ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 13 minutes ago, snoughnut said: If you average the age groups above 60 it comes out to around 49k per year. But that's not the point, the point is you stating retiring on less than 4k per month is poverty. According to you, everybody 70 and older is living in poverty My guess? Retirement poverty income would be $2500 or less per month. The question is.............Can you admit that households who retire on 3 - 4k per month are not living in poverty? I doubt it. If you have a home that you plan on selling in retirement to downsize and that home frees up say 400K. What does that do to your reported monthly income? Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, AKIQPilot said: I can admit that for sure, if they're older than 75 years old. If they are 60-65 then they are living on $5500/month on average. Even at 70 years old the average retired couple is living on $4k per month. Most people don't save enough to live comfortably in retirement. They definitely don't have the same lifestyle in retirement as they had while working. You never stated an age Tom. You said retiring on a monthly income of 4k or less is poverty. I believe I read that household retirement income per year to be considered poverty is less than $32,000 per year. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 9 minutes ago, AKIQPilot said: I can admit that for sure, if they're older than 75 years old. If they are 60-65 then they are living on $5500/month on average. Even at 70 years old the average retired couple is living on $4k per month. Most people don't save enough to live comfortably in retirement. They definitely don't have the same lifestyle in retirement as they had while working. Bingo. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 8 minutes ago, snoughnut said: You never stated an age Tom. You said retiring on a monthly income of 4k or less is poverty. I believe I read that household retirement income per year to be considered poverty is less than $32,000 per year. So what is your target then? Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, snoughnut said: You never stated an age Tom. You said retiring on a monthly income of 4k or less is poverty. I believe I read that household retirement income per year to be considered poverty is less than $32,000 per year. It all depends on when you want to retire. If you don't retire until 70 then $4k is an average income. If you retire at 62 then $6k per month is more of an average income. So if $3k per month is poverty, what is $4k per month? It isn't living large that is a fact. It's on the very bottom of middle income. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, ArcticCrusher said: So what is your target then? What most people forget is, the time to start saving for retirement isn't when you're 40, it's when you are 20. According to the article I posted 32% of 65- to 74-year-olds will still be working. They aren't working because they have plenty of money in retirement. They are working because they have to. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 Just now, AKIQPilot said: It all depends on when you want to retire. If you don't retire until 70 then $4k is an average income. If you retire at 62 then $6k per month is more of an average income. So if $3k per month is poverty, what is $4k per month? It isn't living large that is a fact. It's on the very bottom of middle income. See, you just can't admit that what you said is wrong. 4k per month is not poverty. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 (edited) 12 minutes ago, ArcticCrusher said: So what is your target then? That's pointless, I'm just trying to get the dwarf to admit he was wrong. Edited September 23, 2019 by snoughnut Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, snoughnut said: See, you just can't admit that what you said is wrong. 4k per month is not poverty. $4k per month isn't poverty but it's not that far from poverty. As evidenced by the fact that the majority of retirees live on more than that. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, snoughnut said: That's pointless, I'm just trying to get the dwarf to admit he was wrong. No its not pointless. The dwarf has done a commendable job planning his retirement and budgeting out what he needs to live on and its seems far from living large. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 2 minutes ago, AKIQPilot said: $4k per month isn't poverty but it's not that far from poverty. As evidenced by the fact that the majority of retirees live on more than that. Well look at that, you did it!!! Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 10 minutes ago, AKIQPilot said: What most people forget is, the time to start saving for retirement isn't when you're 40, it's when you are 20. According to the article I posted 32% of 65- to 74-year-olds will still be working. They aren't working because they have plenty of money in retirement. They are working because they have to. You're preaching to the choir. I'm likely one of the few here who's retirement does not stop growing and even at several times 4K/month withdrawal. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 (edited) 12 minutes ago, ArcticCrusher said: No its not pointless. The dwarf has done a commendable job planning his retirement and budgeting out what he needs to live on and its seems far from living large. You asked me what my target was, and yes that's pointless. This isn't about me dumbass. I just wanted him to admit he was wrong about his poverty statement. Is that so hard for you to understand? Edited September 23, 2019 by snoughnut Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 2 minutes ago, ArcticCrusher said: No its not pointless. The dwarf has done a commendable job planning his retirement and budgeting out what he needs to live on and its seems far from living large. Oh I am not living large at all. I have a modest middle income life. My retirement budget is $8000 per month before income taxes. That gives me approximately $6900 per month to spend. I need about $5000/month to live like I have always lived. That leaves about $22000 per year unaccounted for. With that $22,000 I get to travel, buy a new vehicle, cover a major home expense, buy a new sled or SxS, Put a new outboard on the pontoon, etc. I can't do but one of those things each year with only $22k unaccounted for. Having only $1900/month of extra money is not all that much. It definitely isn't living large. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, snoughnut said: You asked me what my target was, and yes that's pointless. This isn't about me dumbass. I just wanted him to admit he was wrong about his poverty statement. Is that so hard to understand for you? I've seen first hand how frugal people can be when forced to be. Not that you can't live on that, the real point was could you retire on that alone without having to cut your lifestyle back? Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 Just now, ArcticCrusher said: I've seen first hand how frugal people can be when forced to be. Not that you can't live on that, the real point was could you retire on that alone without having to cut your lifestyle back? And the answer to that is, NO. Hence the reason most here won't admit how much it cost them to live now, while they are still employed. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, AKIQPilot said: Oh I am not living large at all. I have a modest middle income life. My retirement budget is $8000 per month before income taxes. That gives me approximately $6900 per month to spend. I need about $5000/month to live like I have always lived. That leaves about $22000 per year unaccounted for. With that $22,000 I get to travel, buy a new vehicle, cover a major home expense, buy a new sled or SxS, Put a new outboard on the pontoon, etc. I can't do but one of those things each year with only $22k unaccounted for. Having only $1900/month of extra money is not all that much. It definitely isn't living large. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 10 minutes ago, ArcticCrusher said: You're preaching to the choir. I'm likely one of the few here who's retirement does not stop growing and even at several times 4K/month withdrawal. I don't disagree with what Tom said ii regards to what age a person should start saving for retirement. Can you pat yourself on the back or do you prefer to stick your dick up your own ass? Get over yourself. Why do I here you saying that last sentence with a snobby British accent? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 2 minutes ago, AKIQPilot said: And the answer to that is, NO. Hence the reason most here won't admit how much it cost them to live now, while they are still employed. Probably cause most are behind on their planning. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 Just now, snoughnut said: I don't disagree with what Tom said ii regards to what age a person should start saving for retirement. Can you pat yourself on the back or do you prefer to stick your dick up your own ass? Get over yourself. Why do I here you saying that last sentence with a snobby British accent? I have my shit together, always have. The key like Tom said is starting early. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, ArcticCrusher said: Probably cause most are behind on their planning. I would say most are behind but the majority are blind to that because they don't realize how much then need. Many think you can retire well with a million and no pension which to me is crazy talk. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, ArcticCrusher said: I have my shit together, always have. The key like Tom said is starting early. Congratulations Mr. Perfect Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, ArcticCrusher said: I have my shit together, always have. The key like Tom said is starting early. One thing that is eating into my monthly budget of unaccounted for funds is helping elderly parents. Neither of my wifes parents planned well for retirement. They divorced 50 years ago so we have to help them both. We send $500/month to each. With Social Security and the funds I send them they have about $2000/month each. They are barely living on that income. If they would get back together they could have $4000/month and be living large. None of my wifes 4 siblings give a dime. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, ArcticCrusher said: I have my shit together, always have. The key like Tom said is starting early. Yup when i took my first FT job in 1994 I made sure they gave me credit for the year I spent as a direct temp worker so I could contribute and be matched and not have to wait. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, Angry ginger said: I would say most are behind but the majority are blind to that because they don't realize how much then need. Many think you can retire well with a million and no pension which to me is crazy talk. A million doesn't go far these days that's for sure. Quote Link to comment Share on other sites More sharing options...
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