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

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Message 51 of 166

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!


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

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Message 52 of 166

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.

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

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Message 53 of 166
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


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

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Message 54 of 166
We love retirement you don't need much after you quit working a meek and humble life suffices
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Re: How much do you need for a comfortable retirement?

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Message 55 of 166

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

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Message 56 of 166

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.


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

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Message 57 of 166

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

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Message 58 of 166

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

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Message 59 of 166
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.


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

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Message 60 of 166

".....Rule of thumb: for a $100,000/year cost of retirement at age 65 in 2015 numbers, a $2,000,000 portfolio will do the trick, inflation included at 3%/yr. Clearly, to offest for SSA income, subtract that income from the $100,000 bogie and reduce the portfolio value proportionately.........".

 

   I always cringe on any 'rule of thumb' postings because everyone's financial picture is so different.

 

  DW and I retired, on investments only, at 55 and 53. Before we actually quit our jobs, we tracked expenses almost two years, to the penny, and put on a spreadsheet. We factored in, as best we could, expenses such as auto repairs/new car purchase, home maintenance (such as new roof), travel, and other expenses that relate to our lifestyle and projected lifestyle.

 

   The very difficult part is to project income from investments. I was very conservative in that, at least, what I thought was conservative.

 

   Now, no one will get this 100%, but the point is, one needs to go through the exercise and not guess or simply take rule-of-thumb. This is time and some work. Too many people just 'guestimate' and don't base their guess on real numbers.

 

 


"...Why is everyone a victim? Take personal responsibility for your life..."
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