Financial regrets in retirement?

[CrownKiller14]

To the OP.

I'm 31, already made a few dumb choices buying a new boat and other toys, but I'm through that phase and learned my lessons.

Personally I've found most wealthy individuals aren't the ones always cutting cost and penny pinching. Most have built a portfolio of small businesses, real estate or other type of investments that provide them monthly income. They drive newer vehicles, go on vacations, and go on hunts all over the country. Retirement doesn't have to be sitting at home waiting till the SS check hits.

Find a way to retire with money still hitting the mail box each month starts before your 50. Not saying it can't be done after 50 but ROI normally isn't worth the risk if you wait to late. Rent houses, small business, land, other risker investments take time and money. Don't wait till the year you're ready to retire, live bold and take chances.

[CEO]

I'm not sure you understand how 'younger women' work

Ha. My thoughts exactly

I know a late 50's guy dating a late 30's gal. I don't think either of them ever plan on her paying a bill.

[rut-ro]

and on the other hand you never know when tomorrow wont come! enjoy life while you are still able to

[Radar]

Health insurance is 12-14k per year for one individual.

[dgilbert]

Health insurance is 12-14k per year for one individual.

You need to shop around or find a good broker. Mine was 1k and I had preexisting cancer conditions.

[HogHunter34]

Who in the hell can have a million dollar retirement on a regular jib, with no kind of pension. All mine has is a regular 401k, im still about 25 yrs from any kind of retirement. I cant figure up any way to get that kind of money before then. U must be talking about the ones who have a good plan like a cop, are firefighter. All that compound interest adds up quick.

Compound interest
Starting at age 25 making $40k per year contributing 10% into 401k assume no employer match with average annual raise of 2.5% by age 65 with average 7% yield = $1.134,881

[Radar]

You need to shop around or find a good broker. Mine was 1k and I had preexisting cancer conditions.

1 thousand a year? That is extremely cheap.

Mine is 1300.00 a month with 5000.00 deductible. I am not eligible for Medicare yet and I am self employed.

[curtintex]

You need to shop around or find a good broker. Mine was 1k and I had preexisting cancer conditions.

That for veterinarian services or they let you have a real doctor?

[HogHunter34]

A million dollars is only $50,000 a year for 20 years. I need to retire with at least 1.5 million just to pay my deer leases.

Says the guy bragging on his 25 yr old 4-wheeler

[UrbanBuck]

Who cares, you only have one life to live. Enjoy it, spend that money. Your kids don't need it when you die. They can make their own. Buy that boat or whatever makes you happy!! Too many people die with a load of money in the bank and never really lived. Lame if you ask me!!

[Tyrex750]

Come on antlercollecter, it's 27k for mine and 30k for the wife's. We living now, have fun while u can. Hers is paid for and mine is half way there.

[M16]

I'm going to retire in November. I've been unemployed for the last ten years and have given up looking for a job. Every job position has employers wanting to tell you what time to show up for work and what to do.

My only regret is not having spent more money when I was younger. I'm afraid I'll run out of time before running out of money.

And for the old saying it's not what you earn but it's what you save. BS. If you don't earn a decent amount you can't save very much. Always hustle to increase your income. My saying is "You make a living with your back. You make money with your brain."

[BrianL]

Retirement is about 12 years for me. my wife and I have been blessed and our house is paid off and the only thing we owe on is her vehicle which we financed only to keep the credit score high. we will inherit the family farm which has a house on it already which we will move into. I will tell you I am not looking forward to the added cost of keeping the farm up. Everyone wants to own land until they realize how much it cost to own land. Luckily both my wife and I will have medical insurance through our employers

Yep I'm looking at new hay baling equipment for my place. Looks like it will be close to $180,000

[glen]

If you have a hobby that is expensive and cost you a lot of money make it a side hustle. If you can write off your expensive hobby it will go a long way. I’m considering running 2-3 family fishing trips a month just to write off my daily “scouting expenses”. I have no idea how much $ I spend fishing but it’s my major expense in life now.

[S-3 Ranch]

That for veterinarian services or they let you have a real doctor?

Amen , my wife just retired and had insurance when working
Now $10,000 per year + $4000 deductible
And we are in the gap for 10 more years till SS kicks off

Plan on huge increments in budget
1. Health insurance
2. Inflation , electric, heating fuel, gas ect
3 school taxes

Do have max long term care insurance thank the lord