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Post by ferris1248 on Apr 29, 2024 8:56:45 GMT -5
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Post by richm on Apr 29, 2024 9:12:08 GMT -5
Be interesting to see what Jeff has to say.
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Post by ferris1248 on Apr 29, 2024 9:21:54 GMT -5
It's geared more towards the younger crowd but there's some interesting stuff there even if you're well along in your program.
It's a great book to give to your kids, nieces or nephews.
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Post by richm on Apr 29, 2024 10:04:54 GMT -5
It's geared more towards the younger crowd but there's some interesting stuff there even if you're well along in your program. It's a great book to give to your kids, nieces or nephews. They are the ones who need to hear this stuff. Sooner the better...
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Post by swampdog on Apr 29, 2024 13:39:17 GMT -5
I remember giving a pep talk to one of our ladies retiring. She’s widowed and was a little fearful. We actually discussed her numbers and everything looked very good. I told her always have a cushion/savings and always spend less than what you take in. I also said if you go buy a new car and start living outside your means, you’ll probably be looking for a job in a couple of years. She came back to a luncheon and told me things were great. She said living within her means was the key. She said she’s very content and glad she retired.
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Post by cadman on Apr 29, 2024 14:02:28 GMT -5
Too late for me, already retired.
My only advice is, don't owe a bunch of money and pay off the house, car etc. before you retire and then, if you can't pay cash, don't buy it. Every person I know who had to work in retirement was making a house payment, car payment, or paying for some other toy they bought on an installment plan. I had a nice old guy work for me who bought a new Mustang while he worked for me and he already owned two other cars plus his wife's car.
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Post by PolarsStepdad on Apr 29, 2024 14:02:31 GMT -5
My dad was 60 or 61 when he went out on disability. He lived off it for 5ish years before he touched his Union retirement or started drawing his pension. He has always been very frugal and continues to just live off his SS.
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Post by cadman on Apr 29, 2024 14:06:03 GMT -5
My dad was 60 or 61 when he went out on disability. He lived off it for 5ish years before he touched his Union retirement or started drawing his pension. He has always been very frugal and continues to just live off his SS. That is me. I try to spend no more than my SS every month.
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Post by PolarsStepdad on Apr 29, 2024 14:21:38 GMT -5
I'm shocked and horrified by the people my age and even older who have little to no retirement savings. I have family who have lots of toys and a nice house but have absolutely zero in retirement savings and absolutely zero medical insurance. I wouldn't be able to sleep at night. I have too much of my dad in me. I tend to live within my means to a fault. If I could just cut out the eating out I coukd probably retire at 55 😜
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Post by nikonoclast on Apr 29, 2024 15:51:10 GMT -5
There are at least two cases I'm aware of where the wife makes well over six figures, and can't save a dime.
One of them has been an ex-wife for decades, but their kids keep the parents in touch.
Their son has a degree, but stays home with the kids while his wife makes a huge pile dealing Rx drugs to MD's.
She bought the house, the truck, the bass boat, etc. etc. ... and now she's expecting twins.
The party might be over soon.
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Post by richm on Apr 29, 2024 16:18:10 GMT -5
What about automatic deductions - like maxing out 401K and Roth IRA annually? That's about $45-$50K if there is a match.
I know what my dad gets in SS and what he can afford. There is a lot to say about owning your stuff and not having payments.
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Post by Captj on Apr 29, 2024 16:22:53 GMT -5
Retirement is wonderful! Living within our means translates to do we need this, or do we just want it. Simplifies things. I'll never go back to work. Whatever it takes!
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Post by restlessnative on Apr 29, 2024 16:41:31 GMT -5
Wife has a good corporate job and she maxes out her deductions and they match up to a certain percent. Why would you not take that free money? I work for myself and get income sporadically. We use that to pay down debt or invest in real estate. Once our mortgages go away its all going towards savings or more investments. By the time we retire we should not only be fine off of our retirement accounts, but also have pretty hands off income streams. I like my work so will probably never retire all the way, it's too much fun negotiating and making money (granted not knowing when your next check is going to come in can be pretty damn stressful, but by then I won't care and I'll get to work on only what I want). My parents left me with a good work ethic and character, no trust fund, but it is priceless. Grandparents were the same and liked by all (that is one thing I didn't get, just ask bacon ). I'll always make sure my mom is well taken care of as well, my mother-in-law too.
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Post by cadman on Apr 29, 2024 16:50:32 GMT -5
I'm shocked and horrified by the people my age and even older who have little to no retirement savings. I have family who have lots of toys and a nice house but have absolutely zero in retirement savings and absolutely zero medical insurance. I wouldn't be able to sleep at night. I have too much of my dad in me. I tend to live within my means to a fault. I f I could just cut out the eating out I coukd probably retire at 55 😜 That's easy when you retire, lots of time to cook.
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Post by madm002 on Apr 30, 2024 5:53:01 GMT -5
What about automatic deductions - like maxing out 401K and Roth IRA annually? That's about $45-$50K if there is a match. I know what my dad gets in SS and what he can afford. There is a lot to say about owning your stuff and not having payments. The trick is to max everything out as you can, get the 401k match first, then Roth IRA, then normal IRA. You get catchup in the last years of work, at least we did, you can bank 20% in tax advantaged funds. If you did not start early you need to work really hard and be frugal in the 50s to catch up. We had to after a business failure, worked out alright in the end.
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