Is Retirement age Monetary or Age based?

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

  1. Bert Higginbotha

    Bert Higginbotha Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jan 9, 2003
    Messages:
    21,296
    Likes Received:
    6,002
    Location:
    Smiths Grove, Kentucky
    . . . . . the most important part. Capital and no debt.
     
  2. dukedevilz

    dukedevilz Well-Known Member
    Expand Collapse

    Joined:
    Apr 3, 2002
    Messages:
    5,245
    Likes Received:
    6,729
    Defined Benefit Plan > Defined Contribution Plan
     
  3. schoonerwest

    schoonerwest Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Apr 5, 2006
    Messages:
    24,346
    Likes Received:
    16,157
    Location:
    Midland, TX
    I think I read somewhere that very recently they just changed the age you have to be to withdraw from your IRA? Or maybe you don't have to withdraw as much and be subject to a penalty? I don't know. I plan on living well after 70 (fingers crossed) so I'd prefer not to touch mine until I absolutely must.
     
    Bert Higginbotha likes this.
  4. Bert Higginbotha

    Bert Higginbotha Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jan 9, 2003
    Messages:
    21,296
    Likes Received:
    6,002
    Location:
    Smiths Grove, Kentucky
    My wife and I are forced to withdraw now that both of us are over 70 & 1/2. I don't depend on that money but I have to pay taxes on it. There is nothing wrong with taxes, I would love to pay more just so I could keep the rest.

    I laughed at Reagan when they first came out with the IRA's. Now I am finding out that he was smart. It is deferred taxes. Now instead of paying taxes on $2,000 it is on $100,000. The old Illinois boy was bright.

    Plus it is a nest egg if I need it.

    I am impressed with the guys on this board that have planned on retirement. That is what we are suppose to do as responsible folks.

    I love America and the opportunity that she gave me.
     
    Big_Blue79 and schoonerwest like this.
  5. schoonerwest

    schoonerwest Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Apr 5, 2006
    Messages:
    24,346
    Likes Received:
    16,157
    Location:
    Midland, TX
    There is so much information out there now on how to plan for your future at an early age. You are just being willfully ignorant to your retirement if you haven't taken advantage of it.

    I'm not saying that's a horrible thing. Everybody's situation is different. But something even investing as small as $100 a month when you're 18 years old will get you to $400,000+ when you hit retirement age. Compound interest is a beautiful thing. The best part about compound interest (other than great returns) is that you can start later in life and still see real great returns even after just a few years.

    I know people who have done financial planning. I've heard stories about people coming in at the age of 55 years old and all they have is a 35 year old checking account that's now up to something like $80,000. They missed out on 30 years of gains but even though they missed out they still were able to double their money before retirement.
     
    Bert Higginbotha likes this.
  6. Bert Higginbotha

    Bert Higginbotha Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jan 9, 2003
    Messages:
    21,296
    Likes Received:
    6,002
    Location:
    Smiths Grove, Kentucky
    Yep.

    I am stupid and do not do enough to maximize earnings. I have a good guy at Edwards Jones that rides my ass on a weekly basis to do better. He usually does not win.

    I really like liquid capital.
     
    schoonerwest likes this.
  7. schoonerwest

    schoonerwest Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Apr 5, 2006
    Messages:
    24,346
    Likes Received:
    16,157
    Location:
    Midland, TX
    I'll never be able to time the market. I don't try to really but my funds to buy into my SEP IRA were just made available today. I saw that the DOW was up 2% most of the day so I figured ok, that's still going to be more than 10% off record highs. I'll put my order in.

    In less than 1 hour since then the DOW skyrocketed to 5%+ for the day.

    Damn the luck. Lol
     
  8. Afamu

    Afamu Well-Known Member
    Expand Collapse

    Joined:
    Feb 9, 2017
    Messages:
    2,044
    Likes Received:
    580
    I agree. Have been working on the debt thing for a while now. Just have an investment property to sell and then free of debt.
     
    Bert Higginbotha likes this.
  9. MileHighSpartan

    MileHighSpartan Well-Known Member
    Expand Collapse

    Joined:
    Jan 6, 2014
    Messages:
    6,948
    Likes Received:
    6,335
    You might only need $40k a year. But you have to remember that you're still paying taxes on that, you'll still have to pay property taxes and home maintenance even if your mortgage is paid off, you probably will need to pay healthcare out of your own pocket (could be $1k/month for a couple), etc.
     
    Bert Higginbotha likes this.
  10. Crappy Davenpot

    Crappy Davenpot Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jul 12, 2002
    Messages:
    31,563
    Likes Received:
    268
    Absolutely. And a COLA is an awesome thing. I’ll be drawing nearly $80,000 next year doing what I want. Wife has a much smaller pension. We’ll both be eligible for Social Security next year as well. I won’t get much, she’ll do well. Never earned huge paychecks but was a world class saver. Lived rent-mortagage free for 7 years. No kids. Married after 40! Oh, and have a portfolio of investments and bonds, a couple houses, of around 2.2 million $$. Net.
     
    90 Crappy Davenpot, Mar 2, 2020
    Last edited: Mar 2, 2020
    dukedevilz likes this.
  11. Scotty00

    Scotty00 Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Mar 11, 2008
    Messages:
    8,648
    Likes Received:
    2,010
    Yep! I do the same thing. I loaded up and took off to the Smoky Mountains this weekend. Just got back today. I don’t wanna wait until I’m 60 or 65 to start doing things. I make all the memories I can with my son now.
     
    toonces11 and huskitt like this.
  12. dragonhawk1855

    dragonhawk1855 Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Nov 8, 2018
    Messages:
    11,632
    Likes Received:
    2,918
    its not so much about how much its more about being physically able to work that should dictate retirement. my dad continued to work into his 80's as a mechanic, even though he officially retired at 70. he passed away a couple years ago,

    remember when he used to make $1.60 ph.

    me I was forced our of work when I was 56 because of a stroke, collect around 1850 per month in SS Disabilty and Vetran's Dissbilty combined my wife gets about 800 per month, that gives us 2650 per month to live on, we live just fine on that.

    have a new Motor home that is setup for me.

    so its not about how much you have its ALL ABOUT living within your means.

    you can't take it with you.
     
    Bert Higginbotha likes this.
  13. Bert Higginbotha

    Bert Higginbotha Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jan 9, 2003
    Messages:
    21,296
    Likes Received:
    6,002
    Location:
    Smiths Grove, Kentucky
    Home maintenance: I moved a lot as the promotions came, so I did not have maintenance. I am in my tenth house and for the first time I have maintenance. Replaced the roof, replaced all three air conditioners, a few new windows, paint the interior, new carpet et.al.

    Healthcare: I have fantastic healthcare but it is expensive. My wife and I paid out $8,826.57 this year just in premiums. So budget $1,000 a month.
     
    MileHighSpartan likes this.
  14. Afamu

    Afamu Well-Known Member
    Expand Collapse

    Joined:
    Feb 9, 2017
    Messages:
    2,044
    Likes Received:
    580
    Made 50k today. Couple more days like today and I will be where I was last Monday.
     
    Bert Higginbotha likes this.
  15. huskitt

    huskitt Well-Known Member
    Expand Collapse

    Joined:
    Jul 17, 2015
    Messages:
    993
    Likes Received:
    868
    Location:
    Lincoln
    @dragonhawk1855 do you live in your rv? How do you pay for upkeep, gas, tags etc?
    Should think of trading it in for a camper van.
     
  16. dragonhawk1855

    dragonhawk1855 Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Nov 8, 2018
    Messages:
    11,632
    Likes Received:
    2,918
    nope have a nice home, use the rv to travel in, learned to live within my earnings. most that I ever earned was $17.00 per hour and my did not works as we raised 4 kids. that was the last year I worked = $35,+ per year. before that my last job paid me $8.95 per hour for a yearly salary of $18,616 yearly raising 4 kids, never had any trouble making ends meet, food, utilities, taxes, insurance [house, auto] all the usual household expenses, its called living WITHIN OUR MEANS.

    no 250,000+ houses, no buying 75+ thousand dollar auto's, no 50+ thousand dollar boat. it buying the auto that fit our budget, owning a nice 4 bedroom 2 story home in a small community.
     
    huskitt likes this.
  17. imajericho

    imajericho Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Aug 26, 2012
    Messages:
    715
    Likes Received:
    473
    I have a pension also.
     
    Bert Higginbotha likes this.
  18. mebeblue2

    mebeblue2 Well-Known Member
    Expand Collapse

    Joined:
    Dec 20, 2009
    Messages:
    13,204
    Likes Received:
    3,595
    i am 58
    i retired at 45 and got bored
    tried it again at 53 and got bored
    i am going to try it again in a couple of years
    if i get bored this time i will just never quit again
     
  19. imajericho

    imajericho Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Aug 26, 2012
    Messages:
    715
    Likes Received:
    473
    Well, my budget is $3650 a month. Take out the $1200 a month going to my mortgage and the $450 a month going to my car and I am at $2200 a month. So 2200x12 after taxes.

    I'd say that's probably like 30k a year tbqh. 40k let's me live large. Lol. It would barely be taxed in that range. But, yeah, this is leaving out the inevitable health care. = /.
     
    MileHighSpartan likes this.
  20. Sound.Slave

    Sound.Slave Well-Known Member
    Silver Member
    Expand Collapse

    Joined:
    Dec 27, 2019
    Messages:
    537
    Likes Received:
    2,249
    I assume I will be homeless at some point. Or houseless; I could easily live(home) in a F150 King Ranch.

    The other option is to live on the cheap in a sh*thole country, maybe the Philippines or Mexico. Colombia is pretty nice.
     
  21. 829305

    829305 Well-Known Member
    Expand Collapse

    Joined:
    Jul 6, 2007
    Messages:
    9,303
    Likes Received:
    5,275
    All about the money. Why work, if you don't have to? I have plenty to keep my attention. I'd quit today, if I could. However, retirement seems to be one of the big perks for teachers in my district. I know we always talk about it going away, but that's been going on since I started 20 years ago, and as of now it looks fine. I'm guessing that weed money in Illinois should keep my retirement there for me. Fourteen years to go (I'm 43) and then we collect 70% of the average of our top 4 consecutive salaries during our last ten years. Making $85K this year and will get to about $100K in a few years. So, $70,000 a year once I turn 57 doesn't seem too bad. Wife doesn't have much for retirement, but she manages a boutique and will probably do that until she falls over.
     
    MileHighSpartan likes this.
  22. Bert Higginbotha

    Bert Higginbotha Well-Known Member
    Gold Member
    Expand Collapse

    Joined:
    Jan 9, 2003
    Messages:
    21,296
    Likes Received:
    6,002
    Location:
    Smiths Grove, Kentucky
    What do you do when you get sick? Medicine in those countries are not Johns Hopkins quality.
     

Share This Page