Posted on 06/26/2017 7:45:52 AM PDT by SeekAndFind
Edited on 06/26/2017 8:44:25 AM PDT by Admin Moderator. [history]
https://www.usatoday.com/story/money/personalfinance/retirement/2017/06/23/is-1-million-really-enough-to-fund-your-retirement/102924076/
TexasFreeper2009 wrote: Here’s the key point to remember about retirement: Any plan that involves living off the principle puts you in the unenviable position of needing to die before you run out of money.
Here’s another key point: If you don’t travel first class, your grand kids will.
Question: what are you going to do with your principal? I personally have no desire to sit on the front porch of a nursing home bragging about my principal. I fully intend to liquidate a very sizeable portion prior to my death.
If you haven’t done things and experienced things by the time you retire then you have lived a stifled life.
I don’t need “luck” I have a plan.
well, it’s your money to do with as you please.
But when your eating cat food to survive, don’t go begging to the government to rob those who didn’t blow their money on your behalf.
I personally wish to amass enough principal to live off the interest/earnings alone. And then leave the principal to my children so that they can do the same.
Smoking burns up as much as $2 million in a lifetime
https://www.usatoday.com/story/news/nation/2015/01/22/cost-of-smoking/22144969/
Smoking Could Cost You $2.3 Million Over Your Lifetime
https://www.fastcompany.com/3067301/smoking-could-cost-you-23-million-over-your-lifetime
Thanks for the links-——but they are ridiculous———they include health care costs and lost income due to illness———which is something they have no way of proving are smoking related.
Making a blanket statement that smoking costs 2 million over a lifetime is utter nonsense.
..
I agree. I made a lot of my $ in Real Estate through the years. The Midwest market has always been rock-solid and I just sold my little farm last year at more of a profit than I could have imagined, thanks to it being a ‘farm’ but still two miles to town. Location, location, location!
Bought my first house at 25, flipped five through the years and this was my last sale but, never say never; it’s kind of addicting, LOL!
While not the best investment during your prime earning years, annuities are a decent avenue while nearing or in your retirement years. You give up some top end results for security. Athene has some top rated annuities which generate decent monthly income with no market downside risk.
As I stated before, it’s your life, and your money to do with as you please.
I personally will save the principal I amass and live of the cash flow it generates and leave it all to my children when I pass, along with the lessons I used to attain it and a first rate education needed to keep it.
As long as you don’t try to get the government to eventually rob ME (in the form of taxes) to pay for your decisions, it’s no skin off my back.
quote from another article:
By far, the largest expense incorporated into the per-person total is the “tobacco cost per smoker,” measured at $786,346 in South Carolina, up to roughly $1.5 million in Alaska. WalletHub came up with that figure by multiplying the average price of a pack of cigarettes in each state by the number of days in 51 years. Fair enough. There are cheaper ways to go about buying cigarettes, like buying smokes by the case, but many people purchase by the pack.
http://time.com/money/3676521/smoking-costs-lifetime/
can easily be over a million on just the simple cost of the cigarettes alone, not even including the lost potential of compounding interest.
“As long as you don’t try to get the government to eventually rob ME (in the form of taxes) to pay for your decisions, it’s no skin off my back.”
A portion of our taxes have have been applied to the costs of other people’s lifestyles and bad decisions ever since we started paying taxes-—in my case,since 1949.
That’s life.
.
and that’s exactly why I don’t vote for Democrats :P
I’m and ant, I have no tolerance for grasshoppers.
http://www.eastoftheweb.com/short-stories/UBooks/AntGra.shtml
Ping for good experience.
I just retired this year. We are adjusting fine financially but the farm work may not be enough for me. My plan is to live on 2.5% just because we are that way. Not yet on medicare and $21000 a year set to be $30000 by all appearances is eating us alive. 65 cant come soon enough and im going to the doc even if I just want to chat then to get my moneys worth!
I assume you’re talking about O’care costs. If that be the case, take a look at this article. By voluntarily limiting our income, we were able to qualify.
How Early Retirees Can Get Cheap Health Insurance
Planning to try that. Thanks for the useful link.
Good point; living your dreams should become living your faith and occur every day. It is prudent to save for retirement, when one cannot work/earn, in order not to be a burden. It is not prudent to hoard wealth, where moth and rust decay one’s soul, so to speak.
As a bonus, federal/state tax obligations are significantly reduced. So far this tax year 2017, our lifestyle hasn’t been affected - we seem to have a reasonable balance between income/expenses. I’m 67 and mrs abb is 61, so we have a few years to go before she’s eligible for Medicare. We both managed to retire at 59.
I posted a functioning link. It appears to be wrapped on my browser. What are you suggesting?
Find another state that is agreeable to you that has a low cost of living. North Carolina isn’t especially cheap, it’s probably more like mid-pack as far as cost of living, but with a paid off residence it’s very doable to cover all your monthly expenses with social security. My mom’s doing it, the required annual IRA distribution is gravy, if she uses it at all rather than socking it away in a CD (virtually useless as far as return but it’s still there if needed), she uses it for vacations, home improvements, a nice big Christmas, things that make her happy and I’m fine with that.
“It is not prudent to hoard wealth, where moth and rust decay one’s soul, so to speak.”
Not necessarily, in fact probably the opposite. What you call hoarding is people saving and sacrificing to insure they have enough for comfortable retirement without burdening others. And if it also allows them to live some dreams so much the better. To me that’s being wise, ethical and responsible.
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