What's the number?

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Originally Posted by iceman

You have to get about twice that down here, just to pay for healthcare.

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yeah but you live in the excited states where Americans are actualy very lucky cuz they have the freedom to chose the HC they can't afford

whereas G is retiring to Terrace BC where they are stuck with universal HC & legal dope so besides a much lower incidence of gun violence Gary won't have to spend money on tourniquets

When you ski with Gary you don't actualy ski much because a) you are hungover b) he stops to talk to everyone on the hill and I do mean everyone, he is like the mayor of Shames,

11am on a sunday and a guy in the p-lot has a PU truck of swamp beer, it was stacked like cord wood in the bed so even tho I was hungover I had one

I seem to remember Viv telling me she is an RPF so probably it will be easy for them to PU work if they want

I did retire to the PNW 13 yars ago so I know what it costs how the game is played, at 45 K a year i'm jetsetting to yurp ( economy class eh), buying 6 K mtn bikes, hut trips and at some point you realize you bought too many skis, so now I'm spending the money on cat ski trips instead


I only have one suggestion and that is


G should really spend some money on new ski parkas

Annual bump. Why not, the snow is marginal in Tahoe right now...

Enough for a modest cabin.

https://d294achcvvsx41.cloudfront.ne...-1500x1000.jpg

^^^ Maybe if I win the lotto, otherwise I will be happy renting a condo in Mammoth for 60 days a season once the Mrs retires, as I really do not think she will be happy elsewhere, for an extended period of time. Thank DOG for her pension (teacher) and our rental properties income, as I am not making shit these days, but it can't stay that way forever.

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Originally Posted by El Chupacabra

Annual bump. Why not, the snow is marginal in Tahoe right now...

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Snow was good at Kwood yesterday.

5446!

https://www.youtube.com/watch?v=OffZEuZyX9s

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Originally Posted by iceman

1 Mil to live on 'til death?

not enough.

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Plenty of people dying in trailer parks that would disagree.

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Originally Posted by Benny Profane

Plenty of people dying in trailer parks that would disagree.

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At 65 with full SS that’s almost $7k a month. Ice needs to simplify his life.

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Originally Posted by 4matic

At 65 with full SS that’s almost $7k a month. Ice needs to simplify his life.

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Um, no. Ain't no such thing. Chances are 100-1 you're talking about a couple that remained together, before, well, one died, that reached that max. And then there's the discount of SS to pay for your Medicare, which is substantial, and if you have any other decent source of income, they discount that. Life is not easy for seniors.

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Originally Posted by XXX-er

...Gary won't have to spend money on tourniquets
...When you ski with Gary you don't actualy ski much because a) you are hungover b) he stops to talk to everyone on the hill and I do mean everyone,
... 11am on a sunday and a guy in the p-lot has a PU truck of swamp beer, it was stacked like cord wood in the bed so even tho I was hungover I had one
... I only have one suggestion and that is G should really spend some money on new ski parkas

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- But tourniquets prevent gun violence!!
- WTF - not ski much??!!! WTF??!!
- Oh the swamp recovery beer, I smile at that fond memory of beer supplied by the gods (and the herculean efforts of the Rupert-people.
- A new jacket??? No fuck, that warranty replacement has to last me another 2 perhaps 4 years!! WTF!!

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Originally Posted by Norseman

Attachment 235917

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Great pic. recognize/think i've met one or two.
Mayor of shames.
chuckle.

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Originally Posted by Benny Profane

Um, no. Ain't no such thing. Chances are 100-1 you're talking about a couple that remained together, before, well, one died, that reached that max. And then there's the discount of SS to pay for your Medicare, which is substantial, and if you have any other decent source of income, they discount that. Life is not easy for seniors.

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Bullshit you dumass selfish old boomer. Full SS at 65 is around $2600 a month and $1m can yield about $40k a year. Just because you had some shit job that didn't pay enough in to get the maximum benefit. Ice said he couldn't retire on $1m:

So assuming annual inflation of, say, 2%, someone with a $1 million nest egg following that rule of thumb would draw $40,000 ($3,333 a month) the first year of retirement, and then increase that amount by 2% to $40,800 ($3,400 a month) the second year of retirement, $41,600 ($3,470 a month) the third, and so on

The maximum being paid out at 62, 65, and 70
If you're at the maximum taxable earnings limit and you retire in 2018, then the most you can receive in monthly benefits at age 62, 65, and 70 is $2,158, $2,589, and $3,698, respectively.

Sad little man with numbers in his head.

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Originally Posted by Benny Profane

Life is not easy for seniors.

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As I watch people in my life age, it's those that continue to work that seem to thrive more.

Hopefully I will be able to do what I do for a long time.

No reason you cant other than after 35 years or so you are just burned out and don't want to put the energy into it anymore.
Many careers are a young persons job (that;s what I call it) that just take an incredible amount of energy to do and over time it burns you out.

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Originally Posted by 4matic

Bullshit you dumass selfish old boomer. Full SS at 65 is around $2600 a month and $1m can yield about $40k a year. Just because you had some shit job that didn't pay enough in to get the maximum benefit. Ice said he couldn't retire on $1m:

So assuming annual inflation of, say, 2%, someone with a $1 million nest egg following that rule of thumb would draw $40,000 ($3,333 a month) the first year of retirement, and then increase that amount by 2% to $40,800 ($3,400 a month) the second year of retirement, $41,600 ($3,470 a month) the third, and so on

The maximum being paid out at 62, 65, and 70
If you're at the maximum taxable earnings limit and you retire in 2018, then the most you can receive in monthly benefits at age 62, 65, and 70 is $2,158, $2,589, and $3,698, respectively.

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Agree completely. These numbers are standard projections.

I think I posted somewhere in here about the SS "bend points", where your earnings hit certain amounts for benefits. Google it if this is unfamiliar. In brief, hitting the first bend point is most beneficial, the second bend point too (but to a lesser extent), and above that it doesn't make nearly that much difference. IOW you don't need to fill all 30 years for SS to provide a significant monthly payment.

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Originally Posted by 4matic

At 65 with full SS that’s almost $7k a month. Ice needs to simplify his life.

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Looking at your math it appears to be closer to $6k per month initially, especially after the hit for your Medicare supplements, but ya, I think someone could live on that quite nicely if they had no bills.
We own RE that kicks off about $4,500 a month in net income per million in value, so that is a little better return, but once I am in my seventies, I can imagine that will go down a bit, once I have to pay a property manager and their repair staff also.

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Originally Posted by Bobby Stainless

As I watch people in my life age, it's those that continue to work that seem to thrive more.

Hopefully I will be able to do what I do for a long time.

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Most people hate their jobs. Which isn't good for emotional health if you do something you hate all the time.

I'm in much better shape after not working for four plus years. Sitting all the time is bad for you.

Midweek skiing is sooooo much better. A regret of mine is not owning a small condo near a mountain base. I'd work weekends for a little cash but more for a social life, and ski weekdays. Alas, the rental costs for a season are too expensive.

I think I'm pretty lucky in that I have a job that still has a defined benefit pension (although contributions are being frozen after this year). This will give me about $4k per month for life at retirement. And--at least for now--my company offers retiree medical with just a little bit more out-of-pocket than current employees. As of today I'm optimistic that I'll be able to retire at 55 or close to it, but I really haven't run the numbers. With my pension I feel like $2 million should be sufficient.

Are you valuing that pension at half of that 2 million? I know you are in Seattle but 2 million, your pension, and social security you are 12-15k a month depending on 3-4% withdrawal rates, so pretty much in perpetuity with virtually zero. That's a lot of cheddar with a paid off house.

I'm warming up to this whole airbnb thing as a great way to have a couple different places in retirement for pretty minimal effort. Summer and a winter place sounds nice. Wifey likes Maine summers. The airbnb side looks like it cash flows, even with another loan.

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Originally Posted by AdironRider

Are you valuing that pension at half of that 2 million? I know you are in Seattle but 2 million, your pension, and social security you are 12-15k a month depending on 3-4% withdrawal rates, so pretty much in perpetuity with virtually zero. That's a lot of cheddar with a paid off house.

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No, I estimate my 401k will be in that range by then, depending on market performance of course. I do have the option to take the pension as a lump sum and that would be in the $1 million range.

It seems like a lot of $ but I also plan to have many more years of living when I'm 55!

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Originally Posted by AdironRider

I'm warming up to this whole airbnb thing as a great way to have a couple different places in retirement for pretty minimal effort. Summer and a winter place sounds nice. Wifey likes Maine summers. The airbnb side looks like it cash flows, even with another loan.

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You may already know this and it may not apply where you're looking, but lots of people who viewed the airbnb thing as guaranteed extra income are now getting "screwed" as municipalities pass strict laws limiting airbnb rentals. Would suck to sink a bunch of money into a place counting on that income and then not get it because of local regulations.

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Originally Posted by The AD

No, I estimate my 401k will be in that range by then, depending on market performance of course. I do have the option to take the pension as a lump sum and that would be in the $1 million range.

It seems like a lot of $ but I also plan to have many more years of living when I'm 55!

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Yeah 55 means you need more, but that is still 9-12k before SS hits. That is double the household income still, and that's if you are single. Could be in a worse spot, but hey no one complains about having to much money. 2 mill in a 401k at 55 is pretty awesome discipline on your end.

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Originally Posted by Danno

You may already know this and it may not apply where you're looking, but lots of people who viewed the airbnb thing as guaranteed extra income are now getting "screwed" as municipalities pass strict laws limiting airbnb rentals. Would suck to sink a bunch of money into a place counting on that income and then not get it because of local regulations.

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For sure. I also don't see it as guaranteed income, but do feel despite nimby's trying to flex, AirBNB has reached the tipping point of mass consumption where you are never going to get rid of it. Kinda like Uber or in another sense any recreational drug really.

Also if it is anything like here in Jackson, those "regulations" are a joke and haven't stopped a single STR as far as I can tell. Better to beg for forgiveness than ask for permission kinda thing. The towns ultimately just want their cut of taxes.

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Originally Posted by AdironRider

Also if it is anything like here in Jackson, those "regulations" are a joke and haven't stopped a single STR as far as I can tell. Better to beg for forgiveness than ask for permission kinda thing. The towns ultimately just want their cut of taxes.

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They police it here for sure. Have some friends who do a rental of their downstairs bedroom, and they got contacted by the city to confirm that they were abiding by the regs (part of which is exactly as you say, confirming that they had the license and were paying taxes, but there was more to it).

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Originally Posted by AdironRider

2 mill in a 401k at 55 is pretty awesome discipline on your end.

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Of course I'm not anywhere near there yet, so that's still the big unknown.

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Originally Posted by The AD

And--at least for now--my company offers retiree medical

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As a Medicare supplement they aren't paying much for it.

An Airbnb investment for retirement income would be a poor choice. Illiquid, duration risk, high transaction costs plus the justifiable regulations of illegal hotels and zoning. The only reason it might be good is it lets you use leverage which also has its own risk.

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Originally Posted by 4matic

An Airbnb investment for retirement income would be a poor choice. Illiquid, duration risk, high transaction costs plus the justifiable regulations of illegal hotels and zoning. The only reason it might be good is it lets you use leverage which also has its own risk.

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really? It's just basically a real estate investment, guests pay for most/more/all of mortgage, right? If that goes sour, get yearly tenants. The sell before you need the cash for retirement if you need the lump sum, or keep it if mortgage is paid and you can use it as monthly income.

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Originally Posted by 4matic

As a Medicare supplement they aren't paying much for it.

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I'm not talking about a Medicare supplement, I'm talking about insurance coverage from retirement until age 65.

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Originally Posted by The AD

I'm not talking about a Medicare supplement, I'm talking about insurance coverage from retirement until age 65.

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That's awesome! As a former fed i can restart my health at 65 and they pay 73% of the premium, i'll have to run the numbers when I get there to see if it makes sense or not...

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Originally Posted by muted

really? It's just basically a real estate investment, guests pay for most/more/all of mortgage, right? If that goes sour, get yearly tenants. The sell before you need the cash for retirement if you need the lump sum, or keep it if mortgage is paid and you can use it as monthly income.

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Yeah, I meant that it is a poor investment for someone already in or close to retirement. As an ongoing business pre-retirement it might be ok.

I don't see how it sucks if you want a second house to cover its expenses.

You aren't going to get rich off of it, which seems to be your frame of mind.

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Originally Posted by The AD

Of course I'm not anywhere near there yet, so that's still the big unknown.

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Just to clarify, are you married with dependent(s) or single, and is this yours, or yours+wife combined?

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Originally Posted by Marshall Tucker

Just to clarify, are you married with dependent(s) or single, and is this yours, or yours+wife combined?

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Married, no kids. That's mine. My wife has a lot less socked away, but she's got some.

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Originally Posted by AdironRider

I don't see how it sucks if you want a second house to cover its expenses.

You aren't going to get rich off of it, which seems to be your frame of mind.

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You gotta do some work on regular basis like Washing sheets and cleaning the place up

As opposed to just rent ing it out long term which is zero work and steady income and probably less hassle from the town

No one I know with one does this. They take a 75-150 dollar cleaning fee and then pay a housekeeper 2/3 of it to clean up the joint and pocket the rest.

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Originally Posted by AdironRider

I'm warming up to this whole airbnb thing as a great way to have a couple different places in retirement for pretty minimal effort. Summer and a winter place sounds nice. Wifey likes Maine summers. The airbnb side looks like it cash flows, even with another loan.

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We rented a house in Alta 2 years ago that is now only available for renting a month at a time now. Seems like you can get screwed pretty quick with changing regulations.

SLT just voted a ban in. Bay Area tech people have been buying up working class neighborhood homes and airbn-ing them for years. Waiting for prices to drop so I can buy my retirement home.

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Originally Posted by Marshall Tucker

Just to clarify, are you married with dependent(s) or single, and is this yours, or yours+wife combined?

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I'm a CPA (in industry large corporate tax) and get into it a bit more than the average person. I did this massive thing I referred to as the 1998 plan in which I tried to model how I thought it would go financially starting with that year through death. As utterly foreign as it may sound to many here, the point was to see how much, if anything, I would leave for my kids one day.

I'm about $100k or so ahead of forecasted savings for retirement, but it's been interesting ride. My savings rate has been roughly double what I thought it would be, and what the investments earned has been about 40% of what I thought they would be (in those days we still beleived in average annual 12% return / ibotson & whoever). I'm about 50k ahead on annual income. I've been as much as 40% behind and as much as 25-ish percent ahead (gross investment balance). if I stay on track I should be able to leave each of them the equivelent of a pretty good sized house. I say "if" because I'm in my mid-50s and the company I work for is getting bought out and I'm probly gonna get synergized, though I don't know anything yet.

Needless to say, kids can change things a lot; though I already new in 1998 what they were.

But by any measure, if you've saved a mil arleady that's pretty darn good. Very few people do.