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For the older crowd: How much money is enough to to retire?
holy-cow replied 2 years ago 31 Members · 65 Replies
Paden, I am in a similar situation, sold the business in 2018 and took the “part-time” job of County Surveror by election. Now its getting a little too busy and I just committed to 4 more years!
I had a cousin I considered ‘rich’. When I asked him at a reunion if he was retired he stated “I never made enough to retire, so I just quit.” I am starting tho think like that myself.
Red = low Blue = high
10 or so years ago I set up a spreadsheet to project retirement cash flows. It showed us being fine through age 90 with funds to spare. But my wife was skeptical, so I agreed to see a financial advisor. His calculations had us dying at age 95 with a bunch of money in the bank, and that satisfied my wife. It was expensive reassurance, but you do what you have to do.
I’m not in the 70+ club but I will say something for the children of 70+ parents….parents, please have a will. Whether you think your kids are going to argue over your estate or not, have a will. That is all.
T. Nelson – SAM, LLC- Posted by: @kscott
“I never made enough to retire, so I just quit.” I am starting tho think like that myself.
Hey, that??s it!!
The goal is to become broke by sharing early. Enter the old folks home with $50 in the bank. Let the State and Feds fight over which one pays what on your behalf. Smile while you are getting identical care to those who are paying for it out of their hard-earned savings.
Yup. Not necessarily the worst decision in my life, but definitely the worst financial decision
@jitterboogie WJMFURSI ?
Can’t figure that one out, either.
Google didn’t explain it for me. I find most texters’ initialisms that way.
.it’s a mixture of blasphemous and vulgaris phrases.
Did you ever figure out if exist yet using my name?
????
Wholly Jesus MFing Unbelievable Ridiculously Stupendous Insane
- Posted by: @andy-bruner
I plan to have my ashes wash down the Flint River to Apalachicola, Florida and the Gulf of Mexico.
Don’t you dare! Our oysters are in bad enough shape already. ????
Experienced that as a single father raising three daughters.
Now, I have convinced my wife she is my “Sugar Mama” and reverse that scene at every opportunity.
Great suggestion. Dying intestate (without a will) means probate court where things get really crazy and the lawyers are the winners.
Suggestion for you: Start saving at least 5-7% of your total income, but just for fun, invest $500 in various stocks through a local broker or online. You may lose but you may win. That??s the risk so diligently research stocks, look before you leap, and if you do the gains far surpass any ??bank savings account? paying 0.002% it worked for me, and still does after 45 years. ????
Tell Ma and Pa Kettle to start divesting themselves of most everything. Use that money to prepay whatever services they prefer to have held upon their deaths. Distribute the remainder as they see fit. Get as many taxable possessions into the hands of those who they believe should end up with them and DO NOT reserve a life estate. That mistake is how hospitals and nursing homes claim those against any amounts due to them. They might even put labels on certain household items they still need but want to go to someone specific in the family and make all family members aware of this. If they are lucky enough to be able to live out their days in “their” home that is now owned by an heir, they can rent it for a minor amount per month. Meanwhile, that heir has a business for which certain purchases become tax deductible as an expense against that tiny income.
On the day my mother died, she had a couple hundred dollars in the bank and owed me $700 for a few purchases she had made. She was living in a rented apartment with not much more than her clothes and essential items. My sister and I split the items that didn’t go to Goodwill in just a few hours, emptied the apartment, paid off the close out rental expense, gathered her mail and went to the PO to reroute any remaining mail to my sister’s address. Done. Nothing to probate. No lawyer. Simple.
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