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Post by kabic on Feb 27, 2017 16:06:05 GMT -6
I have 5 kids, one of them better take care of their old man
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Post by jbird on Feb 27, 2017 16:45:28 GMT -6
Plan A - work, work, work, work, die! Plan B - Come on powerball!!! Plan C - 401K plan and pension. Plan D - wife has terrible accident - this may move higher up the list the older I get! Plan E - grow weed on my 100 acres and get away with it just one time (it would only be my first offense - and it would be for medicinal purposes and my personal use) - how much weed can a guy grow on 100 acres? Plan F - selling organs on the black market Plan G - man whoring - ok that may be further down the list due to lack of interest.... Plan ZZ - Social Security!!!!!
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Post by wiscwhip on Feb 27, 2017 16:55:55 GMT -6
That's about my current plan j-bird, minus the 100 acres to grow the weed on... . I guess I could go all Breaking Bad, since that seems to be a popular topic? I might have to watch it just to get some ideas? My days of man whoring are long past as well, so that is out of the question!
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Post by MoBuckChaser on Feb 27, 2017 17:00:18 GMT -6
Ahhh the powerball, The rednecks pension plan! Lol
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Post by Foggy on Feb 27, 2017 17:18:17 GMT -6
Coupla ideas about retirement.
1. There are cheaper places to live than in MN or WI. Far lower cost of living down here in the desert. And a nice "senior" lifestyle. Far lower taxes and insurance here. Less utilities too. The insurance policy on our home here is only $400 per year.....a fraction of MN. Why? No tornados, wind storms, and hurricanes and hail. Nadda.
2. I retired at 55 when I was able to sell my biz. That is 15 years ago. The ROI from our savings and retirement plans has out grown our draw on the plan(s). We draw about 4% of the annual income it provides......and have ample money to do what we want in reitrement. I think we could take another point or possibly two.....and not outlive our nest egg. (despite the lousy ROI over the past ten or so years).
3. If you think you can afford to retire.......DO IT! There is so much more to life than working.
4. Everyone has to be concerned with HEALTH CARE costs. You need to have a plan that will see you through those increasing costs. That is the big dilemma for most folks that want to retire early.
FORE!
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Post by sd51555 on Feb 27, 2017 17:23:41 GMT -6
My company has a pension. Because of that, the 401k match is terrible. At least they offer a Roth 401k. After five years I become eligible (which is just under 3.5 years away). I don't factor that pension in, or social security for that matter. Those things are too far away for me at my age, and it's all too likely that they will both be stolen, fucked up, or just plain fail before I get to dip into it.
Not many people my age count on social security. By the time I get there, it'll be so screwed up, anyone with other income will get it all taxed away, reduced, or placed further out that it'll basically just become another transfer program for the poor.
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Post by leexrayshady on Feb 27, 2017 17:53:49 GMT -6
What's everybody's goal retirement amount? I hope to have between 4-7 mill depending on rate of return saved by that time. I agree SD I look at Social security as a bonus not a sure thing
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Post by Satchmo on Feb 27, 2017 18:27:27 GMT -6
I have a traditional IRA, a Roth IRA, and a cash emergency fund. The wife will have a county pension, a state pension, and if the plan holds true, a federal pension. Should have no mortgage by retirement, and SS can pay for taxes, utilities, and dining out.
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ace
Full Member
Posts: 153
Likes: 67
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Post by ace on Feb 27, 2017 18:55:55 GMT -6
Hopefully retire between 50-52 with my pension. Also have a 403b to help out...(a little). Health care for me should be taken care of at that time as well.
I hope to farm then, or do some part time Bs. Also if I want to hunt, I will hunt.
Also agree I'm counting on social security for 0% of my retirement. If it happens to be there, well that's just a bonus.
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Post by westbranch on Feb 27, 2017 19:09:32 GMT -6
Currently have a mix of TIRAs, Roth IRA, and 401k. Looking into expand into some rental real estate in the next few years and also grow the taxable side of investments. Should have enough to do what we want by 50, maybe go part time before that. Retirement would be doing some sort of work that is more "fun", wouldn't want to be one of those guys that sits around watching TV all day, unless I feel like it .
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Post by Sandbur on Feb 27, 2017 20:54:22 GMT -6
Coupla ideas about retirement. 1. There are cheaper places to live than in MN or WI. Far lower cost of living down here in the desert. And a nice "senior" lifestyle. Far lower taxes and insurance here. Less utilities too. The insurance policy on our home here is only $400 per year.....a fraction of MN. Why? No tornados, wind storms, and hurricanes and hail. Nadda. 2. I retired at 55 when I was able to sell my biz. That is 15 years ago. The ROI from our savings and retirement plans has out grown our draw on the plan(s). We draw about 4% of the annual income it provides......and have ample money to do what we want in reitrement. I think we could take another point or possibly two.....and not outlive our nest egg. (despite the lousy ROI over the past ten or so years). 3. If you think you can afford to retire.......DO IT! There is so much more to life than working. 4. Everyone has to be concerned with HEALTH CARE costs. You need to have a plan that will see you through those increasing costs. That is the big dilemma for most folks that want to retire early. FORE! I talked to a retirement specialist last year and asked him about budget for health care. He asked me what I thought and just went by my figures. I think the experts have no idea. That is the scary thing for my family. I am 62 plus and my wife is 55. No debt at all, but we do need some newer vehicles. You younger ideas want to retire early. Good luck and I hope you can do it. Health care is the big question mark.
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Post by Reagan on Feb 27, 2017 20:58:16 GMT -6
I have a chunk of money in an IRA from my previous job.
I put 5%in a 401k and my company matches 50% of that.
Last year I started putting 5% into a Roth.
I add a few thousand per year into my HSA.
I own 60 acres of land that is paid for. It has timber value that I skim a few bucks off of with very select cuts now and then.
My home has about 13 years on a 15 year mortgage. I have no other debt.
I am considering buying most of the acreage my parents own. I can't afford their house as a second home and moving there doesn't jive with my line of work. So I want to buy most of the land and put a small cabin on it for playing.
I'm 43. I can't say I have a date set or a real retirement plan. It seems like a long way off. I don't factor SS into anything. I don't expect to see it.
I work for a company that pays me more as the company grows. Most years we grow. It is realistic that I can double my pay before I retire. So I just keep working, saving and not borrowing.
We bought our slightly used Honda van for cash. My hunting rig is a 2004 Honda Pilot. I'd love to have a new truck and 4 wheeler but I have a hard time borrowing money. Other than the house, I've been debt free for about 5 years. The only thing that will change that is buying more land.
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Post by Foggy on Feb 27, 2017 21:03:09 GMT -6
Coupla ideas about retirement. 1. There are cheaper places to live than in MN or WI. Far lower cost of living down here in the desert. And a nice "senior" lifestyle. Far lower taxes and insurance here. Less utilities too. The insurance policy on our home here is only $400 per year.....a fraction of MN. Why? No tornados, wind storms, and hurricanes and hail. Nadda. 2. I retired at 55 when I was able to sell my biz. That is 15 years ago. The ROI from our savings and retirement plans has out grown our draw on the plan(s). We draw about 4% of the annual income it provides......and have ample money to do what we want in reitrement. I think we could take another point or possibly two.....and not outlive our nest egg. (despite the lousy ROI over the past ten or so years). 3. If you think you can afford to retire.......DO IT! There is so much more to life than working. 4. Everyone has to be concerned with HEALTH CARE costs. You need to have a plan that will see you through those increasing costs. That is the big dilemma for most folks that want to retire early. FORE! I talked to a retirement specialist last year and asked him about budget for health care. He asked me what I thought and just went by my figures. I think the experts have no idea. That is the scary thing for my family. I am 62 plus and my wife is 55. No debt at all, but we do need some newer vehicles. You younger ideas want to retire early. Good luck and I hope you can do it. Health care is the big question mark. ^^ Living here in a "active adult retirement community".......I find that MOST folks here have some artificial joints, maybe a heart valve replacement, hip surgery, knees or shoulder surgery.....or whatever. Not many have escaped without some tune-up. And that stuff costs. Myself.....I have had back surgery, hip replacement, several cancer treatments and other stuff. It's hard for me to beleive that the premiums us seniors have paid would ever pay-back for the medical services we have "enjoyed". I don't see how this can get better with time. Folks simply will have problems paying for these technology health care improvements we are now experiencing. We have often remarked how fortunate we seniors are......and that 30 or 40 years ago.....many of us would be dead or in a wheel chair or whatever. Somehow.....the health care costs need to get lower cost.....or? ^ Figure this health care thing out.....and you can retire tomorrow!
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Post by Foggy on Feb 27, 2017 21:16:41 GMT -6
After my wife and I retired.....we had several years of $25,000 health care premiums until we got SS benefits. Then had to buy a supplement.....but that is a fraction of the health insurance costs we paid for many years. It is a sad situation.....but it is what it is. Its a huge part of the retirement puzzle.
FWIW......I think my wife and I each pay approximately $250/ month for Blue Cross Health Care SS Supplement. I hope that helps for planning purposes. (It's hard to get good numbers sometimes).
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Post by sd51555 on Feb 27, 2017 21:39:53 GMT -6
Shit, right now, about the only safe place for health insurance is to work for a company that is self insured. I was blown away when my company announced no-increase in health insurance premiums this year. Compared to what's happened to many others, I considered that a huge raise.
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