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  1. #26

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    I'm 34. I put away 31% of my income every month (plus 5% from company match). I'm on pace to be able to choose when/where I want to work by age 48-50.

  2. #27
    Join Date
    Sep 2013
    Location
    Central Minnesota
    Posts
    721

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    I'm 42 and following the thread. Hope to be able to retire around 60 if I'm still around Been contributing to a 401K for the last 15 years, should have started earlier as others have mentioned. Biggest issue is- how to pay for health insurance if retiring early. I wonder what it will cost in 15-20 years.

  3. #28

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    I'm curious how all of you are calculating how much you will need per year to reach say 80 years old and what that total number would be from the day you retired. Now I know we can't all predict what things will cost in the future, but I did a "geusstimate" and I have 14 years before I retire, have always put away maximum 401k, have 2 pensions, saving account...etc.etc.. My guesstimate to live basically the way I do today is I need 3-6 million dollars...yes, that's million...to live like I do today not knowing what things will cost from age 65-80, so 15 years. Curious if anyone else has done this type of guessing. What I did was total all the bills I believe I will have at that time, taxes, insurance, food...etc.etc and that was the number I came up with and added in a schwag as well.

    Also, what things HAD to change for you once you retired?

  4. #29
    Join Date
    Dec 2003
    Location
    Frigid Ohio
    Posts
    2,679

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    "Also, what things HAD to change for you once you retired?":

    Putting up with someone's Dumba$$ Bull$hit, no matter who they were.

    What are they going to do? Fire me ?
    "Talent, hits a target, no one else can hit... Genius, hits a target, no one else can see."

  5. #30

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    my Dad retired at 62, is now 65. lives only on a modest Social Security check (no other savings) and has to watch his money very close but he never even thinks about getting a part time job for extra spending money. hunts and fishes all the time and couldn't be happier. you can cut back on expenses you don't need. he also stocked up on hunting and fishing gear the last couple years he worked, knowing he wouldn't have the money to buy it once he stopped. people don't need near as much money as they think they do especially when you have so many outdoor hobbies

  6. #31
    Join Date
    Feb 2011
    Location
    Gallatin Valley, MT
    Posts
    1,755
    Blog Entries
    1

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    Quote Originally Posted by Melman View Post
    my Dad retired at 62, is now 65. lives only on a modest Social Security check (no other savings) and has to watch his money very close but he never even thinks about getting a part time job for extra spending money. hunts and fishes all the time and couldn't be happier. you can cut back on expenses you don't need. he also stocked up on hunting and fishing gear the last couple years he worked, knowing he wouldn't have the money to buy it once he stopped. people don't need near as much money as they think they do especially when you have so many outdoor hobbies
    Your (wise) dad's model is the one I plan to utilize.
    Live small and simple, but live lot's.
    Hope it works well for him and me............

    And I hope to have enough left in the tank to be an even bigger pain in the ass [to certain] folks than I can currently get away with.
    Last edited by onpoint; 12-08-2017 at 09:36 AM.

  7. #32
    Join Date
    Jul 2011
    Location
    U.P. of Michigan
    Posts
    1,324

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    I'll be 49 in March. Just got off the phone with my Financial Advisor and I'm still on target to retire at age 60......11 more years!! That hurts!!

  8. #33

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    MN public,
    I plan to use the 4% rule - take 4% of the amount of invested retirement $ every year to live on. The theory is your investment should make 7% and the 3% will be reinvested to keep up with inflation. This should allow you to live forever. I would like around 2 mill invested to be able to live on about 80K. I may try to reduce spending and retire earlier with less. Nice work maxing out your 401K you didn't mention an IRA I assume because you are above the income limits. if so look up backdoor Roth it will allow you to contribute to a Roth IRA. You will likely have another 1/2 to 1 million dollars of net worth that is not invested (house, vehicles, toys). You sound like you are set up very well.
    JBS

  9. #34

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    I retired at 43. Yes 43. That was 8 years ago. From the day I started work I put money into savings plans. I worked at the same place for 26 years. They had a pension fund. House was paid off, vehicles were paid off, boat was paid off, etc. I didn't have any kids.



    My pension will never change. I do get a 3% raise every year. My savings will last until I get social security. Social security will replace my depleted savings.


    My wife is still working. She plans on working for several years. Probably social security age.

    The only thing I didn't account for was my health insurance premium going up 600% in 4 years and my deductable going up 400 % in 4 years.

    So...... I started working 4 years ago. I work 3 to 6 months per year to cover the health insurance costs. Otherwise things are still going great.

  10. #35
    Join Date
    Dec 2014
    Location
    New Orleans, La.
    Posts
    506

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    Quote Originally Posted by gutshootem View Post
    Just curious if any of you guys that are delaying pulling SS have looked into pulling it out at 62 and investing it if you don't need it instead of waiting? As an LEO I'm going to be gone long before 62 and will receive a SS supplement up until I can pull my regular benefits at 62. It has always been my plan to draw everything as early as I can and reinvest whatever I don't need.
    I am retired LEO (30 years). When checking into Social Security (I'm 64 now), they told me about a "Windfall Elimination Provision" and "Govt Pension Offset" or some sort of garbage about me not collecting my full SS benefits, due to me having paid into a Pension at the PD. That is even though I paid into Social Security while working paid details on the job, working before the Police Dept, and after the Police Dept. So, instead of $1280 a month that I should get from SS, my benefits are reduced to $214 a month due to the "Govt Pension Offset". The Penalty also affects teachers, and anyone who paid into a pension. I was just wondering if things are different for the other LEO or Teachers who apply for SS Benefits??

    I do not collect the $214 from SS. I am working as a Deputy/Training Officer (Firearms, SRT, Taser) at the Training Facility for the local S.O. I am not paying into their Pension and use my salary to chase Elk in New Mexico and Colorado every year.
    Last edited by Laelkhunter; 12-09-2017 at 10:51 AM.

  11. #36

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    Quote Originally Posted by 1_pointer View Post
    Biggest mistake I made was not starting out at that rate. Can't take the paycut now to up the %...
    1pointer what I like to do is if we get a raise say 1.9 I throw that into tsp and never miss it if I never see it. It's worked well for me so far.

  12. #37

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    Quote Originally Posted by brownbear932008 View Post
    1pointer what I like to do is if we get a raise say 1.9 I throw that into tsp and never miss it if I never see it. It's worked well for me so far.
    I do that as well, now. Which helps, but still wish I'd be "more smarter" earlier...

    Besides, at the current rate of occurrences it's not like we have to worry about making those changes too often...

  13. #38
    Join Date
    Jan 2001
    Location
    Laramie, WY
    Posts
    10,112

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    Quote Originally Posted by 1_pointer View Post
    I do that as well, now. Which helps, but still wish I'd be "more smarter" earlier...

    Besides, at the current rate of occurrences it's not like we have to worry about making those changes too often...
    We need to do more with less...
    "...the world outside, which my brother and I soon discovered, was full of bastards, the number increasing rapidly the farther one gets from Missoula, Montana." -Norman Maclean

    "They were still so young they hadn't learned to count the odds and to sense they might owe the universe a tragedy"
    -Norman Maclean

  14. #39
    Join Date
    Jun 2009
    Location
    Gallatin Gateway, MT
    Posts
    2,525

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    We need to do more with less...
    That is the exact motto adopted by us. Shortly after I retired, my wife said, "What about me?" Once we determined how we could actually do more with less, life has become increasingly better. We are blessed to be healthy and to be happy with a cruise in the canoe on Bowman Lake westside of Glacier NP or a backpack trek in the Bob Marshall, rather than join the ocean cruise ship trip or a catered trek through Europe purchased by many of our retired friends.

  15. Default

    Quote Originally Posted by Laelkhunter View Post
    I am retired LEO (30 years). When checking into Social Security (I'm 64 now), they told me about a "Windfall Elimination Provision" and "Govt Pension Offset" or some sort of garbage about me not collecting my full SS benefits, due to me having paid into a Pension at the PD. That is even though I paid into Social Security while working paid details on the job, working before the Police Dept, and after the Police Dept. So, instead of $1280 a month that I should get from SS, my benefits are reduced to $214 a month due to the "Govt Pension Offset". The Penalty also affects teachers, and anyone who paid into a pension. I was just wondering if things are different for the other LEO or Teachers who apply for SS Benefits??

    I do not collect the $214 from SS. I am working as a Deputy/Training Officer (Firearms, SRT, Taser) at the Training Facility for the local S.O. I am not paying into their Pension and use my salary to chase Elk in New Mexico and Colorado every year.
    LA,
    I was recently at a retirement seminar and we were told we'd receive the full benefit because we fully pay into SS. The only exceptions were 2 of the old heads who were Civil Service employees hired in the early 80s before the FERS system but they're going to get 80-90% of their salary anyway.

    I also pay into a pension plan so I'll be able to pull that as soon as I retire as well.

  16. #41
    Join Date
    Dec 2014
    Location
    New Orleans, La.
    Posts
    506

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    Thanks gutshootem. I was Civil Service too, but I spoke to several different people at Soc Sec, and to a couple of financial advisors. All said I'm screwed. The kicker is, if I decided to get my whopping $214 a month for Soc Sec, and I continue to work at the S.O. , after I make $15,000 I will have to pay back $1.00 for every two I make. Nothing like taking care of the working man.

  17. #42

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    Quote Originally Posted by JBS View Post
    MN public,
    I plan to use the 4% rule - take 4% of the amount of invested retirement $ every year to live on. The theory is your investment should make 7% and the 3% will be reinvested to keep up with inflation. This should allow you to live forever. I would like around 2 mill invested to be able to live on about 80K. I may try to reduce spending and retire earlier with less. Nice work maxing out your 401K you didn't mention an IRA I assume because you are above the income limits. if so look up backdoor Roth it will allow you to contribute to a Roth IRA. You will likely have another 1/2 to 1 million dollars of net worth that is not invested (house, vehicles, toys). You sound like you are set up very well.
    JBS
    Same approach here. A mix of good fortune and work ethic has helped. My spouse and I benefited from a jump start in life by each having a middle class upbringing with both parents in the home. I only recall one household argument involving money during my childhood and we always had food on the table though not much variety sometimes. Bread and butter sometimes filled in gaps of a dinner. I know I had a jump start by having a stable family and school came easy as well. I have no advice on how to do that for yourself but do try to create that for your kids.

    If you are nervous your saving rate is not where you want it to be then create a budget. Your goal should not to be to simply match the savings rate of your peers as most of them are going to fall short of a comfortable retirement nest egg. There is no other way to achieve financial discipline than to budget and follow it. Your 70 year old self will thank you more than you can imagine. Budget has two sides, of course, earnings and expenses.

    Median household income in America is around $60,000. Half the households make more, half make less. Some of those households are a single parent with 5 young kids. Some households have two parents, a grandparent and teenage kids all bringing home money for the household. Solve the riddle on how to get past 2x the median household earnings number and you should be able to save over 10% of gross earnings into retirement unless you live in one of a handful of expensive cities or have a special situation related to medical costs or specialized care of a family member.

    If you are under that median number then consider taking on a second job for a few $100 more a month. Or, make and sell things for Etsy marketplace. Have the kids babysit. Rent out a spare room to a tenant. Downsize the home. Sell the boat or ATV or camper or any other item requiring insurance coverage yet not generating income nor providing a roof over your head. Four-legged pets are expensive, too. Probably will not be easy to make changes. Probably will create tension with family members. At some point you will be 70, though. Your 70 year old you is pulling for you. Good luck.

  18. #43

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    I think the biggest influence that helped my wife and I retire early was living within our means when we were working and raising our kids. We have decent pensions and good health ins. through our union. My wife was 56 when she retired a few years before me and I was 52. Most everyone we worked with had cars and homes we knew there was no way they could afford them because we all made roughly the same amount. Seems like everybody was trying to outdo the next guy. While we do have to watch our extra spending there is always enough for hunting, birthdays, Christmas, vacations, a new gun now and then. It will get a little better next year when my wife starts collecting SS so there will be more $$ to splurge with.
    When all the trees have been cut down, when all the animals have been hunted, when all the waters are polluted, when all the air is unsafe to breathe, only then will you discover you cannot eat money.

    Cree Prophecy

  19. Default

    Quote Originally Posted by Laelkhunter View Post
    Thanks gutshootem. I was Civil Service too, but I spoke to several different people at Soc Sec, and to a couple of financial advisors. All said I'm screwed. The kicker is, if I decided to get my whopping $214 a month for Soc Sec, and I continue to work at the S.O. , after I make $15,000 I will have to pay back $1.00 for every two I make. Nothing like taking care of the working man.
    Laelkhunter, my mom was a retired Orleans Parish School Teacher. I know all too well of what you are talking about because I've handled their finances for years. It is tragic to know that you've paid in to a system for years and will never recoup those dollars. I am 49 and have two defined benefit pensions that are both over 95% funded and even stayed int he green zone during the recession. So with a little luck, house will be paid for in 2020 and we will redirect that money to another retirement fund so my wife can bail out at 60 years old and I will work until I'm 62. Either way, we should be in a good place financial with my two pensions alone bringing in close to $7000 per month. Don't know what to think as far as SSI that far out. Probably not counting on that too much as far as I am concerned.

  20. #45

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    Took SS last year @ 62. Ditto,I'm lucky to be here & I'm happy.
    I can make an extra amount yearly but in this market it's moot. Not worth the headache,that surely does not pay deal.
    I know nothing about taking it before 62.
    Live simple.
    Last edited by hank4elk; 02-09-2018 at 04:18 PM.

  21. #46
    Join Date
    Oct 2017
    Location
    California (for now)
    Posts
    111

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    We stopped working 10 years ago. At that time we had a lot less income than we do now and I knew that going in. I planned to retire early and I did. What we did will not work for everyone. Most guys think I am nuts but I am not going to go back to work. I made sure everything was paid off before we stopped working. House, cars, boat and so on. We downsized the house but there is only 2 of us now and she was all for relocating and getting a smaller home. The biggest surprise was of course the crash that hurt our retirement funds and the cost of medical insurance. We use 2 different financial advisers and they have never agreed on what we should do. One says work as long as you can and delay withdrawing any money as long as you can. The other guy said to spend it as fast as you want to so you can enjoy life some while you can. I am somewhere in the middle. Even though we are both drawing SS there are other accounts we are not drawing from. My plan is to give myself a raise every five years or so until we are drawing from all available sources. Now our combined income is about 1/3 of what it once was but we are doing fine. We don't ever spend money we don't have. In the last 5 years we have purchased a new car for her, a new Polaris quad and I just purchased a new F250. We do not however go out to dinner or take vacations. I hunt and or fish about 150 days per year and she is very active in the church and her music. We don't miss out on much of anything we want to do but we never did spend money on vacations or fancy meals.
    Some of my friends and relatives say they could not live like us. Oh well, they are over 70 and still working.

    Bottom line I think we did the right thing and we have never been sorry.

  22. #47

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    Interesting thread. I'm 20+ years out of official retirement age and my wife is 5 years behind me. We both hope to retire early. I'm blessed to have a wife with a good income and she is a saver. We live off of a budget and are putting about 18% in retirement and another 5% or so in a money market account. The budget is key. Before we put together a budget we never really knew how much we spent on things. Now we do and that allowed us to cut back on things and save more money. If the economy keeps growing we will be in good shape. I hope to retire to Wyoming, buy a house and acreage and escape to the Caribbean for the winter. At least my wife wants to escape to the Caribbean. We set up this plan with a financial adviser and based our future budget needs assuming Social Security wouldn't be around. If it is still around then it will be a bonus.

  23. #48
    Join Date
    May 2010
    Location
    Boise, Idaho
    Posts
    3,644

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    We are still hanging in there with *limited income*. Just talked to our financial advisor couple weeks ago. We take a limited amount from wife's IRA (she was a highroller wage wise compared to me) monthly, my SS, her pension, my pension (enough to buy two boxes of 300 mag ammo). Our finance lady told us to file and suspend on wife's SS and start taking 1/2 of mine in November and let hers ride until 70. We just replaced wife's vehicle and now have first payments on an auto loan in 18 years due to getting 1.5% on loan instead of pulling $$ out of our account. Bad thing is when I reach 70 1/2 I will have to start pulling a percentage out of mine, but will quit pulling from hers. I sure hate paying our advisor quarterly, but is affording us a comfortable lifestyle.
    "Talk low, talk slow and don't say too much." John Wayne

  24. #49
    Join Date
    Dec 2003
    Location
    White Mountains of Arizona
    Posts
    962

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    I will be retiring in three and half weeks. I met with my financial advisor and allowed him to view my pension and other accounts to ensure my cash flow would remain a certain percentage. My pension is maxed out (90% of my salary), so it shouldn't be an issue........however, if you can, paying everything off beforehand (home, cars, toys, etc.) will also set you up for more opportunities when you retire and are living off a fixed income. I can't wait.....leaving the state I made my money in and moving to the mountains with ample archery hunting opportunities.
    BOHNTR )))--------->

    Official Measurer-P&Y / B&C / CBH

  25. #50
    Join Date
    Sep 2014
    Location
    New Zealand
    Posts
    984

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    Very interesting thread. I'm "only" 48 yo but don't plan to retire for many years. In fact I would like to keep working until I'm 80+ yo as my father has. My work arrangements allow me to hunt a lot now so I don't really see retirement as a big change in lifestyle.

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