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Master of one hand pistol shooting |
Retire is one thing. Funding your assisted living is more. My Mother is there. She is 99 and assisted living for her is just over $7000/month. Her memory and mobility are very challenging SIGnature NRA Benefactor CMP Pistol Distinguished | |||
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Member |
You're right. Always check your math. P229 | |||
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Member |
Here is another easy to use calculator https://firecalc.com/ I'm alright it's the rest of the world that's all screwed up! | |||
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No More Mr. Nice Guy |
I'll use your post to tout it as another reason to ROTH to the max! For those who retire before age 65, they will be buying insurance on the open market. ROTH withdrawals do not count as income, so on paper one looks poor and will get ObamaCare really really cheap. At 65 Medicare kicks in, and what one pays in premiums will depend on income. So, again, being poor on paper by only having ROTH withdrawals will keep those premiums down. Do backdoor ROTH conversions and pay the tax today, unless you are somehow in the highest tax bracket today but expect to be in lower brackets in retirement. Idk how someone would do that, since as a high income person today they would likely have a large portfolio and thus a lot of taxable income in retirement. | |||
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Member |
Well, no way were we able to save nearly that much as mentioned. We’ve been fortunate now, all vehicles are paid off, the home is paid off, and we’ve been able to do some major improvements to the home, so we won’t have to worry after retirement. Hopefully, anyway. I’m hoping to retire late next year, depends on how the economy goes, but I might have to wait 2 more years if not feasible. Hubby has a few more years to go yet. We live fairly simply, just trying to get things done now while we are working. Trying to save some more before I retire, but will see how it goes. | |||
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If you're gonna be a bear, be a Grizzly! |
If I retire at 62 like I plan to, between SS and my county retirement, I'll bring home almost what I do now but the house will be paid off. I'll have insurance through my wife at her job, and with the cost of that I may work part time somewhere to pay the insurance bill. I'll be ok with that. Here's to the sunny slopes of long ago. | |||
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Member |
After the passing of two friends last year, I fully began to realize that the most valuable thing I have is time. I have decided to move up my retirement to the earliest currently mathematically conceivable date. I will likely work non-career part time jobs in retirement for activity and some supplemental income. | |||
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Ammoholic |
Not picking on you (or anyone), but this is a recent reply mentioning SS. I am surprised at the number of people that are counting SS into their retirement planning. SS insolvency happens in 2033, the earliest I plan to retire is 2044. I'm either getting a huge tax increase or a severe reduction in SS, most likely both. I'm not taking it into consideration at all for retirement. If I get anything, it will be charitable donations or fun money, most likely both. Jesse Sic Semper Tyrannis | |||
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Seeker of Clarity |
SS will not go broke. They will either push the ages out in which you can obtain it, or, they'll print a trillion dollars and hand that out, and inflation will take it out of the value of the dollar. For SSI to stop paying is a non-started for either politic party. An impossibility. They make have to pay SSI with dollars that are worth less, but there will always be dollars flowing. | |||
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No More Mr. Nice Guy |
Until the total reset. Were I under age 50 today, I would not expect any meaningful SS. The government cannot continue on the present course for much longer before some kind of major reset happens, making the dollar and SS worthless. Not worth less, but worthless. People will still seek profit, so I don't predict a zombie apocalypse, but those of us beyond a certain age will not be able to restart our productivity the way young people will. My prediction remains that the government will first set a cutoff age, whereby those younger than that will not receive SS. Later they will in some way reduce the value to those already receiving SS. They can't prevent the eventual collapse but will try to delay it. | |||
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Green grass and high tides |
Ridewv[quote] I looked at this 25-30 years back and made the decision that rather than build savings I would build wealth. {Quote} Yes, this is a very good point. Possibly the most important one in this thread. Figuring out how to do this in the framework of your particular situation is the absolute key to being financially secure in retirement or even before. It most often requires taking some measured risk and some short term sacrifice. But can absolutely pay off. And in my humble opinion is the only way to make real progress to a determined financial goal. Teaching your children some of these principles can insure that they will have a real leg up on their competition and give them some foundation to not fall in to the same pitfalls that most of their friends and others their age will surely find themselves.This message has been edited. Last edited by: old rugged cross, "Practice like you want to play in the game" | |||
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