40% of retirees draw social security from outside United States

[ArcticCrusher]

43 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. 

You just keep saying the other dumb thing so I responded.

[Angry ginger]

29 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.  

1 million in tax free accounts would make a huge difference to the math for lots of retirees but taxes and inflation are big eaters of assets

[ArcticCrusher]

46 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.

It should, but is it?  

They still use a 4% return here, but not sure how many can actually hit that promise.

[AKIQPilot]

58 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.

3-4 grand per month in SS income would mean both people paid in the maximum amount to SS for 35 years.  Typically those types of families have way more than $1million saved when they're ready to retire.  

20 minutes ago, Angry ginger said:

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.  

I had never considered Social Security as part of my retirement income but now that I'm getting old I can see how it may still be there for me.  I do think things will change for guys in their 40's and early 50's.  SS will be means tested or they will increase the retirement age when you can start drawing.   

[AKIQPilot]

24 minutes ago, Zambroski said:

“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.

 

 

 

The 3 most financially devastating things that can happen to a couple in retirement are, in no particular order:

1.  A 25% downturn in the market within the first 5 years of retiring.

2.  Spending 25% of your nest egg within the first 5 years of retiring.

3.  A major health related issue within the first 5 years of retiring.  

And here is one that most people look right past.  The average life expectancy of a man who makes it to 65 is 87 years old.  A barely healthy, non smoking, college grad who made $80k/yr for the majority of his life will live to 92 years old on average.  

 

[SVT MXZ XRS]

6 hours ago, AKIQPilot said:

What will UAW healthcare cost in retirement?  

No internet, no cable/dish, no security system?

How about HOA?  How about sewer, water, garbage? 

Cost me, nothing.  

Internet, phone and cable are $150.  

I'd never live anywhere they had a HOA   Well and septic. Trash pick up and recycling is under $400/yr 

5 hours ago, snoughnut said:

No shit, again, ever hear the term downsizing? It has several meanings. :rolleyes: ...............The comment you made stating that people living on 4k or less per month in retirement is poverty was really stupid. You shit on alot of people with that comment. I just looked up this little tidbit.........23% of married retirees count on SS benefits for 90% of their monthly income. 

 

 

That's their own fault 

5 hours ago, Angry ginger said:

yes those people are poor as fuck living off 1-2k a month.  prob in subsidized housing with subsidized fuel etc.  They did not take personal responsibility for their retirement which is a huge issue in this country.  you would be amazed at the number of people i see in their late 40's-60's with under 100k in their 401k's, no pensions and no other significant savings.  those people even if they somehow started contributing 20k a year for their last 10-15 years of work are going to have a retirement wake up call.  

 

Yep.

 

 

5 hours ago, snoughnut said:

You already have 23% of couples living on just SS alone. Now, how much of that remaining 77% is living on less than 4k per month? I would bet most. like I said, you shit on alot of people with your comment.

He's right tho.

[Highmark]

1 hour ago, AKIQPilot said:

The 3 most financially devastating things that can happen to a couple in retirement are, in no particular order:

1.  A 25% downturn in the market within the first 5 years of retiring.

2.  Spending 25% of your nest egg within the first 5 years of retiring.

3.  A major health related issue within the first 5 years of retiring.  

And here is one that most people look right past.  The average life expectancy of a man who makes it to 65 is 87 years old.  A barely healthy, non smoking, college grad who made $80k/yr for the majority of his life will live to 92 years old on average.  

 

Sorry but if you are devistated by a 25% downturn in the stock market after you retired already you are a crappy investor.   Money you NEED should not really be in the market then.  At least not a significant portion of it that you are drawing on.   

[AKIQPilot]

3 minutes ago, Highmark said:

Sorry but if you are devistated by a 25% downturn in the stock market after you retired already you are a crappy investor.   Money you NEED should not really be in the market then.  At least not a significant portion of it that you are drawing on.   

In the first 5 years of retirement. 

If you lose or spend 25% of your retirement in the first 5 years you be required to adjust your spending and your lifestyle. That is a fact. 

Devastated was the wrong term.   Significantly affected is more like it. 

Edited September 24, 2019 by AKIQPilot

[Highmark]

9 minutes ago, AKIQPilot said:

In the first 5 years of retirement. 

If you lose or spend 25% of your retirement in the first 5 years you be required to adjust your spending and your lifestyle. That is a fact. 

Devastated was the wrong term.   Significantly affected is more like it. 

I agree that it would hurt my point is your investment strategy should never allow a 25% loss in the market cause you to lose 25% of your retirement savings.   Even then hopefully you are more dependent on dividends than  stock growth to live.  

 

[Angry ginger]

22 minutes ago, Highmark said:

Sorry but if you are devistated by a 25% downturn in the stock market after you retired already you are a crappy investor.   Money you NEED should not really be in the market then.  At least not a significant portion of it that you are drawing on.   

which then limits your average return.  great if you can live off dividends and interest and not hit principal but since you need to be conservative the risk profile at retirements means your making prob half what you were in your 40's and not outpacing inflation by much

[frenchy]

3 hours 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.

That’s assuming zero cost of living increases over that term. Inflation will gobble up that principle very quickly. 

[snoughnut]

2 hours ago, Angry ginger said:

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

My dad and my inlaws all died from smoking related causes. My MIL died from lung cancer from FIL’s 2nd hand smoking. You might just be right, I had a tumor removed a year ago but if you must be a cunt, carry on. 

[snoughnut]

3 hours ago, AKIQPilot said:

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.  

Are you sure it’s not borderline poverty? 

[DriftBusta]

1 hour ago, frenchy said:

That’s assuming zero cost of living increases over that term. Inflation will gobble up that principle very quickly. 

No its not. I was just throwing out random rough numbers.  The tools I use account for that and alot more.   We havent even talked about long term care strategies.  

[frenchy]

16 minutes ago, DriftBusta said:

No its not. I was just throwing out random rough numbers.  The tools I use account for that and alot more.   We havent even talked about long term care strategies.  

Ok. 

[AKIQPilot]

17 minutes ago, DriftBusta said:

No its not. I was just throwing out random rough numbers.  The tools I use account for that and alot more.   We havent even talked about long term care strategies.  

Long term care planning is expensive. The premium was over $400/month per person a decade ago when I considered it. 

I decided to self insure for long term planning. 

People should plan to pay $6500-$7000 per month per person for an assisted living arrangement. 

[snoughnut]

1 minute ago, AKIQPilot said:

Long term care planning is expensive. The premium was over $400/month per person a decade ago when I considered it. 

I decided to self insure for long term planning. 

People should plan to pay $6500-$7000 per month per person for an assisted living arrangement. 

I’d eat a bullet before ever going to assisted living, I promise.

[AKIQPilot]

Just now, snoughnut said:

I’d eat a bullet before ever going to assisted living, I promise.

It would be nice if it were that easy. Trying to talk your kids in handing you the gun may prove to be difficult. 

[SVT MXZ XRS]

2 minutes ago, snoughnut said:

I’d eat a bullet before ever going to assisted living, I promise.

Same here  

[frenchy]

6 minutes ago, AKIQPilot said:

Long term care planning is expensive. The premium was over $400/month per person a decade ago when I considered it. 

I decided to self insure for long term planning. 

People should plan to pay $6500-$7000 per month per person for an assisted living arrangement. 

Not to mention the increases in its cost traditionally far outstrip inflation. 

[DriftBusta]

4 minutes ago, AKIQPilot said:

Long term care planning is expensive. The premium was over $400/month per person a decade ago when I considered it. 

I decided to self insure for long term planning. 

People should plan to pay $6500-$7000 per month per person for an assisted living arrangement. 

A better way if you have enough assets is to buy a VUL policy that leverages up to 7-8x times your premium into long term care coverage,  longer you wait, the more leverage.  majority of couples will have at least one that will need LT care at some point, and at costs of 7-11 grand a month, peoples life savings can get chewed up quick.  Three things happen with this scenario: 1., use it and protect up to 7-8x of your assets for the cost, 2., cancel policy and get your money back, or 3., you die and your heirs get the premium paid.  Compare that with the cost of LT care insurance which has double digit increases almost yearly.  If you never use it, the money is still gone.  It was a god send when dad got sick, but for what we’ve paid in for mom, we could have built her a nice house and hired a nurse.  Dont remember exactly how long, but its been more than 20 years.

[f7ben]

Listening to rich people argue about retirement

fucking bunch of dumbass faggots

[DriftBusta]

25 minutes ago, f7ben said:

Listening to rich people argue about retirement

fucking bunch of dumbass faggots

Werent you the faggot who claimed he was going to be able to retire in his 40s?  Why yes.  Yes you were.

[AKIQPilot]

30 minutes ago, f7ben said:

Listening to rich people argue about retirement

fucking bunch of dumbass faggots

You call $4k per month rich?  SMH.  

 

4 minutes ago, DriftBusta said:

Werent you the faggot who claimed he was going to be able to retire in his 40s?  Why yes.  Yes you were.

Oooooooops.  

[SVT MXZ XRS]

6 minutes ago, DriftBusta said:

Werent you the faggot who claimed he was going to be able to retire in his 40s?  Why yes.  Yes you were.