PBS Frontline : The Retirement Gamble, sorta Must See (1 Viewer)

[NutterButter]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

 

[eoMMan]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

I agree for the most part but nicer retirement homes by me in Florida are closer to 65k-70k....not 100k (at least not yet).

 

[NutterButter]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

I agree for the most part but nicer retirement homes by me in Florida are closer to 65k-70k....not 100k (at least not yet).

Fair enough. I actually like the sound of that b/c i was shooting to have 90k/yr in savings for retirement home so that lessens the burden. Regardless, social security won't be nearly enough so you'll definitely need some retirement savings.

 

[Tiger Fan]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

 

[Gawain]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

Lot of what I see as the reason behind why people are behind in retirement are what kids do to their parents. College payments, kids returning home for free room and board, kids who need infusions of cash...all of that takes away money that should have been used for future planning. I think that reliance on others crosses generations.

 

[Bull Dozier]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

 

[Gawain]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

My MIL wants us to buy her house, where her eldest daughter and her two kids already live, so the daughter doesn't have to be on her own and they can stay with us 6 months of the year. I feel bad but the wife and I both agree that if we're picking up a $4000 a month mortgage, we're not living with 5 other people who consider it "their house."

I have used her folks panic to convince the wife that we needed to get our retirement accounts in better shape or else we'll be in the same position as her folks.

 

[NewlyRetired]

My wife and I live what Dentist would call a crappy retirement, but it suits us perfectly.

We are living a simple life until my daughter gets settled in college and then we intend to mix in travel to our life but the main lifestyle at home will remain simple even after that. We never enjoyed fancy meals, or fancy cars etc before retirement so it did not make much sense that we were suddenly going to like them in retirement.

When we were deciding if we could retire, one of our measurement sticks was that if we were going to be able to live the exact same lifestyle in retirement as we did in pre retirement. Once we saw that we could and would have enough to travel as well once daughter grew up, the decision became easier for us.

 

[NutterButter]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

All I'd ask is that they'd coordinate my care once I don't have the capacity to do so. I'll pay for everything. Anything beyond basic stuff like hiring someone to provide in home care, just find a nice home for me to live in and ship me off just checking on me every once in awhile to make sure I'm being taken care of. Christ, I'd even pay them for their time. We can write out an agreement about all of this so they don't feel bad when it comes time to ship me off.

 

[fourd]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

This is one aspect of retirement I really don't see discussed here. Assisted living of some type is required at some point by about 70% of those turning 65. http://longtermcare.gov/the-basics/who-needs-care/

My dad spent a year in a facility and the cost was almost $90,000. Medicare doesn't cover it and Medicaid doesn't kick in until you have nothing left. Not just retirement funds, but all of your assets. If people are not at least thinking about this their retirement plan has a major hole in it.

 

[Dentist]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

 

[Bull Dozier]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

My MIL wants us to buy her house, where her eldest daughter and her two kids already live, so the daughter doesn't have to be on her own and they can stay with us 6 months of the year. I feel bad but the wife and I both agree that if we're picking up a $4000 a month mortgage, we're not living with 5 other people who consider it "their house."

I have used her folks panic to convince the wife that we needed to get our retirement accounts in better shape or else we'll be in the same position as her folks.

I need to use this to my advantage as well.

My in laws built a house in nowheresville in northern MN in their late 60s. They were supposed to retire there, but took out a mortgage to build it (I have no idea how they got this mortgage). So of course they still need to work. He found a job up there, but she still works here in the Twin Cities (for the insurance apparently, but I would think she would qualify for some sort of medicaid since she's now in her 70s). Regardless, they both spent their entire life working and have absolutely zero to show for it and one of them has to live with their only child so they can continue to work. It's not a good situation.

 

[Dentist]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

I agree that this is a good baseline starting point for a retirement plan.

 

[mquinnjr]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

This is one aspect of retirement I really don't see discussed here. Assisted living of some type is required at some point by about 70% of those turning 65. http://longtermcare.gov/the-basics/who-needs-care/

My dad spent a year in a facility and the cost was almost $90,000. Medicare doesn't cover it and Medicaid doesn't kick in until you have nothing left. Not just retirement funds, but all of your assets. If people are not at least thinking about this their retirement plan has a major hole in it.

Great topic, always wondered about this. I just looked into my employer plan premium calculator through a company called CNA. To get max coverage, which is a $250 daily benefit, $1,313 weekly care benefit, and a lifetime max coverage of $456,250, it would cost me $20.01 bi-weekly out of my pay, or $520.26 a year starting it up at age 31.

Seems like a shark move to get in on this early, as it looks like (without scouring the plan particulars, which I'm sure have some gotcha's) it'd cost me $17,688.84 up to age 65, with way more coverage than the money being dropped in.

Definitely worth a look when benefits enrollments for 2016 open up, thanks for getting me to look into this

 

[Doctor Detroit]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

 

[NutterButter]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

This is one aspect of retirement I really don't see discussed here. Assisted living of some type is required at some point by about 70% of those turning 65. http://longtermcare.gov/the-basics/who-needs-care/

My dad spent a year in a facility and the cost was almost $90,000. Medicare doesn't cover it and Medicaid doesn't kick in until you have nothing left. Not just retirement funds, but all of your assets. If people are not at least thinking about this their retirement plan has a major hole in it.

Great topic, always wondered about this. I just looked into my employer plan premium calculator through a company called CNA. To get max coverage, which is a $250 daily benefit, $1,313 weekly care benefit, and a lifetime max coverage of $456,250, it would cost me $20.01 bi-weekly out of my pay, or $520.26 a year starting it up at age 31.

Seems like a shark move to get in on this early, as it looks like (without scouring the plan particulars, which I'm sure have some gotcha's) it'd cost me $17,688.84 up to age 65, with way more coverage than the money being dropped in.

Definitely worth a look when benefits enrollments for 2016 open up, thanks for getting me to look into this

So if you change jobs, do you just keep paying the fees or is it tied to your job so that if you changes jobs, you lose coverage like normal healthcare?

 

[NewlyRetired]

I wonder if we will be the first generation to relatively embrace the "Retirement Community" instead of deathly fearing the "Nursing Home"..................

 

[Dentist]

Your approach of shooting for a lower retirement age is the same approach I follow. What I don't get and I know I'm in the minority on this, but this retirement you envision for yourself, I don't know how you work a job you don't like for so many years or live a life that's far different from your retirement and then when you retire, flip a switch and move into this ideal life. My approach is just live an easy, simple life all the time.

I watched my grandfather do exactly what I want to do, and I'm watching my father do it on a part time basis.

My grandfather worked hard.. real hard.. much harder than I work to get to the top of his company without any college training.. saved for years, sent his kids through college, and while he has some fun while he worked (owned a small boat, travelled a lot in state), he didn't really relax.

Then he retired, immediately flipped a switch, started snowbirding in South Padre, boat a sailboat, took up golf, and lives a life of leisure and hobbies.

Now I"m not saying he's lost all his frugality... he still goes for dinner at the early bird special time and refuses to buy a drink at restaurants because "that's where they get you" and drives a 15 year old car... but he loves life.

My dad is half retired and he flipped the switch for tireless businessman to half tireless half retired.. and when he goes he leaves it all behind and gets to his cabin and lives it.

So i've seen it happen and know it can be done.

 

[Dentist]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

not sure why you're unleashing haterade on me. I'm sure you have seen more than me and really it's not a competition. I don't have a goal to see it all, I just don't want a craptirement

 

[NutterButter]

Your approach of shooting for a lower retirement age is the same approach I follow. What I don't get and I know I'm in the minority on this, but this retirement you envision for yourself, I don't know how you work a job you don't like for so many years or live a life that's far different from your retirement and then when you retire, flip a switch and move into this ideal life. My approach is just live an easy, simple life all the time.

I watched my grandfather do exactly what I want to do, and I'm watching my father do it on a part time basis.

My grandfather worked hard.. real hard.. much harder than I work to get to the top of his company without any college training.. saved for years, sent his kids through college, and while he has some fun while he worked (owned a small boat, travelled a lot in state), he didn't really relax.

Then he retired, immediately flipped a switch, started snowbirding in South Padre, boat a sailboat, took up golf, and lives a life of leisure and hobbies.

Now I"m not saying he's lost all his frugality... he still goes for dinner at the early bird special time and refuses to buy a drink at restaurants because "that's where they get you" and drives a 15 year old car... but he loves life.

My dad is half retired and he flipped the switch for tireless businessman to half tireless half retired.. and when he goes he leaves it all behind and gets to his cabin and lives it.

So i've seen it happen and know it can be done.

I'm not really saying it can't be done, I just don't know why you'd want to sacrifice the prime years of your life working your butt off in a job you don't like just so you can live your latter years like that. I personally rather have it easier now and not have so much abundance then.

 

[mquinnjr]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

This is one aspect of retirement I really don't see discussed here. Assisted living of some type is required at some point by about 70% of those turning 65. http://longtermcare.gov/the-basics/who-needs-care/

My dad spent a year in a facility and the cost was almost $90,000. Medicare doesn't cover it and Medicaid doesn't kick in until you have nothing left. Not just retirement funds, but all of your assets. If people are not at least thinking about this their retirement plan has a major hole in it.

Great topic, always wondered about this. I just looked into my employer plan premium calculator through a company called CNA. To get max coverage, which is a $250 daily benefit, $1,313 weekly care benefit, and a lifetime max coverage of $456,250, it would cost me $20.01 bi-weekly out of my pay, or $520.26 a year starting it up at age 31.

Seems like a shark move to get in on this early, as it looks like (without scouring the plan particulars, which I'm sure have some gotcha's) it'd cost me $17,688.84 up to age 65, with way more coverage than the money being dropped in.

Definitely worth a look when benefits enrollments for 2016 open up, thanks for getting me to look into this

So if you change jobs, do you just keep paying the fees or is it tied to your job so that if you changes jobs, you lose coverage like normal healthcare?

Great point I had not considered.

Preliminary google sleuthing is telling me most times if you leave, you bear the employer cost of a group plan if your new employer is not linked to the LTC insurance provider of your old employer. If you can't foot it, which you probably wouldn't be able to (as I assume it's a small fortune to pay the employer portion from a group you're no longer a member of), the insurance is cancelled and the policy is worthless at that point

Looks worthwhile to price out the obviously more expensive private LTC plans for that reason alone.

 

[NutterButter]

Two other big factors is how long you plan on living for and what type of senior citizen home you want to spend your later years in. If you only plan on living until 80 and therefore exhausting your savings by then, you'll have a lot more to work with than if you were prepared to live to 100 and have the savings in order to do so. That's the big crap shoot. If you were planning until 80, but live beyond that, then you're going to be stuck with just social security which will probably be enough to live the most basic of existences, but nothing beyond that. The other factor is are you planning on living in a nice retirement home that you'll be paying for out of pocket or whatever medicaid is willing to pay for. The nice one's are pushing 100k/yr and from the sound of it, that's all out of pocket. The government doesn't chip in until you've exhausted your retirement funds.

This is one aspect of retirement I really don't see discussed here. Assisted living of some type is required at some point by about 70% of those turning 65. http://longtermcare.gov/the-basics/who-needs-care/

My dad spent a year in a facility and the cost was almost $90,000. Medicare doesn't cover it and Medicaid doesn't kick in until you have nothing left. Not just retirement funds, but all of your assets. If people are not at least thinking about this their retirement plan has a major hole in it.

Great topic, always wondered about this. I just looked into my employer plan premium calculator through a company called CNA. To get max coverage, which is a $250 daily benefit, $1,313 weekly care benefit, and a lifetime max coverage of $456,250, it would cost me $20.01 bi-weekly out of my pay, or $520.26 a year starting it up at age 31.

Seems like a shark move to get in on this early, as it looks like (without scouring the plan particulars, which I'm sure have some gotcha's) it'd cost me $17,688.84 up to age 65, with way more coverage than the money being dropped in.

Definitely worth a look when benefits enrollments for 2016 open up, thanks for getting me to look into this

So if you change jobs, do you just keep paying the fees or is it tied to your job so that if you changes jobs, you lose coverage like normal healthcare?

Great point I had not considered.

Preliminary google sleuthing is telling me most times if you leave, you bear the employer cost of a group plan if your new employer is not linked to the LTC insurance provider of your old employer. If you can't foot it, which you probably wouldn't be able to (as I assume it's a small fortune to pay the employer portion from a group you're no longer a member of), the insurance is cancelled and the policy is worthless at that point

Looks worthwhile to price out the obviously more expensive private LTC plans for that reason alone.

Before you change jobs, just have a major accident so you get your monies worth.

 

[The Tick]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

All I'd ask is that they'd coordinate my care once I don't have the capacity to do so. I'll pay for everything. Anything beyond basic stuff like hiring someone to provide in home care, just find a nice home for me to live in and ship me off just checking on me every once in awhile to make sure I'm being taken care of. Christ, I'd even pay them for their time. We can write out an agreement about all of this so they don't feel bad when it comes time to ship me off.

My parents and I had this discussion, they found some type of nursing home insurance, not sure on the details, but they said they are completely covered for a nice place when it's time to go. They had the same feeling that they wanted to make sure they weren't a burden on us while assuring they would have a nice place to end up. Maybe something to look into if you plan to go that route and have the finances.

 

[Thunderlips]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

You poor *******. I think we should start a fund to retire you from your house from M-F.

 

[The Tick]

I wonder if we will be the first generation to relatively embrace the "Retirement Community" instead of deathly fearing the "Nursing Home"..................

My parents just did the move to a retirement community subdivision, they are in their late 60's/early 70's. They really couldn't enjoy it more, they went to one in Colorado to be around the mountains, and most of the rest of the community did also. There are weekly ski trips, hiking trips, bike trips, poker games, golf trips and then some. They keep busy every day of the week, have tons of new friends living around them with similar interests, and along with their personal travel, they are really enjoying their retirement.

Doesn't seem like that bad of a way to close down your active years. Not sure what the next step will look like, but pretty good so far.

 

[Doctor Detroit]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

not sure why you're unleashing haterade on me. I'm sure you have seen more than me and really it's not a competition. I don't have a goal to see it all, I just don't want a craptirement

It seems like a competition to you, wasn't that your initial point? Not everyone needs to go to Cabo in retirement to make themselves feel more important like you do, there are many wonders in life had for a fraction of the cost. Good luck climbing Angel Falls when you're 60, guy.

 

[Bull Dozier]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

You poor *******. I think we should start a fund to retire you from your house from M-F.

It sucks. It was supposed to be for 4 months, it's over a year and a half now.

When my wife asked me if she could stay with us, I said "of course, you can't say no to family." It's gone 180 degrees and we're about to give her a date she needs to be out by. I hate being a jerk to my MIL, but I'd rather do that than get divorced, which is where we would be heading otherwise.

End hijack.

 

[NewlyRetired]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

not sure why you're unleashing haterade on me. I'm sure you have seen more than me and really it's not a competition. I don't have a goal to see it all, I just don't want a craptirement

perhaps calling something "crappy" that other people enjoy might be a source of the hate....

 

[NutterButter]

I wonder if we will be the first generation to relatively embrace the "Retirement Community" instead of deathly fearing the "Nursing Home"..................

My parents just did the move to a retirement community subdivision, they are in their late 60's/early 70's. They really couldn't enjoy it more, they went to one in Colorado to be around the mountains, and most of the rest of the community did also. There are weekly ski trips, hiking trips, bike trips, poker games, golf trips and then some. They keep busy every day of the week, have tons of new friends living around them with similar interests, and along with their personal travel, they are really enjoying their retirement.

Doesn't seem like that bad of a way to close down your active years. Not sure what the next step will look like, but pretty good so far.

Sounds awesome. Maybe do a little snowbirding down in Tucson.

 

[Gawain]

One of my retirement goals is to never be a burden on my kids. I see what my grandparents do to my parents and it's crazy.

My MIL lives with us M-F because she can't afford to retire.

You poor *******. I think we should start a fund to retire you from your house from M-F.

It sucks. It was supposed to be for 4 months, it's over a year and a half now.

When my wife asked me if she could stay with us, I said "of course, you can't say no to family." It's gone 180 degrees and we're about to give her a date she needs to be out by. I hate being a jerk to my MIL, but I'd rather do that than get divorced, which is where we would be heading otherwise.

End hijack.

Really, seeing someone they love struggle being able to retire seems to hit my wife a lot more than a projection of where we will be at age 65. We took our 401Ks from 5% to 10% and decided to fund a roth IRA because we didn't want to end up in their position. It's really the difference of us brownbagging our lunches instead of eating out during the week ($150).

 

[James Daulton]

The current state of most folks retirement savings would horrify dentist. I think that most folks have resigned to working longer and having less in retirement than they do currently. This probably doesn't stress most folks out since not everyone despises their jobs and saves every penny to leave the workforce as early as possible. A lot of folks enjoy the sense of accomplishment, purpose, and comradery that comes from working. Also, when I retire, spending the day with the grandkids in parks or short trips around town seems quite pleasant. A lot of folks don't need to go on 6 cruises a year to enjoy themselves.

 

[DocHolliday]

My parents were very frugal up until retirement. Never took expensive trips or bought new cars. Now that they are retired, they still don't take expensive trips (the only plane ride they've been on, was a trip us kids bought for them 5 years ago) Also, they're still driving the same vehicles.

This is common. People that spend a lifetime as disciplined savers often have a very hard time allowing themselves to spend that savings in retirement. In fact, many of them feel the need to continue saving well into their retirement years.

This describes my parents. They both retired around 2 years ago. They never made great money but lived simple lives and saved every where they could. I know that they have enough saved to last them many years. And, they probably have more tucked away that I do not know about. They will still not spend money on simple upgrades to their house (old carpet, old kitchen cabinets that are falling apart, very outdated fixtures) even when I tell them that I will do the work. They have no desire for material things or to travel.

 

[IC FBGCav]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

 

[matuski]

If one is like most FBGs and exceeds the modified AGI for Roth contributions, and are maxing 401(K) option, what are other recommended retirement vehicles?

Read here for how to use Roth IRA's even if you exceed the income limit.

http://www.bogleheads.org/wiki/Backdoor_Roth_IRA

Thank you for this.

 

[Dentist]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

not sure why you're unleashing haterade on me. I'm sure you have seen more than me and really it's not a competition. I don't have a goal to see it all, I just don't want a craptirement

perhaps calling something "crappy" that other people enjoy might be a source of the hate....

ok, i can understand that, maybe i should reconsider my comments as they may have not been particularly well worded.

 

[Cliff Clavin]

And like I said, not everyone is you. That's not my ideal retirement either but I don't disparage people who like to go to the State Park with their grandkids.

i'm fine with going to the state park with the grandkids... but not as my main vacation every year or only travel

I've seen more in my lifetime than you'll ever see, you'll never have that much time or money. As much as I respect your opinion on these topics, your lack of perspective is obnoxious.

not sure why you're unleashing haterade on me. I'm sure you have seen more than me and really it's not a competition. I don't have a goal to see it all, I just don't want a craptirement

perhaps calling something "crappy" that other people enjoy might be a source of the hate....

My plan of retiring to a nice little cabin near a good fishing lake and a decent golf course might seem pretty crappy to some, but it'll be fantastic for me (and cheap!).

 

[NutterButter]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

 

[IC FBGCav]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

 

[culdeus]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

200k house here and you are looking at 6500 in property taxes.

Threshold for 10000 in property taxes in texas is roughly $350-365k depending on the city and county tax rates.

I also seriously question being able to afford food for a month for $200. I'd like to audit that.

 

[NutterButter]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

Fine. I have a 400k house and I pay 10k. And its 3 bedrooms and 2 baths and 1500 square ft. It does have 2 acres of land though. And I could see myself staying here b/c I love the town and county in general and having that type of privacy with the property. That's why there's that "unless" part which obviously applies to your dad.

ETA: And the other stuff as apart of the 200 per week encompasses everything else which adds up fast. There's gas, presents, car repairs, car insurance, going to the movies, going out to eat, golf, whatever. Even if its smaller amounts of each b/c he's retiring and not driving as much for instance, it all adds up and quickly. I'd say 200 per week is on the low side.

 

[IC FBGCav]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

200k house here and you are looking at 6500 in property taxes.

Threshold for 10000 in property taxes in texas is roughly $350-365k depending on the city and county tax rates.

Sucks for you guys. Move to NC or PA.

 

[moleculo]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

that's your problem right there.

 

[culdeus]

I'm retiring to Costa Rica or Panama. Not planning on paying 6 and a quarter property taxes into retirement.

 

[IC FBGCav]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

Fine. I have a 400k house and I pay 10k. And its 3 bedrooms and 2 baths and 1500 square ft. It does have 2 acres of land though. And I could see myself staying here b/c I love the town and county in general and having that type of privacy with the property. That's why there's that "unless" part which obviously applies to your dad.

We almost have identical houses and land and I live outside of Raleigh, NC. 3 bed, 2.5 baths, 1670 sqft and 1.5 acres. 1476.27 in taxes.

 

[moleculo]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

200k house here and you are looking at 6500 in property taxes.

Threshold for 10000 in property taxes in texas is roughly $350-365k depending on the city and county tax rates.

Sucks for you guys. Move to NC or PA.

lots of places with lower property taxes.

I have a $300k+ house and pay about $1500/year in property tax in SC.

 

[NutterButter]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

Fine. I have a 400k house and I pay 10k. And its 3 bedrooms and 2 baths and 1500 square ft. It does have 2 acres of land though. And I could see myself staying here b/c I love the town and county in general and having that type of privacy with the property. That's why there's that "unless" part which obviously applies to your dad.

We almost have identical houses and land and I live outside of Raleigh, NC. 3 bed, 2.5 baths, 1670 sqft and 1.5 acres. 1476.27 in taxes.

That's awesome. If I wanted to live in Raleigh, I'd move there.

 

[IC FBGCav]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

Fine. I have a 400k house and I pay 10k. And its 3 bedrooms and 2 baths and 1500 square ft. It does have 2 acres of land though. And I could see myself staying here b/c I love the town and county in general and having that type of privacy with the property. That's why there's that "unless" part which obviously applies to your dad.

We almost have identical houses and land and I live outside of Raleigh, NC. 3 bed, 2.5 baths, 1670 sqft and 1.5 acres. 1476.27 in taxes.

That's awesome. If I wanted to live in Raleigh, I'd move there.

I don't think so, our quota for #######s is currently maxed out.

 

[NutterButter]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

Fine. I have a 400k house and I pay 10k. And its 3 bedrooms and 2 baths and 1500 square ft. It does have 2 acres of land though. And I could see myself staying here b/c I love the town and county in general and having that type of privacy with the property. That's why there's that "unless" part which obviously applies to your dad.

We almost have identical houses and land and I live outside of Raleigh, NC. 3 bed, 2.5 baths, 1670 sqft and 1.5 acres. 1476.27 in taxes.

That's awesome. If I wanted to live in Raleigh, I'd move there.

I don't think so, our quota for #######s is currently maxed out.

Harsh

 

[KCitons]

My dad worked for the post office and had a retirement of 33K a year for life. He has some smaller investments too but not that much. It was more money then he could spend. Think he died with over 20K in the bank. No debt. Owned is own house and car. Liked to go to the casino and golf. He lost more money getting hit up by the grand kids and my siblings than at the casino and he never won at the casino.

I have no haterade for anyone. But for all the travelers when I retire people. I have noticed this from older retirees, especially males. They do not like to travel, and especially fly because it makes something as simple as going to the bathroom difficult. Not having a bathroom close was one of my dad's biggest fears in his later years. He died @ 79.

Having said this I was above the mean in my age group but retirement it is still something that concerns me.

In today's dollars, I find that hard to believe unless he had almost no property taxes and no healthcare expenses. If I stayed in my house, I'd be looking at 10K/ yr in taxes and I'd have to guesstimate 5k/yr in medical beyond what medicare would cover. Throw in phone, cable, electric and heat and you're talking another couple 4k/yr. Add in a few hundred a week for food and random expenses and you're pushing 30k right there.

Okay, I am making stuff up.

You need to think like a retiree not like yourself. He was lucky if he spent 200 a month on food for the house. What is a single retiree is going to live in a house that you pay 10K in taxes? He had two bedrooms, a living room, a bathroom and kitchen and a basement. Probably 2K at most. He was vet, so the medical did not come into play that much, once he hit his 5K max on a free UPMC plan that I can remember and he had cancer for the last 5 years or so. He also paid cash for new siding on the house before he died to make sure we got more money for it.

200K house and I pay 1,500 in property taxes.

10K in property taxes is moronic for a retiree.

200k house here and you are looking at 6500 in property taxes.

Threshold for 10000 in property taxes in texas is roughly $350-365k depending on the city and county tax rates.

I also seriously question being able to afford food for a month for $200. I'd like to audit that.

We spend between $500 and $600 a month for our family of five. (that includes two 17 year old boys) I think I could live comfortably on $200 a month for one person. Of course that depends on what city you are living in.

 

[NutterButter]

200k house here and you are looking at 6500 in property taxes.

Threshold for 10000 in property taxes in texas is roughly $350-365k depending on the city and county tax rates.

I also seriously question being able to afford food for a month for $200. I'd like to audit that.

We spend between $500 and $600 a month for our family of five. (that includes two 17 year old boys) I think I could live comfortably on $200 a month for one person. Of course that depends on what city you are living in.

Comfortably on $7/day? One fast food meal taps you out for the day. A decent steak puts you over. I'd also love to see the audit for that.