Staying Sharp empowers you to take control of your brain health as you age. Try it today!

Reply
Frequent Social Butterfly
0
Kudos
5368
Views

Re: RE: How much do you need for a comfortable retirement?

5,368 Views
Message 51 of 167

For me, the minimum goal is to live at some multiple of the Federal poverty guideline for two people, in 2015 that's $15,930.

 

I really believe that four times the poverty level is what is needed for a family to have a thriving middle-class American lifestyle the way we all remember it. I've observed it myself, and I've read economists write about "four times" as being a threshold to economic prosperity. 

 

Everyone's SocSec is different, but if both partners get a total of $50,000 in SocSec, that means they have to get more from other sources. Pension, annuity, investments.

 

(4 * 15930) - 50000 = $13,720 by any other (legal) means

 

If no annuities, pensions that implies they need a portfolio as big as maybe 13720 / 0.04 = $343,000  (4% Rule of Thumb), $400,000 to be safe. It has to have a good asset allocation, and be managed in a low-cost manner, or the advisory fees will eat up half the value over time.

 

 

 


Sincerely,
Peter
Report Inappropriate Content
0
Kudos
5368
Views
Info Seeker
0
Kudos
5246
Views

Re: RE: How much do you need for a comfortable retirement?

5,246 Views
Message 52 of 167

Perhaps, 5 million, with the rate of how things are going. Everything is so expensive. 

I would love to actually be able to travel. That would be something!


Report Inappropriate Content
0
Kudos
5246
Views
Info Seeker
0
Kudos
5288
Views

Re: How much do you need for a comfortable retirement?

5,288 Views
Message 53 of 167

More than I have.  Of course you must take into consideration that I, like most of us, earned our wages and our retirement is a reflection of what we earned.  So now with this $15.00 an hour minimum wage issue, I think WE, the retired community, should legislate for a substatial minimum retirement increase and add that to what we actually worked for. 

I graduated from High School, 1 year of college, two tours in Nam, and pretty much held some sort of job from the age of 13 to 65, and never made more than $18.28/hr.  I think that I should be worth more than a $3.00/hour wage differeence between what I earned and some drop out flipping burgers at a fast food.

If that goes into effect, what is that going to do to the retirees buying power.  Health care will be financially out the window just so they can afford the rice and beans.  Glad I am on the back nine of life.  Feel sorry for my children and Grand kids.

Report Inappropriate Content
0
Kudos
5288
Views
Highlighted
Treasured Social Butterfly
0
Kudos
5124
Views

Re: How much do you need for a comfortable retirement?

5,124 Views
Message 54 of 167
@LThoman14 wrote:
We love retirement you don't need much after you quit working a meek and humble life suffices

Depending on where a person lives, even "meek & humble" can be pretty expensive! Smiley Sad


Registered on Online Community since 2007!
Report Inappropriate Content
0
Kudos
5124
Views
Info Seeker
0
Kudos
5127
Views

Re: How much do you need for a comfortable retirement?

5,127 Views
Message 55 of 167
We love retirement you don't need much after you quit working a meek and humble life suffices
Report Inappropriate Content
0
Kudos
5127
Views
Frequent Social Butterfly
0
Kudos
4998
Views

Re: How much do you need for a comfortable retirement?

4,998 Views
Message 56 of 167

The worst thing is other relatives think I'm a stingy b**tar* because I'm not sending huge amounts of money to Dad. 

 

But my mother-in-law is going to need help someday. Do I blow the wad on my Dad just because he happens to by the eldest of the parentals? And I have two kids in university.

 

The Sandwich Generation. It's just sad all the way around.

 

 


Sincerely,
Peter
Report Inappropriate Content
0
Kudos
4998
Views
Treasured Social Butterfly
0
Kudos
5006
Views

Re: How much do you need for a comfortable retirement?

5,006 Views
Message 57 of 167

I am very fortunate to have had a very financially savvy parent, who made sure she passed on that feeling of self-responsibility, not to mention taking care of her own affairs!

 

Unlike the many people who spend money they don't have, or don't even think when they spend money, I find it difficult to spend more money than I need to, even though I have enough for myself & a legacy to leave behind.


Registered on Online Community since 2007!
Report Inappropriate Content
0
Kudos
5006
Views
Trusted Social Butterfly
1
Kudos
4903
Views

Re: How much do you need for a comfortable retirement?

4,903 Views
Message 58 of 167

"....1. They need a method to continuously evaluate their financial situation way before and throughout retirement, which takes into account inflation, esp. medical inflation, and replacement / repair of major capital items like cars, roofs, air conditioning units, etc.

2. They need to be very fearless about cost-cutting, delaying retirement, or figuring out ways to earn more money years in advance if the future prospects don't look good... hiding one's head in the sand is a recipe for disaster, which will end in running out of money, dying in destitution, in a Medicaid bed....".

 

   Yes. And even though we use a spreadsheet, this can be done with pencil and paper and an hour or two a month. The 'method' is to track everything you are doing now and extrapolate, as best you can with those 'capital items'.  I'm not big on using software for this as it often doesn't correlate to your own, personal, set of financial circumstances. This all requires good old-fashioned thought, a small amount of work, and grade school arithmetic.  It seems like too many people think you need advanced calculus to work this stuff out.


"...Why is everyone a victim? Take personal responsibility for your life..."
Report Inappropriate Content
1
Kudos
4903
Views
Frequent Social Butterfly
2
Kudos
4797
Views

Re: How much do you need for a comfortable retirement?

4,797 Views
Message 59 of 167

I think what people really need is a couple of things. It's not just a Dollar amount. Yes, Dollars is how the machine runs, but if you only had Dollars and not the items below, it still might not work.

 

1. They need a method to continuously evaluate their financial situation way before and throughout retirement, which takes into account inflation, esp. medical inflation, and replacement / repair of major capital items like cars, roofs, air conditioning units, etc.

2. They need to be very fearless about cost-cutting, delaying retirement, or figuring out ways to earn more money years in advance if the future prospects don't look good... hiding one's head in the sand is a recipe for disaster, which will end in running out of money, dying in destitution, in a Medicaid bed

 

There are any number of retirement planning tools, including at AARP.org which satisfy item 1.

 

Item 2. is more of a mentality thing. I am at a loss at how to make human beings wake up and smell the coffee, either individually or collectively as a Nation, and be proactive. People have a "waiting to be fed" mentality, it frustrates me to no end. This year I had a huge set-back as many of you know, I lost access to an excellent corporate pension plan, so re-did my plan on my birthday, and I pushed-back retirement two years from 63 to 65. Am I happy about that? No. But since I have 11 years left, it should work out fine, and  I will have forgotten about it on the day I retire.

 

I had been begging and pleading with my Dad for years to wake up and smell his retirement coffee, but he never did. Yes, and now he's set to be dying in a Medicare bed. It's a nightmare scenario that was literally a quarter-century in the making, and I watched it unfold, powerless to intervene. I tried. He is still alive, quite ill, but he financially died the death of 1000 cuts, and probably 750 of those cuts were avoidable.


Sincerely,
Peter
Report Inappropriate Content
2
Kudos
4797
Views
Treasured Social Butterfly
0
Kudos
4838
Views

Re: How much do you need for a comfortable retirement?

4,838 Views
Message 60 of 167
@ry6147 wrote:
Seems like everyone is prozeletizing on issues far removed from the question at hand, so I'll be more direct:

 ..

Now these are conservative numbers based on (1) assumed average RoR of 5% and (2) an endowed life expecatncy to age 95. Most of us won't make that, so the kids or a charity will get the balance.

 

Hope that helps. 


There isn't an single "right answer", but the bigger point is to think about & discuss the issue, so we can individually prepare what's best for ourselves & families.


Registered on Online Community since 2007!
Report Inappropriate Content
0
Kudos
4838
Views
cancel
Showing results for 
Search instead for 
Did you mean: 
Users
Announcements

Open Enrollment: Oct 15-Dec 7, 2019 Find resources to help you decide on the best healthcare insurance plans for you during Open Enrollment season