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 > Retired the idea of retiring.

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JAXFL

Jacksonville, Florida, USA

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Posted: 09/13/17 12:16pm Link  |  Quote  |  Print  |  Notify Moderator

It amazes me how you collected so much money in your accounts by the age of XX. I have been working for more than 50 years and over the last 17 made really good money and still can't say that I can afford to retire.... I owe nothing and just the everyday living costs are over $1700 a month. That is with property taxes ($200 mo), insurance life and auto and RV ($376 mo), utilities ($350 mo without cable TV+$150+Cell phone), gas ($120 mo), food ($400 without eating out). That does not include up keep on all the property and vehicles and any emergencies. Then we can add taxes to that. To retire I figure another $2000 a month just to have a life. So in retirement if you are not making $50K annually then you are not living the good life you are only breathing. I can hardly wait to see what the costs are going to be now that the hurricanes have done their damage.

mr. ed

Tucson, AZ

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Posted: 09/13/17 02:32pm Link  |  Quote  |  Print  |  Notify Moderator

JAXFL wrote:

It amazes me how you collected so much money in your accounts by the age of XX. I have been working for more than 50 years and over the last 17 made really good money and still can't say that I can afford to retire.... I owe nothing and just the everyday living costs are over $1700 a month. That is with property taxes ($200 mo), insurance life and auto and RV ($376 mo), utilities ($350 mo without cable TV+$150+Cell phone), gas ($120 mo), food ($400 without eating out). That does not include up keep on all the property and vehicles and any emergencies. Then we can add taxes to that. To retire I figure another $2000 a month just to have a life. So in retirement if you are not making $50K annually then you are not living the good life you are only breathing. I can hardly wait to see what the costs are going to be now that the hurricanes have done their damage.


In my case, I began full timing a few years before actual retirement and lived cheaply enough to accumulate extra savings.

I see you're in Jacksonville, FL. I wish you well on your recovery.


Mr. Ed (fulltiming since 1987)
Life is fragile. Handle with prayer.

2007 Hitchhiker II LS Model 29.5 LKTG (sold)
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4x4ord

Canada

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Posted: 09/13/17 10:17pm Link  |  Quote  |  Print  |  Notify Moderator

For me the decision to carry on working was more about thinking I still enjoy working more than leisure. When that changes I will hang up the work boots.


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Gdetrailer

PA

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Posted: 09/14/17 03:22pm Link  |  Quote  |  Print  |  Notify Moderator

4x4ord wrote:

For me the decision to carry on working was more about thinking I still enjoy working more than leisure. When that changes I will hang up the work boots.


There is nothing wrong with liking your work, as long as it is not your only thing in life.

From your other posts it looks like you have a well rounded sense of work/leisure time and that is good.

And by investing and growing your business you could pick out a few good workers to see if they are able to help out with the addition work load of the expansion.. If things work well you might be able to step back from a few of the daily "duties" over time and enjoy additional leisure time up to the point you decide your done with the daily work.

I wish you good luck with your expansion!

Got some good news myself yesterday, I took yesterday off and my Company Manager called me to let me know that they decided to continue my job position.. I accepted the offer although I could have walked and taken the severance package..

Just not quite ready to retire or take a chance on a job with less pay and virtually no time off for years.. Hard to give up 30 days worth of paid time off!

Gdetrailer

PA

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Posted: 09/14/17 04:11pm Link  |  Quote  |  Print  |  Notify Moderator

JAXFL wrote:

It amazes me how you collected so much money in your accounts by the age of XX. I have been working for more than 50 years and over the last 17 made really good money and still can't say that I can afford to retire.... I owe nothing and just the everyday living costs are over $1700 a month. That is with property taxes ($200 mo), insurance life and auto and RV ($376 mo), utilities ($350 mo without cable TV+$150+Cell phone), gas ($120 mo), food ($400 without eating out). That does not include up keep on all the property and vehicles and any emergencies. Then we can add taxes to that. To retire I figure another $2000 a month just to have a life. So in retirement if you are not making $50K annually then you are not living the good life you are only breathing. I can hardly wait to see what the costs are going to be now that the hurricanes have done their damage.


I have been flamed lots of times on this forum when ever it comes to financial stuff so I tend to no longer offer my take on how to do this.

Folks do not like what it really takes to get from point A to point B because it means being less frivolous and being more aware of your actual spending.

Number one.. BUDGET!

Yep, this is a bitter pill to swallow, you NEED to create a budget, track EVERY PENNY coming in and EVERY PENNY going out..

This takes time and energy, but by tracking your money you will find out where the money is really going..

Number two.. determine MUST HAVES and WANTS, if your WANTS cost more than MUST HAVES then you need to take a closer look at how much you really need the WANTS..

Now everyone has a different idea on needs and wants.. For some a fully loaded most expensive auto is a NEED, to me that is a WANT.. To me, that is not needed when a auto of a lesser trim package will get the job done..

Take a look at cellphones, I had a phone that a barely used, paid $49 per month got 250 minutes per month and only used 10 minutes of that time.. Got a TracPhone and a one yr plan for $99 gave me 800 minutes at the time and that works perfectly fine for me.. In fact I figured that even if I bought that $99 level every three months, I was further a ahead with Trac!

I bought a 15yr old used car for $1200 and drove that for years, a 1973 vehicle, I drove up to 1999 as a daily driver it was 26 yrs old when I pulled it off the road with 297,000 miles, rebuilt the engine myself twice, replaced the transmission once myself, replaced ball joints and many other suspension parts myself.. Even repainted it twice myself.

Why, well I had a plan.. I wanted to buy a house, and the money I did not spend on new vehicles with handing large interest amounts to the bank I socked away for a large down payment on a home..

I didn't buy a new home and I did not want to buy a home that would require both of our incomes to pay for.. I bough a low fixer upper and was able to get a 15 yr mortgage and pay it off in 11 yrs, saving me nearly $30K in interest..

I gutted the house myself, rewired, replumbed and insulated it while paying cash.. saving huge amounts of money by not paying contractors or interest on loans..

with some of the money saved from not paying interest I built an addition onto the house, paying cash for it.

Saved up some more money and built a 3 and 1/2 stall garage, paid cash once again..

Due to eventually getting a better paying job that is 50 miles from home, I did make on concession, I had to start buying new vehicles for reliable transportation.. So, I choose vehicles with a lower cost , put a decent sized down payment on it ($10K on the last one in 2013) and then pay extra towards the principal of the loan.. Typically pay off a 5 yr loan in a little over two yrs..

Have several credit cards, never run a balance, my primary rule is never put more on credit than I can pay off THAT MONTH.. Credit card interest hurts and I am not willing to give a lender 21%-25% of my hard earned money!

As far as retirement savings, have been lucky, previous co I worked at had tanked their stock due to funny book work by a co they had just bought when I started..

Got in when their stock had dropped from $70 a share to a mere $15 a share.. They only gave co match in the 401K with stock.. They gave MANY more shares of stock in the early years of co match because of that!.. I was able to also buy additional stock through a Employee stock purchase plan at 15% off the stock price!

Today their stock is trading around $140-$160 level.. They had been over $200 for a while, I should have cashed some of that out..

It has take some luck but mostly hard work to get where I am now, I didn't have to take my current company job back, I could have still taken their layoff and the severance.. But I didn't, have a few years to help my DD get some extra education without her needing to have bunches of student loans over here head..

I was lucky, my parents didn't have a huge income, Dad was the sole bread winner and worked in a chemical refinery working shift work and not getting much pay.. They did without some things to get me through some extra schooling so I didn't pile up a lot of debt in loans..

If you have never read it, you may want to check out some Dave Ramsey stuff, I have never read any of it or been to any seminars but I have had folks comment that many of my thoughts are similar to his books.. To me it is common sense approach to keep interest debt low to maximize your cash.. The more you pay the bank in interest the less buying power you have..

If you can take away anything from my rambles that may help you some then it is worth the flaming I will get from this long post..

On edit..

Though of a couple other thoughts..

To put our situation into perspective, our expenses as of right now are about $24K including the cost of healthcare at family prices.

When we retire, will no longer pay the "family extortion pricing" so it would be myself and spouse until Medicare age..

When we retire we would no longer be putting money into 401Ks so income needs will drop.

Using $24K as a base we then calculated an average inflation into our current expenses and figured that we would need around $36K per year of income from a combination of SS and our 401K/other investments and live very comfortably up to age 90..

The results were that both of use COULD retire right now and NOT run out of money at age 90..

Our Investment advisor ran his own models using $50K as the draw from our accounts and came to the same conclusion and his included poor stock market outcomes..

I found areal top notch retirement planner on Market Watch website..

They have changed their website and have made it hard to find so I have copied the link to make it easy to find..

Market Watch Retirement Planner Link

* This post was edited 09/14/17 06:39pm by Gdetrailer *

4x4ord

Canada

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Posted: 09/15/17 08:28am Link  |  Quote  |  Print  |  Notify Moderator

I can see where a couples living expenses could be reduced after retiring. I could also see where a retired couple could spend much more money in retirement than they ever did while working. I expect my cost of living to go way up after retiring.

Gdetrailer

PA

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Posted: 09/15/17 08:26pm Link  |  Quote  |  Print  |  Notify Moderator

4x4ord wrote:

I can see where a couples living expenses could be reduced after retiring. I could also see where a retired couple could spend much more money in retirement than they ever did while working. I expect my cost of living to go way up after retiring.


Sure, depending on what you want to do, expenses could go up, go down or even stay the same.. All depending on activity changes.

In my case, daily commute of 100 miles round trip is 500 miles a week or 2000 miles a month above our normal store/doctor and other local close to home activities we drive to.

Just about 24K miles on one vehicle every year results in needing replace it every 6-8 years.. One vehicle a 2003 I had a lucky run with it with nearly zero costs in repairs and drove it up to 2013 with 190,000 miles.. DD drives it now but the long drives in heavily salted winter roads has eaten up brake lines, transmission cooler lines, power steering lines, rotted the rear wheel wells and lots of underside rust. repairs over the last two years have cost nearly $2K so it will need to go before long..

DW is lucky with a mere 10 mile round trip and DD has just started driving last year and is working a part time job at a local food store for a round trip of 4 miles on those days..

That is three vehicles to insure, tires, oil, brakes, annual state inspection, yearly registration and so on..

Just ending my commute will result in over $500 a month in fuel savings.. Or we could take a few additional camping trips and still be money ahead.

When DD leaves home I will get rid of one vehicle dropping the car insurance by $1000 per year (insuring a young driver is not cheap), had to put her on our policy as it would have cost well over $2000 per year.

You can also use that retirement planner calculator, since you are from Canada, just skip the SS part if you don't have anything similar to that. Kind of great way to see how close you are to retiring financially and helps you to visualize how to get there.

4x4ord

Canada

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Posted: 09/15/17 09:33pm Link  |  Quote  |  Print  |  Notify Moderator

I played around with the retirement planner calculator a bit just for kicks. It was no surprise for me to see that we could very easily increase our personal spending very significantly and still afford to retire tomorrow. I won't really be surprised if when we finally do retire, I feel like kicking myself for not doing it sooner.

Gdetrailer

PA

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Posted: 09/16/17 08:19am Link  |  Quote  |  Print  |  Notify Moderator

4x4ord wrote:

I played around with the retirement planner calculator a bit just for kicks. It was no surprise for me to see that we could very easily increase our personal spending very significantly and still afford to retire tomorrow. I won't really be surprised if when we finally do retire, I feel like kicking myself for not doing it sooner.


Yep, you have done well, you must be a "saver" as my advisor puts it..

Many are not so lucky and have spent every penny earned all their life dooming themselves to working until they carry them out of the company building dead..

FishOnOne

The Great State of Texas

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Posted: 09/16/17 08:37am Link  |  Quote  |  Print  |  Notify Moderator

If you don't plan to succeed.... Then you're planning for failure.


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