I think retirement is a pipe dream... (1 Viewer)

[bclemms]

I've worked so hard for so many years only to eat the meat left on my own bones after people stealing my content picked up the good stuff. I've finally just gone full Morris Bart and suing everyone that touches my stuff without a license. It's sad that you need a team of attorneys to retire but right now that looks like my retirement plan. Luckily my stock content will continue to pay long after I'm gone too. Despite that, when I retire I'm leaving the country and extending the dollars as much as possible.

 

[Saint_Ward]

The interview said that statistics show the median savings for Baby Boomers is $150k. If that's the criteria, then yeah I don't see how anyone can retire without living very meagerly, mostly surviving on their monthly social security stipend.

Retirement in some form was always part of our plan, and we started saving early with the mindset that it's all on us; that social security won't be around, or the distribution will be lower than projected. The plan is to retire in 10-11 years, but "retire" may simply mean "no longer working full-time because I have to". I think I'll get bored and don't really have any hobbies to occupy my interest.

That would be more than my parents saved, but they're actually pretty comfortable.

I think they had about 60-80k saved. But, mom has two pension's, and they both have SS, and a small cottage they rent out for income. She also works PT, like I said before.

it all depends on where you live. She didn't even take distributions until they forced her, since she's 74.

 

[brandon8283]

At 50 (11 years away), I will be able to retire from the State of Mississippi, which will provide a sizeable lifetime pension (technically, I can retire at 48, but 50 gets the partial lump sum, and 52 would get maximum benefits, but I don't think I will need that). My mortgage will also be paid off before that time, so the difference between my pension and work income will feel about the same.

From there, I will probably pursue some sort of consulting part time or a second career if I find something that excites me. I don't expect I will have to work unless I want to, however. I will also have a pretty sizeable IRA nest egg once I am able to withdraw from that at 69 1/2.

I'm pretty confident in our long-term retirement strategy.

 

[Mr. Blue Sky]

One option is outside the U.S.

This is the only answer .


Unless you are independently wealthy, or expecting a very large family inheritance - i dont see how very many people can retire IN AMERICA and live very well at all .. There are plenty of countries where your money goes 5-10 times further than in the U.S. (esp now with the incredibly strong US dollar).. and there are hundreds of thousands of US citizens living very comfortably in these countries on just a monthly SS check…. i realize this isn’t an option for everyone- but as for me, im late 40s and just dont think i have another 15 or 20 yrs of work mentality left in me .. so ill be looking to escape to one of these LCOL countries in relatively short order .


And for those who are afraid they might get bored in retirement , or are scared of becoming idle- i have always heard that there are two types of retirees- 1) Those who can’t stand not feeling ‘useful’ and wind up returning to the workforce, or starting another business and 2) the type of retiree who says ‘Im so busy in retirement, i don’t know how i ever found time to hold down a full-time job’.. i know beyond the shadow of any doubt that i will be the second type.. i already have lots going on , and have trouble squeezing work in between the stuff I want to do lol .

 

[Swamprat]

I still have a number of years remaining before hanging it up.... though I'm thinking the nightly supper call will be something like, "do you want a hot dog in your Ramen or not...."

My Dad worked from <16yrs old and retired a month before being 80.... Not that he couldn't financially swing retirement, the physicality and deep love of his profession kept him motivated and in shape... His work WAS his retirement.

 

[Snakehead]

This is the only answer .


Unless you are independently wealthy, or expecting a very large family inheritance - i dont see how very many people can retire IN AMERICA and live very well at all .. There are plenty of countries where your money goes 5-10 times further than in the U.S. (esp now with the incredibly strong US dollar).. and there are hundreds of thousands of US citizens living very comfortably in these countries on just a monthly SS check…. i realize this isn’t an option for everyone- but as for me, im late 40s and just dont think i have another 15 or 20 yrs of work mentality left in me .. so ill be looking to escape to one of these LCOL countries in relatively short order .


And for those who are afraid they might get bored in retirement , or are scared of becoming idle- i have always heard that there are two types of retirees- 1) Those who can’t stand not feeling ‘useful’ and wind up returning to the workforce, or starting another business and 2) the type of retiree who says ‘Im so busy in retirement, i don’t know how i ever found time to hold down a full-time job’.. i know beyond the shadow of any doubt that i will be the second type.. i already have lots going on , and have trouble squeezing work in between the stuff I want to do lol .

We've considered this off and on for years. We already own a compound in the Philippines so I have a place to go, but it's just a matter of deciding if I want to quit working (2+ years into my 2nd career) sell our stuff and move. We would have to have a house built for us on a portion of the compound, but it doesn't need to be big and shouldn't cost too much. I know my wife wants to be closer to family, but all of the kids are in the states and I'm not sure they would visit us in the Philippines.

 

[Mr. Blue Sky]

We've considered this off and on for years. We already own a compound in the Philippines so I have a place to go, but it's just a matter of deciding if I want to quit working (2+ years into my 2nd career) sell our stuff and move. We would have to have a house built for us on a portion of the compound, but it doesn't need to be big and shouldn't cost too much. I know my wife wants to be closer to family, but all of the kids are in the states and I'm not sure they would visit us in the Philippines.

I have looked into the Philippines myself .. im not sure it’s for me since i keep hearing and reading that most of the country is very ‘rough’, for lack of a better word.. of course, there are areas w/some of the most beautiful beaches in the world- but it’s my understanding that most of those areas have relatively few conveniences and not great infrastructure.. as far as the more populated areas, it seems as though the unending poverty can be depressing , the internet is spotty and , again, not so great infrstructure .. but since you have a place there, im sure you could enlighten me .

In re to you building a home on ur existing compound- you are right, it seems that home construction there (materials & labor) is extremely cheap by our standards, even after factoring in worldwide inflation .

As far as the kids visiting you in the Philippines- does it matter ? Just plan on making a trip home once or twice a year to see them here in the US .

 

[Snakehead]

I have looked into the Philippines myself .. im not sure it’s for me since i keep hearing and reading that most of the country is very ‘rough’, for lack of a better word.. of course, there are areas w/some of the most beautiful beaches in the world- but it’s my understanding that most of those areas have relatively few conveniences and not great infrastructure.. as far as the more populated areas, it seems as though the unending poverty can be depressing , the internet is spotty and , again, not so great infrstructure .. but since you have a place there, im sure you could enlighten me .

In re to you building a home on ur existing compound- you are right, it seems that home construction there (materials & labor) is extremely cheap by our standards, even after factoring in worldwide inflation .

As far as the kids visiting you in the Philippines- does it matter ? Just plan on making a trip home once or twice a year to see them here in the US .

Yeah, it's rough and for people who haven't seen the kind of poverty that exists in countries like the Philippines it can be quite depressing.

Driving is horrible and although I have had my drivers license there a couple times, I haven't actually drove around. I'd have to have a vehicle and actually drive if I lived there since the public transportation is all pretty much open to the elements (Trikes and Jeepney's).

My wife said it would probably cost about $60-80K or so to build a house so that wouldn't be too bad and we already have the property with 2 other houses on it we could stay on property while it's being built.

I think we may give this more thought over the next couple years.

 

[saintmdterps]

Leaving the US is definitely an option
Vientiane, Laos
Vietnam
Paraguay
Colombia
Ecuador

Warm tropical climates and can live nicely for 1000-1500/ month

Me hablo Espanol

 

[Mr. Blue Sky]

Leaving the US is definitely an option
Vientiane, Laos
Vietnam
Paraguay
Colombia
Ecuador

Warm tropical climates and can live nicely for 1000-1500/ month

I have a buddy who lives in Vietnam and loves it.. ive also heard great things about Thailand and Malaysia .. from what I understand , the US dollar goes much, much further in most of Southeast Asia than it does in some of the countries you mentioned in Central or South America.. the trade off, of course, is the torturously long flight times to get there .

 

[Tapxe]

Best decision I ever made was to pay off all credit cards and just save up to buy on want items. That was in the early 90's. I cannot calculate how much that along with paying off loans early using that saved interest has tallied over the years. Had the occasional big-ticket items like car and lodging. Kept to only 1 car note at a time paid off early and driven until costs started to go up.

I can honestly afford it now, but it seems silly to not to continue for a bit. Nothing too fancy, but that isn't what I want anyway. I plan a nice house near some water with a good yard/playground for the grand kids and family vacations come summer break.

Looking forward to it.

 

[SystemShock]

Out of curiosity, I went looking for some numbers. The average SS monthly payment is $1667. I guess you could live with that in the U.S., but you'd have to live in austerity, not in a big city, definitely not have a mortgage, and be healthy.

I came back home to MX last December. I did take a bit of a risk retiring this early, and boy, am I sweating bullets now looking at the NYSE but so far I'm holding up, and definitely wouldn't be able to live in the U.S. like I live here in my retirement. I don't see tapping SS or 401k (and the 401k isn't anything special) in a decade. And we are 4: me, wife, and my 2 boys, 20 and 24 y.o., one with special needs and one who happens to be a musician and graduated with a degree in light and sound, so he's unemployed ... and 2 dogs, one who has to have a special diet.

We are spending about $2000-$2500 a month, but we eat out or order food just about every day, do trips to the beach, the ruins; plenty of weekly events that are free... we all have cell phones; the service I pay Verizon $250 dollars a month for (still have my US phones), costs me $40 here... 1000 Mbps internet, 3 TV subscriptions + OTA HDTV.

I will say, though, that after living for so long in the U.S., there are some things that really irk me about being here; so for anyone who's considering becoming an expat (elitist word for "immigrant" ) whichever place you are considering, do as extended a stay there as possible before you decide on a place.

Also, if you are on any medical treatment, be sure of how much the treatment will cost wherever you want to go. Here in MX, most of the medical costs a fraction of what it costs in the U.S. ,but not all.

 

[saintmdterps]

I have a buddy who lives in Vietnam and loves it.. ive also heard great things about Thailand and Malaysia .. from what I understand , the US dollar goes much, much further in most of Southeast Asia than it does in some of the countries you mentioned in Central or South America.. the trade off, of course, is the torturously long flight times to get there .

I only plan on one flight.

My family can come visit me whenever they like

 

[gboudx]

>>Out of curiosity, I went looking for some numbers. The average SS monthly payment is $1667. I guess you could live with that in the U.S., but you'd have to live in austerity, not in a big city, definitely not have a mortgage, and be healthy.

Before this dementia diagnosis, my father-in-law lived only on his SS monthly distribution. He's pretty cheap and many months he would actually put some of the SS in savings. He was getting about $1300. To give an idea of how cheap he is, he was proud of buying a nice Sony flatscreen HD TV from Sam's, and loved the picture quality. He bought it using FEMA money after his house was flooded by Hurricane Rita. He had DirecTV and refused to pay the $10/month extra for HD programming. So he had this "beautiful" TV that he watched in SD because "the picture looks good enough to me". But he was happy and that's all that mattered.

 

[jrdbrn]

Cumulatively and taking everything into account I just don't see how anyone can retire in this day and age.

My uncle retired before 60, but he also worked his early life away.