Brony
Footballguy
44 now and ideally around 60. Youngest kid is currently 6, so I guess that roughly lines up with her finishing college. If my wife went back to work, it could theoretically be sooner. sigh.
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PBS Frontline : The Retirement Gamble, sorta Must See (2 Viewers)
- Thread starter Smack Tripper
- Start date
Cliff Clavin
Footballguy
33. Eligible for pension at 52. If all goes as planned, 55.
FUBAR
Footballguy
Regarding pensions.....
http://www.msn.com/en-us/money/retirement/more-bad-news-for-people-with-pensions/ar-AA7VLmc
http://www.msn.com/en-us/money/retirement/more-bad-news-for-people-with-pensions/ar-AA7VLmc
phatdawg
Footballguy
NewlyRetired
Footballguy
It would be meaningless even if some one had the exact number.
As someone who already went through this process and did more research on it from retirees than you could imagine, please do not worry so much about some mystical number nest egg.
You have to do your best to figure out your expenses in retirement. That drives every decision you will make.
Yeah, thanks. I suppose I'd survive right now. I have tons and tons of hobbies and projects so I'd never run out of things to do. My problem is my hobbies and projects are expensive.
NewlyRetired
Footballguy
Use that knowledge to your advantage to help develop a picture of retirement savings.
It took me a few years of detailed modeling to come up with a decent picture for my family in both the near and far future. (and even then there are still plenty of variables).
Dentist
***Official FBG Dentist***
Yes, I definitely know people that live on the lake that are never on it.
I imagine the beach is similar.... once it's there every single day it becomes something just the tourists do.
Kind of similar in a way that there is a whole host of things people do in Kansas City when they come to visit that I probably have never done because people just don't generally do the vacationy stuff where they live.
Dentist
***Official FBG Dentist***
37 - 55
If I could cut back to a part time role around that age or earlier I would like that.
What I hope is to be financially independent by 55 at which point my job if I continue to work it is simply a money generating time killer
xulf
Footballguy
What is your ratio of money in rentals versus "typical" retirement vehicles? Also, what kind of monthly income are the rentals providing (once paid off)? I currently have one rental and would like to get additional ones by time I retire, but right now I am 90% equity in 401k/IRA's and 10% in the rental.
Random
Footballguy
Its about 50% rentals equity 50% traditional vehicles (401k, wifes pension, Roths, HSA). Once paid off the rentals will provide as much as my current day job. They have actually been providing a pretty decent income over the past 5 years or so, we have just been putting all "extra" money into paying them off/buying more.
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FUBAR
Footballguy
How much time do you put into the rentals?
I've wanted to get into the rental market but my wife is completely against it while we're moving. Friends own a few rentals and seem to do fine but we haven't exactly discussed these in detail.
Random
Footballguy
My brother does all maintenance/rehab work. And he has a $10/hr guy to help. So on that front I only put in as much time as I want. However, I keep the books, do showings, field most phone calls, chase rent, work out payment schedules, and do any court paperwork and evictions. Of this, most of the time I spend is playing with the spreadsheets. I built an awesome rental spreadsheet.
culdeus
Footballguy
My gameplan is to semi-retire when my last kid gets to college. Will target some vacation rental type properties in a few areas to live out of and/or rent/flip. Also family has a series of store and box type places in east texas. Could try to buy everyone outright on that and get some land to lease for hunting and cattle in the area as well. Both of these will require building up some serious cash in the next 15 years, so far things are going according to plan.
Sand
Footballguy
Darn military brats.
43 and would love to have the option when my kid hits 18 - nine years to go.
KCitons
Footballguy
46, not sure when I will retire, probably somewhere between 55 and 60. We've spent the last couple of years putting things together so my wife can retire in 6 years. She will have 30+ in at her job and with her eyesight going, I want to her to have a time to enjoy things while she can. I could probably retire at the same time, but I will probably keep some type of job until 60ish.
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Buck Bradcanon
Footballguy
39. I can't retire anytime soon. But I could quit.
NutterButter
Footballguy
I must say I'm proud of where all of you are at. Well done.
Sand
Footballguy
FUBAR
Footballguy
We're spoiled.Darn military brats.
43 and would love to have the option when my kid hits 18 - nine years to go.
If it helps, I want to retire in your neck of the woods.
The Tick
Footballguy
Someone asked this before, but I didn't think the answer was what he was looking for, and it's something I'm wondering also, what do you guys like to use to invest after you have exhausted retirement account options. I've been going in the following order, but not sure if there is a good place to go next besides just taxable index funds, right now, I have too much of it just sitting in cash.
401K match
Emergency Cash Fund
401K/IRA
Roth IRA
Then what? Taxable index funds/individual stocks (funds for me, I'm not a pick guy), any other things to try and take advantage of before then?
401K match
Emergency Cash Fund
401K/IRA
Roth IRA
Then what? Taxable index funds/individual stocks (funds for me, I'm not a pick guy), any other things to try and take advantage of before then?
Steve Tasker
Footballguy
27, probably aim for retirement in early 60s. Hopefully I'll be financially "retirement ready" a few years prior to that to let me leave on my own terms.
Way too many variables to factor in for me though. Who knows what things will be like in 20 years?
Way too many variables to factor in for me though. Who knows what things will be like in 20 years?
kutta
Footballguy
I guess I don't really agree with your advice here. Maybe it's just a mindset that I have where I don't want to have to worry about every penny in retirement. If I drew up a strict budget and figured out a way to make my $ work for me with that budget, I think I might go nuts. I'd like to have the freedom to hop a flight to France if the bug hit me, and not worry that I'm going to lose six months of my budget.I think what you did is awesome. But do you think you could have worked another 10 years and had some more freedom to binge a little?
RUSF18
Footballguy
NewlyRetired
Footballguy
I have no problems if you don't agree with my advice even though I don't think you understood the spirit of it.
I was just sharing advice I got from people who had achieved what I wanted. I always find it makes more sense to listen to people who have accomplished a specific goal rather than listening to people who have not done so.
When we factored in our models we added in plenty of "fun" money. Understanding your retirement expenses is much more complex than just figuring your basic needs, else you are going to end up in a pretty unhappy spot worrying about every penny. Figuring retirement expenses goes well beyond that. For one small example, we have a lot of travel plans for when my daughter gets to college casually mapped out for the next 20 years.
As for your last sentence you will find the "one more year" conundrum a highly talked about and debated topic. You can peruse any early retirement board and get a feel for the discussion but almost every early retiree says the same thing.
Before I retired I would check the market and my funds daily. Now I check maybe once every 6 months. Worrying about money is a thing of the past for me and certainly not even close to worrying about every last penny.
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Dentist
***Official FBG Dentist***
I really look forward to the day when I can be the guy who takes advantage of the "last minute fare special" or some last minute deal.
The idea of being able to just say: "hey honey, our favorite resort in Turks and Caicos is offering 50% off next mon to Thur and airfare is cheap, let's just go"
or Treasure Island has $59 dollar rooms Mon to Thurs, let's just get the hell out of here to Vegas for a week.
Right now I can only generally travel during high season and always have to plan things 6-24 weeks out
Sand
Footballguy
We're spoiled.Darn military brats.
43 and would love to have the option when my kid hits 18 - nine years to go.
If it helps, I want to retire in your neck of the woods.
All I need is another fast mf'er around these parts...
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Brony
Footballguy
I go with taxable index funds after those four. I make regular contributions to the kids 529 too. Tax benefit on the 529 is fine, but it's not huge. Nowadays, I don't sweat how much I'm contributing to that vs. the taxable index funds. When I was younger, I would analyze all that stuff and try to maximize each penny. I got disenchanted with the whole analysis thing and now as long as I'm living within my means and saving 15+% of income, I don't worry about squeezing out a small tax benefit.
kutta
Footballguy
Very cool. Maybe I misunderstood your point. I just don't see how your nest egg isnt at least as important as your expenses. And with a big enough nest egg, expenses just don't really matter.It sounds like you have it figured out, and that's a pretty sweet spot to be in. Congrats.
NewlyRetired
Footballguy
The general point, which was poorly made I admit, was not to ignore your nest egg entirely, but to make sure you understand your retirement needs. Lets for example say Joe has a goal for a nest egg of $1.7m, which he thinks will be more than enough.
But because he never took the time to do any modeling, in retirement he quickly realizes that he can't live the life style he expected.
You can build in any sort of buffer you want to your models to allow for binging, but I think it is risky to shoot for just some arbitrary number. You could find you worked 5 years longer than you had to or stopped 5 years too early.
$X might make perfect sense for one guy, while $Y might make perfect sense for the next guy. Those two numbers might be vastly different based on the type of retirement one leads.
That is why I originally advised against just comparing one's self to someone else's number they achieved. It could very well be meaningless for your own retirement wants (either too much or too little).
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kutta
Footballguy
Sand
Footballguy
IMO, taxable accounts are fine. LTCG taxes aren't that bad and it is very achievable to game the system and manage your income in early retirement have those be tax free gains. Read this. If you manage your way correctly you can convert funds every year tax free. After 59.5 you can convert out traditional IRA funds tax free with the same tax strategy, as well.
If you want more inspiration - read this. Tax form showing how someone had an AGI of 91k and paid 0 in taxes. Related discussion.
Doctor Detroit
Please remove your headgear
People on the lake don't need to be on the lake because they live on the lake. My view is priceless, hopefully it's the last thing I ever see.
27? Jesus, finally someone smart on this forum under 30.
I'm late 30s, I hope to retire by 57 but likely I'll work until 60 and maybe 62. Will depend on health mostly and the SS stop gap offered to federal employees, and if it's still there (doubtful). Problem is I'll pull a pension and unless there are early buyouts, I'll have to work until 57. I have to get the lake house ready and figure out what I'm doing with my house in Italy, as in...if I want to have my winter home there. If I sold the Italian home I'll have money to last a very long time.
I've been here since I was 13People on the lake don't need to be on the lake because they live on the lake. My view is priceless, hopefully it's the last thing I ever see.
27? Jesus, finally someone smart on this forum under 30.
Doctor Detroit
Please remove your headgear
I've been here since I was 13
Bring your female friends over anytime.
Have you really though? You also seem older...
FUBAR
Footballguy
Depends on why you live there and why you'd be on the lake. I'd imagine for older people being on the lake is more about relaxing than water sports, certainly easy to relax with a water view, more so than the work to get on a boat.
Lots of people go "on the lake" in a boat and never get wet (other than what might be needed to put the boat in). Not enough of a difference between that and sitting on your back deck except you're not burning fuel and it's easier. But if you don't live on the lake you need to either get on a boat or find a public place.
Or you could just do what we've done and buy a lot of land with another great view like mountains.
NutterButter
Footballguy
Why do they say living on a lake, but not living on an ocean? Regardless, if I lived next either body of water it would be just to be in that surrounding and to look out upon the water preferably with a cocktail or joint in my hand. I'd have little desire to actually go in the water. Its the same principle with a mountain view.
Doctor Detroit
Please remove your headgear
Binky The Doormat
Footballguy
Nice. I want to hear more about the house in Italy. Pics? Price? How the rental situation is going if you are doing that and how much, repair arrangements, etc. Really interested in this.
Maybe I'm watching too many house hunters international.
