How much is enough to retire ?

[Voodoo]

TBH Translater:




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Dude, pay no mind to me but do keep working hard and paying your taxes so I can enjoy all my Government checks and wonderful health care in my retirement. I buy some wonderful things with your hard earned money.

My retirement message is two fold concerning what I posted. First you gotta decide your standard of living and second you will know when its time.

[rut-ro]

I live these threads. I am Like a couple others. Do not think I will ever retire. Work (to me) keeps the mind busy doing fresh

[DRT]

There is no biblical basis for retirement. So realistically it's when one stops working for their money and their money starts working for them. However in my case I had reached that point in my career where I wasn't going up and staying home paid the same as going to work. So collecting retirement and working a business gives me a wider latitude.

That said being fairly debt free helps.

That is until decide to buy land after you retire . . .

Plus if fortune smiles on me I will be dead before I hit 70.

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[Voodoo]

I live these threads. I am Like a couple others. Do not think I will ever retire. Work (to me) keeps the mind busy doing fresh

Retirement is not for everyone and has different definitions for everyone like DRT said up there ^^^^

[Briar Friar]

Mop mop mop...All day long. Mop mop mop...while I sing this song.

Keep on keepin on.

Keep the farm...its brown gold and they aint makin more of it. Wall street goes bang and bust. 401k to .401. Do not disregard inflation.

Rule 1) dont own property that doesnt pay for itself
Rule 2) there is no money in making money

Make more money...pay more taxes.

[Huntindad]

No but after I retire I would assume I would need to pull it out of the market and put it somewhere safe.

Pm sent mr. Buff

[trophyhunter]

Good thread.

[TeamAmerica]

People focus on income but often forget about the balance sheet. The biggest and most rigid unflexible bills come from debt. If you can pay those off, the conversation gets much easier. I have told my parents that i would like them to die with zero in the bank. I don't want to inherit their money that they have worked so hard throughout their lives to earn - they have given me more than enough. We've considered everything from annuities to reverse mortgages to get something that works.

Everyone wants a rule of thumb. Plan to need 80% of your pre-retirement income. Estimate 15x this amount to generate a reasonable yet safe return. It also comes down to what type of health care you want. When my parents aren't able to live alone, it may mean that they end up in the nursing home where they share a room and don't have the top notch service.

I know of a guy whose entire plan revolves around not paying his property taxes ever again and give it all back to the state when he dies.

Good luck!

[AJ the TP Guru]

Whatever you think is enough..... is probably not enough.

Trust me.

[grizzman]

Yeah, I can see myself doing a "working retirement".

[Pernell]

Why would anyone leave their money in a CD making 1%? Invest your money into some kind of income producing properties. Don't ever retire always find some way to make money, always be productive and your life will be much more fulfilling. I am 54 and financially ready to retire, If i stay healthy, I plan on working until I am 70 at least.

[TKK]

I will just add this - retirement or semi retirement is not just about the breadwinner. It is also about your spouse. Odds are that your wife will live 7 years beyond your life expectancy.

Also if you are in your 50's or early 60's and you die now the odds are your wife will live another 25-35 years. That is a very long time for her to need income. If you have a pension make sure to elect a joint survivor option. In addition, if you do not have some life insurance then consider getting some. I have witnessed it being the difference in a surviving spouse keeping their current lifestyle versus a radical change in their lifestyle. Just food for thought.

[topshot]

work work work, retire and drain all your savings, leave your kids with very little to nothing, and your grandkids with even less. they then repeat the cycle.

instead of that method, use your savings to give your grandkids 0% loans on their homes, cars etc, so they can start saving at 20 years old, pay off their house by 30 and start accumulating wealth for the future generations, to perpetuate the wealth. imagine what effect the selfless act of one grandparent could have on every generation to follow.

the Bible says a wise man leaves an inheritance to his childrens children.

[Biggs]

3 million net worth earning 10% should do it. Crap I've got a long way to go


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[Biggs]

Passive income is always an option. 10 rent houses that net 1,000$ a month is 10k a month and 120k a year.

Bingo. Except aim higher if possible to cover unexpected expenses (or vacation/hunting trips)


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