Crnr2Crnr Posted January 3 Author Share Posted January 3 1 hour ago, s pump said: I'd guess you're not an actuary. basic math is all that's required... unless you work in Congress and kick the can down the road for thirty or forty years Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 3 Share Posted January 3 3 hours ago, Mainecat said: zero chance i am comfortable retiring with $602k. if that was the case i'd have been spending way more on myself the last 20 years since i had that before kids. Reality is with no pension its about 4-6x that IMO excluding home equity unless your willing to monetize it. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted January 3 Share Posted January 3 (edited) 12 minutes ago, Angry ginger said: zero chance i am comfortable retiring with $602k. if that was the case i'd have been spending way more on myself the last 20 years since i had that before kids. Reality is with no pension its about 4-6x that IMO excluding home equity unless your willing to monetize it. Yup, at least 2 mil, don't know anyone who can retire on that. Except for Deepfaggot, that would be a lottery cause he has zero financial literacy. Edited January 3 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted January 3 Share Posted January 3 1 hour ago, Crnr2Crnr said: how old are you? I'm supposed to 'retire' in 2035... 77% ? https://smartasset.com/retirement/social-security-cuts-by-2035-heres-how-to-prepare great work boomers Smart Asset is a goober level referral site that scares fish like you so they refer you to an advisor who pays them a fat referral fee. 9 minutes ago, Angry ginger said: zero chance i am comfortable retiring with $602k. if that was the case i'd have been spending way more on myself the last 20 years since i had that before kids. Reality is with no pension it’s about 4-6x that IMO excluding home equity unless you’re willing to monetize it. So much to unpack there. Personal values, spending needs, cost of living in the area, health, goals, legacy concerns if there are any, the fact that spending generally declines as you get older, etc., all are variables. So many die with a million in the bank and leave it to family who doesn’t need or appreciate it. Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted January 3 Gold Member Share Posted January 3 36 minutes ago, Angry ginger said: zero chance i am comfortable retiring with $602k. if that was the case i'd have been spending way more on myself the last 20 years since i had that before kids. Reality is with no pension its about 4-6x that IMO excluding home equity unless your willing to monetize it. If you read the link that chart came from it says it based on retiring at 61 and died at 76. 40k yr for 15yrs for nh anyways. 40k plus ss money I’m sure is good for most people. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted January 3 Share Posted January 3 37 minutes ago, DriftBusta said: Smart Asset is a goober level referral site that scares fish like you so they refer you to an advisor who pays them a fat referral fee. So much to unpack there. Personal values, spending needs, cost of living in the area, health, goals, legacy concerns if there are any, the fact that spending generally declines as you get older, etc., all are variables. So many die with a million in the bank and leave it to family who doesn’t need or appreciate it. You don’t need much $$ in retirement. You should have no mortgage, no need for office clothing, snappy truck or second home. So yeah you don’t spend as much. We traveled a lot when we worked so that isn’t a need these days besides traveling especially internationally really sucks now. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted January 3 Share Posted January 3 16 minutes ago, 800renegaderider said: If you read the link that chart came from it says it based on retiring at 61 and died at 76. 40k yr for 15yrs for nh anyways. 40k plus ss money I’m sure is good for most people. If your wife did the same it’s 80k thats pretty good. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 3 Share Posted January 3 19 minutes ago, 800renegaderider said: If you read the link that chart came from it says it based on retiring at 61 and died at 76. 40k yr for 15yrs for nh anyways. 40k plus ss money I’m sure is good for most people. i'd rather kill myself at 70 than live the lifestyle i'd have to on 40k. fuck taxes and insurance on my house/cars plus utilites would be almost 2k/mo Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted January 3 Gold Member Share Posted January 3 1 minute ago, Mainecat said: If your wife did the same it’s 80k thats pretty good. Yup not bad. What is bad is only 26% of Americans have saved over 100k in their retirement accounts probably why so many boomers working in their retirement years. 2 minutes ago, Angry ginger said: i'd rather kill myself at 70 than live the lifestyle i'd have to on 40k. fuck taxes and insurance on my house/cars plus utilites would be almost 2k/mo I did say most 🤷♂️. 40k plus…I have no idea what ss pays 2500?? month so 70k yr I’m sure is plenty for most to live comfortably. I’d also think most on here like yourself would want more as we have expensive hobbies. Quote Link to comment Share on other sites More sharing options...
01mxz800 Posted January 3 Share Posted January 3 Maybe if the government would stop "borrowing" from it there would be no issues 🤔 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 3 Author Share Posted January 3 1 hour ago, DriftBusta said: Smart Asset is a goober level referral site that scares fish like you so they refer you to an advisor who pays them a fat referral fee. https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html Scarier when the government tells you... Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 3 Share Posted January 3 1 hour ago, 800renegaderider said: Yup not bad. What is bad is only 26% of Americans have saved over 100k in their retirement accounts probably why so many boomers working in their retirement years. I did say most 🤷♂️. 40k plus…I have no idea what ss pays 2500?? month so 70k yr I’m sure is plenty for most to live comfortably. I’d also think most on here like yourself would want more as we have expensive hobbies. most would get less than that early retirement but i would guess thats close to average at full retirement age. assuming i make at least 80k for the next 10 years i can get $2500 at 62 and thw wife would get half that so $3750. figure at that point it will pay my taxes insurance and med for a few years till i can be medicare eligible. Anyone planning on dying at by mid 70's should be drawing SS ASAP 1 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 3 Share Posted January 3 Everyone who works should log into SS and see what there numbers look like from time to time. Also shows what you made and how much you and your employer paid in. Would i personally have been better off not having SS and putting that money to work investing sure but I am a saver. As pointed out above in someone elses comment the average retiree doesn't have 100k in their 401k so they need the safety net. I do believe that the income number should remain capped out unless ones willing to pay those high income earners more. My first year out of college the capped out income number was $61,200k in 1995 and since then its risen to 168600 for 2024 and those capping out aren't getting all that much more than someone paying in on half that cap. 2 Quote Link to comment Share on other sites More sharing options...
1jkw Posted January 3 Share Posted January 3 20 hours ago, Crnr2Crnr said: keep enjoying fucking every generation behind you, and by all means elect Trump or Biden... two other useless boomers. peace out you greedy fuckers... We are paying for our grandsons to go to football camp, banking the rest, thanks for asking. Quote Link to comment Share on other sites More sharing options...
Matt Posted January 3 Share Posted January 3 (edited) Tim Dillon's takedowns of the Boomers are hilarious. Edited January 3 by Matt 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 3 Author Share Posted January 3 1 hour ago, Matt said: Tim Dillon's takedowns of the Boomers are hilarious. very nice 👍 Quote Link to comment Share on other sites More sharing options...
The One Posted January 4 Share Posted January 4 Us boomers worked for our money !! Perhaps you stupid cunts behind our generation should take note !! Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted January 4 Share Posted January 4 4 hours ago, Angry ginger said: Everyone who works should log into SS and see what there numbers look like from time to time. Also shows what you made and how much you and your employer paid in. Would i personally have been better off not having SS and putting that money to work investing sure but I am a saver. As pointed out above in someone elses comment the average retiree doesn't have 100k in their 401k so they need the safety net. I do believe that the income number should remain capped out unless ones willing to pay those high income earners more. My first year out of college the capped out income number was $61,200k in 1995 and since then its risen to 168600 for 2024 and those capping out aren't getting all that much more than someone paying in on half that cap. That inconvenient fact likely glosses over the pointy heads in here. 1 Quote Link to comment Share on other sites More sharing options...
Matt Posted January 6 Share Posted January 6 3 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted January 8 Author Share Posted January 8 On 1/6/2024 at 10:26 AM, Matt said: yup... look who's been in charge of government the past three decades... greedy boomers Quote Link to comment Share on other sites More sharing options...
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