Vegas Free-for-All - Baby boomer retirement goals...

andrew5499

Feb 13, 2014
6:09am

Not enough money. Just hoping SS money will be there.

In 10 years retirement age will probably be around 67 to 70 years old, so I be old and maybe dead by then.

Just hope to keep a job till retirement age.

Dave in Seattle.

Mar 15, 2014
1:42pm

Block User

Due to health reasons;we ALL have them,I bailed out at 62.
Auto mechanic and 23 years in the same building.

I left my alarm clock on for 5 months B-4 I finally turned it off. I just enjoyed shutting it OFF and going back
to sleep.
I have plenty of projects around the house:Stuff I have been putting off........ for years!
Selling my tools on Ebay,building a wind turbine but mostly house repairs.
Had an R/C truck hobby for the last decade and I'm still doing it.

When I retired,my employee savings plan earnings was worth a $27,000 check.(With Taxes removed).
$1,080 + $122 pension +$1,200 from my rental and I'm single!

I'm doing 'Vegas in 2 weeks and I have the time AND money to do it!
It's about time I do what EYE wanna do, now.

Well,I gained 10 pounds in 5 months: It's working!....

Now, I walk 5-6 times a week a mile or so.

I bailed on 9/11. My birthday.

Please edit my REAL name. I don't know how. Just the photo would be fine.

I removed the URL. It had my name in it. Bad idea.

wchroustjr

Mar 17, 2014
6:19am

Block User

Well, the date is set................July 3rd will be my final day. That will give me most of July and all of August off before hubby goes back to work. I will work now and then doing consulting stuff - good way to pay for trips......

Counting the days, and I know it will come quick

Dave in Seattle.

Apr 17, 2014
4:35pm

Block User

Quote

Originally posted by: ddd228
Due to health reasons;we ALL have them,I bailed out at 62.
Auto mechanic and 23 years in the same building.

I left my alarm clock on for 5 months B-4 I finally turned it off. I just enjoyed shutting it OFF and going back
to sleep.
I have plenty of projects around the house:Stuff I have been putting off........ for years!
Selling my tools on Ebay,building a wind turbine but mostly house repairs.
Had an R/C truck hobby for the last decade and I'm still doing it.
..

When I retired,my employee savings plan earnings was worth a $27,000 check.(With Taxes removed).
$1,080 + $122 pension +$1,200 from my rental and I'm single!

I'm doing 'Vegas in 2 weeks and I have the time AND money to do it!
It's about time I do what EYE wanna do, now.

Well,I gained 10 pounds in 5 months: It's working!....

Now, I walk 5-6 times a week a mile or so.

I bailed on 9/11. My birthday.

Please edit my REAL name. I don't know how. Just the photo would be fine.

I removed the URL. It had my name in it. Bad idea.

[/URL]]https://[URL=https://s514.photobucket.com/user/ddd228/media/50076011d2010_imageRCfunatthetrack-1.jpg.html]

[/URL]">[URL=https://s514.photobucket.com/user/ddd228/media/50076011d2010_imageRCfunatthetrack-1.jpg.html

AHHH,that's better.
I'm a goof off!
I started my SS paperwork 3 months B-4 my retirement date.
I have also ramped up my gardening 'cause of springtime!
So far,it's been great and I stay really busy,all of the time.

surf87

Apr 17, 2014
6:29pm

Block User

I'm 48 and power-saving like a mad-man seeing the finish line coming up fast with no where near enough in retirement savings. Max'd out my Roth allowed by the IRS for 2014 ($5500 single). Max'd out my 401k plan allowed by the IRS for 2013 ($17,500 single) and trying to max out again for 2014 contributing 25% of my income (company matches 4%). I have the met the 40 credit minimum for Social Security retirement at age 65 but with the way things stands I probably will have to work in my 70's. I wish I could retire in my 60's but I don't see it happening.

jphelan

Apr 19, 2014
12:50am

Block User

They say in retirement, you need to live off no more than 4% of your nest egg. So if your lifestyle is $40K per year (net of taxes), you need $1M in cash save in retirement plans! That is a something most people do not realize.

surf87

Apr 19, 2014
5:03am

Block User

I have this long term care insurance thru Genworth. Had it for 3 years now. Some might say it's not needed until about age 55 or even 60's but it gives me peace of mind. And I can comfortably afford it.

johnzimbo

Apr 19, 2014
6:12am

Block User

Quote

Originally posted by: jphelan
They say in retirement, you need to live off no more than 4% of your nest egg. So if your lifestyle is $40K per year (net of taxes), you need $1M in cash save in retirement plans! That is a something most people do not realize.

The wife and I were just discussing this a couple days ago. She was "4%?...that isn't much to live on" so she bumped up her 401K a bit.

Dave in Seattle.

Apr 23, 2014
2:05am

Block User

I disagree.
WHAT nest egg?
You must consider a "roll back" of your expenses.
Down sizing is a great idea.Reduce your expenses.
How long do you both expect to live?
Life insurance is for the ones you leave behind.
For some people it's just too late to plan for your NOT WORKING ,any more.
Still,it's a very bad thing to run out of money,so do what you can to plan ahead.
I bought a couple of CD's: total crap.
Real estate is way better.
Mind your healthy life style.
You need to do what you want to do when the time comes and not be disabled/crippled/unable.
Count your money every day.
Talk to your tax advisor. PAY him/her.

hoops2

Apr 23, 2014
2:48am

Block User

A lot of good points, but I disagree with 2.

Real estate can be tricky as it can be hard to sell

In addition to a tax advisor one should get a retirement advisor

Kiplingers money magazine is a good product, more geared to middle class than Money magazine

Quote

Originally posted by: ddd228
I disagree.
WHAT nest egg?
You must consider a "roll back" of your expenses.
Down sizing is a great idea.Reduce your expenses.
How long do you both expect to live?
Life insurance is for the ones you leave behind.
For some people it's just too late to plan for your NOT WORKING ,any more.
Still,it's a very bad thing to run out of money,so do what you can to plan ahead.
I bought a couple of CD's: total crap.
Real estate is way better.
Mind your healthy life style.
You need to do what you want to do when the time comes and not be disabled/crippled/unable.
Count your money every day.
Talk to your tax advisor. PAY him/her.

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