ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 3 minutes 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. Come on a mil is forever money. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 23, 2019 Share Posted September 23, 2019 Just now, AKIQPilot said: 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. I would struggle doing that for someone. Personal financial responsibility is something i take serious, I would never ask my kids or parents for a handout. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 2 minutes 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. They are right because they don't have Cadillac living standards like you apparently do. I know plenty of people who retired with far less than that, my parents and inlaws both did. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 4 minutes ago, snoughnut said: Congratulations Mr. Perfect Would you rather have your money working for you or you working for it? Many will say the former not realizing what that even means or how it impacts their future. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 Just now, snoughnut said: They are right because they don't have Cadillac living standards like you apparently do. I know plenty of people who retired with far less than that, my parents and inlaws both did. $1million in retirement savings isn't Cadillac living standards. Not even close. It's bordering on poverty.......... 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: $1million in retirement savings isn't Cadillac living standards. Not even close. It's bordering on poverty.......... Good lord your arrogance is pathetic Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 $1million will last for less than 22 years if you draw $6000/month. After state and federal income taxes $6000/month becomes $5000 per month. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 Just now, snoughnut said: Good lord your arrogance is pathetic Hahaha. I added that just for you. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 $500,000 will last only 8 years drawing $6000 per month. It lasts 20 years if you draw only $3000/month. 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, snoughnut said: They are right because they don't have Cadillac living standards like you apparently do. I know plenty of people who retired with far less than that, my parents and inlaws both did. how long did they live into retirement. Life expectancy is the biggest unknown and is what really is the issue for many people. Die within 10 years and you can have a decent retirement on far less, retire before you can collect SS and start draining that and your needs will go way up. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 7 minutes ago, AKIQPilot said: 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. Fortunately we do not have that here, as both our parents have been able to live on their own means without depleting their capital. With that the future inheritance allocated to us from both parents will likely just get put into a trust for our son while keeping our stuff separate. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 1 minute ago, Angry ginger said: how long did they live into retirement. Life expectancy is the biggest unknown and is what really is the issue for many people. Die within 10 years and you can have a decent retirement on far less, retire before you can collect SS and start draining that and your needs will go way up. 3 out of the 4 are dead....68,71 and 72. This is why I have zero desire to be the richest man in the graveyard. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 17 minutes ago, snoughnut said: Good lord your arrogance is pathetic He's spot on. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 (edited) 11 minutes ago, snoughnut said: 3 out of the 4 are dead....68,71 and 72. This is why I have zero desire to be the richest man in the graveyard. I'd rather be the richest man in the graveyard that the poorest in the old age home. 68, 71 and 72. Edited September 23, 2019 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 23, 2019 Share Posted September 23, 2019 14 minutes ago, AKIQPilot said: $500,000 will last only 8 years drawing $6000 per month. It lasts 20 years if you draw only $3000/month. What kind of calculator are you using? A million bucks should still be earning a minimum of 5% a year, or 50,000 bucks. Throw in 3-4 grand a month in combined SS benefits, and most can live quite ok on that 8-9 k a month, and the million will still be there at age 90. Not sure where some of you guys are getting your numbers, or what assumptions you’re making, but I have many elderly clients living on much less. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, ArcticCrusher said: He's spot on. Ummmmm no, most people I know are retired with much less than 1 mil and none of them are living in poverty. 2 minutes ago, ArcticCrusher said: I'd rather be the richest man in the graveyard that the poorest in the old age home. I never said anything about being the poorest in the old age home, sorry. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 23, 2019 Share Posted September 23, 2019 9 minutes ago, DriftBusta said: What kind of calculator are you using? A million bucks should still be earning a minimum of 5% a year, or 50,000 bucks. Throw in 3-4 grand a month in combined SS benefits, and most can live quite ok on that 8-9 k a month, and the million will still be there at age 90. Not sure where some of you guys are getting your numbers, or what assumptions you’re making, but I have many elderly clients living on much less. You have to remember, Ginger, Tom and Crusher all have impeccable retirement standards. What a privilege it is to be on a sled forum with such greatness and perfection. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 7 minutes ago, DriftBusta said: What kind of calculator are you using? A million bucks should still be earning a minimum of 5% a year, or 50,000 bucks. Throw in 3-4 grand a month in combined SS benefits, and most can live quite ok on that 8-9 k a month, and the million will still be there at age 90. Not sure where some of you guys are getting your numbers, or what assumptions you’re making, but I have many elderly clients living on much less. I didn't include social security income in my post. If you start retirement with $500k, earning 7% annualized returns and draw $6000/month with annual COLA increases of 2% assuming 12% will be taken out in state and federal income taxes your half a million will last 8 years. At the beginning of your 9th year you will have nothing left. At $3000 per month draw assuming the same figures used above your money will be gone in 22 years. There are dozens of retirement calculators out there. The numbers are the same no matter which one you use. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, snoughnut said: You have to remember, Ginger, Tom and Crusher all have impeccable retirement standards. What a privilege it is to be on a sled forum with such greatness and perfection. Do you think $8k per month before state and federal income taxes is impeccable retirement standards? It's a fairly modest middle income life, nothing more. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 29 minutes ago, snoughnut said: Ummmmm no, most people I know are retired with much less than 1 mil and none of them are living in poverty. I never said anything about being the poorest in the old age home, sorry. Do they have income besides that? I would say they are full of it unless that one mil is wisely invested and I would bet against that it is. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 23, 2019 Share Posted September 23, 2019 15 minutes ago, AKIQPilot said: I didn't include social security income in my post. If you start retirement with $500k, earning 7% annualized returns and draw $6000/month with annual COLA increases of 2% assuming 12% will be taken out in state and federal income taxes your half a million will last 8 years. At the beginning of your 9th year you will have nothing left. At $3000 per month draw assuming the same figures used above your money will be gone in 22 years. There are dozens of retirement calculators out there. The numbers are the same no matter which one you use. I believe ya, dont have my office computer open to check. I was more or less pointing out that many folks retire on less than a million and SS definitely is a part of how they do it. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 23, 2019 Share Posted September 23, 2019 25 minutes ago, snoughnut said: You have to remember, Ginger, Tom and Crusher all have impeccable retirement standards. What a privilege it is to be on a sled forum with such greatness and perfection. Do you even have a plan? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 23, 2019 Share Posted September 23, 2019 6 minutes ago, DriftBusta said: I believe ya, dont have my office computer open to check. I was more or less pointing out that many folks retire on less than a million and SS definitely is a part of how they do it. unfortunately we don't know what changes will be made to SS, i can see another increase in age to take it which would effect my age group. Some of these guys talking about retiring with a million are retiring a decade before they can even collect SS which is going to take a big whack nevermind if inflation raises it's head again like it did in the 80's. I've pulled my target back a bit as I have decided to work longer than i used to plan which was prior to 60. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted September 23, 2019 Share Posted September 23, 2019 “Retirement” is conceptual. I never could understand why people save their whole lives so when they get old they can do the shit that is fun when they are young. Their best years are spent toiling away so, when their hair turns blue, they can become stereotypes. Burn it when you are relatively young and have a ball, I say! Who cares if your old and poor? Pass what you have on to your kids if you have some to give....and tell them to have some fun along the way too. FFS. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted September 23, 2019 Share Posted September 23, 2019 4 minutes ago, ArcticCrusher said: Do you even have a plan? seems his plan is to croak quickly as it runs in the family, unfortunately we all can't know that would make life much easier Quote Link to comment Share on other sites More sharing options...
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