Looking for retirement advice

[gingib]

30-40yrs years in stocks, I sure would be 80% bonds to stocks.

Yes that still isn't 100% bonds

[Budman68]

Couple of things you need to do before retirement.
1)Pay off your house. If it's not paid off and $1000 plus a month. Time to sale and down sizes. Don't go into retirement owing money.
2)Try to eliminate car payments if you can.
3)Are you cash positive at the end of the month? Don't squeeze yourself. SS + Monthly 401 redraw - Bills = Cash left over. You can always redeposit it, but having cash to travel and repair things around the house will keep you busy.
4)Don't sit around. Go have some fun.

[Throwin Darts]

If your retired, all funds most likely will be in bonds. At which, you really are liking what Biden is doing as bonds are about to bump up again.

Do you know the relationship between bond prices and interest rates?

[Mudslinger]

If you are basically debt free except for normal monthly bills plus Medicare and Supplemental ins premiums, what $ amount do most think is needed to live comfortably, not extravagant, but comfortably?

[bbqfan5909]

You're correct sir, its been a day.

Do you know the relationship between bond prices and interest rates?

[Budman68]

I'm 44, but can draw state pension at 55. Been doing the non-matching 401k also, plus my wife will have some TRS and a 401 also. My plan is to quit as soon as I can.

Take a good look at your pension. I had one with JCPenney and it was moved over to financial company and then over to the government to run. They offered a cash out and we took it. Rolling it over and investing made much more financial sense.

[Russ79]

Couple of things you need to do before retirement.
1)Pay off your house. If it's not paid off and $1000 plus a month. Time to sale and down sizes. Don't go into retirement owing money.
2)Try to eliminate car payments if you can.
3)Are you cash positive at the end of the month? Don't squeeze yourself. SS + Monthly 401 redraw - Bills = Cash left over. You can always redeposit it, but having cash to travel and repair things around the house will keep you busy.
4)Don't sit around. Go have some fun.

We hope to have most all of our outstanding debt eliminated by this time next month. Only thing left will be my new truck, which we hope to pay off when I retire, and my wife's car- the monthly payments are small and may have paid off by the time I retire. After that it will just be normal monthly living expenses and the occasional vet bill- we have eight cats and two Labs and the wife will run a cat to the vet every time it sneezes or poops in a puddle. I have received a lot of good advice and offers to help and I really appreciate it. Some of you guys will be hearing from me.

[Budman68]

We hope to have most all of our outstanding debt eliminated by this time next month. Only thing left will be my new truck, which we hope to pay off when I retire, and my wife's car- the monthly payments are small and may have paid off by the time I retire. After that it will just be normal monthly living expenses and the occasional vet bill- we have eight cats and two Labs and the wife will run a cat to the vet every time it sneezes or poops in a puddle. I have received a lot of good advice and offers to help and I really appreciate it. Some of you guys will be hearing from me.

Another thing to look at "is your house right for retirement". To large, need major repairs, etc. I built my retirement home two years ago and now I'm going to be taxed out of it when I finally retire. I blame the wife. LOL.

Sounds like your on your way. I have friends that dread the thought of retiring, but it sounds like you focused and about ready.

[scott123456789]

If you are basically debt free except for normal monthly bills plus Medicare and Supplemental ins premiums, what $ amount do most think is needed to live comfortably, not extravagant, but comfortably?

I see 25 times yearly expenses thrown around a lot. So if you need $40,000 per year, you’d want $1 million invested in the 60 stock 40 bond to be comfortable. SS and any sort of pension would go against the amount you need to invest.

[Killer]

If you are basically debt free except for normal monthly bills plus Medicare and Supplemental ins premiums, what $ amount do most think is needed to live comfortably, not extravagant, but comfortably?

I would say $75,000 per year for me. Some people may be less some more. I could get by with less but at that amount I would not need to change anything I do now to make it.

[Arrowsmith]

If you are basically debt free except for normal monthly bills plus Medicare and Supplemental ins premiums, what $ amount do most think is needed to live comfortably, not extravagant, but comfortably?

Doug. It seems like no one will ever give out any real numbers. I don't know if they think it's too personal or if non retired folks just don't know.

Someone above said you better have 3 million to retire. Maybe that person needs that much, but we sure didn't have that amount and we are doing just fine.

My wife and I do not have kids. Everything is paid off. We don't travel. We don't buy expensive luxury items. We live a pretty simple lifestyle out in the boonies.

Here are some real numbers.

We get $3000.00 a month social security between us. I make anywhere between $300 to $1000 a month off my Vortex sales. So let's say $3500 a month. Roughly $42,000 a year. We have not started drawing on our IRA. If I started today my minimum disbursement withdrawal would be about $1700 a month. That would bump us up to about $5200 a month minus the taxes on the IRA distribution. We have about $80,000 cash reserve for whatever we might need. We had quite a bit more in reserve, but we paid cash for a Kubota tractor, some implements and a Ranger 570 side by side.

We bought our 63.5 acre farm in 2010 for $90,000. Our house/shop build in 2018-2019 cost $225,000. A friend that is a local Mossy Oak Properties agent told me our place would sell quickly for $650,000 in today's market on the low side.

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[Mudslinger]

Doug. It seems like no one will ever give out any real numbers. I don't know if they think it's too personal or if non retired folks just don't know.

Someone above said you better have 3 million to retire. Maybe that person needs that much, but we sure didn't have that amount and we are doing just fine.

My wife and I do not have kids. Everything is paid off. We don't travel. We don't buy expensive luxury items. We live a pretty simple lifestyle out in the boonies.

Here are some real numbers.

We get $3000.00 a month social security between us. I make anywhere between $300 to $1000 a month off my Vortex sales. So let's say $3500 a month. Roughly $42,000 a year. We have not started drawing on our IRA. If I started today my minimum disbursement withdrawal would be about $1700 a month. That would bump us up to about $5200 a month minus the taxes on the IRA distribution. We have about $80,000 cash reserve for whatever we might need. We had quite a bit more in reserve, but we paid cash for a Kubota tractor, some implements and a Ranger 570 side by side.

We bought our 63.5 acre farm in 2010 for $90,000. Our house/shop build in 2018-2019 cost $225,000. A friend that is a local Mossy Oak Properties agent told me our place would sell quickly for $650,000 in today's market on the low side.

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Thanks Mike. Very similar to us, no kids, but my property is not as big, 6.46 acres but they have the value at over 450,000. Not selling though, I have moved for the last time.

I was fortunate when an old boss gave me a 32 horse 4x4 Kubota with a shredder and a Polaris XP 1000 SXS and when we bought the property and house the owner left a 52" Husquvarna Zero Turn mower! I added a front bucket to the Kubota so I am pretty much set with 2 push mowers, the Zero turn, a Swisher Rough Cut to pull behind the Polaris or my 4 wheeler and the shredder.

We have yet to start to take any out of our annuities and her SS but just started taking a little out of our stocks and mutual funds.

I am envious of your place after seeing all the pics! Great looking place!

[doghouse]

Retire ASAP. That is my advice. Wish I would have before my body was worn out. It's nice to get up and have nothing you absolutely have to do. Take day trips etc. I'm loving it.

[Monark]

If your retired, all funds most likely will be in bonds. At which, you really are liking what Biden is doing as bonds are about to bump up again.

You need to talk to an advisor. All in bonds is not a good idea & Biden admin is talking about raising the interest rate which negatively affects bond prices.

[bbqfan5909]

I’m 37 and in stocks brother. Not paying an advisor to put my funds into ETFs, it’s very simple. And yes, when I’m late 60s and hopefully millions, it will be in bonds.

You need to talk to an advisor. All in bonds is not a good idea & Biden admin is talking about raising the interest rate which negatively affects bond prices.