MN
160user
trapper
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trapper
Joined: Jan 2007
Posts: 17,888
MN
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I feel like Klinger on MASH. He was always looking for a way to get out of Korea and the military. In the end, he ended up staying after all his comrades had left when the war was over. : SPOILER ALERT! I hadn't finished watching MASH yet.
I have nothing clever to put here.
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Re: Retirement age
[Re: Ronaround]
#6778163
02/21/20 11:51 AM
02/21/20 11:51 AM
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Joined: Dec 2006
Posts: 15,734 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,734
MN, Land of 10,000 Lakes
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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. ^^^On target here! You are on target. The reason SS is having insolvency issues are because of all the ways it's been misused by legislators. If it had been left alone to do it's original intent of providing a retirement income or disability income, SS recipients today would be receiving much larger monthly payments.
The difference between animals and humans is that animals would never let the dumbest ones lead the pack.
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Re: Retirement age
[Re: 160user]
#6778302
02/21/20 12:25 PM
02/21/20 12:25 PM
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Joined: Dec 2006
Posts: 15,734 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,734
MN, Land of 10,000 Lakes
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I feel like Klinger on MASH. He was always looking for a way to get out of Korea and the military. In the end, he ended up staying after all his comrades had left when the war was over. : SPOILER ALERT! I hadn't finished watching MASH yet. My sincerest apologies. You do realize the final episode was in 1983, don't you? That should have given you enough time to catch up, I would have thought.
The difference between animals and humans is that animals would never let the dumbest ones lead the pack.
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Re: Retirement age
[Re: BuckMink]
#6778309
02/21/20 12:35 PM
02/21/20 12:35 PM
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Joined: Dec 2012
Posts: 1,150 Valders, WI
Alex the dog
trapper
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trapper
Joined: Dec 2012
Posts: 1,150
Valders, WI
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I have 8-10 years of work before retiring but have been planning for it for over 30 years by taking advantage of company match $, set up a Roth in 1998 and living within my means.
I am surprised the lack of comments on how your retirement funds are invested; taxable when withdrawn or in tax free. With tax rates only set thru 2025 I doubt they will go down when the new tax bill is drafted. For my wife and I, approximately 65% of our retirement funding is from tax free sources and are converting more over in preparation for what we believe will be a rate increase starting in 2026. Insurance is our big unknown when it comes to retiring earlier.
Dave
Forever in debt to my Father who introduced me to trapping. May I be half the man he was.
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