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Financial regrets in retirement?

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    #31
    Originally posted by Tyrex750 View Post
    Who in the hell can have a million dollar retirement on a regular jib, with no kind of pension. All mine has is a regular 401k, im still about 25 yrs from any kind of retirement. I cant figure up any way to get that kind of money before then. U must be talking about the ones who have a good plan like a cop, are firefighter. All that compound interest adds up quick.

    One million is easily achievable if you start in your 20’s. The longer you wait the more difficult it becomes.

    Hypothetical scenario:

    When Jack turned 21, he decided to start investing $200 a month every year for nine years. At age 30, he decided to stop investing altogether. But his friend Blake started when Jack stopped, investing $200 a month every month starting at age 30, all the way until the ripe old age of 68.

    So at age 68, who do you think had more money in their account? Let’s do the math.

    At the end of nine years, Jack invested $21,600, didn’t invest another dime, and ended up with close to $2.35 million at age 68. Let’s say that again—$2.35 million! That’s the power of compound growth, friends.

    And Jack’s friend Blake invested a whopping $91,200 over the course of 38 years. At age 68, he had built up $1.3 million, but he never caught up with Jack.

    So how did Jack do it? He didn’t invest nearly as much as Blake did but ended up with over $1 million more. Compound growth can turn more than $20,000 invested in nine short years into almost $2.35 million over 38 years.


    Sent from my iPhone using Tapatalk Pro

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      #32
      Originally posted by tvc184 View Post
      That is because it wasn’t in the question from ctom87 in the OP.
      Not his question but I’m referencing the article of biggest regrets of retirees whether it pertains to purchases or not well prepared financially

      Look at most articles today about retirement & you will see a ton related to Americans in general have not or are not saving enough to be prepared

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        #33
        Originally posted by AntlerCollector View Post
        A million dollars is only $50,000 a year for 20 years. I need to retire with at least 1.5 million just to pay my deer leases.
        Live off the interest. Don't touch the principal. Unless you need a Ferrari. Then I totally understand

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          #34
          Retired last October at the age of 67. My only regret was not doing it earlier. Darn near waited until I was to crippled up to enjoy it.

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            #35
            Obviously a hot topic, for myself as well. I have everything paid off, house, 10ac, one vehicle, owe a little on another vehicle. Cash and business assets nearing magical 1 mil mark and have been thinking about retiring early. I know at 47yo, that isnt enough cash for most people, but I dont live large. I dont give 2 Bidens about fancy houses, cars or vacations. My heaven is growing a garden , a few animals and working on my own stuff. What I like to do is stuff that saves me money. I just dont know where the line is between enough, and working your life away

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              #36
              Originally posted by BrianL View Post
              That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.
              yep

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                #37
                I've had a good retirement with my past employer for 34 years, debt free, life is good.

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                  #38
                  Originally posted by Geezy Rider View Post
                  Absolutely no regrets here. I’ve been retired for almost two years now. I started planning my retirement almost twenty years ago with a financial planner. I went into retirement 100% debt free. And to me that’s the key. Have no bills except the essentials. I haven’t even started drawing social security yet just been living off of my pension, savings and investments. It was a bit of an adjustment going from a six figure income to a five figure income so I can’t just spend money like I used to. My only big expenditure is my deer lease but it’s figured into the budget. I went from a 32% tax bracket to a 12% bracket. It’s an adjustment but I’m loving the new lifestyle and freedom. Now if I could just get rid of property taxes I’d be walking in tall cotton.

                  The really big culture shock was medical insurance. When I was working I had a Cadillac insurance plan for me and my bride. After I retired I had to wait four months before I could go on Medicare and I got hurt during that time and couldn’t do anything about getting help until insurance kicked in. Then it became a royal pita to get things right. Now my wife is four years away from going on Medicare so I had to find her insurance that we could afford and it’s lousy insurance insurance. She was hurt shortly after getting her coverage and between my injuries and hers along with the crappy insurance our medical bills have put a crimp in our finances. We’ve got the money to cover everything but there isn’t anything left to play with. Oh well, it’s how I chose to live and I don’t regret retirement.
                  Thank you for not taking the govt money....I'm gonna need it

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                    #39
                    Originally posted by BrianL View Post
                    That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.
                    I can live on $40k/yr. Easily.

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                      #40
                      Originally posted by WItoTX View Post
                      Live off the interest. Don't touch the principal. Unless you need a Ferrari. Then I totally understand

                      How much actually cash in interest per month do you think 1 million earns on average?

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                        #41
                        Originally posted by miket View Post
                        Obviously a hot topic, for myself as well. I have everything paid off, house, 10ac, one vehicle, owe a little on another vehicle. Cash and business assets nearing magical 1 mil mark and have been thinking about retiring early. I know at 47yo, that isnt enough cash for most people, but I dont live large. I dont give 2 Bidens about fancy houses, cars or vacations. My heaven is growing a garden , a few animals and working on my own stuff. What I like to do is stuff that saves me money. I just dont know where the line is between enough, and working your life away
                        Man, to each his own. What would you do about health insurance? That million goes away in a month with a hospital stay.

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                          #42
                          Originally posted by RR 314 View Post
                          Man, to each his own. What would you do about health insurance? That million goes away in a month with a hospital stay.
                          Wont be blowing it on a hospital stay thats for sure! Would rather die.

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                            #43
                            Originally posted by miket View Post
                            I can live on $40k/yr. Easily.
                            Today maybe. Not sure of your age but what about in say 20 yrs?

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                              #44
                              Originally posted by miket View Post
                              I can live on $40k/yr. Easily.
                              You could also easily spend half that on healthcare

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                                #45
                                Retired in 2020, bought our forever home back close to family and where the wife and I grew up. Hopefully with our annuities that we have not started drawing on, my wife's SS she has not started taking and some in the stock market, we will have enough to live on comfortably. Truck payment is all we owe, but we do not travel a great deal, no RV, no boat, no vacation home. We are pretty frugal, at least the wife is.. Our only thoughts are what is going to happen with this Admin spending and spending and not looking like it is going to stop. That is part of the reason we are not jumping into lavish vacations or big purchases yet. Planning a cruise to Alaska for our 50th next year and getting my critters from RSA and mounted are the biggest outlay of cash we will have beside some taxes and such.

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