What's the number?

[BCMtnHound]

Heh. Mom has already passed, Dad just had his 81st. We have the talk now and again. His pensions suits him just fine, but he is sitting on a very nice chunk of property. Nice enough, even with the equity I have in my house, I couldn’t afford the mortgage to pay off my two sister’s share of the ‘inheritance’. Dad is just coming to realize he is too old to manage the acreage himself (finally). I tell him to do what is best for him, that none of his kids are suffering, find a nice spot, whatever that is that will support his needs and don’t worry about leaving something behind - it’s all his, earned with blood in some instances. What ever is left over gets split even. Easy to say, we’ll see what this next year brings.

I’ve got another decade or so of work, but I enjoy it (mostly). I get enough time off that rec time is getting easier and easier to fit into life - the daughter over the past decade has been the greater impediment to my ‘traditional’ fun, but she is now getting an age and ability to keep up with me (and soon surpass me). We ski, sled, bike, paddle, hunt, fish, beach, and garden. Volunteer with causes we really enjoy.

Never truly understood the traditional notion of retirement. As xxx-er said, too many die with a couple years of leaving the workforce. Wage slavery is fucked up.

[Name Redacted]

I use the 80/20 rule. 80% of the millionaires I know inherited it. They are usually swooning over others who have a bigger house or plane, never quite happy. The 20% who make it themselves have the Midas touch, so they like working because it’s fulfilling. They also save and invest and never sell anything.

For perspective, I just went skiing with a guy who is set to inherit a billion dollar fortune. It was kind of a reunion trip, gold passes, they flew private from the west coast and I took spirit. But none of us would ever trade places with him because his cancer will eventually cut his life short. He shouldn’t even still be sking with us.

In fact, he’d trade places with any of us in a heart beat.




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Change that to multimillionaire and you are probably right. A lot more millionaires these day due to the crazy economics of the last few years.

Richest guy I know is totally self made, came from nothing. Great guy, adopted a lot of kids from Russia, donates excessively to the church, helped my family through really tough times. He and I don’t agree on politics, but you can have an intelligent conversation with him.

[climberevan]

In the 20 years I've lived in my 1,600 sqft home on .15 acres my prop taxes have gone from $300/yr to $3,600/yr. In another 20 at 1,100% increase, it seems like something to plan for. Or sell and move somewhere with lower taxes but as a perk Benny has pointed out in many threads, I'm living a block from a good hospital and that's important.

Property tax is easy to disregard if you live in a place like NV where it's negligible. In ten years mine has gone from ~$1600 to ~$1900/yr for 1800sf on 1.3ac. I am definitely considering it when thinking about places to move when the desert becomes uninhabitable. The drastic disparity from state to state is striking. Friends in NJ with a home valued for less than ours are paying like $17,000. That's a pretty big impact on planning for life on a fixed income.

[ötzi]

"Give your children enough money to do something, but not enough to do nothing."

George Clooney (as Matt King), The Descendants

Pretty much I guess. Not trying to establish generational wealth here. Not that we even could.

[The AD]

If you're not a millionaire you're probably not very close to "the number."

[shroom]

idk if that’s the right mindset, it’s all about cash flow

[The AD]

idk if that’s the right mindset, it’s all about cash flow

To have that cashflow you probably need a decent chunk of change saved, don't you? Where else is the money going to come from if you're not working?

[Shredhead]

My wife’s grandfather died at 50. Her grandmother was a salty old bird and lived to 106. How do you plan for that?

She lived a pretty good life up to her 90’s. But after that was kinda grim.
You don’t want to be a ward of the state.

[XXX-er]

Heh. Mom has already passed, Dad just had his 81st. We have the talk now and again. His pensions suits him just fine, but he is sitting on a very nice chunk of property. Nice enough, even with the equity I have in my house, I couldn’t afford the mortgage to pay off my two sister’s share of the ‘inheritance’. Dad is just coming to realize he is too old to manage the acreage himself (finally). I tell him to do what is best for him, that none of his kids are suffering, find a nice spot, whatever that is that will support his needs and don’t worry about leaving something behind - it’s all his, earned with blood in some instances. What ever is left over gets split even. Easy to say, we’ll see what this next year brings.

I’ve got another decade or so of work, but I enjoy it (mostly). I get enough time off that rec time is getting easier and easier to fit into life - the daughter over the past decade has been the greater impediment to my ‘traditional’ fun, but she is now getting an age and ability to keep up with me (and soon surpass me). We ski, sled, bike, paddle, hunt, fish, beach, and garden. Volunteer with causes we really enjoy.

Never truly understood the traditional notion of retirement. As xxx-er said, too many die with a couple years of leaving the workforce. Wage slavery is fucked up.

I have beat that ^^ number of < 3 yrs by 14 yars with a strong regimen of skiing / drugs/ alcohol, i have never not been retired while wanking about on TGR which is how one gets to >26K posts

due to my sister the senior bankers planning we had probate in only 9 months IME you wana get it all worked out before pa dies

heres a real tear jerker Corb Lund wrote for his Ma about getting too old to work the land

https://www.youtube.com/watch?v=cosztZ-Zy58

[XXX-er]

If you're not a millionaire you're probably not very close to "the number."

I am a millionaire

but one month at a time

[riser4]

I am a millionaire

but one month at a time

LOL. True.

[toast2266]

Fuck nursing homes. I'll end life on my own terms before I go sit in one of those places. What a waste of money.

I think this kinda depends on the nursing home.

My grandfather was of a similar mindset, but they moved into a "retirement community" mostly because of ongoing health issues with my grandmother. It was a tiered situation, where at first they just lived in their own condo, then as health deteriorated, they moved into areas with medical staff closer at hand. He hated it at first, but especially as he got older and his ability to get out and do things became more limited, he actually really liked it. Plenty of people at a similar stage in life to hang out with, and lots of "age appropriate" activities on site. No real need to drive (because he definitely wasn't safe behind the wheel at that point), and medical care was there when they needed it (which they did, eventually).

Not cheap though. They planned for that financial situation quite a ways in advance.

It's not for everyone, but I can definitely see the benefits. I see a lot of people that stubbornly refuse to do that sort of thing and end up in shitty situations for the last ~10 years of their life as they wither away, mostly stuck inside their house and mostly dependent on their kids for care and companionship, which is rough for all involved.

[yeahman]

I think this kinda depends on the nursing home.

My grandfather was of a similar mindset, but they moved into a "retirement community" mostly because of ongoing health issues with my grandmother. It was a tiered situation, where at first they just lived in their own condo, then as health deteriorated, they moved into areas with medical staff closer at hand. He hated it at first, but especially as he got older and his ability to get out and do things became more limited, he actually really liked it. Plenty of people at a similar stage in life to hang out with, and lots of "age appropriate" activities on site. No real need to drive (because he definitely wasn't safe behind the wheel at that point), and medical care was there when they needed it (which they did, eventually).

Not cheap though. They planned for that financial situation quite a ways in advance.

It's not for everyone, but I can definitely see the benefits. I see a lot of people that stubbornly refuse to do that sort of thing and end up in shitty situations for the last ~10 years of their life as they wither away, mostly stuck inside their house and mostly dependent on their kids for care and companionship, which is rough for all involved.

To each his own. Part time at-home care is much more cost efficient and a booming business these days. And like I said, if I need full time care in a facility, I'm out.

[Mazderati]

No real need to drive...

But still parkin' the beef bus in tuna town.

lots of "age appropriate" activities on site.

[toast2266]

But still parkin' the beef bus in tuna town.

Ha. Yeah, my grandfather outlived my grandmother by a bit. And yeah, as best I could tell, he made the rounds at that place.

Can't do that with in-home care.

[ötzi]

STD outbreaks are apparently pretty common down at the home.

[riser4]

My FIL hates being around old people. He will be 95 next month. Or 96. I forgot.

[Benny Profane]

There's a good documentary about The Villages in Florida that highlites women chasing after the few available men.

[dunfree]

STD outbreaks are apparently pretty common down at the home.

One of the big complaints about broken hips is it puts em out of action

[GiBo]

I am a millionaire

but one month at a time

Obviously us pensioners have a completely different type of number- it's all about that monthly check. Pretty easy knowing the exact amount you will receive for the rest of your life (and with a COLA tied to inflation to boot!) No need to fret over a portfolio. It would take about 10 years to earn 1 mil from my pension if I retired right now.

My pops turned 80 on Sunday. My mom is 78. Both still work and are active. So I'm just hoping I will have similar longevity.

We have a 457 deferred comp plan. I've got a decent chunk in that to use for medical insurance until I'm 65.

It's al about greed now. What's that number? 85K? 100? 125? And as many have stated, the longer you wait, the less shit you can do to enjoy that increase. It's a tough call. One I ponder every day.

[Benny Profane]

I wish I had COLA.

[yeahman]

In my mind, I retired when I was about 25 and decided I was not going to work my life away for some mythical retirement that I may or may not ever live to enjoy. I wanted to work only enough to support my outdoor lifestyle. No regrets, I've had a great life doing what I want most of the time. I live low on the hog and always will. Some of the numbers being thrown around in this thread are just astounding to me. I admire and respect people who are able to work and save like that, but I've always been pretty fatalistic about the future. I'll work when I'm old if I have to. But there's also a chance I'll inherit some money and not have to. You can't count on that though, it could all get eaten up as my dad gets older. See: nursing homes.

[Flounder]

[The AD]

It's al about greed now. What's that number? 85K? 100? 125?

I don't think it's greed, it's trying to determine how much money one needs to have saved in order to quit working and that calculation requires a good estimate of how much you'll spend.

[JongDoe]

I'm in good shape, but my number keeps dropping every time i hear of a friend or acquaintance that drops dead at a fairly young age. Ya gotta enjoy life when you can or you might not ever get to enjoy the fruits of your labor. Have fun now.