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Re: Early retirement [Re: coonman220] #7304932
07/13/21 06:51 AM
07/13/21 06:51 AM
Joined: Feb 2007
Posts: 820
ohio
BuckMink Offline
trapper
BuckMink  Offline
trapper

Joined: Feb 2007
Posts: 820
ohio
will your retired income support the monthly payments in addition to monthly living expenses? if your truck costs you 550 a month, got enough money for the rest of the month? i hear electric smart cars are great trapping vehicles...fit into tight places in the woods and they are quiet. portable blind.

Re: Early retirement [Re: coonman220] #7304937
07/13/21 07:02 AM
07/13/21 07:02 AM
Joined: Nov 2011
Posts: 1,743
Under my hat in Mn and Wi
W
Whopper Stopper Offline
trapper
Whopper Stopper  Offline
trapper
W

Joined: Nov 2011
Posts: 1,743
Under my hat in Mn and Wi
Originally Posted by coonman220
Sound tempting the early retirement even if not ready , 1 year from end this week, lot could change but plan on partial week an then just pt hrs, can't wait but can wait to be older, so if had to, could u get auto loan an ss is consider as income ?


That will happen in the blink of an eye.

WS

Re: Early retirement [Re: BuckMink] #7305100
07/13/21 11:40 AM
07/13/21 11:40 AM
Joined: Feb 2010
Posts: 12,932
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 12,932
pa
Originally Posted by BuckMink
will your retired income support the monthly payments in addition to monthly living expenses? if your truck costs you 550 a month, got enough money for the rest of the month? i hear electric smart cars are great trapping vehicles...fit into tight places in the woods and they are quiet. portable blind.


That's the first thing the wife and I did before she retired early, figure our YEARLY expenses just to maintain how we live now.

Not listing all here but just the major ones were....

Electric .....1,200
Heating .....600 gal.@ 2.50...1,500
Property taxes....3,500
Car a d homeowners ins.......1,100
Phones, tv, and internet......1,400
All subject to raises.

The basics come to 8,700 dollars a year...basics not including food and what not like any repairs, car licenses ECT.

It'd be a good idea for Coonman to make his list for yearly expenses and see if his SSI covers them.

Re: Early retirement [Re: coonman220] #7305295
07/13/21 06:36 PM
07/13/21 06:36 PM
Joined: May 2010
Posts: 7,940
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 7,940
mn north of blakely
Hipie, Coonman still has a house payment, will need a new vehicle he can't pay out of pocket for and doesn't have any money in the bank, and no mention of 401k type plans or pension. Doesn't have health insurance and won't be able to afford supplemental when he goes on Medicare.

The only positive of his situation is he won't be alone. There are millions of Americans that don't realize what's coming when they "retire".

Re: Early retirement [Re: Steven 49er] #7305395
07/13/21 09:06 PM
07/13/21 09:06 PM
Joined: Dec 2006
Posts: 1,699
iowa
bankrunner Offline
trapper
bankrunner  Offline
trapper

Joined: Dec 2006
Posts: 1,699
iowa
Originally Posted by Steven 49er
Hipie, Coonman still has a house payment, will need a new vehicle he can't pay out of pocket for and doesn't have any money in the bank, and no mention of 401k type plans or pension. Doesn't have health insurance and won't be able to afford supplemental when he goes on Medicare.

The only positive of his situation is he won't be alone. There are millions of Americans that don't realize what's coming when they "retire".




You neglected his always optimistic high dollar coon to save the day for supplemental income.

Re: Early retirement [Re: coonman220] #7305529
07/13/21 11:45 PM
07/13/21 11:45 PM
Joined: Dec 2015
Posts: 4,386
se South Dakota
NonPCfed Offline
trapper
NonPCfed  Offline
trapper

Joined: Dec 2015
Posts: 4,386
se South Dakota
Lots and lots of senior public housing a coming. If Sleepy Joe and his party don't get us into a civil war first...


"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: Early retirement [Re: Steven 49er] #7305575
07/14/21 06:48 AM
07/14/21 06:48 AM
Joined: Jan 2007
Posts: 4,709
SW PA
W
white marlin Online content
trapper
white marlin  Online Content
trapper
W

Joined: Jan 2007
Posts: 4,709
SW PA
Originally Posted by Steven 49er
Hipie, Coonman still has a house payment, will need a new vehicle he can't pay out of pocket for and doesn't have any money in the bank, and no mention of 401k type plans or pension. Doesn't have health insurance and won't be able to afford supplemental when he goes on Medicare.

The only positive of his situation is he won't be alone. There are millions of Americans that don't realize what's coming when they "retire".


they'll be just fine.

there's already a "movement" afoot in DC to redistribute your retirement account to others who have none. it's only "fair". they'll call it a "living retirement" and it'll be paid for by the only large pot of money still available: the savings that responsible people put away for their own use. [those folks will get a "fair" stipend to live on, though; so it's all good]


"necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves." William Pitt the Younger
Re: Early retirement [Re: coonman220] #7305583
07/14/21 06:54 AM
07/14/21 06:54 AM
Joined: Nov 2015
Posts: 1,107
Oscoda, Michigan
J
John-Chagnon Offline
trapper
John-Chagnon  Offline
trapper
J

Joined: Nov 2015
Posts: 1,107
Oscoda, Michigan
There is always the possibility of $50.00 raccoons in the future and who knows bounty $20.00 Possum

Re: Early retirement [Re: coonman220] #7305584
07/14/21 06:56 AM
07/14/21 06:56 AM
Joined: Aug 2017
Posts: 5,692
Texas
Mark June Offline
trapper
Mark June  Offline
trapper

Joined: Aug 2017
Posts: 5,692
Texas
The choices people make will construct the behaviors and outcome of their life's situations.

- Alfred Adler (1870-1937)

'Ol Al seems to have been close to the green with this major psychology theory chip shot IMO.

Blessings,
Mark


Dallas Theological Seminary
https://www.dts.edu
https://www.markjuneslures.com/
Predator Trapping Academy Host



Re: Early retirement [Re: coonman220] #7305589
07/14/21 07:01 AM
07/14/21 07:01 AM
Joined: Sep 2012
Posts: 1,814
New York
P
proratman Offline
trapper
proratman  Offline
trapper
P

Joined: Sep 2012
Posts: 1,814
New York
Other factors to consider are your lifestyle. Do you smoke? Drink excessively? Healthy diet?

Re: Early retirement [Re: coonman220] #7305590
07/14/21 07:04 AM
07/14/21 07:04 AM
Joined: Jan 2012
Posts: 2,743
I70@OH/IN
OhioBoy Offline
trapper
OhioBoy  Offline
trapper

Joined: Jan 2012
Posts: 2,743
I70@OH/IN
You need a budget: Once its filled out you either have enough to retire or you don't. A lot of people would retire early but can't due to not having medical insurance until Medicare kicks in at 65 and even that costs money then. On top of that you pay for supplemental insurance too. Good luck.

Job 1 Income AFTER TAXES
Job 2 Income AFTER TAXES
Social Security Income AFTER TAXES
401k Income AFTER TAXES / FEES
ROTH Income AFTER TAXES / FEES

House
House Insurance
Car Insurance
Boat Insurance
Umbrella Policy Insurance
Life Insurance

Property Tax

Back Taxes

Medical Insurance
Medicare Costs
Co Pays
Union Dues

Grocery Week 1
Grocery Week 2
Grocery Week 3
Grocery Week 4

Eating Out Lunch
Eating Out Supper

Car 1 Payment
Car 2 Payment
Car 3 Payment
Boat Payment
Tractor Payment

Gas - Car 1
Gas - Car 2
Gas - Car 3

Oil Changes

Hair Cuts

Netflix
Amazon Prime

Clothes and Shoes

Cell Phone 1
Cell Phone 2

Home Phone
Internet Service
Long Distance

School Loan

Banking Fees

Electric
Propane
Natural Gas
Trash
Cable
Dr Bills (Monthly Avg)

Dog - Vet
Dog - Food

Re: Early retirement [Re: wissmiss] #7305706
07/14/21 10:02 AM
07/14/21 10:02 AM
Joined: Aug 2008
Posts: 11,985
ny
U
upstateNY Offline
trapper
upstateNY  Offline
trapper
U

Joined: Aug 2008
Posts: 11,985
ny
Originally Posted by wissmiss
If you start taking SS at 62, which is before your full retirement age, be very sure you understand how much money you can make from working before your SS benefits are affected.

$21,000 here in NY.Not sure if that is Nation wide or not.


the wheels of the gods turn very slowly
Re: Early retirement [Re: coonman220] #7305727
07/14/21 10:37 AM
07/14/21 10:37 AM
Joined: Jan 2012
Posts: 2,743
I70@OH/IN
OhioBoy Offline
trapper
OhioBoy  Offline
trapper

Joined: Jan 2012
Posts: 2,743
I70@OH/IN

Last edited by OhioBoy; 07/14/21 10:38 AM.
Re: Early retirement [Re: coonman220] #7305730
07/14/21 10:42 AM
07/14/21 10:42 AM
Joined: Aug 2010
Posts: 7,774
Asheville, NC
C
charles Offline
trapper
charles  Offline
trapper
C

Joined: Aug 2010
Posts: 7,774
Asheville, NC
Back taxes and penalties have been mentioned by Coonman. Has he filed his 2020 state and federal forms?

Re: Early retirement [Re: coonman220] #7305750
07/14/21 11:09 AM
07/14/21 11:09 AM
Joined: Aug 2011
Posts: 32,682
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 32,682
james bay frontierOnt.
Should have worked a good union job coonman.You'd be rollin in the dough retiring at 55.

Re: Early retirement [Re: ILcooner] #7305864
07/14/21 01:45 PM
07/14/21 01:45 PM
Joined: Oct 2015
Posts: 2,780
Wyoming
C
cmcf Offline
trapper
cmcf  Offline
trapper
C

Joined: Oct 2015
Posts: 2,780
Wyoming
Originally Posted by ILcooner
anybody under say 32 ought to read these posts and think long and hard about their future over the next 30yrs and what you want fo retirement.

Imagine being early 60s and having ~ $2M in 401k and IRAs after years/decades of maxing both out, being able to live off the 4.5% interest it makes annually giving you a $90k salary...without ever touching the principal. A couple year old (paid for in cash of course) truck and a paid for home. If you get tired of working, and want to draw your SS early (assuming it is still around), you say "see ya".. you have the cash to do so.

The hard work and discipline gives you the freedom later to decide.

This is the future I am saving for...



The best response of all.
The time to think about retirement is when your 25 not 62.


“The world is governed by very different personages from what is imagined” B. Disraeli

Re: Early retirement [Re: coonman220] #7305873
07/14/21 01:55 PM
07/14/21 01:55 PM
Joined: Feb 2010
Posts: 12,932
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 12,932
pa
Life ain't roses for everyone that they can "max" out for retirement. Some come from poor families and are living paycheck to paycheck from the time they are old enough to work.
Sad, but true.

I do agree that many with the means to do so, don't, and that's completely on them.

Re: Early retirement [Re: coonman220] #7305879
07/14/21 02:03 PM
07/14/21 02:03 PM
Joined: Feb 2007
Posts: 1,572
S Illinois
K
Kelly Offline
trapper
Kelly  Offline
trapper
K

Joined: Feb 2007
Posts: 1,572
S Illinois
Originally Posted by coonman220
Anyone know if ever apply small personal loan if need be, an work some pt an on soacil security, do they consider ss as income on loan app?



Yes all income is considered including retirement income and it's all taxed.


Enjoy Mother Nature's Glory, everyday!

Once one opens the mind to the plausible, the unbelievable becomes possible!

Re: Early retirement [Re: coonman220] #7306035
07/14/21 05:13 PM
07/14/21 05:13 PM
Joined: Feb 2007
Posts: 820
ohio
BuckMink Offline
trapper
BuckMink  Offline
trapper

Joined: Feb 2007
Posts: 820
ohio
Just to verify, if a company matches do you count that towards your total 15 percent? Say if you do 5 and the company matches 5 that's 10 percent? And another 5 Percent would go into a different ira?

Re: Early retirement [Re: coonman220] #7306262
07/14/21 09:32 PM
07/14/21 09:32 PM
Joined: Aug 2011
Posts: 1,040
IA, WI, ND, IL
M
martyd Offline
trapper
martyd  Offline
trapper
M

Joined: Aug 2011
Posts: 1,040
IA, WI, ND, IL
Coonman. I will be 62 Sept 1 I Saved some money but not enough. After making a list of what it will cost me to live I cannot make it on 65% of my SS that I would receive at 66 and 10 months. I have both knees replaced and in constant pain. I have to driver around at work on a scooter and chase guys out of the crapper and keep them working all night. If it was me and you have your health starting looking for a job that pays $20.00 hr at least with Heath insurance. There is a ton of jobs out their. Try to at least make it to age 65. I need to to try to make it to 65 too and it’s going to be tough with these bad knees. MD

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