Retirement Targets
- Thread starter yowza
- Start date
I'm hoping to have a **** load of rentals for living expenses/cash flow, sell my company stock for toys and cocaine, and keep my 401k and retirement funds loaded up in the stock market to be my safety net and hopefully give away in when I die.
My retirement funds are basically an inheritance vehicle. The businesses should take care of me so I'm leaving the foot on the gas and 100% stocks.
My plan is very similar - farm rental income to cover living expenses in retirement and ideally I wouldn't have to touch the 401K/IRA money. If I have $3M in retirement money at 60, live to 90, invest it in stocks at 8%, and never touch it, I could turn that $3M into $32.8M by the time I die. I could set my family up well and do a ton of charitable work with it that would be really cool.
Best plan is to save up as much as you can so you can afford to take risk all the way into and through retirement. Letting off the gas at age 50 and coasting into retirement with "conservative asset allocation" is for sallies that want to get eaten alive by inflation and a (hopefully) long retirement.
I'm a long ways from this yet, but I've read that 60 is a good target. I struggle, because that seems really young to be thinking about nursing homes/assisted living. I suppose your overall health and family history play significant factors in that number. The idea behind it seems solid, though.
Depending on the number, I'd like to still stay aggressive. I'm sure we'll tip the scales to a more conservative approach than what we have currently, but I plan on letting a good percentage alone to keep earning. My wife is a finance grad and has been much more financially aggressive than I would have been all these years. I really lucked out in that regard!
Wife would also have life insurance if you keep the insurance and your kids could inherit what is left.
My in-laws ate up everything in nursing home costs. Strokes suck. Leave you disabled and dependent on care. Apartment building and houses. Large amount of cash and property all gone. Nursing home took it all. There is a 5 year look back. Most people do not realize that if they go to a nursing home for years they will eat up most or all of their savings. $225 per person per day. Get 2 at a time in the nursing home and it eventually goes.
Wife is same age as me. I meant if I die while policies are in effect, she gets insurance to maintain lifestyle until she reaches retirement age. If I die after policies lapse, she has the retirement accounts to draw on immediately. Was more relevant 15 years ago when I started them, the closer you get to retirement the less necessary the life insurance.
None of those disabled are flush with money, living the life of Riley either. So they are working around the rules, but how much were they making? Couple bucks an hour, how much was spent on their housing and food? Its not easy being disabled in America, and those that think they are living on easy street, really have no clue what they are talking about.
Someone once asked me what it was like being a parent of child with a disability, I thought about it and told them the best I could. "its like being in prison with no release date." Sure there are perks, like using the handicapped sticker to park in the front of lot or at JTS, but those perks are far out numbered by the rest of the crap you have too do on a daily basis. Try walking into a crowded place to eat one time with a person in a wheelchair, or even walking down a crowded street. Feeding, dressing, bathing them on a daily basis. Now try doing it as in my case for 40 years.
I feel for you father, but sometimes that is the way it works out, Oh, by the way, my daughter nor my wife and I receive any money from the government, and she is on my wife's insurance policy. Sometimes we have to be there for others, its the American way.
Retired at 60 had a million in investments. 12 years later still have the mil and am doing fine.
To answer your question, they made 7.50/hour for 40 hour weeks. So they made 15k annually back in the 90s. Like I said, same as the rest of the workers. Winnebago at the time had just hit 10/hour. So I always questioned if the governments objective was to normalize their situation as much as possible, why not have them pay some rent or insurance instead of having them spend a good chunk foolishly.
I can slightly imagine what you do daily. I worked in the more severe homes and was my moms caretaker while she was wheelchair bound for about 2 1/2 years. It is difficult. That is why I left my last job, so I could help with my kids and knew my mom would need help. Turned out I was able to help my sister in her fight with cancer along the way.
I believe in helping others, but am willing and do do it myself and prefer that over the government telling me who and what I should help.
That's awesome. And this thread is awesome. I'd love for someone that's retired to start a thread discussing retirement. I'm 39 and want to be financially secure within the next 5-10 years so that I could "retire" if I wanted to but I love my work and will likely keep going. But I've heard so much mixed feelings on retirement. Some love it. Some are bored after 6 months and have to find something to do...
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You want retired people talking about sleeping til noon and wearing pajamas all day, then posting a cat video? Well @ImJustKCClone and @BoxsterCy Can tell you that stuff.
That's just what CF is missing! Who wants to start a cat video thread?
We have Long Term Care Ins.
Alzheimer’s runs in the family & I have seen too many farms go to the nursing home.
