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

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Message 41 of 166

In the "everything is relative" category, after a conversation with friends, I looked on Realtor.com, for a 2 BR, 2 BA condo/co-op in Manhattan, in a newer building. At the lower end of the price range, I only found 1 listing not in Harlem .. in the east 20s. The price was $1.195 million, with monthly maintenance fee of $2,500! So much for moving back from the suburbs to a trending urban setting!


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

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Message 42 of 166
2500.00
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Re: RE: How much do you need for a comfortable retirement?

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Message 43 of 166

1,000.000

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

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Message 44 of 166

It takes more than $1,100/month just to pay my property tax! Add in basic utilities & TV, medical insurance, and it's almost $2,100. That doesn't include homeowners or auto insurance, or food!


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

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Message 45 of 166

ae249992 wrote:

At  least $1500.00 a month. Maybe more. It is really hard to say, because you never know what  might happen that you might need more money for.


Where in the country are you thinking about that one can ilve for $1500 a month?  Does that assume a paid off house or something?

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

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Message 46 of 166

At  least $1500.00 a month. Maybe more. It is really hard to say, because you never know what  might happen that you might need more money for.

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

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Message 47 of 166

I responded to this posting 4 years ago. I'm now a few weeks short of Medicare.

   There is a difference between 'comfortable' and what you really want to do. I'm going to Europe every year, flying business class. I certainly don't 'need' that to be comfortable, but I enjoy it.

   DW and I spend quite a bit on travel. That's our splurge. Don't care much about owning things and keep our smallish home and relatively inexpensive cars. But taking multiple trips a year is important to us and the biggest advantage to retirement.


Just think. The world was built by the lowest bidder.
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Re: How much do you need for a comfortable retirement?

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Message 48 of 166

you need a lot more than I have I was forced into retirement 3 years ago I had planed to retire at end of this year when I would have been able to get full Social security and full penshion but my plant was closed and I was booted to curb but because of my age and reasonable acomadation for disability [cancer survivour] no one wants to hire me I actualy had my first interview tell me I was too old

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

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Message 49 of 166

I started saving for retirement at age 39, after a bad divorce in which I lost everything, plus ended up $80,000 in debt. I never made a lot of money each year (averaging around 40K) but managed to put 6000-8,000 away annually anyway. That's because I had my own business, and was able to put up to 25% into a sep-ira. At the end of the day, now 30 years after I started saving, I find that I have accumulated well over a million dollars. Guess I picked the right investments. But some weren't so good, and I lost the entire amount invested in them. It all averaged out in the end to produce a lot more than I had ever envisioned needing. I retired at age 66, and have been able to pay all of my expenses out of my social security check. Hence the only thing that I drew money out of my retirement account for was to buy the shiny new red sports car that I always wanted. It's a bit more car than I'm used to, but, hey, life is short.

 

When I hit 70, I'll have to take my RMD's, and I have no idea what I'm going to do with it. All my health care is paid by the VA because I'm a disabled vet, and my wife has Obama care, so the premiums are very low. I have learned one important thing, which I pass on to all those who are younger than me:

 

The time to do something is when you can!

 

I can no longer travel for more than 3 hours on an airplane, due to health issues. I used to go to China twice a year, so that gives you some idea of how limited I've become. And I can't drive for more than 200 miles a day because I end up falling asleep at the wheel. I used to be able to go over 700 miles a day when needed, but those days are gone. In addition, I find I can't ride motorcycles anymore due to slow reflexes, loss of hearing, fragile bones, etc. So at this point, I'm glad that I did get to ride over 150,000 miles on motorcycles when I was younger.

 

My out of pocket expenses are low enough so that I really don't need to draw anything out of my retirement funds. I will leave a large part to my wife and my kids, but will most likely donate the balance of my estate to the VA, which has done such a good job taking care of me all these years. By which donation, I hope to be able to pass on something which will help other vets get better health care, if only incrementally.

 

At the end of the day, my Social Security and my VA disability benefits cover all my housing, insurance, transportation, food, and entertainment expenses. I think that it all comes out to less than $36,000 a year. Maybe other people can't live on this amount, but to them I will say, a man's wealth is not measured by what he has, but by what he doesn't need.

 

 

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

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Message 50 of 166

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
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