That's my plan for the lake cabin. Build it when I retire and put it on a 30 year plan. Kids can pay it of lol.

Who am I kidding I'm too cheap.

Not everyone has the same definition of "enjoyment"

It only makes sense that the oldest generation has the most wealth,,,

Nearing the end of a life of working(hopefully accumulating)

Without looking,,, I’ll bet the average numbers aren’t even close to being able to sustain themselves

And most people are likely below average,,

It’s a purposeful failure of the education system

The push for more socialism will only grow,,, government debts will only increase,,,, the currencies will be further debased,,,, asset prices will be artificially inflated even more/ever increasing

Interest rates will never again be high enough to actually reward savers,,,

If they were ever high enough to reward savers,,,,,?

The cost to service the debt would be too great

The money is broken

Holy Crap when you put it like that... I work with Engineers just starting out getting married having kids that rent appartments.

Economy in the future doesn't look to rosy to me. What do I know though? Just another trapper with little education.

It’s actually not all doom’n’gloom,,,

Especially for younger folks,,, with time on their side

Hard work and actually understanding how money works,,,,

An individual can do very well, and not rely on the government

Capitalism is still alive and well

Understanding how money actually works is key(sound money/scarce assets/etc)

If a person is banking on government to take care of them,,,,the future isn’t very bright

People want gizmos and gadgets and disposable society, and they want them all right now. Have short attention span, no clear goals or long term plan on how to get there.

The general population is incredibly ignorant and easily controled. . The government is made up of and chosen by that same population and reflects it. A good % of the population is as successful and financially responsible as the government is.

And the sad part is how all those people act whan others are successful and have long term plans and put off purchases and save for them and drive 20 year old vehicals and work a lot . Its best just not to share your plans and success when you hit mile stones. People wont be happy for you they will get defensive and hateful.

The same people look at the nice spread and successful people and think it must be nice. They are seeing the accumulation of decades of hard work savings and delayed gratification to make investment and start business. They dont see the work and choices it took to get there. And it didn't happen over night.

My plans have been drastically changed. Even the most poor Americancs live better then 80% of the world's population. To them we are all rich.. so its a lot to do with perspective. And back to a post I made some time back.

What's rich? 1million net worth, 10 million more or less? Thats personal and depends on the lifestyle you crave not the one you have.

For me personally rich is not necessarily a #. O I thought it was at one time. But that was before I realized you can hit a # you never thought possible and still be broke when it comes to cash flow. And then there are also moving goal post.

Rich to me means your basic living expences are covered by investment, pension , ss or any other means of passave income you get not having to activity work for it. Freeing you up to do what you want and having the option of choice. If you have a low cost lifestyle and are content and happy with it requires much less income to achieve.

Wealthy is a completely different level.

If your healthy your rich even if your hundreds of thousands in debt and $1 in your pocket and just lost everything. That you can recover and build from . When your health goes its a different equation.

What you have and you want. My wife and I retired 4 years ago, and our life style did not change from where we were when we were working. That is a goal of many. It also depends on your lifestyle. We do not live the high life though living a life we are very happy with. That is what we believe the goal should be. Debt free and living within ones means.

There is need money ( food, clothing, and shelter, and healthcare that actually keeps you kicking) and then there is play money. Sounds like you want to play a bit.

Boco was right about if you start feeling you need more money in your senior years you can always get a job and add some of those new inflated dollars at those new inflated wages. I'm doing that right now.

Let's just take this 1.6 million I need to retire when I'm 65. If I did not even make any investment income in 16 years or have pension money coming in, I could spend $100,000 a year until I was 81 years old. I have never spent $100, 000 a year or even half that. Why would I need 1.6 million dollars to retire at 65?

And thats not counting any other retirement income Ss, pension, annuity, selling fur, nuance trapping ect.

But dont forget about increasing health care spending and crazy inflation thats likely.

Its case by case. However much you need to retire matters on how much debt you paid down and what needs paying / spent after you retire... including new retirement expenses you didn't used to have. Seems like we could list out the items fairly easily. What each person puts next to each one matters in the long run though.


Income from Investments
Income from Soc Sec
Income from Pension
Income Other

Income Tax

MONTHLY COSTS:
Retirement Activity Hunting =
Retirment Special Hunting Trip =
Retirement Activity Fishing =
Retirement Special Fishing Trip =
Retirement Activity Trapping =
Retirement Activity Camping/Hiking =
Retirement Activity Travel =
Retirement Activity Family Vacation =
Retirement Activity Family Dinner =
Retirement Activity Kids/Grandkids Birthdays =
Retirement Activity Morning Breakfast =
Retirement Activity Landscaping / Gardening =
Retirement Traps / Guns / Ammo =

Retirement Truck =
Retirement Boat =
Retirement Camper =
Retirement Trailer =

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

Property Tax

Medicare Costs Me
Medicare Costs Wife
Additional Medical Insurance 1
Additional Medical Insurance 2
Co Pays (Monthly)

Perscription Costs Me
Perscription Costs Wife
Additional Perscription Costs

Addtional Eye Dr Insurance
Addtional Dental Insurance
Eye Glasses
Contacts
Dentist / Ortho

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

Eatting Out Lunch Wk 1234
Eatting Out Supper Wk 1234

Car 1 Payment
Car 2 Payment

Boat Payment
Tractor Payment

Gas - Car 1
Gas - Car 2
Tractor Gas
Boat Gas
Dr Appointment Gas

Tires Car 1
Tires Car 2

Oil Car 1
Oil Car 2

Hair Cuts / Hair Dos
Nails
Hair Products

Netflix
Amazon Prime
Other Streaming

Clothes and Shoes

Cell Phone 1
Cell Phone 2

Home Phone
Internet Service
Long Distance

School Loan

Banking Fees

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

Dog - Vet
Dog - Food
Dog - Groom

Don't forget income tax .

Boy, you ain't kidding, like owning a business all over again. Also not a lot of deductions left.

That list is long and pretty sure not practical for most retires...look at how many people don't even make it to 70. Statistics show also that once people reach 70, they really real it in and slow down. I believed people don't need as much as they think they will from all the research I've done.

What's the threshold for taxes and income? If you live under 75 grand a year, it can't be bad.

Should be around a 44,000 standard deduction for a married couple over 65. 10% to 12% for any income over that. Your savings are not income, if you already paid taxes on them.

FYI" Under the One, Big, Beautiful Bill, taxpayers aged 65 and older may also claim an additional $6,000 deduction per senior."

It depends on whether you are saying 75,000 gross or AGI.

This is what AI says about it when looking at AGI 75000

"For a senior couple filing jointly with an Adjusted Gross Income (AGI) of $75,000, your taxable income will likely be around $26,550, placing the couple in the 12% federal marginal tax bracket."

Maybe one should stop paying taxes when you hit 80. By the time they catch up to you, you’ll most likely be dead.

Before deductions. Single filer gets a 15k standard deduction married gets 30k. Then any other deductions on top of that from example last year i got 25k deduction for ot, child tax credits and some farm deductions. With the deductions I was well down into the 12% bracket so rolled some IRA into roth to bring me back just under the 96k mark.