Eldergays, how much did you retire with?

I retired at 57 with less than 50k and no debt but I do have a pension and will be getting social security starting in May and I've never been betta! I know why so many would rather work from home even after the pandemic: it saves time and money and reduces stress!

I'm 55 and my husband is 52 and we will have 4.5 million by his retirement.

R2 - that's great! When does he plan to retire?

R2 Why not retire now?

8 million, retired at age 59. Where did I get it? Inheritance.

Retired at 58. My Federal government pension gave me around 72% of my high-3 salary. I'm 68, and after 10 years of cost-of-living increases, my annual pension is around $108K. I don't get Social Security. I also have another $450K in the government 401(k)-type plan that I've never touched (but will have to at 72.) My house (~$550K is paid for.) I inherited houses from my mother and sister. Sold the first one for around $350K; the second one was upside-down on the mortgage; I turned it into a rental. It was worth $210K when I got it; now it's over $700K. Rents for $2200/mo. I owe around $90K on the mortgage. Beyond that I have around $600K in savings, and $300K in investments.

Anyone need a sugar daddy?

Planning to retire in a few years - hopefully by 55. Should have about 2.4 million by then. My partner is already retired and brings in $140k a year with his pension, social security and annuities.

Hope my health keeps up - that's the only thing that can ruin everything. And it happens often.

We both retired last year. I’m 64, husband is 70. We have a net worth of just under $5 million (all cash). We sold our house last year and are renting until we figure out where we want to live. We both maxed out our 401(k) every year. My husband just started taking SS at age 70, I will also wait until 70 to take mine. We have pensions, annuities, 401(k), and interest from savings. We often comment that we don’t feel wealthy, but we know we are. It’s just that we live very modestly, one car, no debt. However, when we travel, we go first class. Every other aspect of our lives is strictly economy, including clipping coupons for groceries and getting free senior soft drinks at Wendy’s. We have beer taste with a champagne income.

r8 Would you like to be a throuple? I'm of the same mindset on thrift, although I have a hard time convincing myself to travel first class.

Retired at 62 with 700K and no debt. Around 200K was from my investments and the remainder from inheritance.

I'm already retired and my partner retires in a month. We both have pensions and social security. We have $5.5 million in investments (that includes 401k's etc.) and our only debt is a $300k mortgage on a property currently worth $1.5 Million. We are not big spenders and rarely traveled - you could say we led boring lives by saving - but we realize now how incredibly lucky we are to be in our position at this point in time.

All of that "good news" is balanced by the fact that I have a chronic and often fatal disease. I think I'd rather have less money and better health but life is funny that way. My health issues may ultimately wipe us out but until then I am thankful every day that we are so secure financially.

r11, sorry to hear that.

R1 how did you retire on s little?! Did you have to eat cat food?

I'm jealous of you rich, inheritance bitches.

I'm 47 and have about 600k in 401k and savings. I rent (NYC). I make a great salary but living in NYC (and yes, my job requires us to be here, we are working semi-remote, going in every other week) is crazy expensive, huge taxes, every little thing costs more. My employer has a pension.

I'll be more than fine when I retire with no debt and about 2.8M in assets not including my pension and social security - assuming that will still be around. However, I would LOVE to retire early. I can't imagine keeping up with the shit show of corporate work for another 20 years.

[Quote] Why not retire now?

My husband absolutely loves his job after 25 years there. My job, meh.

We retired at 56 with about $2.5 million in savings and a paid for house. I think we had saved about $1 million and inherited the rest.

What it really comes down to is how much do you need/want to spend per year, then multiply that times 25. That will give you a 4% withdrawal rate that should last 30 years (in a worst case scenario) if at least 50% is invested in the stocks.

70, 300k savings, SS. Life is good.

2 million with a paid for house. It's just enough, so get back to work

If your health holds up... my heart, lungs and cholesterol are perfect. But as I turning 60, I'm having all sorts of excruciating back problems that make everything difficult. So I really don't need much retirement money except for rent and food. I don't think skiing vacations, hiking vacations, anything that requires long walks or long sitting are in my future.

Every time this subject comes up, there seems to be more than a few people here with several million dollars but who are also too old or sick to enjoy it.

I’m 50, and have about 500k invested. That’s it. I easily could’ve saved twice that, if not more, but I travelled a lot, lived life...bought things I wanted.

Am I screwed? Maybe. Hell, probably. But I’m glad I spent money and traveled all over the world when I was young enough to get laid by hot guys. And I’m also glad I bought nice clothes when my body was in peak condition and those items looked fantastic on me.

Will I have to work until I’m 70? Most definitely. If I don’t die first. But I don’t regret any of my decisions. I’d rather eventually move out of my expensive city having had those amazing experiences ... than stay because I carefully avoided spending money during the prime of my life.

Just another POV on this...

If you own your own home with no mortgage, you don't need as much to live on in retirement.

I tried to retire at 65, right on (the old) schedule, not this “66 and 3 months” shit. But my employer promptly rehired me as a consultant - I am the institutional memory of the department - and that brings in about $30,000 to $40,000 a year. I’ll do it next year and then think about quitting for good.

My husband was military and then worked for the Federal government and has a bit less than a million dollars in his TSP account he hasn’t touched yet and a $65,000 annual pension. I have a million or so in a 401k and another $400,000 in a Roth IRA, and Social Security I haven’t taken yet but will soon. Plus we have about a million dollars in equity in our home, two cars, and no debt. We’ve been everywhere, so while travel is nice, it’s not crucial. And all my illicit and unhealthy substance abuse stopped when I was about 30, so it didn’t all go up my nose.

I can sympathize with people in their 20’s and 30’s now: we were among the last working people offered a sweet deal not knowing how sweet it was. Neither of us ever made much more than $100,000 a year apiece and we live in one of the most expensive cities in the US. We never felt we were skimping. And we have no relatives we’d leave it to. We have relatives, but they’re not getting any.

I retire next year. My husband will too. I’m 62, he’s 67. We have just over $5 million, no debt... I think we’re going to be fine, though our income is just over $600K annually now, so it will be a bit of an adjustment to live on less...

I’ll have to retire at 62 with $1100 in Social Security a month. No savings. I lost it all during the great Bush recession. Luckily my expenses are only $580 a month.

It seems like everyone here has $5 million (except me).

r23 Time to look into setting up that OnlyFans account.

[quote] If you own your own home with no mortgage, you don't need as much to live on in retirement.

Exactly, can posters please say whether they own their residence, how much left on the mortgage (if still in debt).

R13 Never ate cat food or pussy. I have no debt and with my pension I'm receiving 68% of my working salary and I will begin receiving SS in May. I spend less money on clothes and commuting and have more disposable income than ever without touching my savings made up of CDs, stocks and a savings account. I live with my partner in a rental on Blvd East in Weehawken with a great view of midtown Manhattan across the river. It's a world of difference here; it's greener, cleaner, safer, quieter, friendlier and much cheaper than NY. Pre pandemic was in the city a couple times a week saw many Broadway shows and went to the restaurants West Bank Cafe, 44th and 10th frequently. Retired 5 years and loving it and no one ever said I wish I'd saved less money but I had a blast living in NYC from 1988-2006. If i had what you and the other posted have I'd have retired sooner. Many people polled said if they could have done something differently the most frequent response would be not worked as hard or as long. No, I'm not flying around the world or living in luxury but, I'm happy and healthy and in love. You certainly sound financially secure to me and I feel secure.

[Quote] Exactly, can posters please say whether they own their residence,

Okay, We have 50,000 left on the mortgage which we will pay off. Bought the house for 300,000 and now it's worth as of today1.8 mil which is ridic!

Retired at 59 7 years ago. Still worth $1.25M after getting monthly disbursements. Partner doesn't have much, but who cares, I have enough for both of us.

OP you have $2k credit card debt and $20k in savings? That makes no sense. Pay that shit off every month.

70...SS plus reverse mortgage. We own our home and have tons of equity. No debt, Electric car. I never realized until we retired how much stress working caused.

I retired last year and am loving it, even though all I have been doing is sitting at home, watching tv and doing some remodeling at home. It's wonderful to sleep in, not feel the pressure of work and dealing with people I don't really like.

I took a lump sum of over $800,000 so with that amount and my stocks and savings, I have about $1,8 million. I still have a small pension so added with Social Security, my monthly income is $3400 a month. My house and car is paid off and my biggest expense is food. My house has a value of $500,000 so altogether, my net worth would be over $2 million.

I thought I would be stressed out because I don't have the big monthly paycheck coming in but I find I am able to manage. It's so much better to pay off your debt first before retiring.

R6. Present hole!

Nice to see that everyone over 55 on Datalounge has many millions of dollars and a loving partner who has the same.

(Likewise, everyone under 55 on Datalounge has 9 inch dick and looks ten years younger than their age.)

Poor, r34.

A self selecting group - given the median in US is about $150k even for elders. I dropped out at 52 with $500k. Refuse to work until 65 and drop dead like the majority of people I know. I’m taking a chance - but spending my last years on earth saving money I may never need in a job I hate is something I vowed I would never do after seeing my father and many others doing exactly that.

A huge portion of the population lives on Social Security - only. You don’t necessarily want that - but you also don’t need $2 million.

OP- My god I read these replies and wanted to cry. I am 43 as well and I have around 97K in my 401K and 130K in savings. I will never retire with 4.3 million. And I rent- I don't even own a house.

Anyway, I have been through similar things during the recession of 2008 and I am also possibly at risk now after a merger and Covid related business erosion.

And eternally single. There will never be an additional income.

Anyway, I hope I make you feel less alone. lol

guys. what funds are you investing in? I need some suggestions please! medium risk! my roth IRA is in Fidelity.

R34 Touche! And if their financial gains and appurtenances are legitimate, their means of achieving it may be a bit curious. They admit to mommy and daddy's money, but not to other lucrative enterprises such as selling, dealing, cutting, distributing, pimping, spying, i.e., the true global economy. And notice how they all happen to be partnered. Funny how that works out. Our taxpayer dollars go to some very interesting causes, like the basement vigilantes who run sites like DL.

In the current state of the economy, most people will have to work until they drop just to afford a basic home, car, wardrobe, upkeep, and the ever escalating assault of taxes, utilities, healthcare, and the bullshit that passes for information and entertainment. $5 million in retirement! Wake up, people!

Boomers are going to pay for pulling up the ladder of success once they reached the top so they could keep every generation after theirs perpetually at the bottom.

[quote] guys. what funds are you investing in? I need some suggestions please! medium risk! my roth IRA is in Fidelity.

R38, I have a deferred comp account. My planner asks me to adjust the investments periodically. But I noticed I always have a certain amount of "Stable Value Fund." Also, some "BlackRock" products (they have several). My performance is reasonable, IMO.

r39 is a one DL post troll or deletes her cookies for a reason. Don't hate because no one loves you enough to be with you. You're the reason for that. If you've spent all your money foolishly. That's your fault too.

R39, I am single and don't have an inheritance. I worked hard in a profession where I never got laid off -- healthcare.

Jesus R42. I am out of this thread. Nasty and not worth reading this kind of shit :(

Watching my parent’s retirement has been a real eye-opener for me, and in a good way.

You do not need millions of dollars.

You do however, need to be debt free and have a paid for home at retirement. My parent’s retired with around $500K (plus SS) and they are just fine. Bills are paid, they take 1–2 vacations a year, and they are not wanting for anything (within reason).

The only thing I’ve noticed is home upkeep. Appliances die, cars may have a major malfunction, who is going to shovel the driveway for snow (I do it but they are “lucky” that I live nearby). They have a gas fireplace that malfunctioned recently (not seriously) but they found out it was completely out of code and to fix it would be big bucks.

The unexpected expenses (though not huge) are the ones that may bleed them dry.

For Americans, you do need to pay attention to where your health insurance will come from. I had a gov't job that will provide me with at least some health insurance benefits once I reach a certain age. I'm not sure how much, exactly, the gov't will subsidize of my insurance premiums. I need to find out, yikes.

r44, my comment was not directed toward you. It clearly states r39. Are you r39?

I have 3 million and I'm not retiring even though I'm of retiring age. I like my job.

The advantages of being partnered are many, particularly financially. However, should anything happen in the relationship - breakup or death - it's a real eye-opener.

Being single is extremely expensive and can limit how much money you can save.

However, you also need to be with someone who has a decent career and income coming in. Otherwise, you're in an awful situation - worse than being single financially.

Life is a crap shoot, but sometimes you have to make your luck and get out there - whether it's in dating or getting better jobs or anything. It almost always turns out for the best.

[quote] Every time this subject comes up, there seems to be more than a few people here with several million dollars but who are also too old or sick to enjoy it.

This is exactly why I retired at 63 last year with one million dollars in my portfolio. I have an apartment worth about 900K on which I still owe 230K. My monthly payment is $1400.

Finger-wagging scolds like Suze Orman say you should work as long as possible but if you hate your job, as I did, every day is torture. Not for one second have I missed it, and, for the time being, I'm enjoying not doing much of anything. Once things open up, I'll travel more.

My decision was validated, so to speak, when a former co-worker who was 11 months older than I am died of COVID recently. You just don't know how much time you have left, and whether or not those years will be good ones or bad, so I decided to get out and live what's left of my life while I still can.

R50 I totally agree. We need to talk more about dying by 70-75 - and wasting our prime years slaving away in corporate America. I have seen many, many cases of people dying before or shortly after retirement - just as they were looking forward to finally being able to enjoy life. I only know 2 older people - both woman with great genes - who have had issues financially and they were both helped by government programs and/or family and friends.

Jesus, this thread made me depressed. I'm in my early 40s, have 7k saved and buy generic at the supermarket.

48 here. I have a mortgage free £1m apartment in London. A $400k second home in Bangkok where I plan to retire. The rest is invested in stocks, CDs, term insurance and pension pot. That would be another $1m. I confusedly realise that I could retire now if I wanted, especially living in Thailand. But I’ve now been SVP at work for just a couple of years, and I make very good money, allowing me to save an additional $200-300k per year. I don’t want to throw this away too quickly. I think I’ll give it another 4/5 years before I pull the plug.

Retired at age 49 on a wing and a prayer. I moved overseas to a cheap country so dont need much. I do now have 2k of pensions coming in. Most of that I dont spend.

retired at 63 ten years ago with $7m (earnings, savings, investments, real estate NO inheritance) live off pensions and required distributions from 401k. Portfolio still at $6m and $2m in real estate, and will inherit another $2m portfolio when 96 y.o. MIL checks out.

but like noted above,some sketchy health issues and would gladly swap money for better health.

I’m retiring within the next few months. My partner and I have 3 homes $1.4M, $1.1M and $500K all paid for. Combined 401K worth $1.8M, inheritance worth $2.8 M. Estimated monthly Social Security pay of $4000 per month. I’m not sure what my partner will receive. Two nice cars and no debt. I struggle with the idea of retiring and having to pay for my own health insurance for the five years before I receive Medicare. We are not flashy and live fairly modestly. We both have worked hard all our lives and are grateful that we have great health and do not have to struggle.

Goodness. All this talk of pensions. Boomers really do live in a different world to the rest of us.

[quote] having to pay for my own health insurance for the five years before I receive Medicare.

Because of your high income, it's not scot-free for millionaires. They look at your last tax return and they will charge a monthly premium or deduct it from your Social security. They are starting to crack down on the wealthy. I retired last year but made too much money, they deducted about $500 from my SS.

[quote] Goodness. All this talk of pensions. Boomers really do live in a different world to the rest of us.

Not this Boomer. Except for a retired college professor, none of my friends have a pension.

I had plans to retire in a couple of years...2024 with about 3.5M then I was diagnosed with ALS in November...yeah 2020 sucked. I feel fine but have some speech issues and I'm in sales so it's hard to be in sales with speech issues. So I don't know what my future holds and I may go on disability.

I’m going to bet that for those of us who are set for retirement - it happened at a snail’s pace (unless you inherited a lot of money). I have friends who, the minute they save a few bucks, have to spend it. They just can’t stand to see money sitting there. They think they can go on like this forever and then by some miracle they will have enough to retire on. Not knowing how to manage money is a bitch that will bite you later in life.

How many of you borrowed from your 401(k)‘s thinking it was “just borrowing from yourself?”

I retired early and my husband is a workaholic who probably won’t retire for another 10 years. We currently have 4.5 million saved, and by his retirement it’ll be about 7M. He is at his peak earning period now, so it’s hard to walk away from that kind of income. And he loves his work.

We both maxed out our 401Ks from an early age. In fact we were cash poor for about the first 5 years waiting for our incomes to get large enough for disposable income. It was worth a little frugality early on to be able to do anything we want now.

r61 No. I am "set for retirement" (actually already retired) because I made the sacrifice of a better job with higher salary and took instead a government job with a decent (but not comparable to the private sector) salary, job security, and a great pension. But most people make other choices. Fine for them, and maybe they were right, but then they need to stop bitching about it now.

Most people here do as well, R52. I would take these "we own 4 homes valued at $3M each but live modestly" posts with a grain of salt.

R57

Pensions are why, when I speak to anyone younger than I am regarding employment, I tell them to get a job with the government. Seriously. A government job may not always be very creative, or fulfill one's dreams, but now that I am retired I sure like getting that check deposited in my account every month.

I know I worked hard for it while I was employed, but at this stage of my life it feels like free money. Every month. And I no longer have to get up and go to work every day for that paycheck.

This is only about pensions; many creative and talented business people can ensure a secure retirement based on their substantial salaries and what that affords them.

Yes, I'm old from another generation. But company pensions no longer exist and some of those that are paying out now may disappear with corporate sales and other accounting shenanigans. It's possible that could also happen with government agencies, but it's a lot less likely.

Even more importantly, I still have a medical insurance policy that pays secondary to Medicare, and pays for my prescriptions (with a relatively small co-pay) that otherwise would cost me $60,000 a year. IF - IF - I chose to buy the medicine that is extending my life. Granted, I have a chronic illness, but that could happen to anyone. One day you're fine, and the next day you're not.

All of this - diminishing employment opportunities, standard savings, defined benefit plans, the vagaries of real estate (is it even possible today to save for a down-payment on real estate?), recessions, Republicans - and every other matter that factors into a good life and a good retirement - is much more complicated than we can explain and evaluate on DL. We can only offer personal perspectives.

Not everyone can get six figure jobs. Many people live paycheck to paycheck. Not everyone has lucrative options. Not everyone inherits.

I'm rambling and I don't have a blog. It may not be very glamorous, but look for a job with a guaranteed pension and health care when you retire. That's my advice, and I know from what I speak. You'll thank me for it later.

R64 said it more economically than I did. You do make certain sacrifices when you chose to work for the government, but there are some incomparable benefits.

R66 - and those over generous pensions are bankrupting most major cities.

"[R66] - and those over generous pensions are bankrupting most major cities."

You know what's bankrupting major cities? Billions of dollars in tax breaks for developers building steel and glass monoliths that only about 100 people in the world can afford.

How about we start there before we take aim at pensions?

Let's vaporize corporate welfare first. Unions are constantly making concessions on benefits for their members. It's time for the corporate leeches to do the same.

59 and will retire within 2 years, anytime I tire of my work. My work is easy, interesting enough, and full-time from home, with little office politics or interference, but I'm starting to look for an excuse to leave which won't be long after some return to travel and normal life after Covid.

I have 600k in cash, which doesn't sound like a generous amount, but my life expectancy is more 70s than 80s or more. I could have a retirement income greater than my current income into my early 80s. If somehow I'm longevity and vigor, I own my house and and a second home that could be sold or provide rental income and I could move to something smaller. I will have about 2k a month in Social Security from retirement. Also, I live in a country where expenses are low compared to the U.S., and where I can afford to retire (without suffering ago of insurance) because I will have no medical expenses.

Owning property, having no debt, living in a low cost if living place, and having free health care are what make it possible.

20k in savings and 2k in credit card debt. What's wrong with this picture?

It'll never happen I suppose, but 80% of Americans need to be part of collective bargaining and "profit sharing" like 1940-1970. Unions (in some more enlightened, progressive form) need to recreate the American workplace. Worker productivity has continued to increase significantly in the last 40 years while the % of profits that result from that productivity is lower each year.

Simply putting deferred compensation in anything that winds up in the financial sector's Casino isn't going to do it.

^^ % of profits returned to workers is what I meant.

I'm another one who will benefit from a city pension (I posted earlier). But it's my husband's. He was an 1199 member for 15 years and is now in the Dept of Education. He'll end up doing 23 years there. He's getting two pensions, a tax-deferred annuity and we will both have full health care until we die. He has two masters degrees, makes just under 6 figures and works his fucking ass off. He's broken up knife fights, been spat at, puked on and was stalked by a crazy ex-cop who thought he was turning his family against him (my husband is a clinical social worker). He works more than the union 8 hours a day and still has a private psychotherapy practice because NYC is so expensive. When he retires he'll be making about 7k a month. I'll be contributing about 5k. That's without social security.

We have no debt thank god. We have a rent controlled apartment and intend to die in it.

[Quote] Goodness. All this talk of pensions. Boomers really do live in a different world to the rest of us.

Not a boomer either, ^^^ OP. I'm an X. I just did the right thing at the right time. It's a choice. No need for the envious snark.

[quote] I have friends who, the minute they save a few bucks, have to spend it.

I was this way, too, until I realized that, unless I do something, I was going to be 90 years old, wearing a blue vest and saying 'Welcome to Wal-Mart'.

It takes discipline. Max out your 401(k). If there is money at the end of the month, get it out of your checking account and into a Roth IRA, if you qualify. One thing that helped curb my spending was to skip any vacation for a year. I put away money every month into a vacation fund and, after a year, I used that money to take my vacation. Instead of putting everything on a credit card and sweating the next year to pay it off, it was so nice to come home and not dread the next Visa bill.

Stop eating out, or at least drinking out before dinner. My partner and I realized that a couple of drinks before dinner in a decent restaurant added $40 to the tab. Even once a week, this adds up to over $2000 a year. Have a drink at home and then go out to dinner. Same with apparently trivial expenditures like Starbucks and streaming services you never watch. And stop buying clothes you'll wear once. Instead of thinking that by buying a pair of shoes for $200 that were originally $300, you're 'saving $100', think of by not buying the shoes at all you'll save the whole $200.

No, you're not going to 'save your way into retirement'. but by managing expenses and investing those dollars, I was able to benefit from the great run up in the market after the 2008 crash. I was ready to jump out a window when the market tanked, but my investment advisor reminded me that I was in it for the long run (20-30 years) and that the only people who lost money in the 1987 crash were those who sold at the bottom (I had nothing invested at that time so it was irrelevant to me then).

[quote] I had plans to retire in a couple of years...2024 with about 3.5M then I was diagnosed with ALS in November...yeah 2020 sucked. I feel fine but have some speech issues and I'm in sales so it's hard to be in sales with speech issues. So I don't know what my future holds and I may go on disability.

R60, sorry to hear that.

Everyone realizes that the amounts of money people say they have here means 90% of DL is in the top 2-3% of household wealth in the United States? Perhaps partially due to the Ny/LA centric nature of DL. But even for NY/LA/SF, having millions is rare. Anything close to $1 million means you’re better off than most Americans.

R77, I think only people who are well-off &/or exaggerating respond to these kinds of questions. Just like the thread: "How tall are you and how much do you weigh?" Somehow, everybody is at least 5'10" and weights 160 to 225 lbs.

r77, I'm not sure about that anymore. Maybe 20 -30 years ago it was that way. I know many people who have a lot of money just on real estate the last 30 years. It's crazy the amount of money being made.

"Everyone realizes that the amounts of money people say they have here means 90% of DL is in the top 2-3% of household wealth in the United States?"

Well, the question sets the answers up in a self-selecting way. People who have money are probably more likely to respond. People who don't are like "fuck you" and can't even be bothered.

That said, I believe what most people are saying here.

Only about 8 % of Americans are millionaires.

Only about 6 % have over two million.

Less than 4 % have over four million.

And most of those people are breeders with 3 kids and school fees and nannies and multiples cars and payments and all the crap that comes with families.

Given the threads above Dataloungers are, therefore, among the richest people in America. Nice going, DL!

[Quote] And most of those people are breeders with 3 kids and school fees and nannies and multiples cars and payments and all the crap that comes with families.

With that ^^^^^ you lost all validly. Nice going!

[quote]I was this way, too, until I realized that, unless I do something, I was going to be 90 years old, wearing a blue vest and saying 'Welcome to Wal-Mart'.

Good luck with that. Walmart doesn't have greeters anymore.

Children are very expensive which is why gay people are wealthier than straights.

Listen Gen Z. (All .003% of DL....) You better notice and get on board with the growing movement to non-gig employment, unions and collective bargaining. The proportion of wealth that accrues to the already wealthy is like the gilded age of the 19th century. It needs to change and will change.

Pensions? Boomers and Gen Z. Gen X - hope you like your main guy Trump, you are screwed. Millennials? Deferred compensation thrown into the finance markets to evaporate... have children, maybe they'll take care of you.

I suspect there is a lot of fantasy and fudging of the numbers on this thread. R56 claims he will get $4000/month on Social Security, in addition to the multiple homes and millions.

$4000 a month. Later he claims to be below Medicare age and this worried about insurance. However, the maximum benefit is $3148 at full retirement age (66 and two months) and $3895 aid if you delay until 70. Medicare is available at 65.

Lies are being told.

R86, I think for those too wealthy like R56, they will pay higher prices for Medicare so he won't get the $4000 SS he brags about, most likely the government will deduct a higher monthly premium from his Social Security to pay for Medicare. I wouldn't be surprised if the government gives him half of his SS payments. They really should cut the wealthy from getting SS because the poor are barely getting by and rely only on that where the multimillionaires are doing fine. In fact, I think that's one of the future things they're looking at in Congress.

Hubbie and I are both in our early 70s - he's retired and I'm consulting with my old firm. While we had modest 401Ks and Roth IRAs and we now live on SS (and he has a small pension) and rental income! But the deal maker for us was none of these things.

In 1982, we bought a 2-family house in a gentrifying gayborhood (think Boston's South End as an example) for $65K. Paying our mortgage was a real struggle. We both worked in the theater and steady employment was not going to be a reality. But we had rental income which helped, and if we ever were really desperate, we could have moved into our small rental unit and rented out our triplex, which would have covered the mortgage and some living expenses.

Jump ahead 35 years. By then we had purchased a second residence, a two bedroom condo in a warm state perfect for retirement. We retired with no mortgages and no debt. We sold our primary home (the $65K fixer upper) for $4.25M. We used the money to buy a larger home in our retirement state using a 1031 tax exchange (see below if you own any rental property), and then lived in our condo for two years. We just recently moved from the condo into the beautiful larger home and we rent out the furnished condo for $3K a month.

Life is good, but it was the real estate investment, not the savings, which made this all work. I thank my parents for convincing us that paying high rent was like throwing money out the window, and that investing in well-thought real estate made much more sense, even though it was a struggle at the beginning.

My guess is there is a lot of real estate wealth in the numbers of posters above. If you are 65+ you were able to get in on the greatest investment the common man may ever know - the housing market from 1980 to 2020. Like R88, the skyrocketing values - disproportionate to anything any working man could ever save from his salary alone - are likely funding a good portion of the huge wealth detailed above. That investment is much harder to make now for an average joe. Not impossible but much much harder.

[R87] I’m not sure if [R56] ever anticipated being in the good financial situation or not but he paid into SS like everyone else. If he earned more income over the years than he paid into the system at a higher rate. He deserves to get every penny he is entitled whether he is rich or poor. Why should he be penalized in order to subsidize those less successful?

I retired two years ago at 65. I did not seriously start saving until 35 when I went to work for a company that offered a 401k and a pension plan. (I remember thinking neither was very important to me at the time I was considering the job offer. Just shows how ignorant I was at the time.) When I took the job it increased my annual income by about 22% so that's what I started stashing away each paycheck. I kept it at 22% for the 30 years I worked there. I retired with around $2 million.Along the way I managed to pay off my mortgage and all other debt. I have delayed taking social security until next year at 70 and currently live off the small pension I get and occasional withdraws from my investments.

Whoever asked upstream about investment advice, personally I aways kept it simple with only ETF's / mutual index funds. In my 30's, my portfolio was 80% stock funds (Vanguard's Total Stock Market and S&P 500 funds) and 20% bond funds (Total Bond Market). Even when the market tanked, I left it alone, figuring it would come back. It did and it always will. At 50, I changed the stock/bond mix to 70/30%, and at 60 reduced stocks to 60% and have kept it there. I never borrowed from my 401k. I avoided the temptation to tinker with my investments and never bought individual stocks.

One final tip - in my late 50's I hired a fee-based financial advisor to review my finances and run multiple scenarios regarding best age to retire, whether to delay social security, etc. Helped me a lot. Cost about $1500. Rehired her again at 64 to do a final review before retiring. Money well spent.

[quote] If he earned more income over the years than he paid into the system at a higher rate. He deserves to get every penny he is entitled whether he is rich or poor. Why should he be penalized in order to subsidize those less successful?

It's not that simple. He's not going to get every penny out of Social Security. If you are poor, you hardly pay but if you are in a higher income bracket, the government will deduct the monthly Medicare premiums from your Social Security payments to pay for Medicare Part B and D (this part gets confusing) that covers the outpatient care like MD visit, drugs, etc. Hospitalization is mostly covered to a point. I retired last year in December. The Social Security people reviewed my 2019 tax return and said I made too much money that they would have to deduct over $500 from my SS payment to pay for the monthly Medicare premiums. Fortunately, my employer will cover my premiums for 2 years.

Healthcare is getting expensive and the cost is rising so they will have to get the money somewhere to keep the system afloat.

I'm retiring in a few months when I'm 59. I don't hate my job but I'm tied down to a retirement plan based on my final 2 years wages. Work has been iffy for about the last eight years (going from Public to Non-Profit and possible redundancy or changes to wages and conditions) So I've been stuck at my final 2 years for eight years, trying to keep my income up, taking every weekend and OT shift I can get etc. I can't cut back or I lose a serious chunk of my pension payout.

So I'm "retiring". I'll see how I go at full-time retirement, but after 3 months if I'm bored I can go back to my old job as a casual or part timer and still draw down an income.

I'll be retiring with $500k in my pension acct, a home, no debt and an investment property that clears $10kpa, plus some savings in cash. I've done the sums and I'll be spending about the same in retirement as I always have.

Folks here keep counting their homes and investments without counting the tax cost of liquidating those accumulated capital gains. Especially after Biden gets through with you. You don't have as much as you think.

R91, thank you for the investment advice!

I'm not retired yet, (not to my official retirement age) and as a musician I might never fully retire, but I'm getting close to a time when I will deliberately reduce my work schedule. During the school year, pre-covid, I had 20 weeks or so every year where I worked 7 days a week and most of the rest of the year 4-5 days a week. I had a health crisis in the early 90s which gave me disability retirement from a state system. I went back to work within 4 years, and lost my SS disability retirement, but was able to keep my state disability retirement (the disability didn't end, I simply decided I wasn't ready to be retired no matter how many physical problems I had - it's a relatively small but stable income stream and pays for secondary insurance as well). I was receiving Medicare as a disabled person, and because my medical disability still exists, the government allows me to continue receiving Medicare, as long as I pay the full cost myself.

I also have a whole life insurance policy, which people are usually advised not to buy because they are not good investments, but it worked out well for me, and forced me to be disciplined about saving. I've always lived frugally and I leveraged a duplex I bought in the late 80s while still working in another state into a rental house in my current state, utilizing a 1031 tax exchange mentioned above. I paid off that mortgage quite quickly (I paid extra money towards principal every month). Once that house was paid off, I bought another rental house (a fixer upper, which I renovated with the help of my Russian workman). I now live in the paid-off house. The whole life policy came in handy, because I was able to borrow against my cash value in the policy, no questions asked - handy because I made too little money to qualify for a mortgage without a substantial down payment. So like others above, I have benefited from real estate inflated value. My two houses are now worth $650,000, I have life insurance worth $130,000, stocks worth about $60,000. The remaining mortgage on my fixer rental house is about $20,000 and will be paid off within 4 years (or sooner if I decide to up my monthly payment). Then I'll be faced with a big choice. Either sell the rental outright and put that money into an annuity, use the monthly rent it brings in to supplement social security, or use the money to buy a condo in Palm Springs that I could rent out for most of the season and allow me some time to use it when I want to escape the worst of the winter weather. My physical problems make international travel problematic, if not impossible, and that would have been my biggest expense in a normal retirement. Fixed annual costs would be about $3500/year for property taxes, about $1400 annual utilities, about $1400 annual energy costs, about $1200 /year for internet and TV, about $2000/year for food, about $1200/year for homeowner's insurance, about $2000/year for car maintenance, gas, and insurance and about $4000 for travel and assorted entertainment., and about $3500 for medical insurance and medications or a total of a little over $20,000/year. I think I will be pulling in at least $30,000/year between SS and rent, so that extra money will be available for additional medical expenses, home repairs and maintenance, maybe an eventual vehicle replacement or furnace replacement, and if continue to teach music, that might add another $10,000/year. So I won't have a luxurious retirement, but I don't think I'll starve or have to eat cat food. However, given my medical history, everything might come crashing down within the next 10 years, so I'll have to cross that bridge when I come to it.

Wow. More stories of health problems impeding quality of retirement - with money or not. My heart goes out to all of you. Hang in there.

I will say one thing. I posted up thread about traveling the world instead of counting and saving every dime. Last summer, I quit drinking and it was the best decision I ever made. I wasn’t a raging alcoholic or anything ... it just was getting gross planning my weekends around cocktails. I was also getting jowly.

Anyway, the money I’m saving is incredible. Because I don’t drink, I also don’t go out to restaurants as much, avoid Ubers, etc. it’s had an exponential accumulation effect and I’ve been socking more money than ever into index funds.

That would be my one bit of advice - if you’re 50 or over and still behind in saving for retirement consider cutting out alcohol (if you haven’t already). Not only will you feel amazing, your savings will increase considerably.

PERHAPS OFF TOPIC, BUT can i get some serious replies to the following: about to turn 57 years old, only have 4000 IN TOTAL! savings, retirement, no 401 k, and owe over 50 thousand in student loans still! and WHY? because for over 10 years i have worked very very sporadically (last job was 5 years ago a temp job for only 4 months) because i have taken care of my father (passed away 3 years ago) and now my elderly mother and their elderly dog... AND NO, i can't work from home either with all that goes on and all that i do!.... i basically have no life and haven't had one in years and years.. i have siblings who seemingly don't get it or don't care enough as they go on with their lives, have their jobs, their husbands and wives, and think by bringing over food once a month they've done something... ANYWAY, so my mother (and my father) have various savings, money market accounts, cd's in their banks, as well as life insurance and annuities....

according to the WILL, everything is suppose to be divided between all of the siblings equally... HOWEVER, this is obviously not fair to me!

I am on one o f the money market accounts as a co-owner with my mother and technically when she passes i'm the sole owner and that money (around 250 thousand or so) is mine and it CAN NOT be touched by a WILL....i of course think i deserve every single penny of this and MORE!....

the life insurance and annuities divided between my siblings and i would give me another 30 thousand or so.... another money market account that was my father's savings is about 125 thousand (i'm not yet sure what happens to a CD in a bank that is under my mother's name and no one elses when she passes)...

i talk to friends about all of this and they say if everything was fair you would get ALL the money in the bank and share ONLY the life insurance/annuities with your siblings....

course they would think "wait, you want nearly 500 thousand dollars and we only get 30 to 40 thousand! are you insane???!!!"....

what they all seemingly don't realize is how much money do they think i've given up by not working all of these years? a very very low estimate would be let's say 40 thousand a year times (x) 10 years is 400 thousand just that! NOT to mention, by not working all of these years when i do retire (if i'm every able to do so!) i'll be getting hardly ANYTHING, maybe a few hundred dollars from social security!...

now granted, that doesn't automatically mean i would have saved 400 thousand dollars, but i WOULD have made that much at least!.....it's sad to me and outrageous to me that none of my siblings "get this"?!... i've given up my life taking care of OUR parents (and their dog which is a 24 /7 job in itself!) living with them for over 15 years now!!... i'm the one who was career goal oriented and the only one with a college degree, i'm the one who was SUPPOSE to have the nice house, career, etc....anyway...

SO what say you all of you experienced about to retire or have retired persons?... AM i wrong! AM I asking for too much?

R98 - I'm so sorry. I'm in early my early 40s, but my parents are in their early 70s. I can envision this happening to me one day and the thought terrifies me. I can't speak to any kind of legal rights, but, I agree with you, I think you're entitled to a larger share of the "inheritance" given the years of unpaid labor you put into caring for your parents. To your point, perhaps it's not all $400k since you wouldn't have saved 100% of your salary, but it should be a bigger share. I hope it works out without acrimony!

Talk to your mom and see if this can be discussed amiably. I would totally lobby for an amendment to the will.

Are your siblings well-off? Have you ever asked them to pitch in? I would’ve throw down the gauntlet with them a long time ago - but whatever.

Make sure you have ATM passwords, power of attorney, medical proxy etc.

And seriously - talk to your mom if you think the subject can be broached tactfully.

[quote]I’m retiring within the next few months. My partner and I have 3 homes $1.4M, $1.1M and $500K all paid for. Combined 401K worth $1.8M, inheritance worth $2.8 M. Estimated monthly Social Security pay of $4000 per month. I’m not sure what my partner will receive. Two nice cars and no debt. [bold]I struggle with the idea of retiring and having to pay for my own health insurance for the five years before I receive Medicare.[/bold] We are not flashy and live fairly modestly.

Really? With no debt, $3M in 3 houses, all paid for, and $4.6M in 401k and inheritance, and a projected [nearly] $4000/month in Social Security payments at some point, yet you're fretful about bridging the gap in the your health insurance for five years. I know if you have no options for coverage under your spouse's employer, or early retirement plan option, or through some state plan to cover the gap years that the cost start at $200 a month but can be as high as almost $2000 a month. It's for the reason that fully a third of Baby Boomers don't retire early; they don't have any good options for coverage in the Medicare interim, and can't afford policy costs of up to $2K a month. Still, if you had to spend all of $120K on insuring yourself for five years, it should somehow be doable.

With that sort of money, you have the luxury of figuring out the gap. The great bulk of Americans, however, might think that someday they can afford to retire early only to find that they can't, or not without one working spouse with a health plan to hitch onto. Like all insurance in the U.S., it's a scheme that is most friendly when you don't need it and cruelly elusive when you do. How modestly you live on the exterior is your business, of course, but with those figures you do have the luxury of choices and security, and what is more luxurious than that?

R101 - yes, I'm afraid it's a little challenging to muster much sympathy for someone with that kind of net worth.

$0.

I get SS which is a little over $11,000 a year. that's it. Fortunately I own my house and I have a used car that is only 7 years old. My last car lasted until it was 18 years old.

Median retirement accounts in America, including people who have savings and those who don't:

• Age 32 - 37: $480

• Age 38 - 43: $4,200

• Age 44 - 49: $6,200

• Age 50 - 55: $8,000

• Age 56 - 61: $17,000

Thank you R104 for injecting some reality into this thread. If you have more than $100,000 in 401k, you are doing better than most. This is classic social media - we only see the expensive, glamorous things because people don’t share the ugly truths.

I think in my 50-something group, probably 1/2 have less than $100,000 - with many of those in credit card debt. Especially the former actors, party planners, activists, nomads. About 25% are in the $1 million+ group - professional corporate types with husbands who bought NYC real estate 20 years ago. Outside of NYC, family and friends, most are probably in the $100,000-$500,000 range. The luckiest of those are teachers who have complained about low salaries for decades - but now realize they hit the jackpot as they approach retirement because of their generous pensions.

Some good points, R105 significant gains in real estate and marriage or long term partnerships certainly didn't hurt a lot of my peers, and yet the first is often ignored as a given (that the forever rising tide of real estate lifts all boats) and the second is overlooked as having any financial advantage.

Like the lesson of steady investment over a very long time, a lot of gay men seem the benefeciaries of government positions that don't shower down wealth in the interim but facilitate early retirements and excellent retirement benefits. At some point in their careers, a lot of people I've known had an epiphany, realizing I can never leave this, but staying with it and increasing contributions will leave them in better stead than a lot of people accustomed to making and spending much more than the slow and steady civil servants and allied work.

I am 54 and think I will go on “consultant” status before I am 60, whether or not by choice. Health insurance will likely be my biggest expense then and throughout retirement. I don’t want to rely solely on Medicare and will have supplemental coverage.

I’ve been working on creating an investment portfolio that I can tap into during my 60s so I don’t have to draw on my 401k or SS before 70 if I don’t have to.

R94 Or said another way, the Casino-corrupt financial markets, which tilt to let "wealth" of the middle classes to be captured by the super-rich, and the tax codes that have returned tax structures to the 1920s will be returned to 50s and 60s levels where the middle class was built upon free and quality education and collective bargaining agreements that provided living wages and retirement security - Biden doing that, will help Gen Z and Millennials.

Agreed, that Gen X that has had to live through the corrupt oligarch-governed financial environment of the last 30 years (and the many of them who buy the arguments which perpetuate crony-capitalist corruption and screw them - that is the Gen X voters who continue to vote against their own interests)... are screwed.

you are way too optimistic 108, though I'd love to believe it. Millennials are already fucked beyond any one President doing anything. Same with Gen Z - unless there is a massive revolt. But the only revolution that seems to be happening is with fascist Republicans who are locking themselves into permanent minority rule via voter suppression and gerrymandering.

I'm Gen X and I've at least been able to dump money into investment accounts the past 20 or so years. Not much of the younger generation will have this opportunity unless radical change happens ASAP.

R109 Well, it's Holy Week, and hope springs eternal.

Venceremos.

Wow, I am destitute compared to you all. Maybe I should switch to eating cat food for a few years.

People need to update the eat cat food cliche. I find Campbell or Progresso cans of soup are cheaper than the cans of food I buy for my cats. A large can of wellness grain free is about $2.75. On sale I can get 3 Progresso cans for $5.

I love Progresso soups. If I had to subsist on them in retirement, there could be worse things.

Exactly, R113. And I can find them on sale in Chicago from time to time for 98 cents. It costs me sooooo much more than that to feed my dog.

Here's an article regarding savings plans and retirement that is applicable to much of what we've been discussing, especially as it tries to address how income inequality affects savings.

It highlights the Federal Government's Thrift Savings Plan (TSP).

Anyone else retire recently?

Bump!

Meager SS plus a reverse mortgage and zero debt. Our house is paid off. We own two vehicles. An old pickup and an electric vehicle. No gasoline prices to worry about. The pickup is for emergencies.

I am 47 and have just shy of 1 million in three separate 401K ( need to move the one to fidelity like the other two). If all goes well that should be closer to 2 million when I retire.

R119, similar, 48, just over 1M. Daily, I toy with the idea of retiring to a tight budget of under $40K annually. I'm just too fiscally chickenshit to do it and like you, will try to hold on until 2M. I suspect, workforce trends will lay me off sometime in the next few years before I get to 2M.

R19, you described me perfectly to the year and close to the money. I lived and travelled and have zero regrets.

We retire next June. We have 6 million in assets with no debt. Should be fine. $500,000 inherited and the rest saved from well paying careers.

I retired in June at 60 with 1M in a 401k and 5M inheritance. My partner and I own 2 homes (PNW and Palm Springs) and a rental condo all paid for. We have no debt. My partner and I have 1 or 2 nice trips planned each year. We enjoy nice things but carefully watch out for frivolous spending. We usually cook our own meals and seldom go out for drinks which saves a lot of money. I realize that we are better off financially than a lot of people but I still have it in my head that I still need to be careful financially.

Re: R96: If you're receiving Medicare under 65 as permanently disabled, you're not supposed to be working! That's fraud.

Retiring is a lot easier for gay people. They have no family to support, not to mention no alimony to pay to ex-wives.

Retired 8 years ago, was offered a buyout at my best for me job that turned toxic. Lived in a 459 square foot house at the time in SF Bay Area on a zero lot line. Sold house and Moved to Deplorable CA. Have a $600 per month pension, get Obama Care and have been whittling down my 401. Turn 65 in two months, and will collect Social Security,.god.willingly, will get to move away,.maybe somewhere with Indian food, Some may type fat, but I dream fat, of days gone by, dosas, nan, and vindaloo. Toodaloo...

R125 - Not true! Do you have any idea how expensive it is to maintain a shrine to Mother? The cost of storing her collectibles, China, dolls, clocks, jewelry and sterling silver flatware is a huge expense. And then replacing any broken items is becoming a financial drain. I had to go to beauty school to learn how to style her wigs!

These threads are a trip! DL must have the wealthiest retirees ever or the biggest liars. Take your pick!

R92 so are you saying that if a person lives off post tax savings at ages 63 and 64 redirection of SS funds to Medicare can be avoided?

I got Rogan Josh paste in my pantry, R126. Found sambar an acquired taste. Not a fan of chicken Tikka I'm afraid.

I worked very little in my life and never did inherent anything. Some how I managed to obtain a pension worth 2100 a month. It is plenty for me but I do live in a lower cost of living place in the USA and have a partner to split the mortgage with. I can do about everything I want with this amount and even traveled overseas a few times a year pre Covid.

R131 consider yourself very lucky! Pensions? What’s that? We fund ourselves now.

55 about $1 million. After experiencing 3 family members die before 63, I decided I’m not playing the US post-Reagan capitalist game of suffering through a miserable work life until 65 and worrying that saving $2 million won’t be enough to last until I’m 90. Way too many of us men will die before 75 with huge retirement funds that will go to waste.

Don’t worry about having millions before deciding to live a happy life - learn to spend as little as possible and appreciate the true joys of life which have little to do with being rich. Food and shelter don’t have to be expensive. I’d rather live a simple, happy life in a small, cheap town than spend 90% of my time in a stressful job with people who are not my friends in a big city until I’m 65 and forego what may be my last 10 years of a healthy, active life spent with those I love.

can one of you adopt you or just put me in your will?

R37 We're all renting, when you come to think of it. Same as when I worked a temp job as opposed to staff jobs, we're all temps when you look at it from a grand scheme of things. I could at least mostly leave the office politics behind and reduce some stress while I saw all the attorneys work long hours and hardly ever able to enjoy their expensive apartments, their big salaries, and free time off. At least by not owning my apartment (and having a, knock wood, low rent, well-maintained NYC rent-stabilized place) I don't have to bother with lawns and building maintenance and so forth. You only have access to the co-op, house or condo's equity (unless you do a reverse mortgage) when you sell it and move to a less expensive place anyway.

I quit drinking about 3 years ago. I had tracked my alcohol spending and it had been about $60 per month. IMO, not a crazy amount b/c I was just buying alcohol (bottles) from the store, not drinking in bars and paying mark-ups. Drinking is / was a coping mechanism for work stress (I'm still working, but dialed back / self-employed).

I always cooked, but decided to get more into cooking, less canned & frozen stuff. (I liked Progresso soups a lot as well.) Shopping and cooking is really time-consuming!

Point is: even if you don't feel like your savings, etc., aren't where you want it to be, you can still focus on your health. Sounds corny, but would you really sell your good health for $200,000 (or whatever)? Probably not.

R98 Regardless of the will, however your parents have listed as beneficiaries on retirement accounts (IRAs, 401ks, etc.) take precedence over anything on the will. Make sure it is what they want it to be if they haven't checked lately, and hopefully you can convince them you deserve more than the others for having given up a lot of your life to helping them.

R38 An easy investment plan using low-expense index funds (Vanguard, FIdelity or Schwab) would be their equivalent of Total Market Index (giving you a piece each share of the big (S&P 500), medium and small companies in the U.S., Total International Index (giving you shares in companies all around the world -- U.S. isn't the only place to make money) and Total Bond Index (or Intermediate-Term Index). Choose an asset allocation that you're comfortable with -- check out bogleheads.org for great free investment advice. Good luck.

R105 One is also better off if they have money in Roth IRAs or Roth 401k, which isn't taxable when you withdraw it. The Regular 401k or IRA has required minimum distributions which start now at 72 and have to be taken out or you're taxed at 50% of what you are required to take out. So assuming you have to pay approximately 1/3 in taxes a $150,00 IRA might be equal to about $100,000 after taxes spending money. One can also convert money to a Roth partially each year (which really works when you have a lower income year like being unemployed) since you have to pay taxes on it. But after that, whatever is compounding on it is able to be withdrawn tax-free. This also helps with possibly keeping your Social Security from being taxed. Soc. Sec. is taxed on amounts that are still very low amounts that haven't been raised for years (or ever). But Roth IRA or Roth IRA distribution doesn't count. Nor does it count for income when they possibly raise Medicare rates for high-income people. Read up on tax planning for retirement now.

Age 67, retired last year. I had 3 pensions from employer (worked in different unions when changing job in company). I took lump sum of $900,000 from the 2 pensions and receive $570 a month from 3rd pension and an extra $50 for medical from employer. Healthcare paid for because I worked in healthcare.

With savings and other stocks and bonds and the lump sum, I have a liquid cash of almost 2 million. No mortgage and no car payments (paid off). I get social security payment of almost $2800 but $2400 only because I made too much money last year. Altogether I get a monthly net income of almost $3000. I'm doing okay. My biggest bill is property taxes and food.

I worked as an RN. I guess I can do part-time work if I want. Just received a notice from Nevada if I want to work full time, they will pay $35,000 up front and $5,000 for relocation costs. NO THANKS.

56 here, $435k in three TIAA 403(b) accounts projecting a monthly return of about $1,700 in retirement. Small midtown nyc co-op, no mortgage, present day maintenance $850 includes utilities, taxes, door staff. Two properties left to me in estates of parents and a mentor, no debt, two autos purchased outright, $42k in cash, an endowed insurance policy that will carry a cash value at age 62 that I may liquidate to forestall drawing Social Security. Working hard and earning $226k/year, ideally for another 5-7 years, but anything can happen. My health is good but I did recently « buy-up » disability insurance from $6k/month to $12,800/month, to protect myself if I get ill. That’s it, warts and all. Parents holding up well in their 80’s, touch wood.

People who have inheritance, this is what I mean by white privilege.

^ I know, this thread made me sad for African Americans who have been held down by society for hundreds of years. They don't have expensive homes and savings that their kids / grandkids get to inherit and pass down. Exactly like you said, I didn't understand "white privilege" until I realized this during BLM.

Maybe some rich eldergays should look into paying college tuition for the less-fortunate.

Credit card debt is like a cancer. Mine are paid off, but for so many years I struggled with that private shame and worry. It is really easy to get over your head if your impulsive and live in an expensive city. I think it’s improving now with more stringent credit reporting and analysis.

I have friends who have declared bankruptcy (some twice), and then inherited cash. One close one inherited $185k from an elderly aunt, settled tax liens and credit cards, redid her rent controlled apartment, bought some expensive clothes and kitchen things and traveled for these past few years. But now is realizing that much of that money is gone, and she owns only a car, and has very limited ability to earn any money (has never declared more than a modest income from tutoring on taxes). She gets free healthcare because in her State Medicaid is income-based, not asset based. But she spends her cash pretty lavishly and calls her inheritance her savings. Sheepishly I have loaned her about $12k over the long years of our friendship, but she hasn’t made any overtures of repaying me. It’s ok, but a our close pal who knows this needles me about not collecting my $12k. I can’t do it, though. I have enough for myself, fuck it.

The difference in the likelihood of receiving an inheritance is more structural racism I think.

White privilege is specifically about privileges white people have regardless of economic class.

Systemic racism, structural racism and white privilege work together to create inequities and sometimes overlap, but they refer to different things.

(Apologies for being a little pedantic about this, but having grown up in a poor white area I know that referring to things that only “rich people” have as being white privilege can have a counter productive impact. I really do agree with the intent of your posts)

R144 makes an important distinction.

60 here, and husband is 63. We both work fulltime and expect to do so until we hit 67. We have $1.2M in retirement funds (most of which we saved ourselves). We have 60K left on the mortgage and expect it to be paid off in the next 5 years. No pensions but will get about 4500/mo combined in Social Security if we wait to age 67 to retire.

Our plan is to continue living in our 3BR house as long as we can. We do intend to travel after retirement (3-4 international trips per year) and continue with our volunteer activities.

R141 Oh, is Singapore fucking / Fling posting here too?

What I would like to know is to whom are these wealthy elder gays going to leave their money to when they die? I’ve got two nieces and a nephew who don’t speak to me because they are Southern Baptist homophobes. Not leaving them a cent. What are the rest of you going to do with your estate? I need suggestions.

R148, leave your money to your favorite charity/charities.

This is for r124:

"Continuation of Medicare — If your Social Security disability benefits stop because of your earnings, but you’re still disabled, your free Medicare Part A coverage will continue for at least 93 months after the nine-month trial work period. After that, you can buy Medicare Part A coverage by paying a monthly premium. If you have Medicare Part B coverage, you must continue to pay the premium. If you want to end your Part B coverage, you must request it in writing."

Directly from SSA.gov

In my case (the rules have changed) I have been paying the full price for Medicare since I started working again - which amounts about about $410/month, and I have been paying that for almost 20 years. But that's cheaper than private insurance would be for me. When I turn 65, which isn't that far off, I won't be paying that full amount any longer. However, I'll still be paying something.

I know somebody who's working in their mid seventies- I said 'why don't you retire?' and he said 'we can't afford to because of keeping up the lifestyle we are accustomed to'.

Their 'lifestyle' they are accustomed to would set anybody on this board flat on their ass, boom, just like that.

That being said, they have a very illiquid (that's the problem) set of assets that are worth probably in the neighborhood of five hundred million dollars, yikes. I can't get any more detailed than that without risking people figuring who these folks are.

I'll add my 2 cents: I'm almost 58 and swm, own my house in full with no mortgage or rent to pay, I do not own a car, I dont drink, dont smoke, no drugs (boring huh?), I'm an LMT cash only, I'm an online auction trader, post items on craigslist 4 cash, have a small checking account only. No credit cards here, so no CC debt. Live very simple, frugal and happy. Food is my greatest luxury, I like to eat good healthy food. My amusements generally are the library, riding my bike, swimming (long hot summers in New Orleans suburbs here), people watching, mostly the cute guys at several parks. I like everything I'm doing, so no complaints here. My mama passed away from covid in May 2020 at age 87, I have no other close family, but a handful of very close friends and some dependable regulars I like to spend time with, I feel like I have everything I need at this point in my life and am fully satisfied. No inheritance, no 401k, no pension, etc but I'm healthy and feeling good, no stress, and I do play the lottery on occasion. I keep busy and my days are full doing what I like with those I enjoy being with. I'm more than content here. I do appreciate all the input in this thread, so many stories and points of view from a gay perspective, so enlightening!! Live long & prosper, y'all. :-)

Thanks R152.

Reading this thread is wild. So many DLers with millions of dollars AND high paying pensions and rich husbands. What a trifecta.

I’m 41 - I don’t have a pension nor do I know anyone who has a pension.

I’m single and work for a non-profit (been there for 13 years), really like my job and make enough to pay my bills and stay out of debt (knock on wood). I’ll inherit some money and I have some money invested but not millions of dollars like posters here. I am happy and aside from trying to find a partner, I’m more or less fulfilled.

I get quite scared reading threads like this though because I start to worry I’ll eventually be old and poor and alone.

(No 7) I am 80 and want to stress that all the traveling etc, whatever, must be done as soon as you retire. You may be physicallly unable to travel at some point and your extra money may be needed for medically assisted living. At this point I cannot drive, had 3 hip replacements (one went bad) I have macular degeneration, rheumatoid arthritis among other things. I am financially secure because I need nothing at this point and you can do everything on line. Depressing, isn't it? I live alone in a small but nice apartment and hate the idea of elder care facilities with bingo night.

I never wanted to own a house before. I would have been a terrible homeowner. I do not like to deal with that kind of stress.

But now I really want to and gave an earnest effort to buy in the spring but t didn’t work out. It was very depressing to have to fight with hedge funds for a crappy houses that needed work to begin with. And of course the hedges won every bid against me. I gave up. I can’t even buy a home in my own city. It was soul crushing.

Amusing to read about all the multi-millionaires here - but it really is so much less important than we have been brainwashed to believe since the 1980s. The older you get, the less interest you have in the fabulous dinners and travel and houses. Being able to pay for a nice nursing home and decent care is the only priority. But again, most of us men will likely not make it that long. We are significantly more likely to die before late 70s with money hoarded over a lifetime than suffer for years as invalids in subpar nursing homes.

Reading a great book by Lionel Shriver “Should we stay or should we go” that is about a couple’s decision on when or if to pull the plug. Great food for thought that will be a much more useful and meaningful expenditure of time than obsessing over your bank balances - or more accurately here, other’s bank balances compared to your own.

[quote] That being said, they have a very illiquid (that's the problem) set of assets that are worth probably in the neighborhood of five hundred million dollars, yikes

With no cash flow or means of leverage?

I'm fairly wealthy, R156. Don't much care about material goods (bought my car for $20K cash earlier this year), but I don't want to do long-distance (3+ hours) in airline economy again - my major "vice" as it were.

Thanks for the perspective R156. Appreciate it

R157 - Correct. There are two primary assets, both of them are very 'odd' ducks. Being able to loan against either of them I am not so sure would be possible. One of them has dividends, but I would guess that asset is in a trust that would be difficult to extract from.

Annual outgoings are in the multiple millions. It isn't all just dumb stuff (like the celebrities swanning around do), most of it is to 'feed' multiple collections, all of which are highly valuable assets by themselves. The problem is these are the kind of collections you have to hire people to help take care of. So, what he makes from his unearned income is not the same from his current earned income and that's where the problem lies.

I've heard of other people who end up in the same position, one person that was a friend of a friend, and was selling bottles of wine of out of his collection to pay his house' monthly utility bills. And he had been on the Forbes 400 list. Any number of DLers will know who I'm talking about.

R160, I'm just not clued in so I still do not understand the problem. If you can't afford to keep up an asset or collection, than you sell it to someone who can or arrange some type of deal. For example, the English aristocrats who cannot afford to keep up their great estates.

If I was sitting on an $500 million asset that was stressing me out and making me cash poor, I would sell or at least, open a line of credit against it. I don't understand the struggle but then again, I grew up and merely aspired to a middle class wage.

or example, the English aristocrats who cannot afford to keep up their great estates, sell or open up their homes to the tourists.

Sorry, aggressive back keying there cut off the rest of the sentence in R161.

R160 - I didn't know this either, it is actually very difficult to use collections of really any kind as collateral. Banks won't accept them, generally speaking, even fancy stuff like great paintings. I think they are loath to ditch the collections (as they represent several lifetimes work), although the race horses need to go first, ugh. And probably will.

There have been discussions about dumping one of the assets, unfortunately this is not just a company you can sell in a week.

I don't understand it either as I have a very modest background, and their situation is highly complex even for people used to that kind of thing. To get back to the original post, this is a good lesson that people need to think about their retirement literally decades before it happens, there is all kinds of shit that can hit the fan, and it's not just a matter of money, but management thereof, too.

Single, retired at 65. Have zero debt, house is paid for (worth $480,000), retirement savings, 401k about $280,000. I get social security and a small pension that helps to supplement my measly SSI check. I tracked every cent I spent for 2 years to figure out exactly what I need to live on. I am mostly a recluse in a large city that pretty much has nothing to do, so I really don't need a lot of money to live. I eat out twice a week, and most of my income gets spent on groceries and pot and utilities.

Retired at 59 with $1.11M. Seven years later, still have $1.11M despite all the withdrawals, with no reason to worry I'll spend it down in the next decades barring horrific inflation.. I'm very lucky.

R165, was the 1.1m invested in the stock market? We have had an extraordinary bull run in the last 7 years. No guarantee it will continue in the next 7 years.

It took me about 17 years to get to 500k. From 2016 to 2021, it doubled to 1m. Love to claim it was due to my investing genius, but all I do is invest in index funds. Just lucked into a great market run.

My partner & I (Ages 53/51) have about $950k in 401K/stock, a universal index insurance that comes to term/cash out in 5 years at $450K, a house with about $225K left on the mortgage (10 years left on the mortgage) and about $120K in savings. H O P I N G to retire / go to part time work by 60 but not collect SS until 67.

We may inherit about $1MM in the next 5 years (parents both are quite ill) but don't want to count on any of that money. The investment folks are saying we have to get to $2MM before considering retiring, but I honestly don't want to wait another 12-15 years.

R166, no, I've always had a very diversified portfolio. I likely would have done much better had I taken more risk. At my age, I'm 40% stocks, 60% conservative (annuities, bonds, cash). I'm lucky to have had a long career in telecommunications during deregulation and Internet expansion.

I wish I was in line to inherit $1MM! Geez I’d take $1 at this point. That being said I’m putting 20% of my gross into my 401k and I’m going to up that next year. Just refinanced the mortgage from 30 to 15 years. Who knows???

Retiring with about 800,000 plus townhouse is paid for.

That's not including S.S. and part-time job.

Who would have thought we have so many millionaires around here, yet I cannot get twenty bucks a year for a subscription.

I'm a millionaire as well as a paid member.

No dependents, no debts, but don't own housing which is a daunting proposition.

Interesting how most here plan to live in a paid off home. I’ve always planned to cash out the equity in my home as part of my retirement money. The idea of dying with a $1 million asset seems stupid. That’s enough for years of rent and living expenses - or alternatively states, years LESS of working.

R173 I agree. When we retire, goodbye big house and hello small house/townhouse. I have no desire to keep living the same way. It’s a waste of money.

R173: yeah it’s an interesting one to weigh up. Maybe some DLers want to leave the house to nieces or nephews. Fuck that though. I don’t even know why parents would care about doing that. I’m all for not spending my last years in a miserable rented bedsit but there’s a balance there like you say. Just re-mortgage as you get older till you own as little as possible but can pay the mortgage payments.

A person who owns his own house has control of his housing costs. A person who rents does not. It's that simple. However, I agree that a house, especially for a single gay man, might not make sense as he ages and his health and physical conditions no longer permit his doing home maintenance himself. However, it's then an asset that can be used to A. get a reverse mortgage or B. something that can be sold to provide income for long-term housing or nursing home care, or C. can be rented out to provide steady, reliable retirement income and allow the owner to live in a rental that doesn't require maintenance.

R173, we sold our co-op in Manhattan and upsized to a 2/2 where we retired. We did it for the equity and we wanted to get out of NYC. We made a lot of money from that sale, and paid much less for our condo and car.

Im 65 and retiring this year with about 1.2 in a 401k plus SS and a million in my house (if I sold it, which I won’t do until/unless I need some kind of senior living arrangement. My financial planner says I can live until I’m 96.

I have sufficient.

I've just retired at 59. I'm Australian so expenses here are different (lower property taxes and cheaper health care but higher income taxes etc). I own my own home and have a rental property that earns me about $7kpa net. I've run multiple retirement calculators and it looks like I can comfortably draw down about $35kpa in $US until I'm 90 or WW3 and the great climate catastrophe spell the end of civilisation as we know it. Thankfully my rental is in Tasmania... So I should be able to avoid the marauding gangs of cannibals that will be sweeping across the freedom loving plains of Eurasia and the Americas.

"A person who owns his own house has control of his housing costs. A person who rents does not. It's that simple."

It's actually not that simple. When you own a house you most definitely do NOT control costs. At least in many scenarios. Houses require major upkeep. I'm dealing with this now with my aging mother who refuses to sell our family home. She spends thousands of dollars on random shit including roof repair, new furnace, rewiring electric, replacing windows, cleaning out of eaves, oil for the furnace, insurance - not to mention her property taxes have skyrocketed. Even as senior she pays over 20 grand a year. Granted, our little town has become super posh in the last decade - she's on the north shore of Long Island - but still, I would never want to deal with ANY of this when I'm old. She could sell for 900k in a heartbeat and get a nice cottage for herself nearby, but she ...just. wont. do. it. As the person who ends up as her de facto project manager on this stuff, I'm completely exhausted.

I thank jeebus every day I myself never bought. I will leave my rent controlled Brooklyn apt in a pine box, thank you very much. And I've been able to stuff investment accounts with the money I woulda spent on a mortgage.

R181, I suspect you wouldn't be complaining about home ownership if you were not in a rent controlled apartment. There are very few places that have rent control. I doubt i would be able to stay in the city i presently am living in if I hadn't bought my house 6 years ago. Rents have gone crazy here but my mortgage remains the same. Plus it has doubled in value in the 6 years I have lived here.

Retired with a $2200/month pension. I still have a $950 mortgage, health insurance premiums, plus the usual expenses except for a car payment. I often think about selling the house and moving someplace cheaper. I live in Denver.

I'm in my mid 40s and have no savings.

I've recently started dating/fucking old queens in hopes they will write me in their wills.

If your home is fabulous enough you don't need escapism like travel, clothes, or other consumer crap. Make your home your own Bond villain lair, and you can live cheaply. But IMHO, it needs to have a garden, however tiny. I think having a garden is absolutely vital for mental health, even if you rarely step into it, and just look out on it.

Agree- in old age a garden is more satisfying than a week or two of fabulous, exotic international travel. I find I can’t wait to get home to my home and garden after about 3 days.

Did any of you from the US retire overseas? If so, where, and how are you finding it?

42yo with approx. 50k in a 401k, 1k savings, 16k cc debt and 50k student loan debt. I've always worked in poor jobs - nonprofit, academia - not the kind that pay you high five figures. For years the most I made was 55k, and that was a lot. I rent in NYC so there's no equity and if I can't pay I am out. My father died in debt so there was no money to inherit. My mother has some savings and life insurance, each child may get 10k or so after she dies, depending on how long she lives.

If it ends up that I get too sick to work, I will just take a header off a bridge and hope that the fall kills me.

I retired to Southern India about 5 years ago but presently got locked out of the country due to Covid restrictions. I hope to get back soon. Prices are about 20 percent of what I am presently paying.

I'm 59 retiring in a four weeks with a little over $1 million between 401k/IRA and an account I use for option/stock trading. Small condo is paid off and don't have any credit card debt. Cobra will cost me about $800 a month which is still cheaper than ACA insurance. ACA may be cheaper after next year when I won't have an income.

About 5 years ago, we sold our house in Brooklyn and purchased a 900 sq ft 2/2 condo in our retirement town - happy to downsize and get access the the substantial equity we had accumulated. After three years, we decided that we needed more space and more privacy. So we bought a single 3/3.5 3000 sq ft home nearby. Still much cheaper than our Brooklyn home and we still have a nice chunk of money in the bank. Lesson learned: full downsizing may not be for everyone, but living in a more affordable community certainly is a consideration.

Yes, 900 sq feet is pretty darn small for 2 people. I believe the individual members of a couple should always have a room to escape to to get away from the other. Absence makes the heart grow fonder and all of that.

This all points to the fact the OP is asking the wrong question if the intent is not simple curiosity, but to determine how much one actually needs. Everyone's desires and needs are different. If you've had an income of $600k pa obviously it's going to difficult to ratchet down your expectations, so you'll need several millions. If grand hotel life and buying endless stuff bores the tits off you, one needs far less for contentment. Always good to know if you hate a 9-5 grind.

Key element for me was never ratcheting up my lifestyle as my income went up. Maybe indulged for a year or two in my 30s - but I quickly realized I’d rather not work than have $200 dinners and $500 hotel rooms. Keeping spending in the 5 figures allowed me to sock away some income and my bonuses - which on Wall St is 30-50% of compensation.

Now in my 50s, I want even less. Biggest expense is Obamacare Gold healthcare plan. Not working is the first time I truly enjoyed life. Maybe some people find joy or purpose in work. I never did. The FIRE movement was basically my philosophy - even in the luxury and brand decadence era of the 90s/00s. Financial freedom - dependent on minimal consumption demands - is what allows me to live my best life.

R194, what was your FIRE number? I'm getting close to covering my spend number but not comfortable walking away without a 20 to 25% cushion. Though, now that I'm close, it's difficult to not think about freedom on a daily basis.

"Yes, 900 sq feet is pretty darn small for 2 people."

where do you live? In NYC, 900sqf is a decent size apartment for 2 people.

I'm not R192, but I concur with him. I live in Chicago, and our 1600 sqf condo has felt awfully cramped for two of us (and a dog) during the pandemic.

In 2020, annual living expenses of $50,000 is a good number to work from for a comfortable existence in retirement -- if your own your home and it's fully paid off. Add to that what amount you would like spend on travel. Below is how to calculate your FIRE number. I'd use the second calculation.

I need to add to the post above: "a good number for a MIDDLE CLASS retirement."

I'm fully aware DL has any number of old gila monsters for whom $50k would be their toy boy's monthly allowance.

It depends on where you live. I live in nyc and can’t imagine returning with a $70,000 401k and $20,000 in the bank. I’m not going to mention what savings/assets I have because peoples’ noses get out of joint but it’s considerably higher than that … and I’m still nervous.

Where can one live comfortably in retirement with $70,000 in a retirement account?

^^^ retiring

My fire number is $2.0 million.

Oy vey.

My fire numbers are 600,000. That's life in flyoverstan.

R203 I'm retiring to flyoverstan.

I'm not in NYC but it's still a HCOL area. My rent is 1500 for a one bedroom. Apartment is nothing to brag about but the location is A+ for convenience, transportation and safety. My additional spend on top of rent is 2.1k average monthly. That comes out to 44k annual spend. 50k doesn't seem like hardship for me. I'm aiming for 70k passive income, adding in increasing health care costs as I age plus more travel.

I love all these calculators that only tell most people that they will never be able to retire.

Everybody needs to note, too, that if assisted living becomes necessary that can be $6,000 on the low end to $12,000 to $15,000 per month ('Flyoverstan prices').

My cousin (who advises finances occasionally) has seen people worth ten to fifteen M get literally wiped out for assorted reasons within two or three years, when it became needed for fifty-somethings (because they, as a key player/sole owner, didn't have a backup plan for that kind of event).

If you get short- and/or long- term disability when you are young enough, it doesn't become too onerous when you get older. If you are a 'key' person, it becomes much more complicated and is important you have a plan for your company.

R181 's mother's house is pretty cumbersome, financially and time-wise. R181, you might be enabling your mom by being her property manager. I'm not saying to abandon your mother. However, she's disillusioned that she's "making it" on her own when you're spending all this time keeping her afloat.

A rent controlled apartment is also another anomaly, for most.

I'm stuck in the middle. I don't want to / can't really afford to buy and I don't have rent control in my area.

52 here. My parents were poor and had zero financial sense. I knew I had to go to college to escape their fates.

I have a little over 100 grand in a 401 that has a 20% return each year. I left the job that offered the 401k and my new employer doesn't offer one so I left my $ in the previous one and it just keeps going up without me putting anything in. I have about 50 grand in the bank and another 8 grand in stocks.

I rent. Can't afford to "own" here in CA but would love to. At my age though, it seems pointless as I will never have it paid off and therefore wouldn't really "own" it. Until it's paid off, the bank owns it anyway. My rent is dirt cheap but I'm looking to move to more space. I live in a 425 sq foot guest house behind a main house. I need more space. I don't think I'll ever be able to retire, but I have no debt so that's good. I never traveled or bought fancy cars. I was planning on starting traveling in 2020 and well, that worked out well...not so much.

Interesting thread.

Some have buckets of money/investments/real estate and others don't have a pot to piss in. Having what you need to live decently and a little extra is a reasonable goal but many factors play into that scenario.

The most valuable asset anyone can have is good health. Of course genetics play a roll as well as lifestyle and maybe even luck. Unfortunately, no matter how well you take care of yourself things can go wrong (and will). Those with big $$$ will at least be able to have the best care to cover any medical expenses.

I retired 16 years ago (federal retiree) and have done OK but not wealthy like some here.

My income (Pension) is more than adequate, my house is paid for as are my two vehicles. I have about 150K in savings/investments and add to that each month since monthly expenses are well below my income. I have the same (subsidized) health insurance that I did when I was working which is a big help. I don't have Medicare since my health is quite good overall but can opt in although there is a penalty.

Eventually, I'll reach the finish line and hope I have enough to run the show until such time.

Considering how the world is turning these days, I'm kinda glad I'm as old as I am. We all must leave sometime but hopefully I have several more bows to take before the final curtain!

[QUOTE]I retired to Southern India about 5 years ago but presently got locked out of the country due to Covid restrictions. I hope to get back soon. Prices are about 20 percent of what I am presently paying.

R189 - May I ask where you retired from? Did you have a connection to India prior to that? If not, how did you decide on Southern India and how was it adapting to life in a new culture?

R210 I agrée, maybe it’s better not to be young right now. I would have struggled to find my way in this economy and work culture. I have enough and will work perhaps 3 or five more years, then go quiet.

I know a few guys who weren't born rich, but have lived outside mainstream society, and never got on that horrid soul-killing 9-5 treadmill. I'm sure centuries from now people will look at as they do slavery now. "You mean people actually gave away their lives to work in cubicals?" One of my friends was a casual DJ, another worked a few shifts a week in a dope shop, but they've alway lived rich lives and always had money for food and shelter and fun. And lots and lots and lots of sex. Including during the day when most people are slaving. They have some kind of genius: none of them ever brought in to the bullshit: they've followed their own dream.

The FIRE Movement and FIRE Number thing seems a bit of a cult.

Saving 25x your projected annual retirement spending needs —or 30x to 40x as more conservative experts have advised— so that you need withdraw from those savings only 4% annually hardly seems a one size fits all solution. As a rough guideline for the fortunate who have high salaries or had a nice inheritance or some serious windfall as a nice starting off point it's a useful if crude guide, but the purpose seems to be a game of one-upmanship of "What's your number?" and "How soon can your retire?" It's a game of how soon you can save $1M or $2M or something close to it (at the low end $900K if you wanted $36K a year, or $625K for $25K a year.) If you were expecting a social security or some other income stream you would have to subtract that amount from whatever your monthly financial needs were. A workaholic who loves his job might have in mind to retire between age 70 and 75 rather than at 55 or 46, implying different monthly requirements as well as different views on life expectancy.

I'm not saying it's a useless number, only that it's mostly a useful number for high income or cash rich individuals who want to get out of the work game at the earliest feasible point of doing so. A lot of people know that their situation is not one where a few years of aggressive savings is going to put them over the top on their FIRE Number; they know they will be working into their sixties and maybe into their seventies, and an only slightly more faceted retirement calculator can answer their somewhat different set of questions much better.

I don’t understand why people without children keep their money in the stock market and take out 4% per year and have to worry about stock market volatility and being a target of guardianship abuse, when annuities (even on two life plan) pay 5% per year for as long as you live. Of course there is nothing after you die, but if you don’t have heirs, who cares?

What am I missing?

R215

My estate will go to charities and a cousin, who is like a niece to me. It's an awful lot of money to go to an annuity corporation. The banker who handles my account explained that "bad" years should be okay, if not great, just for look for mountains of cash during a boom that way.

R215, annuity is my plan if I should be lucky enough to reach very old age. At that point I likely won't be able to handle my finances optimally. And I won't have any heirs. But if you can manage your own investments, you will get better returns than from annuities.

R214, those are useless numbers because I don’t plan on leaving any money to anyone so I’m not living off the interest. I don’t have kids and my nieces will get my properties. I’m blowing it all!

I'm another eternally single who rents an apartment. I'll be 60 in a couple of months and I've developed blood pressure/heart rate issues for which I'm now on medication. I do think stress is a big factor in this, so I think about retiring a lot lately.

I haven't looked in a while, but I think that collectively my IRAs/401Ks are about a million. I think. My plan was generally to live on liquid savings until I could draw of the IRAs (which I now can) and to live on the IRAs until I can get SS without penalty. Health care has always been the wildcard.

I have decided that my current job is the last job on the so-called career ladder. After I lose/leave this one, any work will be something light just to get me out of the house.

I'm 50 and if things continue to go the way they are, I'll probably retire with maybe $400K in a 401K, a little in a Roth IRA that I used to have (and just left in there, so it keeps growing) plus a paid-off house. It's the best I can do and along with Social Security it might be okay, but I worry about climate change and energy crises that will make life difficult just as I'm hitting my weakest years.

Currently I have a few thousand I'm playing with in the ETF market and I have been able to make a few thousand here and there, which is in a CD right now but when it matures I think I'll put it in my Roth IRA. Maybe I can get that balance up to something more useful by the time I retire, if I can keep making a few extra dollars here and there.

R219, yes, healthcare is the big wildcard for me too. If I were able to get Medicare, I would have retired by now.

I apologize for going off-topic, but for those of you with traditional/rollover IRAs, did you transfer them to Roths before withdrawing from them? (Basically taking the tax hit earlier before you actually needed the money?)

I had hoped Biden would be able to keep his goal of lowering the Medicare age. If it were 55, I’d be set. I’m buying Obamacare but not only is it my biggest expense ($1k+/month), it’s a horrible HMO because that is the ONLY type of health insurance you can but in NY. Other states have PPOs but NY for some reason only has crappy HMOs with no out of state coverage if you happen to travel or spend winters in the South.

R219 how do you feel about renting vs buying?

r223 similar situation, really hoping that Medicare eligibility age decreases soon.

“ I know a few guys who weren't born rich, but have lived outside mainstream society, and never got on that horrid soul-killing 9-5 treadmill. ”

Ptown used to be full of them. Men and women. They’d work for the summer, save all their money and then Oct - May they were barnstorming the world. Used to chat with a few over the years about their travels, Thailand, all over Europe, Central and South America. One guy had a little hut in Ischia. I so overly romanticized their decision to not join the rat race … and I retrospect I admire them even more (from inside my ever-shrinking cubicle).

R224, actually I'm quite happy renting. Sure, I can't remodel the place, but if appliances break or the roof leaks, I call maintenance! I don't have to maintain a yard or plow the porch & sidewalk when it snows.

Age 60 BCBS PPO in FL, premium = $1200 for zero deductible. Going up to $1300 next year.

Medicare age will be lowered as soon as it's too late for me.

Yes, insurance was nuts until Medicare. At 64 I was paying $732/month, and that was Verizon subsidized. Needless to say, I have lots more money these last two years.

For me owning property is important. I like to restore or improve a place and make it make it mine. I like living among people who are invested in doing the same. I can change a lightbulb or schedule an in-house service call from an appliance repair place and let them in the door just as easily as I could if a landlord were paying for it. Property taxes are very simple, simpler than setting up accounts with utility companies and automatic bill paying. It's not as if renters are relieved of the costs of property ownership such as taxes, they just pay for them indirectly in a lump sum.

I've never had a large salary but I've had money enough from other sources to buy my own place and a tiny second one in another city. My 401k and Roth IRA and other retirement investments don't add up to millions, but they are comfortable enough for my imminent retirement and projected lifespan and allowing for variable markets. My retirement income should last more years than I will, and if it doesn't, I the life long trickle of social security income plus two homes owned outright that could be liquidated. Owning the two places means I have practically no outgoing expenses other than utility costs, and very low co-op and property tax costs; it's nothing really. Without the buffer of millions in the bank, those two properties give me a lot of security in representing not one but a choice of two places to live at practically no cost, and the option to lease or sell one or both should I ever need or want to do that.

I'm not paying a modest year's salary in property taxes or maintenance fees. Obviously home ownership has different sets of costs to different people, but in my case home ownership is a burden I enjoy and a small cost I can happily afford.

[quote]I so overly romanticized their decision to not join the rat race

It takes a special kind of mentality. But I admire them so much. I was worried about one guy like this who was getting on, but his parents died, left him a little cash and he's bought a house in a hippy commune, which is perfect for him, as he's a natural handyman. Viking hippy looks; the whole package. He actually unconsciously walks like owns the street. Yet he's often only had a few bucks to his name. Has never bothered him for a moment. Sort of the like the character Leo plays in Titanic. A real Whitmanesque gay man. The kind you never see portrayed in the media.

R230 Nearly identical situation here. If I can stay technologically fluent and stay in command of my few expenses, I want to stay in my own properties. Renting isn’t always so easy if your landlord sells to another owner or your building’s management company changes hands. Yet in some states the laws are more protective of tenants than others, so maybe these are the best to choose if you’re renting in retirement.

Some prefabricated homes in FL are on rented lots, and the lot rental fees can creep up over time. That can lead to abandoned prefabs that need to be hauled away of taken apart by scrap companies or donated for homeless housing.

Most useful for me in planning retirement was to sit down and go through every recommended online retirement income calculator. T Rowe Price has a good "retirement income calculator" and there are many others. As you start doing them you will soon recognize that some sources have the same exact calculator as others, just rebranded — obviously you only need to do these once but save a list of the sites you used and the results page for your calculations. Some ask for tons of input, others for very little. With some calculators you can adjust variables: an anticipated income or decline in monthly costs, some paste in an estimated Social Security income if you are eligible while others leave you to input more exact figures; and life expectancy — many calculators ignore this and just project to age 101 from wherever you estimate your retirement to start, others allow you to pare the number down to something you think is accurate (the difference can be huge, especially if you want to retire at all early.)

Do all this once, think about it, then put it aside. You'll have a sense of "if I retire at 67, this is what I can expect per year for X years; or to push back to 65 or 62 or 57 those numbers change like so, or if I postpone retirement for X years, the advantage is Y. I would go about once a year and run the whole exercise again. A lot of it seems useless, entering the same inputs in different configurations, but you get a sense this way of the connection between one variable and another that starts to become clear in your mind, and maybe you start thinking that while you thought you could retire at this age, it could be earlier or later depending on what kind of spending needs you anticipate, and you start to think in terms of can I cut my current income by 20% and live happily? by 30%? How long will I be spending lots of money traveling, for instance?

Doing this simple exercise repeatedly over even a couple of years gave me a better picture than a Certified Financial Planner ever did. He was good, he was useful even for the conservative scare message I needed at the time, but in terms of shaping expectation and day to day behavior toward a goal, the online calculators gave me a much clearer image of everything affecting every other thing, and how. Before doing that I had a too vague sense of when and how I could retire and what that would mean for my income in retirement.

I didn’t retire with much. I have $150,000.00 in retirement accounts. I retired at 53 and I’m 65 now. My partner worked to 66 and he’s been retired for 7 years. He has $2 million in his retirement accounts. We live in a midwestern college town that’s very affordable.

^^^ It sounds like more if you add the “.00” cents at the end. Good luck to you.

$1.98

R234 will be my partner. Almost 60 and still not worried about retirement savings. Luckily he has about $150k just by chance jobs and inheritance. But scares me how little he cares.

After this thread I’ve been thinking a bit about retirement and savings. Came across this book/idea of aiming to die with no money. Pretty good way of thinking, especially for people without kids.

R238: It's odd, maybe, to take advice about how life experiences count more than money from a hedge fund director said to have made $1B in five years, but the chapter highlights do emphasize good points: of people so pertrified to not have enough that they save and work too much.

You see it here even with the sad stories of "I own two quite valuable homes outright, have minimal monthly expenses, and have $3.5M saved and hope to have $6M when I retire in six years at 67 and I'm worried that..." What the fuck does anyone who has $3.5M in retirement savings need with the extra $2.5M? and why is he waiting until he's 67 to retire?

I am near the point where I could retire, conceivably, but seeing the decline in some of my peers who are under-employed or unemployed, I worry about social isolation and becoming invisible. Work sort of anchors me and keeps me connected to the world baby necessity. Yet at 56 I know my time in the workforce will come to a close, and I feel fortunate to have stayed in the game this long. I changed jobs from being a teacher to becoming an executive at 46. It’s been a big culture shift.

I've posted about having a crappy relationship with my previous manager. I thought I lucked out when I was offered another position within the company. Current manager talks a good game but I just worked 12 and 14 hours the last two days on a presentation for an executive. Mainly because our databae sucks and because of the chaotic teamwork process. Towards the end, I was so pissed as we finally figured it out. If we had been more organized, we could have finished it in 8 hours. I was sick of my ex manager's big man routine, but it looks like I have gotten myself into another bullshit position.

Sometimes I wonder if I will wither away without a job but this week assures me that work is just shit. There is no great job. At best, it's work and you get a decent paycheck. If retirement means being bored at home, I'll take it.

Why the fuck would you be bored at home, R241? To suggest that is to suggest that you have no idea how to occupy your time but that you succession of bosses you don't respect do.

R241 and r242 I don’t understand boredom, but I do understand loneliness. Earlier in my career, I remember seeing a notice in the lounge that a former Executive Director (this was an international nonprofit in NYC) was retired and on his own, and that he’d be grateful to hear from former colleagues. I felt sad seeing that. Now I am Président and CEOof another organization, and wondering if I will be lonely and isolated in retirement. I do have family and close friends, but admit that the social engagement of my work is as important as the compensation right now, maybe more.

My only problem with work was dealing with my coworkers. It got so bad that at one point I quit a very lucrative career and became a long distance truck driver in order to be alone. Being able to retire was the best thing that ever happened in my life. I am not bored or lonely.

R242, no I'm not saying I will be bored. Some people have cited boredom, lack of purpose and loneliness as negatives of retirement. I'm just saying if any of them were true, I would still take them over the corporate grind.

I'm like you r244. Lucrative career, but colleagues I needed psyche myself into meeting every morning. God, I hated it. Only problem is I quit with little savings but of all the options I've considered, going back hasn't crossed my mind once.

R244 That sounds really cool, being a long distance truck driver.

Over the road truck driving is great for introverts like me. I oddly meet up with a ton of Sikh drivers and now count them as my good friends. Doing it was a wonderful retreat from office politics.

Completely agree with the idea of having basic requirements covered then quitting. Maybe for some people work brings companionship or is necessary to prevent boredom. I can’t imagine that. My life started when I quit around 50. I’m loving every day of my life. Never realized how miserable work made me. I now feel completely content and am grateful for the time I’ve had without work. I feel I can approach death with peace - knowing I actually had time to live.

R240, I can hardly find time for myself with all of the friends we have. I know I'm gregarious, but it wasn't hard to meet and make friends with those who live where we retired, and we're in touch with all of our friends from where we used to live and elsewhere in the country. I'm not alone; I have had several older friends who were very busy after they retired with social lives. It's not hard to do if you're around other people your age.

My partner & I are close to making the "let's retire earlier, then let go at age 80" pact if we are still around. That decline after 75 is rough to watch with my own relatives, I'd rather not live through such sadness and pain. Why?

R#5@ read “Should we stay or should we go” by Lionel Shriver. Discusses that exactly and offers lots of different viewpoints, insights and food for thought.

[quote] [R234] will be my partner. Almost 60 and still not worried about retirement savings. Luckily he has about $150k just by chance jobs and inheritance. But scares me how little he cares.

R236, maybe your partner cares so little about money because he's depending on you (for financial comfort).

[quote] Now I am Président and CEOof another organization, and wondering if I will be lonely and isolated in retirement. I do have family and close friends, but admit that the social engagement of my work is as important as the compensation right now, maybe more.

R243, the people you work with *have* to be nice to you, now, because you're the boss. Yes, maybe there's some genuine fondness. But if you were the janitor, you would not be depending on work for "social engagement." You'd be wanting to retire ASAP.

My company is offering a deferred compensation program (up to 50% of salary 100% of bonus) anyone have experience with this? I’m not sure whether it’s worth doing. I’m 53 and hoping to retire at 62.

[quote]We have 6 million in assets with no debt. Should be fine.

Humble braggers who type such shit should be slapped hard.

r255 Are you referring to the amount they are going MATCH? Because no one can defer 50%, much less 100%, of their compensation.

r257 Not a match, deferred compensation.

Still no idea what you're talking about. You can't defer 100% of your compensation -- at least not in a qualified retirement plan. Or maybe you're talking about something else?

"You can't defer 100% of your compensation"

Damn son - pay attention! He said 100% of BONUS.

He also said 50% of COMPENSATION. You can't defer that much into a qualified plan.

r255 here, I glanced at it and I'm pretty sure it said 50% of salary and 100% of bonus, but I'll go double check. Those of you familiar with this kind of program should I consider something like this? I would be able to defer 20% of salary and 50% of bonus at most for 2022.

How much are you spending annually after 65? I’m trying to figure out what’s realistic at that age. My partner and I will own our home no mortgage, we’ll require one car, supplemental insurance, with about $10k in travel a year ( cross fingers) while we are able, is $65k too small a number to plug into my retirement calculator tool? Living in New England.

Retired at 56. Between 401K and annuity invested...about 650K to 700K, depending on the stock market. I still have a mortage and just re-financed, but pay a bit extra towards principle. I would like to pay it off in less than 20 years. I haven't traveled in a few years, with covid...and now the Ukraine war. Who knows how bad it will get and NATO may have to get involved. I would like to travel at some point. I have a quiet life and don't spend much. I've been retired almost 12 years.

I collect Social Security, too...^^

I am living well in Phoenix on 2,000 bucks a month. I went on social security at age 64, I have very little saved.

It's sad, scary, and wrong how health problems/medical costs can wipe out the retirement savings that you worked hard, and planned, for.

R263, we live high off the hop for a lot less - $48K a year. I could afford more, but we can't spend it all. Live in FL however, so lower expenses.

Not sure why I feel compelled to add to this thread... but here goes. I'm 68, in good-to-very good health (thankful and grateful). I'm semi-retired in that I still work a few months annually as a Reservist for FEMA, i.e. I go work on disasters when they call. It pays $48/hour, plus all expenses paid (hotel, car, air & per diem). Last year I grossed about $46K, working 4.5 months. More importantly, I have great federal health coverage (zero deductible, can go to doctors anywhere in the US). Mind you, my co-pay is $142/mo, but that's fine considering the coverage. I own a fully paid for studio condo, worth maybe $175K, which is directly across the Hudson from Manhattan... takes 20 minutes to get into the City, which I do frequently. The 450 sq ft is the perfect size for me. Lock it up and leave it, with worries. I meet friends in the City (who wants to go to Jersey?), see movies & theater, all my doctors in NYC, etc. The taxes are high, about $3200 annual but they didn't go up in 2022. Small blessing. I have $82K in cash savings, and only $15K in mutual funds. (I lost plenty in 2008 in the market and still nervous.) I also took early SS, so I currently receive $1624/mo. (My only inheritances were $25K when my Mom died, and $3K from a spinster aunt. Needless to say, we were not a wealthy family.) My expenses are low... If I HAD to, I could survive just on my SS. I am lucky to have a United Airlines Companion Pass, which allows me to fly standby anywhere on UA, which I take full advantage of. I've learned how to choose the right flights and I rarely (knock on wood) am unable to get on a flight. International flights are easier than domestic: Last year I went to London and South Africa, and planning on Istanbul, Mexico and Colombia this year, maybe more. I also go to Denver and Fort Lauderdale several times a year. (Taking Uber to the airport is one of my big extravagances!) I do all of this solo. I'm a "neophile," in that I'm always looking for new things. Having a bf was never a huge priority... I played hard when I was younger, and now I enjoy seeing my old friends while making new friends when I travel. I'm alone, but never lonely, as they say. I've never told anyone my complete financial picture, nor do I expect much response on DL. I'm fine being a small potato... I've had over 40 jobs (mostly in media as editor and staff writer, but also restaurants, nightclubs and theater). I've been to 75 countries, and would like to get to 100 before I croak. But, if I don't, no biggie. Can you tell: I also wasn't brought up to be competitive. Just honest and grateful.

One thing to know: it will never feel like enough. Won’t say how much partner and I have (which is a fair amount… we’ve been fortunate), but my last paycheck was end of last year and ever since I’ve been dealing with feeling poor.

It takes times to grow accustomed to living on a fixed income for most people.

The prior poster mentioned taking on part-time work. Ideally, you carry forward some skills that pay above what you’ll get at Lowe’s, so can supplement your income for a while with freelance work. But remember, you probably won’t want to or be able to do that forever.

R269, did you have disaster relief experience or worked at FEMA prior to the part time gig? It sounds like something I would be interested. The only hurdle would be if I have pets when I'm retired. I couldn't leave them for months.

59 - Retired at 58. $480,000 in a pension fund, $100k cash, own my home debt free and a rental that is paying itself off (about $150k in equity). I've been living on my final payout from work this year and gave myself $2300per month to live on and see how it goes. That was fine during the pandemic lockdowns but I'm spending more now. I started working casually again for 10hrs a week and that clears me an extra $1700 a month. I've booked three good holidays and paid for them out of my casual wages.

Home and car paid off. Lump sum pension, 401K, stocks and cash: $1.8 million. Monthly income that includes SS and a small pension: $3000/month. Since I’m not working, I no longer pay $40 a week in gas and not spending money on work clothes. I find that I’m still spending and buying stuff like I did before. I may just get a part time job out of boredom, though but also to pay to remodel my house.

[R271] I had experience in communications and writing, so that's what got me into FEMA. Being an on-call Reservist certainly isn't for everyone, especially those with kids or family to take care of, and pets. But if you can sort those things out, it can be a good, dependable income, albeit inconsistent... except if you remember that disasters are one of the few "growth industries" left in America. (Sad, but true.) The "wheels" of emergency management are pretty wide-ranging, and they always seem to be hiring. (Altho I'm starting to sound like a recruiter, believe me when I say it's still a government job.)

Eldergays I’m 52 and my partner and I may be able to retire in about 6 years, what was your strategy for healthcare coverage during the inbetween period after working and before Medicare eligibility? Neither of our current employers offers post retirement med insurance.

I read if your assets are in a trust and your *income* numbers low enough ($60k ish) you can qualify for state run income based sliding scale coverage? Any advice or experience with that? We currently have minimal prescriptions and knock wood, good health.

Oh honey, don't you know that ALL the eldergays on here retired at age 50 with at least 12 million in the bank including real estate holdings around the country and a high-yield stock portfolio? Well, at least in their minds they did.

Bump for early retirement gays!