1) What age do you plan on retiring (and how old are you now)?
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
3) Do you plan on any social security money being there for you?
4) Where would you like to retire and what will you do?
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Any other general retirement thoughts or advice post them here
December 05, 2007
HousingPANIC Stupid Question of the Day (Retirement Edition)
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73 comments:
check out
http://tinyurl.com/29d32o
It's a site called the Great Retirement Experiment
Basically the guy's message is that the Boomers will have a tough time selling out their 401k holdings since there will be few buyers.
It's good, and they have some great free audio downloads.
1) What age do you plan on retiring (and how old are you now)?
Aready retired twice from the same company, working on the third time now, in fact they called me in today. Age 59.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
I will need not much, my needs are simple, and Yes I am very much on track.
3) Do you plan on any social security money being there for you?
My long range financial planning takes into account the inevitiable callapse of SS. I don't forsee it being there for me or anybody.
4) Where would you like to retire and what will you do?
I would like to stay here, but will probably will have to move to a state more respectful of its taxpayers (property tax wise, its the one tax you can't avoid) Delaware or West Virginia looks good.I will DO whatever I can (jack of all trades,) retirement is boring.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
If I get pissed off enough, I can get a permit, and bulldoze this place to the ground and walk away, and still not upset my future plans (moneywise) in the least. Sticking it to the teacher's union for that 4000 a year they rape out of my a$$ keeps looking better and better!
Any other general retirement thoughts or advice post them here
Now that I AM retired, I can't figure out how I ever found the time to GO TO WORK!, my days are so full. Kick back on the front porch and watch the world go bye, NOT!
Retirement??!!
Bwhahahahahaha...!!!!!!!!!!!!!!
You'll be lucky to have food.
http://tinyurl.com/283cee
Riots and hunger feared as demand for grain sends food costs soaring
· Expert to warn industry of threats to world supply
· Biofuels and Chinese boom put pressure on harvests
Enjoy the dieoff!!
I'm 34.
I never want to retire. To what exactly ? Bingo and Bridge ?
I want to be as valuable as I can to my family for as long as I can. And if that means I will be shoveling shit at 75, then so be it.
I'm in my early 30s and I figure realistically I could stop working by 50 if I keep on the same financial path.
We all know SS is a ponzi scheme greater than the bubble ever was. The bailout of housing is a foreshadowing of how SS will be bailed out. The same logic will apply and people like me will be FUCKED.
Those of us who were prudent, saved for our futures, didn't spend more then we had will not get $1.We will be too rich to qualify. So all the money we put in over the years will be gone. On the other hand everyone with $12 in their 401K will be taken care of in an act of compassion.
Just like the irresponsbile FBs will be taken care of today, they will be taken care of in the future. Both times at my expense.
This country is turning into a communist shithole and fast.
1) 30 now - retire at 60
2) I hope I am on track.. prob three time as much dollars then today's living costs
3) I hope to get a wheel of cheese and a can of almond butter once a month
4) NH is the place and birdhouses is the income
5) Not a home debtor.. nor do i plan to be for a few years. Lots of pain left for everyone until the playing filed is again level.
That site is a joke and what they are proposing only makes sense if your retirement is real estate, which almost no 401K is.
If you believe them, then you have to believe that nobody will buy anything at all either. I'm a pessimist/realist, but that site is laughable
1. I retired at 46 and I'm 54 now. I realize this is unusual. I was able to do this because I was never blessed with children (or a good wife). I also saved and invested alot.
2. The amount you need to retire depends a lot on how much you like to spend, of course. I live very frugally, supporting myself on 24-30k/yr. with about 950k in assets. I worry a lot about inflation. I'm a tightwad, I guess.
3. I worked as a programmer for 20 yrs and expect about 15k/yr from ss.
4. Don't know where to live.
5. Don't own a house; I wouldn't think of it as an investment, anyway.
All in all, I wish I had a NICE FAMILY instead of THAT MUCH MONEY.
1. 62 at the latest, currently 44.
2. $1 million should be enough, I plan to have about twice that amount.
3. Yes there will be SS money available, contrary to the scare tactics used by politicians. Maybe not as much as is available now.
4. We will stay in our New England home at least until I can't make it up and down the stairs any longer, since this is where our large family network is. Health permitting, we will take road trips around the country constantly, throwing in an anual overseas vacation. Help take care of the grand kids, play golf, maybe work a little at a low paying low stress part time job.
5. No I am not concerned, home equity is not part of the retirement plan. The house will be paid off in less than 10 years.
At the govt rate of inflateing everything i'll never retire.The amount of money I would need to retire factoring in inflation is just staggering.Looks like I will be flipping burgers and greeting morons t walmart till I'm dead.
I'm 38 and so is my husband. We don't expect any social security.
We are are upple middle class but we are bracing ourselves for the minimum retirement although saving for much better. We don't have a set age because life has a way of throwing us curve balls.
We've been living on the lowest salary (2 professionals) and saving the difference.
My way of measuring quality of life is very different than most North Americans and it stops me from blowing my money on depreciating stuff. For example. I personally don't see how a granite counter gives me a better quality of life than a laminate counter.
One thing I have found out is that unless you are in a position where you can make others rich, people don't want you rich. You just make them feel inferior and showing off ends up being bad for your health.
For example, I always go for the smallest house in the best neighborhood. Ours has not gone up as much as the bigger houses but now that people are starting to downsize, the price discrepancy is shrinking. Plus I benefit from all the same services as my Mc Mansion neighbors for less taxes, less maintenance, less furniture!
I also made sure to buy a house walking distance from the train, just in case our car dependant world crumbles. In a recession, we could easily go from 2 cars to one car quickly and our house price would go up because many more households would want to live closer to transit. That would permit us to upgrade our house at the best time: in a down market! I really don't understand why so many people thought that upgrading in an up maket would be a winning strategy but in the end it's thanks to their bad decisions that I can get richer.
We already have enough saved up for our lower limit retirement goal in today's standards; any amount saved from now on will hopefully be gravy.
But I'm not sure the same retirement game rules will apply to us (age, returns, inflation, taxes, etc.) I have this feeling that Boomers will squeeze us dry and I am mentally preparing myself for that.
If I'm wrong, then life will be grand!
Wow what a crash!!
Dow up 1% today.
Up 4% last week.
Up almost 8% for the year.
My oh my what will I ever do in my old age with returns like that? I guess I should follow the HP way and stuff my money under the mattress or in a 5% savings account.
The govt is bailing out idiot subprime homeowners. This is the end of the so-called housing crash....a crash that has led to 5% price declines nationwide after 100% price gains.
Keep up the doom and gloom HPers. The worst you say things will be the better they are getting.
I's a 55 year old engineer and my answers are:
1) 132 years of age
2).... Not Applicable
1) What age do you plan on retiring (and how old are you now)?
Don't know if I ever will. I'm a weirdo who actually likes to go to work (it helps that I like my job). Probably won't be for another 30 years or so.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
No idea. But me & my sweetie max out the 401k/457/Roths, and I'm eligible for a small state pension, so we should have enough to last us before we have to raid the cat food. ;) It's in the healthy six figures, anyway.
3) Do you plan on any social security money being there for you?
This *is* a joke, right?
4) Where would you like to retire and what will you do?
Wouldn't mind staying where I am, would probably still work part time or volunteer just to get out of the house.....
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Never considered it part of my retirement fund. I feel sorry for anyone who does, because professional retirement planners (disclaimer....used to work for the pension fund for the State of Arizona....) never consider *anyone's* home to be part of retirement savings. Rental property....possibly, but never your primary residence.
You need to add another question to this, though.....
6) What are your plans to pay for health care when you retire?
Can't tell you how many people I talked to while working for the pension fund who hadn't made plans for their insurance after they left work. COBRA premiums are hideous now, and unless there is some miracle, they're only getting uglier in the years to come.
1) What age do you plan on retiring (and how old are you now)?
- Would like to retire by age 55; am now 48 (Plus or minus 20,000 years)
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
- Don’t know / probably not…
3) Do you plan on any social security money being there for you?
- Expect to receive some after hitting 67 or so, but will not depend on this to carry me through.
4) Where would you like to retire and what will you do?
- Where I now live – on 2½ acres, located on the west side of Puget Sound.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
- Now own free and clear. May purchase the 2.3 acres adjacent to my property.
Any other general retirement thoughts or advice post them here:
- Retirement does not necessarily mean doing NOTHING all day, as perhaps some younger people may imagine. My plan is to expand my small side-business (nursery & vegetables, fruit and berries) and participate in local farmer’s markets. Make crafts and also sell them as well. Perhaps do some ‘Subscription Gardening’ (Google the term, “Community Supported Agriculture). Just live a simpler life, with less stress & hassles.
Seventeen years of the corporate world, plus commuting, is plenty.
Let some other idealistic, positively-charged kid take over my cubicle in a couple of years so that he/she can also get burned out.
- Mammoth
1) What age do you plan on retiring (and how old are you now)?
I do not see that I can ever retire. Fortunately, however, my current profession is of a type wherein you can practice until you die with your boots on. 36
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
For me to retire and provide a like lifestyle for 15-20 years of non-employment, 3-4 Million. Not even close.
3) Do you plan on any social security money being there for you?
Ever since the age of 15 or 16, I have not expected any SS being there. Accordingly, my education and goal has always been to secure employment that is somewhat high paying.
4) Where would you like to retire and what will you do?
Winter somewhere warm, summer in Upstate, but mostly will be "retiring" to a rocking chair on the porch where I will sip good whiskey and yell at the whipper-snappers that cut across my lawn.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Renting and worried that my 401K and IRA are taking hits.
I do not worry about tomorrow, Hillary, Medi-care and Social Security will take care of me.
Also, the Echo Boomers, X, and Y Generations will make sure I am well fed and have a home when I am too old to work hard or play hard any longer.
I will play WII bowling and WII golf all day.
1) What age do you plan on retiring (and how old are you now)?
I don't have a set age. 60 sounds good though. I'm 31 now.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
About $3 million...could be less if I have managed rental properties pulling in money. It's hard to say if I'm on track because you usually make the most wealth at the end. I'm saving over 15% of my salary, I hope it's enough. :)
3) Do you plan on any social security money being there for you?
Nope.
4) Where would you like to retire and what will you do?
No idea, no idea.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
I don't have a home now. The next home I buy, I probably won't sell. If it is smart to pay a mortgage when retired, I will do so. Whatever is financially sound. :)
I'm 50 and plan on retiring at 65. Will need about $1.5 million and am on track to have it.
I'm counting on a modest SS payment for my wife and me -- a total of $30K a year between us. (That's about 60-70% of what current tables show we'd be entitled to.)
My house will be paid off by the time I retire, but I'm not figuring the equity into my retirement savings. If I do ever tap that, it will be gravy.
1) What age do you plan on retiring (and how old are you now)?
32 and will work until I die.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
Too many variables at my age but, a rough guess would be 2 Million dollars. I am on track but, will still be working in my 70's.
3) Do you plan on any social security money being there for you?
HAHAHA... I plan on paying more for baby boomers but, planning on nothing for my generation.
4) Where would you like to retire and what will you do? Move someplace warm
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing? I still have equity but, never looked at my place as an investment/ATM machine. If I lose equity I don't care. I just see it as getting a lower price on my next place.
Why on earth would I want to retire from buying distressed assets?
1) What age do you plan on retiring (and how old are you now)?
I plan to be ABLE to retire before 46. I plan to take a year or 2 off and see the world/relax, and then go back to work to prevent boredom - what depends on just HOW well I did on the master plan.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
I figure house/cars paid off, $4-5M in cash/stocks/etc, and 500K-1M in land/real-estate. (Not residential)
3) Do you plan on any social security money being there for you?
Yeah - enough to buy me a Chipotle Burrito for lunch once a week.
4) Where would you like to retire and what will you do?
Either the midwest, or Hawaii...depends on whether or not we manage to move down to Hawaii in 5-10 years. Maui = paradise.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Ummm...you're an idiot. Not all who wander are lost, not all who bought were counting a house as anything more than a house and a hedge against inflation. :P Attack on all fronts financially - your returns aren't as great as folks who focus everywhere like you and gold, but then again, you're also virtually assured to not fail when an area tanks partially or horribly...like when gold tumbled what...3/4 of its value and never recovered until just now?
1) What age do you plan on retiring (and how old are you now)?
55, 47 now.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
$5 million, on track.
3) Do you plan on any social security money being there for you?
No. SS will be there, but the age will be raised and the benefits means-tested. The SS of the future will be outright welfare for seniors. I'm more worried about medical care, which you did not mention. IMO we need a national health insurance system covering everyone.
4) Where would you like to retire and what will you do?
I like it here in sunny California. Most likely I'll try a new career.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Nope - exactly the opposite in fact. Regardless of what happens to prices, my house is a place to live, and once I have it paid off (12 more years) my main living expense will be fixed forever. It's a key part of my plan to keep ahead of inflation in retirement.
I am 49.
Will never retire.
Never thought that social security would be there for me.
Not enough saved, never will be.
How can anyone think that a house is any part of a retirement fund? That's just crazy.
1) What age do you plan on retiring (and how old are you now)?
Plan on retiring at 55. (Currently 35) I could probably retire earlier but would prefer working a little longer to ensure I am financially secure.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
I actually have a pretty decent salary but live well below my means. So I plan on needing far less in retirement.
3) Do you plan on any social security money being there for you?
I expect absolutely nothing from social security. I think it will be non-existent by the time I am retired.
4) Where would you like to retire and what will you do?
I currently live in California but would prefer to retire to Texas. Find a nice rural patch of land over there. Then I relax, watch satellite TV and enjoy the scenery.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
I'm not a homedebtor. Still a bitter renter. And no plans to enter this ponzi scheme of a housing market for at least 5 years.
1) never! i always thought the idea of retirement was a crock-o-sh*t, lemme keep doing good and useful things til i'm a hundred and ninety nine. Seriously, i don't like the idea, it doesn't work, it's based on old-fashioned notions that need serious rethinking.
2) For a pile of cash earning interest to keep up with inflation, to live off of w/o new income... about 100,000 times what i currently have saved up
3) no, i don't trust massive systems that everyone has to participate in, especially if operated by business _or_ gummint
4) if i did live somewhere with gobs of free time and no job/clients/projects to work on, well, somewhere in the southwest, maybe. i'd want a source of water though. hmmm, there's that nasty global warming... Canada, then. Or somewhere in Europe. Switzerland? Eh, Mars will be terraformed and colonized by then (http://www.marssociety.org/portal)
5) not a homedebtor - but so far as the company TIAA-CREF plan - it's all fiction, blips in computers, not real in any practical way. We'll see, eventually... but no i won't be counting on it.
I have been "retired" since 2000. (Not really) I worked a seasonal job for 3 seasons after that and went back to school to complete my University degree.
Always had a second income since 1989 in a personal business. Not much but a few hundred extra every month.
As to advice for anyone planning some sort of retirement it depends on personalities. Some people can never retire. You need a hobby or interest to keep you going day to day.
If you don't have any interest you will be very unhappy because none of your friends will be retired and you will be.
There is no "age" that is best. I knew a lot of people who have already died between ages 49 to 57. Don't count on old age. If you were a working person all your life working extra and doing shifts or some kind of physical labor, count on health problems in your 50's. Only 3 percent make it to the 80's so bear that in mind.
Your job does not care about you. After 6 months they won't remember who you are or were. Your not important and can be replaced.
My Dad retired at 51, he continued to work 'till 61. He only had a few months of true retirement, he had the big "C".
Don't count on relatives either. All of mine are dead, and that was 13 on one side and 5 on the other. No brothers or sisters either, they disappear and spread out over time.
Your house or neighborhood can't be depended upon because they change from deaths of the old and economic downturns. Business as well.
Your spouse may not survive you. He or She may go first as a surprise. Consider what you would do if they are gone. How will you adjust?
Kids? Think. If they have a family they may try to put you away in a home for the aged or suggest some sort of alternative if you are alone.
These are REAL things to think about that are not related to money regarding a true retirement.
Anonymous said...
Wow what a crash!!
Dow up 1% today.
Up 4% last week.
Up almost 8% for the year.
___________________________________
Hmm, let's see
Dollar Index down 8.1% this year
Gold up 23.5%
Euro up 10.8%
Oil up 27.8%
You've made no money this year as the dollar decline has completely offset any gains in the market. In fact, you've lost purchasing power against Gold, Euros and Oil.
Your 8% return sucks.
Jymkata
http://finance.yahoo.com/retirement/article/103954/Can-You-Afford-Extreme-Early-Retiremen
Can You Afford Extreme Early Retirement?
Could retirement before you're even eligible to join AARP be the quintessential impossible dream? Not if you're consistently disciplined, focused, driven and don't give a hoot about what the Joneses think of that beat-up Chevy in the driveway, say experts.
Whether you work to live or live to work is a question increasingly answered in favor of living by couples who have opted out of the daily grind before the traditional "early" retirement age of 50-something. What's more, they're not going quietly, but instead are springing up on Web sites and in media interviews, telling their stories and encouraging others to follow suit.
• Set spending and investment priorities now for the future
• Stay 100 percent out of debt, except for a mortgage
• Invest in stocks through index and mutual funds
• Use the compounding effect of time by investing early
• Seek a partner with the same financial values
Retire at 56, current age 45
Count somewhat on Social security & large 401k plan. No house in the USA.
Retire in South America, where i already own an apartment(no mortgage)
Worried about the value of the dollar, long-term, against the Euro and the British pound.
1) What age do you plan on retiring (and how old are you now)?
I'm 38 now and planning on retiring at 60.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
$5.5 million USD. I'm barely on track if the markets perform below their historical average over the next 22 years. I'm good to go if the markets match their historical average.
3) Do you plan on any social security money being there for you?
No.
4) Where would you like to retire and what will you do?
One of the gulf islands in the Juan de Fuca strait off the coast of Vancouver Island in B.C, Canada. I plan on enjoying the outdoors.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
I rent.
1) What age do you plan on retiring (and how old are you now)?
38. according my calculations, 68
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
about 800K
3) Do you plan on any social security money being there for you?
SS will be there to help those who didn't save by f*cking those who did. That's why I don't worry much, if I screw up, gov will save me.
4) Where would you like to retire and what will you do?
I'd like to live in CA
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
I don't own a home now. Did once. Plan to buy once the dust settles, certainly not now.
And just to say what I really think: I believe that current state of affairs in the world (belief that growth can continue forever) will lead to WWIII. I don't know how it will turn out, but I am pretty sure that it will be relatively soon (say around 5-15 years from now) and that things will not be the same.
The question about retirement will be: what is the real question one should be asking?
Just my 2/100
I will retire by selling my house to a bitter renter who has been priced out forever. I'm 44 and plan to sell my house for $12 million when I'm 60. That should cover my retirement.
Does taking a year off at 45 count as retirement? I am spending that year in Europe helping to take care of my ailing mother-in-law, but coming here was an excuse to sell our overpriced real estate in SoCal for a premium.
Now no bills, no debt and just clearing my head to figure out our next move. Really starting to enjoy the little things in life. My parents never retired cause they died young at 62 and 63. Life is short, don't be afraid to live a little. I have been to 46 countries now and won't stop till I am dead.
As for working, who knows, if I can sock enough away in the next 15years, then I can hit the road till I wear diapers again. Life is an adventure, don't settle for mediocrity.
concerned said...
I'm 34.
I never want to retire. To what exactly ? Bingo and Bridge ?
I want to be as valuable as I can to my family for as long as I can. And if that means I will be shoveling shit at 75, then so be it.
December 05, 2007 1:16 PM<<<
ah, it is interesting to note how things change over time. be patient my friend. you will get there and when you do, you will have long ago forgotten these words you wrote on hp blog and of course, your opinions will have changed much by that time as well.
Anonymous said...
I will retire by selling my house to a bitter renter who has been priced out forever. I'm 44 and plan to sell my house for $12 million when I'm 60. That should cover my retirement.
December 05, 2007 6:13 PM<<<
is that $12M in 2007 dollars or 2023 dollars?
1) What age do you plan on retiring (and how old are you now)?
52, 60
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
$1M (to get through 25 years), yes
3) Do you plan on any social security money being there for you?
Yes, but it will have minimal value
4) Where would you like to retire and what will you do?
Chile
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
Equity is not part of my calculation. If it's there when the time comes, fine, it will be gravy.
BWA HA HA HA HA HA
NAZ UP BIG
DOW UP BIG
GOLD DOWN DOWN DOWN
SILVER DOWN DOWN DOWN
MORTGAGE BAILOUT IS HERE!!
HPers ONCE AGAIN LOSE!!
BWA HA HA HA HA HA
Hmm, let's see
Dollar Index down 8.1% this year
Gold up 23.5%
Euro up 10.8%
Oil up 27.8%
You've made no money this year as the dollar decline has completely offset any gains in the market. In fact, you've lost purchasing power against Gold, Euros and Oil.
Your 8% return sucks.
Jymkata
December 05, 2007 5:41 PM
-----------
If I lived in Europe and were paid in dollars, then sure. However I live in the US and earn US dollars in which case I have not lost anything and gained 8%.
Keep spinning HPers, your 15 minutes of fame is just about over. Back to your basement apartments, you've had too much sunglight and may start to feel ill.
"3) Do you plan on any social security money being there for you?
Yeah - enough to buy me a Chipotle Burrito for lunch once a week."
Nice. I laughed out loud reading that. Also sad but true.
Is there a way to get out of paying into SS legally? And I don't mean some nutjob has a video of it saying it is unconstutional. I mean is there a legal way to move around income so that it's not subject to SS.
Americans dont earn the same income relative to the mid 1960's anymore. So they dont enjoy the same standard of living.
A recent IRS report showed that 50% of the US population only earns 12% of the national total. The top 1% (which included hedge funds for christ sake) took 37% of the total income.
"Is there a way to get out of paying into SS legally? And I don't mean some nutjob has a video of it saying it is unconstutional. I mean is there a legal way to move around income so that it's not subject to SS."
Start a S-Corporation. Assuming you can earn a decent profit, pay yourself a salary up to the SS cap, and take the rest as a dividend and/or put in into a SEP IRA. Dividends are taxed but without the SS/Med, and the SEP IRA is all pretax.
But do it quick because our "D" friends in Congress are gonna change the rules in a year or two :-P
1) What age do you plan on retiring (and how old are you now)?
I am 52 now and my wife is 50. We were flippers up until 2006 in Phoenix, and made enough to pay off every debt we had including our primary residence, a vacation home, vehicles, boats etc and fund retirement based on twice our current yearly income. I still put in 48+ hours a week and sock away over 80% of my net pay. I plan on retiring from my day job when I get bored. Currently though, I like my job because I get to travel all over the globe on the company’s expense.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
It depends on your lifestyle, but I am a spendthrift miser and will never burn through the savings I already have accumulated. I intend on leaving my heirs a hefty trust fund.
3) Do you plan on any social security money being there for you?
Absolutely not.
4) Where would you like to retire and what will you do?
My primary residence is in Glendale AZ, I am not sure if we would want to keep this large property into retirement because we will be traveling. It is just way too big. Our vacation home is in the mountains in New Mexico near Eagles Nest. Summer months there are sheer nirvana and I believe we will most likely keep that property available for the family members until we die. Its in the trust so when we go, the kids will automatically get it or they can sell it if they wish. The wife wants to spend time in Europe, I want to write and create art.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
We purchased this property in the mid 90’s. With the boom behind us, we could absorb a 75% total decrease in value and still come out double what we paid for the property. Because it is paid off I do not dwell on what it might or might not be worth anymore.
However I live in the US and earn US dollars in which case I have not lost anything and gained 8%.
You earned 8% while inflation was 10%. Keep living the dream.
A recent IRS report showed that 50% of the US population only earns 12% of the national total. The top 1% (which included hedge funds for christ sake) took 37% of the total income.
December 05, 2007 7:49 PM
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And the top 1% also paid abou 50% of all taxes you communist idiot.
IMO we need a national health insurance system covering everyone.
Under the DemoRats, that would include the 20 million illegal immigrants and 5 million households that earn over $100,000/yr and choose not to buy health insurance.
1) 50. 46 now.
2) $80,000.oo. Yes.
3) Maybe 60% of the current estimate.
4) Mexico, Nicaragua, Phillipines or Costa Rica. Really.
5) I *was* saving for a downpayment when this washes out, but the fallout is going to be so severe that I will have met my retirment savings goal well before home prices get back about water.
7:58:
So you still have to pay SS taxes up to the limit. How is that any better than getting a salary? You are still paying the same amount.
What would work (and I don't know if you can) is pay yourself $0 salary and nothing but didivends. But like I say, I don't know if that is allowed.
1) I'm currently 31. Plan on retiring between 55 and 58.
2) I need basically nothing, as long as I'm not carrying any debt. I plan on being a career public servant and getting that fat indexed pension of 70% of my 5 average best year of wages. My pension will be in the neighbourhood of $120K in today's dollars, with my wife likely contributing another 50-60K or so (today's dollars). How much would I like to have? Between 1.5 and 2 million. Am I on track? Yes.
3) No.
4) Dunno. If my health stays good, and there's no real reason why it shouldn't since I take my physical conditioning and diet very seriously, I'd like to travel the world and play a lot of golf. Where will I move? Anywhere with a mild winter and a short trip to see family. Wouldn't mind pied-Ã -terre condos in Toronto and Montreal if the price is right. The kids can use them if they decide they want to go to school there.
5) Never saw my house as an ATM machine, never will.
>> I am spending that year in Europe helping to take care of my ailing mother-in-law...Life is short, don't be afraid to live a little.
If that's living, I welcome death. You are one p-whipped Mofo!
You earned 8% while inflation was 10%. Keep living the dream.
December 05, 2007 8:29 PM
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Inflation is only 10% in the twisted minds of Ron Paul supporters.
Amazing how inflation is 10% yet housing is crashing. So let's see housing makes up about 30% of my expenses...that is going down. Milk makes up .001% of my expenses, that is going up. Therefore inflation is high.
Like I said twisted minds.
And the top 1% also paid abou 50% of all taxes you communist idiot.
December 05, 2007 8:31 PM
Hey genius,
these top 1% you love so much never did anything other than steal their money. Hedge funds are at the bottom of this real estate crisis.
You wonder why we are in trouble and it is because the "slaves" are so in love with the people who run the plantation.
24 years old. I'm done at 59.5 not a day later. Will need $3M in today's dollars if no social security. Perhaps $2M with. They had better pay me that freaking money. You can't take 6% from me and my employer for my whole life and not pay out. End the 700 bases in 130 countries. RON PAUL 2008!
I am currently on track, but given the turn that things will take over the next 18 months, I can only guess how well my portfolio will look at the other end of the tunnel.
Whatever you do folks, jump ship on 401K's. There are two reasons.
First, when the baby boomers retire, they're going to start taking from that pool and stop giving, and (economics 101) it will go DOWN.
Second, 401K's work on the assumption that you should put your money into an untouchable account pre-tax because, as the theory goes, when you withdraw it, you will be in a lower tax bracket. Thing again. With the huge amount of impending debt owed by this country in terms of interest on our national debt and social security/medicare obligations, taxes are going up, and way up.
When you go to take money out of your 401K in 20 years folks, there will be less of it (inflation adjusted) and it will be taxed higher. Believe it.
Retirement future for the old, fat, crouchy and ugly Americano: Haaaaa, haaaaa, haaaaa.....
That was a good joke, alright ! Them old farts be lucky if they can move back to their kid or grand kid shacks in the ghetto. How the Foock do you retire when you spend more than you can make or save for every minute of your life since you crawled out of womb ?
99% of Americano owe something on their CC, their cars, their house, or whatever form of debts that they can think of to get some money into their hand for now.
The Americano mentality is:
ME, ME, ME...
WANT, WANT, WANT...
NOW, NOW, NOW...
Age -- 56.5 (my "minimum retirement age"). I may hang on for the 2 additional months to run out the year as there is a financial incentive to do so. Currently 40 years old/young.
How much do I need -- not much. I intend to chase a low impact rural dream, but some cash to ramble on would be nice. Call it $250K minimum. That said, I have ~$350K (in cash at the moment) and should ramp up significantly since I'm adding almost $30K/year to my stash.
Social Security -- You bet! The system should stay solvent for 20+ years after I start milking the system.
Where/what? -- Ride some horses and have a big garden. May raise grass fed beef too on some rural property about 10 miles from what passes for a town.
Home debt -- I have about 8 years left on a 15 year note. I was in at the bottom of the last melt, so have no concerns about equity or value. I think my lot is now valued at more than the entire thing cost at the time.
Advice - Make plans and follow your dream. Don't listen to anyone who may not have you own best interest at heart. Keep in mind a Plan B in case things go to crap though.
I'm 49, female, in exurban D.C. I'll take early retirement in 4 years. I'll get only 1/2 of what I'd get if I stayed 5 years beyond that, but no way... I will move to a cabin in the woods if need be, and live simply in order to get out of this mess of an area. I don't plan on SS. 54 y.o. anon: like you, I never met the right one, either, but still hold out hope. You are right, family is so much more important than money.
Why bother living out a meaningless retirement if you intend on just scraping by.
Save up some money. Retire/vacation until the money runs out and kick back some KCn solution. Google suicide tourists. If cancer patients can choose to go out with dignity then so can I.
Instead of wasting my money on an oversized McShitbox, I invested in energy funds and made a ton of money. I haven't paid my taxes in years. When I sell my energy funds, I will take the money and move back to Asia. The lazy American pigs being run over by Mexicans anyway. Have fun living next door to your Mexican neighbors with 20 children and cars parked on their lawn.
How can inflation go up while home prices are dropping? Easy. The price of everything goes up while the price of houses goes down. What's so difficult for the kool-aid drinking Neocon idiots to comprehend? Are they all as dumb as Bush?
1) Age : 50
2 ) couple hundred thousand
3) Bwhahaha - No - it's broke and I don't qualify for much anyways.
4)small farm and grow a lot of my own food
5) Don't own a home
------------------
Most people are convinced you need a boatload to retire. It's utter bunk. When my father was 50 he had a heart attack. It was a wake up call. He figured he could keep with the rat race and be dead in a few years or he could quit the game. He quit. Fixed up an old garage and made a few hundred dollars a month. Found himself a GF with the same values and they have been together ever since. Now he finally qualified for SS and owns a small very cheap house (40 acres, house, shop, garage on a lake/pond in the boondocks that he bought for $20k in the 90's.
Go look on EBay. I saw 2 houses in SD and IA the other day that sold for $3000. Yes, they needed work but they were livable. How long would it take you to save $3k ? That's a week salary for me. How much would you spend on food, especially if you could have a garden and a few chickens ? Yeah, health care is a bitch, but my father has been just fine for more than 20 years now after his MI - govt assistance which he he paid for with over 30 YEARS of contributions to the system. He's got a great life. Does what he wants, when he wants. Not much on the extravagences, but he's not dead - which is what really counts.
It's all about PRIORITIES.
What are yours ?
Why bother living out a meaningless retirement if you intend on just scraping by.
Save up some money. Retire/vacation until the money runs out and kick back some KCn solution. Google suicide tourists. If cancer patients can choose to go out with dignity then so can I.
why google suicide tourists? Just go to www.dignitas.ch and get in touch with Dr. Ludwig Minelli.
I'm a member myself!
1. If I have no kids, age 50. If I have kids, age 60. Currently 34.
2. I would need a million to retire. I'm 15% there.
3. I'm not planning on it, but it will be a bonus if I get it. I'll check back in 20 years.
4. I'd enjoy New England. Ireland is also a possibility.
5. My plan is to buy after things start plummeting in 2008. I have never thought of a home as an investment vehicle or something other than a roof over my head. I live in NJ and I want to throw up every time I hear someone brag about how much they've "made" on their house.
Note to all you "cabin in the woods types" -- it costs more to live in the sticks than you think, sometimes a lot more.
And to the yahoo who claimed there was no inflation and his cost of living is decreasing because house prices are tanking -- WTF, over? Are you really that stupid?
The powers that be in DC and on Wall Street are blowing smoke big time. After Christmas shopping is done and the bonuses are paid, we will see the ugly truth revealed.
I retired at age 53. Was a middle school science teacher in Austin Texas. Retirement pension has paid 32K/year but with no cost of living increase since. Now age 61
2 Portfolio now at 1.2M moved from 3% to 30% cash at first of this year. I receive $765/mo in rent for a 600 sq ft condo near downtown I paid off 15 years ago.
3. I receive 14K/year SS now because I am a surviving widower and can switch to my own benefits in future, if higher.
4. Sold ovepriced home just west of Austin city limits and used the equity to buy small ranch (30acres) 60 miles further west in hill country. Live in updated cabin, raise longhorns and a couple buffalo to keep property taxes Agricultural exempt. The county doesn't know the cabin is on the land. Taxes are $912/yr and frozen at that amount for life due to survivor-widower status.
5 Own the land free and clear. The cabin is on the higest mesa ridge in the county. The value of the acreage has about doubled in the 6 years I have owned it.
Life couldn't be better. Sitting on porch watching bovine graze and drink Margarita's as sun get low over the hill tops. Twenty minutes south is Luckenbach, Texas with good music, Lone Star beer, and cheap cattle feed.
Yee Haw! - the good easy life can be done. Now considering leasing this place and if land prices in far west Texas near Big Bend and Terrilingua get cheap enough - getting a larger spread. Right now I know where to lease 10,000 acres of desert/mountain land for the same money it takes to rent a 2 bedroom apartment in Austin.
Me 43
Wife 43
9 and 11 kids
College paid for.
House almost paid
Second house paid for
500k in an IRA
1.3 In a Sep
1.5 In compensation deferment package
2.2 million Invested wisely
65 unit development I own for cash not one dime in debt. Fire sale value 9 million calls it 4 million?
12 classic cars worth 1.750k
Receivables I will get 500k
Receivables I might get 3.0 (Developers)
I am now officially retired. I live on 200k a year. If I can clean up my receivables, I am done
The biggest risk is not taking any risk. Do some stupid things with a little money and invest in them if they are working. Anything. Buy a small position in a stock that will never, but might, work.
Buy and sell something. Try something completely different. Research what you like and find the pain and sell it.
Talk is expensive. It produces little and harvests your time. If you can’t respect risk now you will never be able to take any risk later.
1) What age do you plan on retiring (and how old are you now)?
I just did at 47.5 yrs old.
2) How much do you think you would need in the bank (in today's dollars) to retire? Are you on track?
Given inflation, and to not have to eat up all the priciple while still paying for college and a "good lifestyle" -- at least $3million liquid (I have more than that).
3) Do you plan on any social security money being there for you?
Do you know any more bad jokes?
4) Where would you like to retire and what will you do?
I have told my wife that in our latter years she should plan on living as an expat, since the days of this country as a great nation truly are numbered. plus our money will go much further abroad. I think Argentina or similar might be nice.
5) Homedebtors - are you concerned that your retirement fund (aka home equity) is disappearing?
I believe that even with the retrenchment in housing, it will eventually go up again, as the Fed is committed to reflation nomatter what else comes. That said, even the rising price of our homes will effectively be worth less in the future do to "inflation".
My final comments: I am one of the "lucky ones". Thru hard work and a great expansion, I built and sold a business that will allow me some free time before my kids are so old they find me uncool. Unfortunately for all my success, I figure my children will have that much harder a go of it due to the wasteful policies of our government.
1. I'm 34, I hope to retire from hi-tech job by 40, unless something really cool comes by, particularly something open-source, altruistic and/or work-at-home.
2. At that point, I hope to have about $1.25M in today's dollars. I would live partially off income from those assets, plus any income I make in new pursuits. (I currently make a decent income playing jazz on the side and would make more if I didn't have to work.)
3. Social who?
4. Not sure where I will retire, but would like to be lightweight and mobile.
5. I currently owe $85K on a house I bought for $150K in AZ in 2001. The current value of my house is probably $260K, but I expect it will be around $225 in 4 years.
1) I honestly don't. I plan on working until the day I die. 30
2) Let me just say this: I'm going to make sure I'm on good terms with my kids!
3) HEYLL-no!
4) (See #1) I'd like to find a simple job I enjoy.
5) I'm a debt-free renter, but I'm not counting on a cushy retirement at all. There will be no condos in Boca Raton for my generation. With the decline of pensions, the dollar tanking, and most of us up to our armpits in debt--those days will be long gone in forty years. Hopefully, I'll be able to buy something here, pay it off and stay close to my family.
32, plan to retire, hmm when I'm in a hospice. It's hard to say how much i'll need since those dollars are rapidly depreciating to nothing. And no, I don't expect social security. And I rent.
How can so many of you think S.S. will not be there (admittedly only currently estimated to be about 70-75% of expected benefits around 2040)? Especially those of you near retirement today?
Have you ever read the SS Trustees reports?
And yes, I realize the SS funding goes into the red around 2017 if the government refuses to pay back its loans from SS to the general funds. There is no chance this will happen.
All almost all of us from the very old to those very young have been paying into it, and the excess used to pay for tax cuts over the last 25 years. Those taxes will have to be paid back, and yes that means that the richer you are the more you will need to pay since you got the best income tax cuts over that time (no, I do not hate the rich and am probably around the 95th percentile of income, and higher in wealth).
Most in the media are quite lazy. they would rather report on what most Americans think about the prospect of future SS funding rather than what its best financial experts predict to occur. If wages continue to follow productivity gains, SS may need only very small changes in the future.
To think you will not receive anything, or even just a small percent of what is now expected, is lunacy.
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