Re: Retirement.
[Re: T-Rex]
#7031822
10/29/20 07:34 PM
10/29/20 07:34 PM
|
Joined: May 2018
Posts: 10,850 SW Georgia
Wanna Be
trapper
|
trapper
Joined: May 2018
Posts: 10,850
SW Georgia
|
When it comes right down to it; I've never understood this "retirement" thing. It was the bright idea of the socialist, FDR. He came up with the evil plan to offer a couple bucks/month for people of a certain age to hand over their jobs to a bunch of young punk kids.
People are designed to work until they die. That's exactly what I intend to do. Obviously, I have way too much contempt for authority to work for anybody; but, i will be self employed, until I reach room temperature. Work for someone...you’ll become a serious believer in retirement, lol! I don’t plan to become a vegetable, just work at what I enjoy doing more than what I do now to provide for my family.
|
|
|
Re: Retirement.
[Re: coonman220]
#7031823
10/29/20 07:34 PM
10/29/20 07:34 PM
|
Joined: Aug 2011
Posts: 45,485 james bay frontierOnt.
Boco
trapper
|
trapper
Joined: Aug 2011
Posts: 45,485
james bay frontierOnt.
|
I love retirement-now I do what I want,when I want,totally on my own terms. Retirement doesnt mean you stop working-at least to me it doesnt.it is another form of real freedom not the paper freedom.
Last edited by Boco; 10/29/20 07:35 PM.
Forget that fear of gravity-get a little savagery in your life.
|
|
|
Re: Retirement.
[Re: coonman220]
#7031841
10/29/20 07:54 PM
10/29/20 07:54 PM
|
Joined: Nov 2012
Posts: 1,077 midland, michigan
midlander
trapper
|
trapper
Joined: Nov 2012
Posts: 1,077
midland, michigan
|
I know i will get flamed for this, but Bob, regardless of his age, it financially smarter than many on here who mock him. Im hearing lots of reasons why a person cant succeed financially from people who have probably proven it in their own life. Just cause you didnt make it work, doesnt mean others cant. I am sure more people become fianacially independent following sound advice like Bob's, than by making up excuses why Bob doesnt know what he is talking about just because he is young. "Youve never seen a bad market", "You dont know what the future holds", "You only been at this ten years"....bla bla bla. Tortoise always wins the race.
Let the flaming begin
|
|
|
Re: Retirement.
[Re: coonman220]
#7031871
10/29/20 08:27 PM
10/29/20 08:27 PM
|
Joined: Apr 2009
Posts: 12,285 South Ga - Almost Florida
Swamp Wolf
trapper
|
trapper
Joined: Apr 2009
Posts: 12,285
South Ga - Almost Florida
|
I wish I had've been that financially smart at 31. I wasnt.
56 now and dont have a nest egg saved up to live off of. But do have a decent pension and peace officer's annuity that will keep me close enough to what Im currently making. Home is paid for. No other big bills.
Im retiring in 19 months. That's 30 years of service to the state of Ga.
Thank God For Your Blessings! Never Half-Arse Anything!
Resource Protection Service
|
|
|
Re: Retirement.
[Re: coonman220]
#7031883
10/29/20 08:43 PM
10/29/20 08:43 PM
|
Joined: Dec 2006
Posts: 29,861 williamsburg ks
danny clifton
"Grumpy Old Man"
|
"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,861
williamsburg ks
|
I am sorta retired. Work sometimes and dont work more often. Don't think I would like not working at all. If the fish are biting, or I want to hunt , or need to take care of something away from home or any other reason that comes up, I don't work. Its nice to be able to put the things I want to do at the top of the list instead of the bottom like I have done most of my life. I have managed to take off the whole trapping season more often than not. A few times in the last 20 I couldn't swing it. When my kids were little I had to keep working all winter.
I figure when its my turn to die, if I have time to reflect, there will be things I regret I have no doubt. I don't think not working more will be one of them.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
|
|
|
Re: Retirement.
[Re: T-Rex]
#7031919
10/29/20 09:12 PM
10/29/20 09:12 PM
|
Joined: Jul 2012
Posts: 455 SE Missouri.
Pirogue
trapper
|
trapper
Joined: Jul 2012
Posts: 455
SE Missouri.
|
When it comes right down to it; I've never understood this "retirement" thing. It was the bright idea of the socialist, FDR. He came up with the evil plan to offer a couple bucks/month for people of a certain age to hand over their jobs to a bunch of young punk kids.
People are designed to work until they die. That's exactly what I intend to do. Obviously, I have way too much contempt for authority to work for anybody; but, i will be self employed, until I reach room temperature. Good for you but I ain't working till I die unless I croak in the next 9 months. Ive worked swing shifts for the last 36 years. The day I turn 55 Im DONE
|
|
|
Re: Retirement.
[Re: coonman220]
#7031921
10/29/20 09:16 PM
10/29/20 09:16 PM
|
Mark June
Unregistered
|
Mark June
Unregistered
|
Maybe if you enjoy what you do, it doesn't seem like work? Some reach another season in life and begin anew.
|
|
|
Re: Retirement.
[Re: Boco]
#7031939
10/29/20 09:29 PM
10/29/20 09:29 PM
|
Joined: Oct 2011
Posts: 2,963 Central Ontario, Canada
Crit-R-Dun
trapper
|
trapper
Joined: Oct 2011
Posts: 2,963
Central Ontario, Canada
|
I love retirement-now I do what I want,when I want,totally on my own terms. Retirement doesnt mean you stop working-at least to me it doesnt.it is another form of real freedom not the paper freedom. Couldn't have said it better. Full pension at 52, kept 100% of my benefits. Everyday I decide, is this going to be a play day or a work day and there's not much difference between the two.
|
|
|
Re: Retirement.
[Re: Boco]
#7031940
10/29/20 09:29 PM
10/29/20 09:29 PM
|
Joined: Jan 2012
Posts: 1,639 Warren co Mo
hrdtoflw
trapper
|
trapper
Joined: Jan 2012
Posts: 1,639
Warren co Mo
|
I love retirement-now I do what I want,when I want,totally on my own terms. Retirement doesnt mean you stop working-at least to me it doesnt.it is another form of real freedom not the paper freedom. You are right where I’ll be very soon. Nobody can really tell another person what they need for retirement. A persons vision of retiring should not be compared to someone else. Living within your means is the key to a life of freedom. Some people never go through life with a plan. No amount of advice can help people, whom live week by week. I, for one, could have not imagined myself in the position I’m in now, as I near the end of my working career. I work for a company, that I have invested in for years, and now the payoff is treating me well. Coonman, you can do it when the time is right. Remember that you take care of 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
|
|
|
Re: Retirement.
[Re: ]
#7032124
10/29/20 11:55 PM
10/29/20 11:55 PM
|
Joined: Jan 2018
Posts: 284 Montana/Florida
Gene Dziza
trapper
|
trapper
Joined: Jan 2018
Posts: 284
Montana/Florida
|
Maybe if you enjoy what you do, it doesn't seem like work? Some reach another season in life and begin anew.
Amen Mark June! It's a beautiful thing when you love your work. My goal is to go hard until at least 75, as long as I am still enjoying it. That's what will work for me, maybe not everyone else. People are talking about a younger poster on this thread having a lot of answers. He sounds like a smart fellow but one thing I've come to realize in life is the older I get, the less I KNOW.
|
|
|
Re: Retirement.
[Re: Bob]
#7032774
10/30/20 05:25 PM
10/30/20 05:25 PM
|
Joined: Jan 2007
Posts: 5,005 MD
DaveP
trapper
|
trapper
Joined: Jan 2007
Posts: 5,005
MD
|
Okay, so here’s the math. At $12 an hour, you put away 15%, or $288 a month, which is $3,456 a year into an S&P 500 fund, which if you do your research has a 50 year track record of earning 10% annually. If you were to do that for 30 years you’d end up with $625,340.48
So you’re right, not a millionaire, but 625k will produce an annual income of just over 60k a year in perpetuity. Do you think he could live on 60k a year? I think so, seeing as 12 an hour at 40 a week is only just over $23k 10% is more than optimistic. Historical level of accepted " safe " withdraw has been 4%. Plus, there's this thing called inflation. Just because people are ignoring it, or downplaying it, doesn't mean it isn't there. Or waiting to explode! And their goes the value of your dollar. QE, Covid Stimulus $$$$ are propping things up It's great you are doing what you are doing, and you are way ahead of most folks. But moderate your expectations. Worse case, you'll do better than you thought.
|
|
|
Re: Retirement.
[Re: Furvor]
#7032776
10/30/20 05:29 PM
10/30/20 05:29 PM
|
Joined: Jan 2007
Posts: 5,005 MD
DaveP
trapper
|
trapper
Joined: Jan 2007
Posts: 5,005
MD
|
Was told at 62 old, can get $1000 roughly after taxes. Soacil security, not much a month, can work up to $18 k a year without worries deductions, That $18,000 is total gross household income. If anyone else living in your house has an income that counts against the $18k. . Huh? There's a reason I don't call my financial advisor for trapping advice! "Even if you file taxes jointly, Social Security does not count both spouses’ incomes against one spouse’s earnings limit — it’s only interested in how much you make from work while receiving benefits. In other words, if your income exceeds the cap on yearly earnings — which in 2020 is $18,240 for people who claim benefits before full retirement age — Social Security will withhold money from your retirement payments. (Full retirement age is 66 and is gradually rising to 67 over the next several years.) Regardless of how much your spouse earns, it will not affect how much is held back from your benefit. Your spouse’s income only affects you if your spouse has taken Social Security early and you are collecting spousal benefits on his or her work record. In this case, your spouse’s earnings could trigger withholding from both his or her retirement payment and your spousal benefits."
|
|
|
Re: Retirement.
[Re: coonman220]
#7032832
10/30/20 06:37 PM
10/30/20 06:37 PM
|
Joined: Dec 2015
Posts: 6,340 se South Dakota
NonPCfed
trapper
|
trapper
Joined: Dec 2015
Posts: 6,340
se South Dakota
|
If you have $200,000 in your account when you retire and you spend $20,000 a year you will be broke in 10 years....think of retirement that way.] Not exactly right because the money you still have in a retirement account is hopefully making money during those years. Is your "burn" rate higher than your "repalcement" rate? Yes. But your 200k is going to last longer than 10 years, unless you're in really crappy investments.
"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
|
|
|
Re: Retirement.
[Re: coonman220]
#7032835
10/30/20 06:40 PM
10/30/20 06:40 PM
|
Joined: Aug 2011
Posts: 45,485 james bay frontierOnt.
Boco
trapper
|
trapper
Joined: Aug 2011
Posts: 45,485
james bay frontierOnt.
|
Coonman,you'll be fine if Biden wins the election-the commies will bring in basic income and you'll get a 2g cheque every month just for being an american. And free healthcare to boot.
Forget that fear of gravity-get a little savagery in your life.
|
|
|
Re: Retirement.
[Re: coonman220]
#7032890
10/30/20 07:32 PM
10/30/20 07:32 PM
|
Mark June
Unregistered
|
Mark June
Unregistered
|
You need 1,000,000 in the bank to draw $40,000 @ 4% is what I teach our children. They usually say, "$40,000?" What's that buy? Well then, start early, save more often I guess.
|
|
|
Re: Retirement.
[Re: 160user]
#7032902
10/30/20 07:48 PM
10/30/20 07:48 PM
|
Joined: Dec 2006
Posts: 5,996 Rock Springs, WI
Zim
trapper
|
trapper
Joined: Dec 2006
Posts: 5,996
Rock Springs, WI
|
I am roughly 18 months from retirement but I have sunk 20% or more into my “401k” for 20+ years, have invested heavily outside of that and have a simple lifestyle. On top of that I plan to work part time for beer and bait money. Rob, I have a quick and dirty plan to accelerate our retirements. It will likely involve that Smith and Wesson from the winter meeting a few years ago.. Zim
|
|
|
Re: Retirement.
[Re: Boco]
#7032904
10/30/20 07:48 PM
10/30/20 07:48 PM
|
Joined: Dec 2011
Posts: 10,364 MT
snowy
trapper
|
trapper
Joined: Dec 2011
Posts: 10,364
MT
|
Coonman,you'll be fine if Biden wins the election-the commies will bring in basic income and you'll get a 2g cheque every month just for being an american. And free healthcare to boot. ^ true!! joker jo u won't have to buy anything he will flip the bill. You will even be able to go to college for free, free health care a guy will have it made.
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
|
|
|
Re: Retirement.
[Re: coonman220]
#7032933
10/30/20 08:26 PM
10/30/20 08:26 PM
|
Joined: Dec 2015
Posts: 6,340 se South Dakota
NonPCfed
trapper
|
trapper
Joined: Dec 2015
Posts: 6,340
se South Dakota
|
You need 1,000,000 in the bank to draw $40,000 @ 4% is what I teach our children. They usually say, "$40,000?" What's that buy?
Well then, start early, save more often I guess. Yes, but that also assumes no other income besides that annual rate of return. Usually (hopefully) people have more than one revenue stream after retirement. That also assumes you're never going to burn down any of that original million bucks.I suspect that many retires wouldn't die broke if their burn rate was twice as much (8%) of the 4% "replacement" rate.
"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
|
|
|
|
|