My folks get $4k a month (mostly IPERS) with paid off house and can't spend it all. In their 70s, theyve never been big spenders. Dont travel much, family is all nearby.
$4k per month is more than Dad ever made when teaching.
Retirement Targets
- Thread starter yowza
- Start date
$4k per month is more than Dad ever made when teaching.
Just started with UBS. Too soon to really have an opinion yet.
I agree for most that you can DIY, which i did. Especially in the "accumulate" phase.
But getting closer to retirement, and some special circumstances around the business, i thought i should get some pro help. Mistakes now would be "amplified".
That makes sense. And yes, I do get annoyed by the parents of the idiot kids that run around in the neighborhood.
I don’t think about it often, but there are some people who are so self-centered it almost seems like they only want the government to take care of the road they drive on. That’s obviously ridiculous…but in a more real way - want parks, pools, and schools funded when they have young kids. And then are seemingly only concerned with favorable property tax rates and retirement savings taxation later in life. We have to be willing to support things that don’t directly benefit our bank accounts. It’s better for society as a whole…but also keeps you from wanting to punch yourself in the face when you’re having a conversation with someone who is poorly trained/educated.
I’ve begun to think about what it would be like to own two places as well. We’ve thought about having a place in Arizona at some point. If so, would we keep a second we keep our home back in Iowa? Some of it may depend on friends/family we have in both places. Both for the sake of wanting to be in both places (do we have people we want to see regularly)…and for someone to be able to check in on each place when we’re in the other place. Or as you noted, maybe you’re able to rent the property you aren’t in. I’ve even thought about the fact that having a property in Arizona might help my parents have a place to live in the near-term (before we are really able to use it much ourselves).
To bring it back you your situation- I previously read that you want to pick a property that could be rented out at peak rate at least 12 weeks out of the year, and that this peak rate would be equal to or greater than your monthly mortgage. And then I believe you were supposed to have at least another 3-6 weeks of rental that would cover upkeep/improvements. I read that 3-5 years ago; though, so check the web for new figures. I’ve heard that the vacation rental market has matured a bit, so I would think it’s now easier to really drill in on what you need to do. I’ve also heard of management fees, and those would obviously cut into your profits (and either increase what you have to get or the weeks you need to get something).
I think things are going to be very difficult for many the over the next 15 years. The people who will be retirement age entered the workforce when many jobs had pensions. Those pensions were mostly eliminated early in their careers and 401ks were introduced. Pensions were automatic. 401ks required participation. I think many who will be retirement age soon will have no pension and very small 401ks. This will be a real problem for society.
I told a fellow that pays twice what most people do for home property taxes in our community and didn't think it was fair, to "move to s smaller house".
I am 65, retired and work 12 hours a week. I am not drawing social security or retirement income yet. I am assuming, that no debt for the last 6 years, is what sets us apart from most?
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I had a classmate tell me he recently retired. I asked what are you ding to keep busy. He laughed and said "drinking, smoking pot and watching TV". His delivery in the reply was perfect.
Not yet.
A hobby should happen after I sell the house and move.
Look for a fee only advisor. National Association of Personal Financial Advisors will find someone for you. I am not a personal financial advisor. Most of this isn't that difficult. My father worked in banking most of his life. I introduced him to investing through Vanguard and he said he now understands why people like to use online investing. Hope this helps.
Gen X was told when they were very young that SS won’t be there so retirement would need to be on their own. Gen X is getting ready to hit 60. I have a few friends already retired. Any SS will be considered extra money. The SS crisis is considered a generational one also. When you dig through the research, quite a bit of it shows that as the boomers pass away, it will start subsiding as gen X was having more kids than the boomers on average and the worker/retired ratio will ease up.
So I don’t think it will be as rough as many say it will be in 10 years.
We don’t know what the gen Z situation is though as they would be a big part of paying in when X retires.
Absolutely just drilled into my head for YEARS. Its 100% how I have operated since joining the workforce full time a million years ago now. If its there, I am pumped, if not, I should be ok. Goal is to do my best to push it off for as long as possible.
My wife and I clear more between IPERS and SS then we did working also. Nothing like a defined benefit program.
The idea of SS not being there started before the gen X generation, it was around for the Jones part of the boomers. We were told over and over that SS would not be there for us. I get my mine today, so there were wrong.
We just have to get through the next 10 years or so, and then a large percent of the first half of the boomer generation will have passed, and the numbers will reset and we should be in a better position. Raising the cap even if you kept it on for a business would help ease the burden even more. People forget that the first half of the boomer generation is already in the 70s, while the second half, is just reaching retirement age, or close to it.
I am part of Gen X and close to retirement. I started contributing to my 401k as soon after I graduated from Iowa State. I was told I may never get SS, so I never counted on it. I had a pension with my first job at Ford, but my employer of the past 17 years doesn't offer a pension. Very few companies offer pensions now. I am well prepared for retirement and there are many like me, but there will also be a lot of people in Gen X who will have little or no savings for retirement. I work in manufacturing and your average hourly employee has little to no savings. Many will work until they physically cant. Others will try to get by on SS. Many will likely need some other form of assistance. In past generations, those same people had pensions that supported them in retirement. I don't see SS going away now, because I think more people are going to need it that ever. It may change, but I don't see it being eliminated.
Moving away from defined benefit pensions to 401K was just another con from the Reagan years. Oh, you will have all this money and it yours to do what you want to do with. That is great, IF and that is a big if, you are putting money in the program from day one and getting a good match from your employer. The business has bet, correctly by the way, that most of the employees will not max out their 401K on an annual basis and save them money over the long term, which was not possible under the pension plan.
It definitely put the responsibility on the worker.
Anyone who's worked in finance knows the typical person is ******* awful with finances.
Everyone posting here is head and shoulders above most. Even if I don't agree with the philosophy in some comments there's still financial skill here. Financial CF is undefeated.
Most don't know the power of compounding. I sold ******* 30% car loans at one point. Most live in the payment with no view to the future or the ability to pay in.
A friend once told me he didn't contribute to his 401k because he didn't think he would live that long. My wife was told she was "too young" to think about retirement planning. YouTube is full of the 401k is a scam videos.
I've made a rally, but I will never believe I have enough. It's my curse
Sorry to derail the latest conversation, and perhaps this was already discussed somewhere in a previous page, but it just hit me the other day that though I am doing well with all of the targets by age, #x income, etc, we are a single income family with my wife who will be at home full time with the kids for a while. Should that be a factor into retirement targets, or since all income/expenses are combined into one I am "on track" with my nest egg target that I was already shooting for?
