TheHaitian
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Post by TheHaitian on Nov 11, 2015 21:33:30 GMT -5
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mmhmm
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Post by mmhmm on Nov 11, 2015 21:39:58 GMT -5
So, they're telling me I'm not living the dream, I'm living the myth. Who knew?
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NoNamePerson
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Post by NoNamePerson on Nov 11, 2015 21:45:10 GMT -5
Hell, mmhmm I dreaming the myth or is that mything the dream. I get confused
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dannylion
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Gravity is a harsh mistress
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Post by dannylion on Nov 11, 2015 22:03:19 GMT -5
Wait. Does that mean I'm a unicorn?
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NoNamePerson
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Post by NoNamePerson on Nov 11, 2015 22:13:01 GMT -5
Wait. Does that mean I'm a unicorn?
Yep and you can join me on the magic carpet ride. Puff the Magic Dragon is already aboard
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dannylion
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Post by dannylion on Nov 11, 2015 22:17:23 GMT -5
Wait. Does that mean I'm a unicorn?
Yep and you can join me on the magic carpet ride. Puff the Magic Dragon is already aboad Yay! I'm a unicorn!
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Deleted
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Post by Deleted on Nov 11, 2015 22:31:56 GMT -5
I don't disagree. $1,000,000 in assets would give you $40,000 in today's money. so you guys/gals who are earning $100,000 today won't be able to live on that. You won't even be able to live on that plus SS if it is around. Inflation is going to help you get to that $1,000,000, but it is going to erode its value.
I was talking to my daughter's mil at my newest granddaughter's christening. She has cut back and is planning to retire next year. Her husband is already retired. He works at Publix part-time, though. She talked about getting a part-time job as well.
It is scary.
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Peace Of Mind
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Post by Peace Of Mind on Nov 11, 2015 22:45:32 GMT -5
Wait. Does that mean I'm a unicorn?
Wait. Does that mean I'm a unicorn?
Yep and you can join me on the magic carpet ride. Puff the Magic Dragon is already aboard Yes, because everybody knows those are REAL! Speaking of myths. Unless you want to take European trips monthly you will be surprised how little you really need in retirement (as long as mortgage, etc. are paid off) because there will also be a form of social security around to help your own personal savings even for you young whipper snappers. But continue to save, save, save!
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NoNamePerson
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Post by NoNamePerson on Nov 11, 2015 22:48:09 GMT -5
They are to real. I've been on a few rides!!!!!
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dannylion
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Post by dannylion on Nov 11, 2015 22:48:46 GMT -5
Um, PoM, sweetie, that looks like a pink donkey.
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Peace Of Mind
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Post by Peace Of Mind on Nov 11, 2015 22:49:37 GMT -5
Um, PoM, sweetie, that looks like a pink donkey. You obviously haven't had enough to drink. There is a unicorn thingy on that pink donkey!
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dannylion
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Post by dannylion on Nov 11, 2015 22:51:50 GMT -5
Um, PoM, sweetie, that looks like a pink donkey. You obviously haven't had enough to drink. There is a unicorn thingy on that pink donkey! Oh, OK. You'll have to forgive me. I tripped over something in one of Loony's posts and fell down and bumped my head. I'm still a little dizzy, so maybe I'm not seeing too clearly.
(It still looks like a pink donkey).
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NoNamePerson
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Post by NoNamePerson on Nov 11, 2015 22:55:07 GMT -5
Um, PoM, sweetie, that looks like a pink donkey. You obviously haven't had enough to drink. There is a unicorn thingy on that pink donkey! Me thinks she needs a smoke
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Nov 11, 2015 23:13:22 GMT -5
Oooohhhhhhh noooooooooo!!! Do NOT cancel retirement before *I* get there!!!!!!!!!!!
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phil5185
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Post by phil5185 on Nov 11, 2015 23:37:13 GMT -5
I retired in 1998 - I'm also part of the myth, lol. My 401k had nearly a million in it in 1998. And it's been increasing every year since, almost double now. Our SS checks are a bit higher than the GAO $17,000 - ie, $22k for one and $18k for the second - $40,000/yr. Train wreck? Not sure why people like to hate on 401k's?
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bobosensei
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Post by bobosensei on Nov 12, 2015 3:32:47 GMT -5
I doubt the young savers on this board are planning to just have a million at retirement. I am aiming closer to 10 as a minimum. And no I don't think this will make a lavish retirement, but just what will be needed in case we both live to 100 and/or have lots of medical needs. DH and I make around 100k now, and between maxing his TSP and two roths, and putting away more in a taxable account I think we will be okay. We don't need anything near what 100k income now provides in retirement considering how much we save. I even think we might slow down the retirement contributions as we take on a mortgage and have kids. We may pick up a rental or two just to diversify.
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yogiii
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Post by yogiii on Nov 12, 2015 5:58:55 GMT -5
10 million?!?!? That is very high. I'm 35 and if I had 3 million right now I'd quit my job tomorrow, no I'd quit today.
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lund
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Post by lund on Nov 12, 2015 6:05:36 GMT -5
I am a bit surprised that people want to retire and get a new/second job, especially if in their early sixties and the new job is physically more taxing than the old job. Why not keep working for another year instead? That way, they will - probably keep their benefits (saves money)
- may contribute to a 401k/similar (and defer the required minimum distributions if 70 or over)(increases retirement income)
- if they have a pension it may still increase (increases retirement income)
- SS will increase (until 70)
- one less year that their retirement money will need to support them (saves money)
- one more year of growth of retirement money (increases retirement income)
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Ombud
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Post by Ombud on Nov 12, 2015 6:09:47 GMT -5
Hence the flaw in the article: [1] the plans grow tax free, [2] should earn closer to 8% annually, and [3] fixed expenses should decrease in retirement as housing costs decrease (mortgage paid off ....) lund, maybe they want a fun job where they can say shove it if situation gets too intense? Sis is a good example. Traded in being a corrections officer for selling clothes in her favorite store 20 hrs a week.
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lund
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Post by lund on Nov 12, 2015 6:24:56 GMT -5
If they do something for fun or for charity, it is different. But if they need the money, they can't say shove it...
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yogiii
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Post by yogiii on Nov 12, 2015 6:26:17 GMT -5
It's possible they felt forced out
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lund
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Post by lund on Nov 12, 2015 6:46:06 GMT -5
It is always a risk to be forced out, side-lined, excluded, given boring tasks, or similar at work, in the hope that the person may quit or become sufficiently unusable to be let go due to no suitable work available.
That is why it is wise to have a "retirement plan B" that concerns forced early retirement due to getting "pushed out" and not finding comparable work, or declining health. I have the impression that this usually happens for those over 60, but it might start younger. (?)
Age discrimination exists, even though most Western countries does not allow it.
(In all fairness, there are also those who don't update their skill who really get unusable. I know of two such persons. One is an office worker who refused to learn any basic computer skills!)
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973beachbum
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Post by 973beachbum on Nov 12, 2015 9:21:48 GMT -5
It's possible they felt forced out At my PT job I work with more than a few seniors who were forced out. Either they got laid off entirely or the conditions changed so much that they just couldn't work there anymore. One person said they knew the writing was on the wall a couple of years before it came but it was still a shock to be told that she was a fantastic employee Who had been there for years so they really wanted to take care of her by not laying her off. So they moving her job to another location, 2 hours away, instead. She got the only job she could at that point to bring in a few bucks. Working also allows here to get health insurance on the ACA exchange. Everyone here looks down their nose at it because their employer coverage is so much better, but for a lot of people if they get laid off before 65 the choice is to pay thousands of dollars for individual health insurance or buy food because they don't have enough for both. This board reads like a bunch of highly paid individuals not like a cross section of people in the country today. IME that 50% number is probably actually low. From what I have heard except for having a home they paid off most people don't have much saved at all and seem to be mostly okay with that. All they are looking for in retirement is enough SS to pay for their taxes and utilities and food after medicare is taken out. A little extra for the occasional fun things would be good but they are not worried about that. It is the loss of health insurance before they can get medicare that scares the crap out of regular middle class people!!
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yogiii
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Post by yogiii on Nov 12, 2015 9:34:50 GMT -5
The same thing happened to some relatives of mine, but they did move (twice) before finally giving up and moving back to their home state.
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swamp
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Post by swamp on Nov 12, 2015 9:50:13 GMT -5
So, they're telling me I'm not living the dream, I'm living the myth. Who knew? Do you live with a unicorn too?
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Value Buy
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Post by Value Buy on Nov 12, 2015 10:03:54 GMT -5
The older posters on the board who have already retired, are for the most part prepared for retirement. The people aged around fifty or less, will see an increase of the population struggling in retirement. 401-K'S AND iRA'S are great as long as the stock markets are great. If the stock market drops and stays down for a few years, they are in trouble, as withdraws depletes the account faster than in an up market. And as we, the baby boomers continue to withdraw from our Ira's, etc, it probably will affect the stock markets. We are no longer adding to the pot, but withdrawing money from the pot, except for a select few, like Phil and a few over on the investing boards.
And I do agree many people were forced into early retirement for all sorts of reasons, and are working part time to keep afloat. Others do it to keep busy.
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mmhmm
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It's a great pity the right of free speech isn't based on the obligation to say something sensible.
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Post by mmhmm on Nov 12, 2015 10:09:41 GMT -5
So, they're telling me I'm not living the dream, I'm living the myth. Who knew? Do you live with a unicorn too? I don't think so. I'll have to take another close look at those cats!
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svwashout
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Post by svwashout on Nov 12, 2015 12:53:29 GMT -5
I don't disagree. $1,000,000 in assets would give you $40,000 in today's money. so you guys/gals who are earning $100,000 today won't be able to live on that. You won't even be able to live on that plus SS if it is around. Inflation is going to help you get to that $1,000,000, but it is going to erode its value. I was talking to my daughter's mil at my newest granddaughter's christening. She has cut back and is planning to retire next year. Her husband is already retired. He works at Publix part-time, though. She talked about getting a part-time job as well. It is scary. I am and I would-- I do now, and even after paying full freight on health insurance and without SS I would. Income and expenses aren't necessarily correlated, those who can live happily spending well below their net incomes and who invest the difference should have nothing to fear after a couple of decades of work. It's the paycheck to paycheck crowd who will probably have more to worry about.
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Plain Old Petunia
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Post by Plain Old Petunia on Nov 12, 2015 13:04:36 GMT -5
Yep and you can join me on the magic carpet ride. Puff the Magic Dragon is already aboad Yay! I'm a unicorn! I thought you were a goat.
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Nov 12, 2015 13:13:49 GMT -5
I don't disagree. $1,000,000 in assets would give you $40,000 in today's money. so you guys/gals who are earning $100,000 today won't be able to live on that. You won't even be able to live on that plus SS if it is around. Inflation is going to help you get to that $1,000,000, but it is going to erode its value. I was talking to my daughter's mil at my newest granddaughter's christening. She has cut back and is planning to retire next year. Her husband is already retired. He works at Publix part-time, though. She talked about getting a part-time job as well. It is scary. Why wouldn't a 100k earner be able to live on 40k + SS? That would be 60k - 80k per year (depending on how long they made that 100k, and if it is a couple or a single person). 100k - 7.65k Fica - 15k (?) saved for retirement = 77.35k. 60k per year is higher than the median household income in this country.
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