Level of income req'd in retirement? - Page 3 - Fiberglass RV


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Old 05-18-2015, 12:12 PM   #29
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Yes health in the USA is a problem with older people.
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Old 05-18-2015, 12:27 PM   #30
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When it comes to short and long term disability, the rates can be quite high depending on whether an employer pays anything towards it. There are also limits on what one can draw, etc. Every type of insurance needs to be really examined and understood.

Both myself and my husband have VA Healthcare available to us. We practice homeopathic medicine though and have found that along with exercise and a healthy diet to be more than adequate up to this point, both 60 years old. We don't feel like we are 20 anymore but never had that expectation which appears to help.

It comes down to priorities and needs/wants. I used to read, even 10 years ago, on one forum where they were convinced you needed $3,000 a month to full-time. We are campers and could probably have lived on 1/3 of that because being frugal, we have been debt-free for 15 years. What we can afford is what we have cash for. We don't think of it in the modern terms "what we deserve" which surely seem to drive the debt.
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Old 05-18-2015, 01:27 PM   #31
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Originally Posted by Timber Wolf View Post

I know that what "retirement" looks like is a very personal thing for each of us. Therefore it may be impossible to make across the board conclusions about what percentage of "employed" annual income we will each need to fund a year of retirement. But what are your expectations of your needs post retirement compared to now (or you may already know being retired)?
I retired at 51 - now 60.
The first focus should not be on savings/pension/SS - it should be on a budget. We all should be able to build a budget from what we spend now and then adjust for what we think we will spend in retirement.

Then you look at your savings/pension/SS to see if it will work.

Investment advisors want you to focus on savings/investments to scare you into giving them your $.

This won't help much - own home/truck/travel trailer no debt, single
Last 8 years averaged 26,642 / year
Next 11 years est 34,809/year - this includes a $30,000 truck
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Old 05-18-2015, 02:04 PM   #32
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I think Art VanDelay has stated it best.
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Old 05-18-2015, 04:04 PM   #33
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Remember also that many people work once they retire so the gap can be filled in that manner also either through wages or an exchange for a site. Some establish a way to make a little extra through the internet.

I am a "where there is a will, there is a way" person.

I am surprised at how many people don't maintain a budget as it is such a great tool to see where your money goes but some people really don't want to know. I am "genetically" frugal, thank you Grandpa!
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Old 05-18-2015, 07:47 PM   #34
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Retirement

I really enjoyed all these comments.

We are still working at 62 and 60. But you all have me convinced not to look back one bit one we decide to close our business and (sort of) retire. The (sort of) part is that we both like to work and probably will work a little bit into retirement.

We are debt-free and I would agree with many others that debt free is the #1 requirement for an enjoyable retirement.

Having some assets it a good plan also. Retirement funds, pensions, rental property, a vacation cottage, coin collection, or a large house you are able to downsize from and come out with some funds, ---anything you can sell, are all good to keep the retirement budget going.

The minimalist way is a good one also. I've still got to work on that.

We have learned to live without much extravagance. Dollar store, dollar menu, etc.

A long time ago, I figured out we could have 6 or 8 of our friends over, have salad and cook hamburgers or chicken and couple beers for everyone for the same price just the 2 of us would spend on eating out at a mid-range restaurant. Of course, every time we do this, even though we tell them no need to bring anything, the 6 or 8 friends that come over bring all sorts of food and drink with them, so we always, happily, have leftovers for everyone to take home. Sometimes the 6 or 8 friends turns into 12 or 15 friends. We plan on doing this even more in our (sort of) retirement. And, from what I've seen at Scamp Camp this year, this kind of fits right in with the FGRV camping folks.

My parents had a pretty good example for retirement. They had their own business, (which my brother took over), so not everyone can do it this way. But as they got older, they seemed to take 1 or 2 more weeks of vacation, every year, until they got up to 52 weeks of vacation!-then voila!--retired!!

We won't have much more than modest SS, a small retirement, and will liquidate some real estate along the way, but I expect that we will get by just fine when we are fully retired.

I'm not much for Vienna Sausage, ....but... the baked beans, peanut butter, ham sandwiches, homemade chili, the fruit and vegetable garden, and learning how to prepare fresh fish we've caught, will be part of our retirement fun & financial plan.

Now that I've talked my self into the retirement life & camping----Anyone want to buy our Mom & Pop Hardware Store and we will be outa here!

Mark
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Old 05-20-2015, 06:39 AM   #35
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" Ret'd. 1/2 as much income...twice as much husband"

Hi: All... Not quite as bad as the title suggests. My retirement plan happened by accident. We fell into a great deal on an RV. Complete rig 5 years before retirement. Time to pay for it then enjoy it!!!
Given the Ontario (OHIP) health ins. plan looks after most things health wise we can buy extra for out of country trips. Learning to live on 75% less income is no big deal... We usually have more money in the bank now than before.
With 3 pensions each we have found freedom to enjoy the rest of our lives.
RETIRE as soon as you can... Yesterday's gone, no promise of tomorrow, so today's all that's left. Happy Retirement!!!
Alf S. North shore of Lake Erie
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Old 05-20-2015, 08:32 AM   #36
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Great advice Alf.

I retired nearly two years ago, in two weeks I hit the big 65, but looking forward to income going up with OAS! It's hard to say how we are doing, have some debt yet with our big purchase last year (truck and the trailer referred to in previous post!) but with no mortgage and living in a less expensive town (hydro, taxes, etc) figure on getting by OK even with lots of travel.

I am fortunate to be asked to guest preach (including the U.S. - saves having to buy as many US$ with our low dollar). We will probably end up at 70% of pre retirement income.

Adrian


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Old 05-20-2015, 11:13 AM   #37
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I will move out of the house in 10 years, when my youngest is 18. If any of the kids want to rent the house, then I will give them the family rate, (about 1/2 of market). Otherwise, I sell the house and I start working from my Dad's cottage on Manitoulin island. My job is very portable. I work on the computer and phone. My boss lives on Prince Edward Island. I can do this job anywhere. I also plan to do it as I travel. I doubt I will ever "retire".
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Old 05-20-2015, 11:58 AM   #38
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Originally Posted by David Tilston View Post
I will move out of the house in 10 years, when my youngest is 18. If any of the kids want to rent the house, then I will give them the family rate, (about 1/2 of market). Otherwise, I sell the house and I start working from my Dad's cottage on Manitoulin island. My job is very portable. I work on the computer and phone. My boss lives on Prince Edward Island. I can do this job anywhere. I also plan to do it as I travel. I doubt I will ever "retire".
Dave, your "family rate" is very different than ours. In our family, family rate is what you will work for family for and is compensated at "you give me money whenever I ask for it".
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