Is Retirement age Monetary or Age based?

Discussion in 'College Basketball Board' started by lurkeraspect84, Feb 29, 2020.

  1. WojoRising

    WojoRising Well-Known Member
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    Kansas is the only fan base that I feel should be confident at this point
     
  2. MileHighSpartan

    MileHighSpartan Well-Known Member
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    Spending amount per year * 25 years = $2.5m

    So if you get to $2.5m, you can spend 4% ($100k/yr) per year (SWR) and theoretically never run out of money
     
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  3. brooky03

    brooky03 Well-Known Member
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    $2M is my number
     
  4. Connecticut Wildcat

    Connecticut Wildcat Well-Known Member
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    need 4.5 mil to retire. Will move away from NYC so probably less, but would like to travel and play golf a ton
     
  5. coryfly

    coryfly Well-Known Member
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    Technically I can retire at 52 since I'll have 30 years in. I doubt I will though. Maybe I will and then work somewhere else or something. IDK.
     
  6. GE Nole

    GE Nole Well-Known Member
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    I don’t know if I agree with you 100%. It’s “encouraged” by businesses, sure, but there are certainly incentives to saving. Make extra payments on your house and pay tens of thousands less on your house payment. Own your car for 10+ years (mine is a 2005) and use that money on a nice trip to the beach or something. Max out your Roth for some tax free earnings and compound interest.

    People just like to make excuses for why it’s someone else’s fault that they aren’t happy.
     
  7. Hank_

    Hank_ Well-Known Member
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    Thousands of people today, all over the country, just bought a house with 0% down, to go along with their 72/mo auto loan.

    Our economy runs on credit, and that doesn’t work unless the masses are engaged.

    You’re correct on absolutely everything. But you sound like a person that makes well thought out, prudent decisions. A lot of people don’t.

    Data points like these don’t exist when people operate like you.

    “Some 33% of people who traded in cars to buy new ones in the first nine months of 2019 had negative equity, compared with 28% five years ago and 19% a decade ago,”

    https://www.marketwatch.com/story/m...-underwater-on-car-loans-2019-11-09-111032935
     
  8. GE Nole

    GE Nole Well-Known Member
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    I’m not debating your stats. You’re right. But you keep making my point over and over. It’s not a difficult concept to learn and accomplish. It’s just difficult for weak, materialistic people to have some self-discipline.

    Your original statement was about younger generations might as well give up on retirement? Why? Maybe instead, you get generations should just practice a little self discipline.

    And FWIW, I’m a millennial. An old one who barely qualifies, but one nonetheless. And we put 20% down on our house in 2013 and make at least one extra payment a year.
     
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  9. lurkeraspect84

    lurkeraspect84 Well-Known Member
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    Worked all day today, I'm 374 dollars poorer. :( I think I'm going to bed early and get started on tomorrow.
     
  10. Hank_

    Hank_ Well-Known Member
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    I think we’re talking past each other here.

    My point is that you’re talking about the way things should be instead of the way they are.
     
  11. GE Nole

    GE Nole Well-Known Member
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    Sort of. I’m saying that it IS that way for a good number of people now. More folks than you realize are practicing self discipline and retiring early. A lot of blogs in the last 10 years have been all over this.
     
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  12. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    53
     
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  13. RR30

    RR30 Well-Known Member
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    Bert how have you had the capital to enjoy retirement for the last 75 years? Numbers aren't adding up for me.
     
  14. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    Thanks RR!

    I was born one day before Donald Trump. I graduated college in May 1968. I started work in May 1968. I continued to go to night school and got promoted several times. I was very frugal and retired in December 1999. (By the way I paid for my kids college in very good schools.)

    Hard work pays off.

    I am making more money today than when I retired. Pure stupidity on my part, but I married a very bright (and pretty) girl.:)
     
  15. lurkeraspect84

    lurkeraspect84 Well-Known Member
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    This is an understatement. Bert out kicked his coverage for sure.
     
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  16. Afamu

    Afamu Well-Known Member
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    How are you doing that? Investments?
     
  17. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    I had a great job.

    I worked hard and saved.

    32 years of hard work with frugal ethics works.

    Buy low, sell high. Just save so you can buy low.

    Hint: I cook better rib eye steaks than the good steak places and it cost me $10.00 a steak. :)
     
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  18. GE Nole

    GE Nole Well-Known Member
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    My momma always told me it was just as easy to fall in love with a rich, pretty girl as it was to fall in love with a poor, pretty girl. She was right :)
     
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  19. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    My wife had $75 when we married. I married a bright, pretty, poor girl.

    I made the money, she raised the kids and helped me be frugal. After the kids were in school she would work when she could. But we moved a lot as I got promoted, so here jobs were never career type jobs.

    We made it on our own. We did borrow $268 from my father when our first child was born in 1967. I was still in college.
     
  20. sdave

    sdave Well-Known Member
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    I’m at that point. Before the corona virus I had enough money to retire and probably still do. The thing is your health. I’ve had surgery for cancer, successfully. Then spinal surgery for a compressed nerve to my le, successfully. The I slip and shatter my foot. Surgery seems successful as I beginning to walk now.

    thing is, maybe I should retire and enjoy life. Damn patients keep begging me not to though.
     
  21. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    It is a big decision. Ten years after the decision is made you will know if it is the right one or not.

    Best of luck to you sdave.

    Think long on it, make the best decision possible.
     
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  22. sdave

    sdave Well-Known Member
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    my trainer has a client that is ultra rich. Owns hotel chains. Started out as a busboy. He is 85 and married to a Mexican woman 20 years younger. Second wife. Probably was a trophy wife when he married her.

    Thing is he didn’t marry some hot , poor Mexican peasant. She is from the richest family in Mexico.

    that’s how the rich stay rich.
     
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  23. sdave

    sdave Well-Known Member
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    Thanks. Fortunately I am in a position to make my own decision. I’m actually packing to go on a dive trip to Socorro island to dive with the giant Manta Rays. I got some booties with a stiff sole and athletic tape to wrap my foot. They can’t stop me yet.
     
    63 sdave, Feb 29, 2020
    Last edited: Feb 29, 2020
  24. lurkeraspect84

    lurkeraspect84 Well-Known Member
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    I'll be disappointed if I don't beat that. 9 years.

    My luxurious might not be as high, but I'll put the quality of life up there.

    I'll be ok with 55. Winking
     
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  25. imajericho

    imajericho Well-Known Member
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    Um, once my mortgage is paid off I guess that means I would spend like 40k a year, if that. Lol.

    40kx25= 1 million dollars.

    Lol
     
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  26. schoonerwest

    schoonerwest Well-Known Member
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    I don’t know what it will be for me. I certainly am saving for it so I’m hoping that’s not an issue when I’m older but I like my job. I’m not sure I’ll ever fully retire. Eventually I want to just get to a point where I have enough cash coming in every month from various oil/gas wells that it pays for my families month to month lifestyle. I’m not sure when that will happen but I’d like for it to have happened atleast by the age of 60. 60 has always been the age I’ve said where I want to stop taking on new work, new projects, new stress. I’d rather pick and choose what I do for work at that age so in that regards, I’m not sure I’ll ever retire.
     
  27. Afamu

    Afamu Well-Known Member
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    Don’t forget SS
     
  28. schoonerwest

    schoonerwest Well-Known Member
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    That’s gotta be a pretty good feeling to finally start withdrawing from SS after paying into it for so many years. The maximum withdrawal in 2020 is $3790 beginning at 70 years old. That’s a pretty damn good number to add to your yearly income at that age. I just hope it’s still around in 30 years.
     
  29. Afamu

    Afamu Well-Known Member
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    I won’t wait till 70. We aren’t guaranteed to reach that age.
     
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  30. schoonerwest

    schoonerwest Well-Known Member
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    That’s true. It would be tough to hold off, especially for 8 years. But isn’t the difference between withdrawing at 62 and 70 like $1300 compared to $3790? I’m not fully sure of all the math involved. I’m pretty sure they take your 35 highest years of income and average them out to come up with your number. I’m also not sure what the maximum annual income is to be considered for maximum withdrawal.
     
  31. schoonerwest

    schoonerwest Well-Known Member
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    Do you take the kids on your vacations with too? I’m talking about your big international vacations that you do. My wife and I have a similar outlook about traveling and living in the now, which you likely know as we’ve discussed our vacations many times, but last night we were talking out loud about when would be the best time to start doing that with children.
     
  32. Afamu

    Afamu Well-Known Member
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    Yep. But take that 1300x12x8=124,800 that you missed out on.
     
  33. schoonerwest

    schoonerwest Well-Known Member
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    Everybody’s situation will be different but IF one is eligible to withdraw $3790 at age 70 then they’d pass the person who started withdrawing at age 62 before they even hit age 74. Then it would be $30,000 a year more until they died. Like I said, everybody’s situation is different though.

    One thing to consider though is life expectancy. Today the average American can expect to live until age 78 or so. But once you hit age 62-65-70, that number goes up much higher. I think I’ve read it goes up to 87 once you hit retirement age but I could be wrong. The reason it’s so much higher than 78 like it is for the general population is because that 78 number is also taking into account everybody who dies in a car wreck, from cancer, heart disease, homicide, and just about every other leading cause for death in America that affects people of all ages. At age 65 you have a much much higher chance of dying from old age than you do compared to somebody who was just born that year.
     
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  34. Bert Higginbotha

    Bert Higginbotha Well-Known Member
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    You also are still liable for taxes on your retirement income. I must pay them quarterly. 401k's and IRA's are wonderful, but you are liable for taxes. I am now forced to take out money from my 401k's and IRA's and Uncle Sugar is there waiting with his hand out. Plus, if you have no mortgage or deductibles the tax rate can get as high as when you worked.

    It is also important to understand your State taxes on property and State income also. I retired in Florida and moved to Kentucky. Basic same price on houses but my property tax in Florida was $4,200 per year and in Kentucky the next year it was $1,200. That was a savings of $3,000 a year. Kentucky forgives the first $20,000 of your retirement pension so I have paid little income tax in Kentucky for the last 20 years. States like Florida, Texas and Tennessee who have no state income taxes make up for it in real estate and sales taxes.

    When I retired, I had projects that I decided to do long before I retired. After three years I had them finished and was ready to do something else. I ended up working for my little town and put in 40 to 50 hours a week for little pay for ten years. But it was fun. Retirement without project would be really boring even if you did not have projects and things to do.
     
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  35. Afamu

    Afamu Well-Known Member
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    I feel if I have 2.5 to 3 mil + SS will set me up nicely.
     
  36. toonces11

    toonces11 Well-Known Member
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    Refuse. Been burnt time after time.
     
  37. toonces11

    toonces11 Well-Known Member
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    The biggest thing is having all debt paid. If you have 5-10k per month to spank around.....you’re set. But I adamant it should come from grinding for 40 yrs. you better ****ing live while your young and able.
     
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  38. Afamu

    Afamu Well-Known Member
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    I agree. In 2 years I will be close to the above and not one piece of debt.
     
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  39. Crappy Davenpot

    Crappy Davenpot Well-Known Member
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    Worked until I turned 58 and retired. Mine was money based. I have a pension that pays the rest of my life + 3% COLA per year. Also wanted to have enough invested/saved to support us just in case the pension was cut or went bye bye. Have that covered as well. My advice, retire as soon as you can, depending on your comfort level.
     
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  40. ThePhog08

    ThePhog08 Well-Known Member
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    I am partial owner to 2 small businesses outside of my day job and have my own investment portfolio all income from them go into. As well as an asset outside of that. I'm trying to retire before 40. So money.
     

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