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Old 09-19-2022, 12:23 PM   #1
ctom87
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Default Financial regrets in retirement?

Those of you that retired... Do you have any big purchases that you either regret or would advise someone to be cautious before making?

Read an article online this morning, the top 5 regrets retired folks have... Regular lavish travel, dream home, luxury car, boat or RV as well as a 2nd vacation home all top the list...

My own curiousity is getting the best of me. Retirement is still 30+ years away
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Old 09-19-2022, 12:26 PM   #2
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They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough
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Old 09-19-2022, 12:28 PM   #3
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No regrets but did none of the above- Building out “vacation home” now but we will live in it. Traveled for 9 months and regret none of it ( had budget and no house or home so it wasn’t expensive considering all). Have a plan- keep life simple- do what you love. I’m living in Tx coast fishing 5 plus times a week. We travel when we want but have budgets for everything.

Our house and everything we have will be paid for and we will only have monthly bills. If needed I could always get a part time job in a gym, tackle shop, or start running a fishing trip or two a month.
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Old 09-19-2022, 12:29 PM   #4
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Originally Posted by ctom87 View Post
Those of you that retired... Do you have any big purchases that you either regret or would advise someone to be cautious before making?

Read an article online this morning, the top 5 regrets retired folks have... Regular lavish travel, dream home, luxury car, boat or RV as well as a 2nd vacation home all top the list...

My own curiousity is getting the best of me. Retirement is still 30+ years away
I am not retired and am not an RV guy, but I would regret not having the other things on the list. :-)
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Old 09-19-2022, 12:30 PM   #5
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Originally Posted by gingib View Post
They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough
This is probably spot on. I could really only see someone regretting something they could afford, such as a boat or RV if they didn't realize how much maintenance and how little they may end up actually using it.

Last edited by ctom87; 09-19-2022 at 12:39 PM.
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Old 09-19-2022, 12:33 PM   #6
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This is probably spot on. I could really only seeing someone regretting a boat or RV if they could afford it, but not realizing how much maintenance and how little they may end up actually using it.
Yeah agree!

Bust out another thousand

And most won't use it that much in retirement. Hell even non retired people dont use theirs as much
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Old 09-19-2022, 12:38 PM   #7
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Retired February 1, no regrets but no large purchases either. Considering a boat, but I live too far from the salt .
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Old 09-19-2022, 12:39 PM   #8
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My wife has an aunt/uncle that are in retirement and just built a new, custom house. They also have a boat that is their second home down in League City... By the looks of everything, they are living their best life!
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Old 09-19-2022, 12:46 PM   #9
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They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough
That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.
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Old 09-19-2022, 12:47 PM   #10
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Someone told me a long time ago that "fantasy is always better than reality," and that phrase has stuck with me after all these years. I have periodically contemplated a new boat, an RV, a timeshare, a second home to Airbnb when I'm not using it, and in my mind as I fantasize about the benefits of each of them, I can easily rationalize why I "need" them or they would be good for me. Then once the impulsiveness wears off and either through research, seeking input/wisdom from others, and after much prayer, I most often come to realize my "needs" are just "wants," that have the potential to have a negative impact on me and my family. My "wants" are not always bad, but when something I want could actually become a financial strain on me and my family, particularly if it was something that was not used nearly as often as I first anticipated, it can certainly become a bad decision.
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Old 09-19-2022, 12:47 PM   #11
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My parents have been retired for quite a while. They’ve been in their dream home for 30 years, had luxury cars for a while but now prefer a Jeep, have an RV which they drove the he** out of all over the country until my dad’s stroke last year. They enjoyed every bit of it.

My only regret for them is that did not have a long term care plan. And that million dollars? It’s drawing down fast.
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Old 09-19-2022, 12:53 PM   #12
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I have one regret, not moving to Arkansas or other states where your money goes farther.

Or “went” farther back when, things have changed.
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Old 09-19-2022, 12:55 PM   #13
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This is probably spot on. I could really only see someone regretting something they could afford, such as a boat or RV if they didn't realize how much maintenance and how little they may end up actually using it.
This is the trap my in-laws fell into, retired and moved on to a boat in Kemah tx , the slip rental is outrageous and annual boat maintenance the same !
Plus living on a boat you need a separate place to live while itís being hauled over/ in the shipyard

Also remember the government is taxing you when you make it and spend the money, add a zero to the end of the fund to keep the wolves at bay
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Old 09-19-2022, 01:23 PM   #14
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My parents have been retired for quite a while. Theyíve been in their dream home for 30 years, had luxury cars for a while but now prefer a Jeep, have an RV which they drove the he** out of all over the country until my dadís stroke last year. They enjoyed every bit of it.

My only regret for them is that did not have a long term care plan. And that million dollars? Itís drawing down fast.
Can you explain in detail how a long term care plan would have paid for itself and been worth buying?

I looked into this once but something seemed "off"
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Old 09-19-2022, 01:31 PM   #15
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We bought a coastal house just before I retired. We can afford it and after 15 years still have no regrets. I would love a new boat but honestly, unless you are a guide, you must be crazy or you have more money than you need if you spend 80grand or more on a bay boat.

Last edited by Walker; 09-19-2022 at 01:33 PM.
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Old 09-19-2022, 01:38 PM   #16
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I’m surprised “not starting earlier in life toward retirement savings” didn’t make the list
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Old 09-19-2022, 01:45 PM   #17
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Retirement is about 12 years for me. my wife and I have been blessed and our house is paid off and the only thing we owe on is her vehicle which we financed only to keep the credit score high. we will inherit the family farm which has a house on it already which we will move into. I will tell you I am not looking forward to the added cost of keeping the farm up. Everyone wants to own land until they realize how much it cost to own land. Luckily both my wife and I will have medical insurance through our employers
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Old 09-19-2022, 01:46 PM   #18
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Iím surprised ďnot starting earlier in life toward retirement savingsĒ didnít make the list
This right here is a big issue. We paid all our debts off at 30 and have been preparing for retirement since then
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Old 09-19-2022, 01:49 PM   #19
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Iím surprised ďnot starting earlier in life toward retirement savingsĒ didnít make the list
LOL, nah that never registers when "I should have started earlier" coincides with SXS, lifted trucks, and chasing women
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Old 09-19-2022, 01:54 PM   #20
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Can you explain in detail how a long term care plan would have paid for itself and been worth buying?

I looked into this once but something seemed "off"
Don't think it does either . We are planning our retirement's finish touches now and discovered an annuity that will double the amount if 3 of the 5 signs of care needed are met .
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Old 09-19-2022, 01:54 PM   #21
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That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.
Yep!!!

Average 150k lifestyle is not average though haha.
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Old 09-19-2022, 02:01 PM   #22
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They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough
I think the two big things that cause the savings to not be enough is 1. health care 2. having more time to spend money.

When I worked shift work, it was easy to save money when I was at work. Easy to spend when not working, lol.
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Old 09-19-2022, 02:01 PM   #23
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Iím surprised ďnot starting earlier in life toward retirement savingsĒ didnít make the list
That is because it wasnít in the question from ctom87 in the OP.
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Old 09-19-2022, 02:02 PM   #24
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Can you explain in detail how a long term care plan would have paid for itself and been worth buying?

I looked into this once but something seemed "off"

Long term care insurance not only pays for nursing home/assisted living it also can pay for home health care (having a care giver come to the home to take care of the insured person).

Cost depends on several factors. Age of course and overall health. Also LTC plans have different option you can select that affect the premium. First is the waiting period - that is the number of days a person has qualified for benefits before the policy starts paying out (think deductible). The choices are usually 30 days, 60 days, 90 days, 180 days and 360 days. The longer the waiting period the lower the premiums.

The other impact is how much daily benefit you choose to buy. For example you can elect to buy $125 per day versus $150 per day benefit. The higher the benefit the more the premium. Some folks do not fully insured - they may buy a $100 per day benefit which should pay the bulk of the cost for care but maybe not all of it.

The last factor is how long you choose for the policy to pay out. So you could select a policy that will pay out for 4 years or for a lifetime. The longer the payout period the higher the premiums.

As an example, my 91 year old mother in law has a LTC policy she paid on for 6-7 years. About two years ago is qualified for assisted living and the policy started paying out $5000 per month for her care. She had a 30 day waiting period and has a 4 year payout period. It has paid for itself multiple times what her premiums were (the insurance company waives any premium once someone goes on claim). It was worth every penny in premium.
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Old 09-19-2022, 02:07 PM   #25
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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.

Last edited by AntlerCollector; 09-19-2022 at 02:18 PM.
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Old 09-19-2022, 02:09 PM   #26
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We have been retired 4 years now. We love it. We don't have a million unless you include the value of our farm and we are making it just fine. We haven't touched our IRAs and don't intend to for 3 more years (at 72 required minimum distribution goes into effect).

Everything we have is paid for. I don't understand the one million....two million required statements. We are not speculating, we are actually living it so we know. We know that much is simply not required....at least not for us and our lifestyle.

I would venture to say that most people will retire with far less than a million in savings, IRA, and investments. Don't let that discourage you. Get everything paid off. Start collecting your social security at 65. Get on a good Medicare program (original Medicare with a supplement) and enjoy your retirement years.


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Old 09-19-2022, 02:13 PM   #27
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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.
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Old 09-19-2022, 02:28 PM   #28
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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.
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Old 09-19-2022, 02:30 PM   #29
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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.
Save what you can, but be realistic. I have a pension, but was able to squirrel away a decent amount also. I wasnít a miser, but didnít always have the latest/greatest trucks and toys either. Get with a financial planner and do what you can.
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Old 09-19-2022, 02:35 PM   #30
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Need this child support to finish, be a good raise then. Plan on putting all of that into 401 are a savings account since I'm use to it being gone anyway.
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Old 09-19-2022, 02:35 PM   #31
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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 20ís. 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? Letís do the math.

At the end of nine years, Jack invested $21,600, didnít invest another dime, and ended up with close to $2.35 million at age 68. Letís say that againó$2.35 million! Thatís the power of compound growth, friends.

And Jackís 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 didnít 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.


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Old 09-19-2022, 02:37 PM   #32
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That is because it wasnít in the question from ctom87 in the OP.
Not his question but Iím 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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Old 09-19-2022, 03:05 PM   #33
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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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Old 09-19-2022, 03:07 PM   #34
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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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Old 09-19-2022, 03:10 PM   #35
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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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Old 09-19-2022, 03:12 PM   #36
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That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.
yep
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Old 09-19-2022, 03:15 PM   #37
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I've had a good retirement with my past employer for 34 years, debt free, life is good.
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Old 09-19-2022, 03:17 PM   #38
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Absolutely no regrets here. Iíve 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 thatís the key. Have no bills except the essentials. I havenít 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 canít just spend money like I used to. My only big expenditure is my deer lease but itís figured into the budget. I went from a 32% tax bracket to a 12% bracket. Itís an adjustment but Iím loving the new lifestyle and freedom. Now if I could just get rid of property taxes Iíd 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 couldnít 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 itís 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. Weíve got the money to cover everything but there isnít anything left to play with. Oh well, itís how I chose to live and I donít regret retirement.
Thank you for not taking the govt money....I'm gonna need it
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Old 09-19-2022, 03:24 PM   #39
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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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Old 09-19-2022, 03:28 PM   #40
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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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Old 09-19-2022, 03:28 PM   #41
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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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Old 09-19-2022, 03:31 PM   #42
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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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Old 09-19-2022, 03:31 PM   #43
eradicator
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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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Old 09-19-2022, 03:32 PM   #44
AntlerCollector
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I can live on $40k/yr. Easily.
You could also easily spend half that on healthcare
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Old 09-19-2022, 03:32 PM   #45
Mudslinger
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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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Old 09-19-2022, 03:32 PM   #46
BigL
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LOL, nah that never registers when "I should have started earlier" coincides with SXS, lifted trucks, and chasing women
I'm 51 and chasing women is part of my retirement plan. Looking for that 35-41yr old who in 10 years will pay all the bills while I retire and hunt and fish all I want. I can stay on their insurance and not worry about health care too.

I understand the car, truck, rv, etc. Depreciating assets that has maintenance. I don't want any of that into retirement
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Old 09-19-2022, 03:33 PM   #47
mdb
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Tagged.
Calling it on 11-1-22.
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Old 09-19-2022, 03:36 PM   #48
bullets13
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My wife and I are making smart decisions now so that we don't have to make difficult decisions later. I'll retire in 13 years at the age of 53. We've paid everything off early that we can, when we can. I don't have a $70K bass boat or an $80K truck, and we don't go on extravagant vacations every year. We took out a 15-year mortgage on our home instead of 30, and it'll be paid off in 12 1/2. We save all that we can. I think a better question for the OP to ask would be what big purchases or expenditures that people who are close to retiring regret making, or that might delay their retirement.
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Old 09-19-2022, 03:37 PM   #49
gingib
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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.
The problem is not how much you make, but how much you save!

I don't have a pension and am the same length away from retirement likely as you.

Can't live like everyone else and gotta invest and stock it away earning 7-10% annually. No car payments helps
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Old 09-19-2022, 03:39 PM   #50
BigL
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How much actually cash in interest per month do you think 1 million earns on average?
And they count on it not realizing that rates can fall. Would not have made much on interest the last 5 years. Even bonds were hard to get investment grade with good payouts. With rising rates they may more but then everything costs more too.

Maybe find some muni bonds for 3% and make 30k/annually tax free. Nice supplement to hopefully other income sources but not enough to live on if you have any of the debts/expenses that were listed earlier.
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