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Financial regrets in retirement?

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    #16
    I’m surprised “not starting earlier in life toward retirement savings” didn’t make the list

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      #17
      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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        #18
        Originally posted by HogHunter34 View Post
        I’m surprised “not starting earlier in life toward retirement savings” didn’t 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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          #19
          Originally posted by HogHunter34 View Post
          I’m surprised “not starting earlier in life toward retirement savings” didn’t 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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            #20
            Originally posted by RiverRat1 View Post
            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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              #21
              Originally posted by BrianL View Post
              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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                #22
                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
                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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                  #23
                  Originally posted by HogHunter34 View Post
                  I’m surprised “not starting earlier in life toward retirement savings” didn’t make the list
                  That is because it wasn’t in the question from ctom87 in the OP.

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                    #24
                    Originally posted by RiverRat1 View Post
                    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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                      #25
                      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, 12:18 PM.

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                        #26
                        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.


                        Sent from my SM-G965U using Tapatalk

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                          #27
                          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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                            #28
                            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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                              #29
                              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.
                              Save what you can, but be realistic. I have a pension, but was able to squirrel away a decent amount also. I wasn’t a miser, but didn’t always have the latest/greatest trucks and toys either. Get with a financial planner and do what you can.

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                                #30
                                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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