Dow futures fall, suggesting stock-market bloodletting may not be over

[Edmo]

1 hour ago, AKIQPilot said:

Yes. $140 per day. But that is your parents, not you. 

So lets estimate that in retirement you will need 2/3 or your preretirement income.  Will $200 per day be enough for you?  

I dont want to get personal so dont answer if you dont want to. Just trying to be realistic with members on this forum. 

It is not realistic to believe you can live on less than 50% of your preretirement income. That is a huge change in your spend. Even if everything is paid off you will struggle to live on 50% of your preretirement income. 

 

I’m hoping for way more than 200. Some pensions and some 401k. A lot depends on the market. Worse case around 200. Been working on paying stuff off. Still got roughly 6-8 years to go.

[Dave]

I spent close to a grand today already between the fuel filter change and oil change on the Diesel and some other stuff and groceries I'll have to tighten up my belt for a month now to make Slinger happy

[AKIQPilot]

30 minutes ago, DAVE said:

I spent close to a grand today already between the fuel filter change and oil change on the Diesel and some other stuff and groceries I'll have to tighten up my belt for a month now to make Slinger happy

You are a broke bitch. I spent $1600 on a couple of piece of shit bicycles. 

[AKIQPilot]

30 minutes ago, ActionfigureJoe said:

I’m out in about 11 months. The agency I work for has already come to me with an offer to stay on. I can come back, but under state law I can only work 12 months if I’m pulling from my pension. So I have an opportunity to come back indefinitely under contract. I’d be working a sweet deal of 30 hours per week. I still need to work out the vacation time details. I’d like to do that until age 64 and bank a lot of it for my grandson and perhaps a little for my daughter. I’ll also be able pull on my ex wife’s social security. I really can’t stop working. It’s different being in the helping professions. My body is in great shape. Zero wear and tear from physical labor. Working will also keep my head sharp and  keep me involved. It’s feels really good to have so many options at this point in my life. 

You’re in a good place in life for sure.  Pencil everything out and see what makes the most sense.  Yo arent very old either if I remember. Maybe 58-59?  

[ActionfigureJoe]

Just now, AKIQPilot said:

You are a broke bitch. I spent $1600 on a couple of piece of shit bicycles. 

Always buy bicycles used. 

[AKIQPilot]

1 minute ago, ActionfigureJoe said:

Always buy bicycles used. 

Probably should have but there was nothing even remotely like what we wanted for sale used.  All the good used bikes here are road bikes or down hill bikes. The rest were walmart junk. I picked up a couple of entry level Giants and a thule bike rack.  Decent stuff for what we wanted. Definitely as much bike as we need. 

[Mainecat]

1 hour ago, AKIQPilot said:

There were/are 5 major factors in why I was able to retire at a relatively early age. 

1. Worked hard for a decent company that had a retirement plan.

2. Saved 18% of every dollar I made and put it in a 401k and didnt make stupid decisions. 

3. Married a lady that didnt spend a lot of money on fancy things

4. Married a lady that didnt divorce me and take half of everything I owned. 

5. Bought used. Everything I own was owned by someone else. Besides maybe 10 brand new Polaris race sleds over a 6 year period I have never bought any new vehicle, home, toy, etc. i buy used clothes at the thrift store. So does my wife. Its just what we do. 

Yup not divorces here. That keeps many my age working because they gave half away years back. We buy used stuff all the time. I found a Orvis barn coat a few weekends ago in a thrift store....brand new with tags 30.00 buck. Catalog was 180.00

Yeah I am a cheap prick...lol

[Dave]

13 minutes ago, AKIQPilot said:

You are a broke bitch. I spent $1600 on a couple of piece of shit bicycles. 

Nice!...can you reach the pedals?

[snoughnut]

33 minutes ago, AKIQPilot said:

Probably should have but there was nothing even remotely like what we wanted for sale used.  All the good used bikes here are road bikes or down hill bikes. The rest were walmart junk. I picked up a couple of entry level Giants and a thule bike rack.  Decent stuff for what we wanted. Definitely as much bike as we need. 

Was that in the paupers only rack?

[Snoslinger]

26 minutes ago, DAVE said:

Nice!...can you reach the pedals?

Lol

[Snoslinger]

57 minutes ago, DAVE said:

I spent close to a grand today already between the fuel filter change and oil change on the Diesel and some other stuff and groceries I'll have to tighten up my belt for a month now to make Slinger happy

Why woukd that make me happy ?

btw next time you’re out..... straws, you’re runnknv low 

[Dave]

3 minutes ago, Snoslinger said:

Why woukd that make me happy ?

btw next time you’re out..... straws, you’re runnknv low 

Does anything make you happy?

You seem very tormented.

And why would i need straws?

[02sled]

4 hours ago, snoughnut said:

Stop twisting it around Tom. Let's assume somebody retires with 500k at 60 and they die at 80 with less than 200k, according to you they're a pauper. You're original comment was "anybody who dies with less than 200k is a pauper......not, "anybody who retires with 200k is a pauper".

If we do it right when the last of either my wife or I pass there will be nothing left. We will have spent it all before we go and enjoyed doing it. Our retirement plans include my pension income plus our investments and a reverse mortgage on our house at some point. We planned for it, worked for it and sure as heck are going to enjoy it. I don't feel sorry for those that live beyond their means and don't plan for their retirement.

If you're retirement funds available are only $200K then that won't last very long.

4 hours ago, snoughnut said:

Stop twisting it around Tom. Let's assume somebody retires with 500k at 60 and they die at 80 with less than 200k, according to you they're a pauper. You're original comment was "anybody who dies with less than 200k is a pauper......not, "anybody who retires with 200k is a pauper".

So you're suggesting that between 60 and 80 which is 20 years that they were able to survive on $300K. That's only $15K per year without accounting for a ROI for the $500K.  If you assume that they have a ROI of 5% that would give them an additional $25K per year UNTIL THEY START ERODING THE AMOUNT INVESTED. Realistically over the 20 years that's perhaps $20K to $25K per year in total. That's below poverty. They have to pay taxes out of that as well.

[02sled]

4 hours ago, AKIQPilot said:

The main point is $200 per day is not that much money. With few exceptions everyone on this forum spends that or more. Yourself included. 

That's $6K per month. I believe we are less per month for all of our expenses. We owe nothing and pay all bills in full when they come in. We lead what I would call a very comfortable lifestyle.

[AKIQPilot]

2 minutes ago, 02sled said:

If we do it right when the last of either my wife or I pass there will be nothing left. We will have spent it all before we go and enjoyed doing it. Our retirement plans include my pension income plus our investments and a reverse mortgage on our house at some point. We planned for it, worked for it and sure as heck are going to enjoy it. I don't feel sorry for those that live beyond their means and don't plan for their retirement.

If you're retirement funds available are only $200K then that won't last very long.

So you're suggesting that between 60 and 80 which is 20 years that they were able to survive on $300K. That's only $15K per year without accounting for a ROI for the $500K.  If you assume that they have a ROI of 5% that would give them an additional $25K per year UNTIL THEY START ERODING THE AMOUNT INVESTED. Realistically over the 20 years that's perhaps $20K to $25K per year in total. That's below poverty. They have to pay taxes out of that as well.

Nailed it.

 

Its way below poverty. Snoughnut doesnt get it. $200k is almost nothing in todays world and its absolutely nothing in 10-15 years when many of the guys in here will want to retire. 

I absolutely understand that some will want to spend it all and have nothing left to take to the cemetery but we dont know when we will die. What happens when we are 80 and only have $200k left in retirement funds. And then we live for 15 more years. $1500/month in retirement income is boardering on destitute. 

[Highmark]

1 hour ago, Mainecat said:

Yup not divorces here. That keeps many my age working because they gave half away years back. We buy used stuff all the time. I found a Orvis barn coat a few weekends ago in a thrift store....brand new with tags 30.00 buck. Catalog was 180.00

Yeah I am a cheap prick...lol

Lots of ways I am too.     Not cheap like I Joo people down on everything just look for good deals.  

[AKIQPilot]

4 minutes ago, 02sled said:

That's $6K per month. I believe we are less per month for all of our expenses. We owe nothing and pay all bills in full when they come in. We lead what I would call a very comfortable lifestyle.

Do you concider yourself rich or wealthy. I consider $6k per month as a modest lifestyle. You arent scraping by but you surely arent throwing financial caution to the wind.  

[Anler]

12 minutes ago, 02sled said:

If we do it right when the last of either my wife or I pass there will be nothing left. We will have spent it all before we go and enjoyed doing it. Our retirement plans include my pension income plus our investments and a reverse mortgage on our house at some point. We planned for it, worked for it and sure as heck are going to enjoy it. I don't feel sorry for those that live beyond their means and don't plan for their retirement.

If you're retirement funds available are only $200K then that won't last very long.

So you're suggesting that between 60 and 80 which is 20 years that they were able to survive on $300K. That's only $15K per year without accounting for a ROI for the $500K.  If you assume that they have a ROI of 5% that would give them an additional $25K per year UNTIL THEY START ERODING THE AMOUNT INVESTED. Realistically over the 20 years that's perhaps $20K to $25K per year in total. That's below poverty. They have to pay taxes out of that as well.

Dont forget social security income. 

[AKIQPilot]

Just now, Nazipigdog said:

Dont forget social security income. 

 By the time you’re ready to collect SS congress will means test it and a rich guy like you wont get a dime. 

[Anler]

Just now, AKIQPilot said:

 By the time you’re ready to collect SS congress will means test it and a rich guy like you wont get a dime. 

Believe me I know. Pretty fucked up as I have paid a shitload into my whole life. Plus my wife. We could live pretty good on that and my measely pension alone. Not including 401ks and IRA's. At this point i wonder if SS or my pension will be there when I retire. 

[Dave]

2 minutes ago, Nazipigdog said:

Believe me I know. Pretty fucked up as I have paid a shitload into my whole life. Plus my wife. We could live pretty good on that and my measely pension alone. Not including 401ks and IRA's. At this point i wonder if SS or my pension will be there when I retire. 

Pension? I thought you work for yourself.

[snoughnut]

4 minutes ago, AKIQPilot said:

Nailed it.

 

Its way below poverty. Snoughnut doesnt get it. $200k is almost nothing in todays world and its absolutely nothing in 10-15 years when many of the guys in here will want to retire. 

I absolutely understand that some will want to spend it all and have nothing left to take to the cemetery but we dont know when we will die. What happens when we are 80 and only have $200k left in retirement funds. And then we live for 15 more years. $1500/month in retirement income is boardering on destitute. 

I get it just fine munchkin, what you don't get is that you stepped on your dick when you said that "when somebody dies during retiremenet age and all they have left is less than 200k, they're a pauper" how the fuck can they be a pauper you stupid fuck when they still have money left over? What would you call somebody who retired with nothing and lived off SS?

[AKIQPilot]

Just now, snoughnut said:

I get it just fine munchkin, what you don't get is that you stepped on your dick when you said that "when somebody dies during retiremenet age and all they have left is less than 200k, they're a pauper" how the fuck can they be a pauper you stupid fuck when they still have money left over? What would you call somebody who retired with nothing and lived off SS?

Destitute. 

What would you call them?  

[Anler]

Just now, DAVE said:

Pension? I thought you work for yourself.

Pay attention bro!!! I was in the union for 15 years. I started this company with a partner about 10 years ago. I have a measly pension of about $1600 a month from the union coming to me when I retire. Its funded now but who knows in 12 years. I can actually collect on it at age 55 but I cant still be in the business (In any position) to qualify. 

[Anler]

If anyone is planning on retiring poor there are very good options in Mexico and south america. You can live pretty fucking good on less than $2000 a month. Trying to send my parents there!