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Old 05-25-2017, 02:23 PM   #1
Buff
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Default How much is enough to retire ?

I still have another 5 or 6 years to work.
I can't seem to get a understanding of how folks are able to do it.
With what money I have put back and what I could get selling the farm I should have a pretty good nest egg in the bank.
With CDs paying 1% it will only generate a small amount a year.

I know a lot of fellows here have retired but I just cant figure how I can live without a income.

Retiring from my job just to take a lesser job seems kinda silly to me

Last edited by Buff; 05-25-2017 at 02:27 PM.
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Old 05-25-2017, 02:26 PM   #2
bowhuntertex
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I will be working right up until lunch on the day of my funeral.
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Old 05-25-2017, 02:26 PM   #3
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All depends on the person. Do you want to die with a lot of money in the bank or do you want to die broke? If you live another 30 years that roughly 67000 a year not counting anything you make on investments.
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Old 05-25-2017, 02:27 PM   #4
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Everyone has a different number, best to talk to a Financial planner about your specific situation.

That being said, I'm hoping for 2.5mil and ZERO debt by 50 so I can bridge the gap till I can withdraw from my 401k, IRAs and then carry me into being able to tap into whatever is left of SS.
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Old 05-25-2017, 02:28 PM   #5
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Have everything paid for? Figure out your monthly bills and expenses. then multiply by how many years your gonna live.
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Old 05-25-2017, 02:29 PM   #6
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Are you only considering investing in CDs as a way to make money on your money? If so, you're going to have a hard go at it.
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Old 05-25-2017, 02:29 PM   #7
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Have everything paid for? Figure out your monthly bills and expenses. then multiply by how many years your gonna live.

Now that is the real problem number to come up with
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Old 05-25-2017, 02:30 PM   #8
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Are you only considering investing in CDs as a way to make money on your money? If so, you're going to have a hard go at it.
No but after I retire I would assume I would need to pull it out of the market and put it somewhere safe.
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Old 05-25-2017, 02:30 PM   #9
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Now that is the real problem number to come up with
Theres an expiration date on the bottom of your foot.
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Old 05-25-2017, 02:31 PM   #10
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You can't do it with CDs, brother. Not unless you have a few million more anyway. You need your money to earn more than you spend so that your nest egg can continue to grow a little. That allows you to get a raise as you go so your income can keep up with inflation.

Find a good financial advisor to talk to that can explain everything in plain English. You may be in a much better position than you think after you run the numbers.
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Old 05-25-2017, 02:35 PM   #11
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Depends how you want your retirement to look. This guy retired along time ago and he didn't have to save a dime.
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Old 05-25-2017, 02:37 PM   #12
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Depends how you want your retirement to look. This guy retired along time ago and he didn't have to save a dime.
Sweet!....he's a shopping fool too!
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Old 05-25-2017, 02:38 PM   #13
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Like many have said, it depends. lots of good websites that will take your information and assumptions (spending, retirement income, investments, etc.) and you can figure it out pretty easily.
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Old 05-25-2017, 02:42 PM   #14
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Multiply your annual spending including your taxes by 25%. That is the number that I use. This allows you to withdraw at 4% and maintain your current level of spending. There are many studies out there that show that the chances of running out of money are very slim. It will be tough to retire with CDs unless you are in a position where you make a ton of money.
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Old 05-25-2017, 02:45 PM   #15
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Originally Posted by bowhuntertex View Post
I will be working right up until lunch on the day of my funeral.
X2 This is my thought exactly. Hopefully when I am ready to retire Cabelas, Bass Pro or Gander is hiring!!!
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Old 05-25-2017, 02:49 PM   #16
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I have a few years to go but have a pretty good idea on what my income will be from social security, pension and 401K. I have started paying myself that amount (and saving the rest) to see if I can make it. Medical insurance is the biggest problem now and will probably require working longer than I want to. Find a good advisor to assist in relatively safe investments as CD's will not be much help.
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Old 05-25-2017, 02:53 PM   #17
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Originally Posted by J Sweet View Post
Depends how you want your retirement to look. This guy retired along time ago and he didn't have to save a dime.
If'n you had told me that you were gonna take my picture I would have looked up and smiled.
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Old 05-25-2017, 02:58 PM   #18
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Originally Posted by 4_Fingers View Post
Like many have said, it depends. lots of good websites that will take your information and assumptions (spending, retirement income, investments, etc.) and you can figure it out pretty easily.
I've used a few of the more well-known calculators, some say I won't have enough, some say I'll have way more than I need....... Go see a competent adviser.
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Old 05-25-2017, 03:00 PM   #19
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I believe I could retire on just what you could sell your " farm" for. I am a man of pretty simple means. But looks like I will work till I die.
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Old 05-25-2017, 03:04 PM   #20
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Quote:
Originally Posted by Buff View Post
No but after I retire I would assume I would need to pull it out of the market and put it somewhere safe.
How about a little article/post about the 4% rule:

http://www.mrmoneymustache.com/2012/...or-retirement/
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Old 05-25-2017, 03:08 PM   #21
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I've heard investing in exotic wildlife is very lucrative

Seriously, a financial planner can map out a plan for you.
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Old 05-25-2017, 05:07 PM   #22
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Your answers are somewhere in these songs:

Better Class of Losers

Luckenbach Texas

Take this Job and shove it


I've been putting Axis, Black Buck, coati, and Aoudad to sleep and transporting them out of state. Purdy good money.

Last edited by Voodoo; 05-25-2017 at 05:10 PM.
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Old 05-25-2017, 05:09 PM   #23
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You can retire when " Your money makes as much as you do"
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Old 05-25-2017, 05:32 PM   #24
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You can retire when " Your money in savings makes as much as you do now in salary"
That is good advice!
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Old 05-25-2017, 05:58 PM   #25
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You can invest all you want, but if you're still paying a monthly mortgage it will be rough! My wife just retired today at 56 after 32 years of teaching. She has insurance and retirement for the rest of her days that also covers me and just on her monthly retirement income we can cover all our expenses. I'm planning to retire in 6 months and with our "nest egg" and my income from different sources, we should be fine.

Get rid of the blasted credit cards, except for maybe ONE to use in emergencies. PAY OFF your mortgage...biggest drain on income except for unexpected cash draining medical expenses....our home is free and clear so only monthly expense is for insurance, utilities and paying taxes at the end of the year.

I really believe it takes a new "mind set" when you are planning or about to retire!! I've spent a fortune on toys over the years, bought anything I wanted and it cost me to an extent. Now, we are fortunate we have all we need and honestly all we want...so the rest is just icing on the cake.

Now I spend my time, unless out selling dirt, insulting classifieds with "low ball offers" and getting the nasty pm's. Just evaluate what's really important and plan when you retire to hopefully enjoy your remaining days...all the rest and worries don't matter!!!

Take it from someone who HAD it all, LOST it all, fought back and perhaps finally have it figured out 60+ years old. Lord, at least I hope we have it set and planned to finally enjoy and live!!
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Old 05-25-2017, 06:06 PM   #26
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Quote:
Originally Posted by Buff View Post
I still have another 5 or 6 years to work.
I can't seem to get a understanding of how folks are able to do it.
With what money I have put back and what I could get selling the farm I should have a pretty good nest egg in the bank.
With CDs paying 1% it will only generate a small amount a year.

I know a lot of fellows here have retired but I just cant figure how I can live without a income.

Retiring from my job just to take a lesser job seems kinda silly to me
I cant figure it out either, but, with what they pay me to come to work its probably going to be a while before i give it up.
My FIL is 75 and runs circles around most folks and he tried retirment about 20 years ago. Got bored and went back and now has 40 years with the same company.
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Old 05-25-2017, 06:08 PM   #27
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Originally Posted by kumathebear View Post
You can invest all you want, but if you're still paying a monthly mortgage it will be rough! My wife just retired today at 56 after 32 years of teaching. She has insurance and retirement for the rest of her days that also covers me and just on her monthly retirement income we can cover all our expenses. I'm planning to retire in 6 months and with our "nest egg" and my income from different sources, we should be fine.

Get rid of the blasted credit cards, except for maybe ONE to use in emergencies. PAY OFF your mortgage...biggest drain on income except for unexpected cash draining medical expenses....our home is free and clear so only monthly expense is for insurance, utilities and paying taxes at the end of the year.

I really believe it takes a new "mind set" when you are planning or about to retire!! I've spent a fortune on toys over the years, bought anything I wanted and it cost me to an extent. Now, we are fortunate we have all we need and honestly all we want...so the rest is just icing on the cake.

Now I spend my time, unless out selling dirt, insulting classifieds with "low ball offers" and getting the nasty pm's. Just evaluate what's really important and plan when you retire to hopefully enjoy your remaining days...all the rest and worries don't matter!!!

Take it from someone who HAD it all, LOST it all, fought back and perhaps finally have it figured out 60+ years old. Lord, at least I hope we have it set and planned to finally enjoy and live!!
Congrats to your wife! Mine has 3 more to go. Still up in the air whether she will or not.
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Old 05-25-2017, 06:17 PM   #28
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I'm a teacher. One of the few professions to still have a pension. When I turn 54 I'll have enough years to retire with 62% of my highest five years average. I have a 403b that will be around 6 figures then too. I plan on having house paid off or downsizing when kids leave. My biggest problem will be health insurance, but my wife is younger and needs more years so I'll be able to keep on with her till I get at least a little closer to Medicare. I'm not to worried about it at this point but things always change.
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Old 05-25-2017, 06:23 PM   #29
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I see this question over and over on forums. There is NO generic answer! If you do not have debt and only need X amount to live on then the amount you need to have saved is X. On the other hand if you have some debt and need a different amount of income to live on then you need X saved.

Either see a financial planner or go online to find a good calculator that lets you plug YOUR NUMBERS in. Firecalc is one of the easiest and best and it is free.

Again the amount of money you need saved to retire is totally based on each individuals situation
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Old 05-25-2017, 06:26 PM   #30
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You gotta have a business that's earning for you when you retire. The old pay everything off and live off a nest egg approach is setting yourself up for disaster IMO. In reality you'll never be free and clear because the tax man cometh. He's never going to stop coming for your income and your property. With interest rates being so low and property values being so up and down it's kinda crazy to sink every dime you have into paying off a piece of land that you don't know what the value will be in 20 years. We've been saving a good portion of our income the last several years and we're going to get into a couple of franchises and build some storage units. I'll always have a job, but hopefully most of my time will be spent cashing checks
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Old 05-25-2017, 06:27 PM   #31
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Quote:
Originally Posted by Voodoo View Post
Your answers are somewhere in these songs:

Better Class of Losers

Luckenbach Texas

Take this Job and shove it


I've been putting Axis, Black Buck, coati, and Aoudad to sleep and transporting them out of state. Purdy good money.


TBH Translater:
Quote:
Originally Posted by Voodoo View Post
Your answers are somewhere in these songs:

Better Class of Losers

Luckenbach Texas

Take this Job and shove it


Pretty much everything I type is complete horse****.


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Old 05-25-2017, 06:45 PM   #32
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Originally Posted by Buff View Post
I still have another 5 or 6 years to work.
I can't seem to get a understanding of how folks are able to do it.
With what money I have put back and what I could get selling the farm I should have a pretty good nest egg in the bank.
With CDs paying 1% it will only generate a small amount a year.

I know a lot of fellows here have retired but I just cant figure how I can live without a income.

Retiring from my job just to take a lesser job seems kinda silly to me
May I ask about your farm? Is it you family's home place or a farm you bought?
I dont think I could sell my farm, no matter how bad things are and my family feels the same as I do. We thought about and went to a lawyer and had papers drawn up.
I have seen over the years, families selling off properties and still end up broke in a few years.
My dad retired with 60,000.00 in his 401k at the age of 62. He paid Cobra insurance for a few years till Medicare kicked in. He has never went back to work and does what he pleases. My mom done the same. I think retirement is a state of mind more than anything else. I also think that most folks that hit their late 70's do not travel as much and require less to live on.
I too have a few good years left in me but plan on retiring in 5 more. I have mutual funds at 4% and 5%, SEP IRA, Rollover IRA and money in the bank. I have some royalties, enough for grocery money anyway. My wife and I do not owe on anything, and my business will generate income for a while. I still worry about retirement and our health and the associated costs.

My dad said "you can do it if you want, so retire early as you can, he** you might die tomorrow son". Probably I should take his advice, as he already told me he will kick a mud hole in my a** if I dont retire early.
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Old 05-25-2017, 06:57 PM   #33
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By the time I am ready to retire everything I need to live will have been mandated as a "right" so the government will provide it so I'm not worried. I plan on living out my days so that my check to the funeral home that preps me bounces. Can't take it with you and since my kids didn't earn it they don't deserve any of it.


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Old 05-25-2017, 07:13 PM   #34
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My problem isn't for me affording retirement as my military retired pay is just fine. The problem is for my wife if I pass first, as my military retirement, VA, and SS all go away. But, I started back in '82 with mutual funds, etc, and I'm comfortable that she will be fine.

As far as how long you'll live---there are actuarial tables that can give you some idea of what to expect.
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Old 05-25-2017, 07:26 PM   #35
TKK
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Originally Posted by BlackoutRam2500 View Post
You gotta have a business that's earning for you when you retire. The old pay everything off and live off a nest egg approach is setting yourself up for disaster IMO. In reality you'll never be free and clear because the tax man cometh. He's never going to stop coming for your income and your property. With interest rates being so low and property values being so up and down it's kinda crazy to sink every dime you have into paying off a piece of land that you don't know what the value will be in 20 years. We've been saving a good portion of our income the last several years and we're going to get into a couple of franchises and build some storage units. I'll always have a job, but hopefully most of my time will be spent cashing checks
that may work but there is a ton of risk in a franchise business and storage units - when in retirement the only thing you can count on for sure being there is cash
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Old 05-25-2017, 07:36 PM   #36
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Originally Posted by 175gr7.62 View Post
By the time I am ready to retire everything I need to live will have been mandated as a "right" so the government will provide it so I'm not worried. I plan on living out my days so that my check to the funeral home that preps me bounces. Can't take it with you and since my kids didn't earn it they don't deserve any of it.


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Yowzas!! Glad you're not my dad!! Lol
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Old 05-25-2017, 07:49 PM   #37
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I just got off the phone with my financial planner/buddy that handles all of my crap. He basically told me that I will need 7.3 million to retire at 55 and live the lifestyle I want to live. Guess I better get to work!!! Personally, I am funding IRA and 401k, investing in businesses, etc. since I am self employed. When it comes time to retire, hopefully I'll sell my businesses (invest in others), pull from retirement accounts if needed, etc. If that doesn't fund my habits, I'll get back to work!

Honestly, I do not ever plan to retire completely. However, I do want to get to a point that I can work as little or as much as I want to.

All that to say that I have no clue! I am going to do some of what my financial buddy wants me to do, some of what I want to do, and hope for the best.
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Old 05-25-2017, 07:51 PM   #38
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Originally Posted by one66stang View Post
You can retire when " Your money in savings makes as much as you do now in salary"


Winner winner chicken dinner!
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Old 05-25-2017, 07:54 PM   #39
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I will be working right up until lunch on the day of my funeral.
Lol, I'm right there with you!
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Old 05-25-2017, 07:56 PM   #40
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Originally Posted by one66stang View Post
You can retire when " Your money in savings makes as much as you do now in salary"


Winner winner chicken dinner!
So you are not going to use any of the money you have put away for years. Just curious.
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Old 05-25-2017, 07:57 PM   #41
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that may work but there is a ton of risk in a franchise business and storage units - when in retirement the only thing you can count on for sure being there is cash
My dad is 80 and does a little business at flea markets selling and trading. Cash only and does pretty good at it. He buys himself a new pickup every 6 years and drives it till its worth 50.00. He reloads and shoots, fishes some. So his retirement is a little different than others but he really enjoys his self.
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Old 05-25-2017, 08:04 PM   #42
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I am going early. At 58. Five more years. That will be 38 years in electrical construction. It will cost me 12% of my pension(6%/yr) going before 60. But keep this in mind.
You can live on less money, you cannot live on less life
Having 100 billion in the bank will not buy you another minute when your time comes.
I have my 401k and annuities to get me through. But time is what no one can buy.
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Old 05-25-2017, 08:32 PM   #43
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I am 57 and I cant even think about retiring, I don't know what i would do if i retired, i already pretty much do what i want to do, I am lucky, I have a few businesses and my sons are a big part of them, if this economy holds for another couple years i think I will be ok. If not I guess I will just have to live off the land, old school.
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Old 05-25-2017, 08:59 PM   #44
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Passive income is always an option. 10 rent houses that net 1,000$ a month is 10k a month and 120k a year.
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Old 05-25-2017, 09:10 PM   #45
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So you are not going to use any of the money you have put away for years. Just curious.
If you have your money in savings invested in rental property that is cash flowing....
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Old 05-25-2017, 09:11 PM   #46
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TBH Translater:




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Dude, pay no mind to me but do keep working hard and paying your taxes so I can enjoy all my Government checks and wonderful health care in my retirement. I buy some wonderful things with your hard earned money.

My retirement message is two fold concerning what I posted. First you gotta decide your standard of living and second you will know when its time.

Last edited by Voodoo; 05-25-2017 at 09:13 PM.
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Old 05-25-2017, 09:23 PM   #47
rut-ro
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I live these threads. I am Like a couple others. Do not think I will ever retire. Work (to me) keeps the mind busy doing fresh
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Old 05-25-2017, 09:34 PM   #48
DRT
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There is no biblical basis for retirement. So realistically it's when one stops working for their money and their money starts working for them. However in my case I had reached that point in my career where I wasn't going up and staying home paid the same as going to work. So collecting retirement and working a business gives me a wider latitude.

That said being fairly debt free helps.

That is until decide to buy land after you retire . . .

Plus if fortune smiles on me I will be dead before I hit 70.

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Last edited by DRT; 05-25-2017 at 09:38 PM.
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Old 05-25-2017, 09:43 PM   #49
Voodoo
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Quote:
Originally Posted by rut-ro View Post
I live these threads. I am Like a couple others. Do not think I will ever retire. Work (to me) keeps the mind busy doing fresh
Retirement is not for everyone and has different definitions for everyone like DRT said up there ^^^^
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Old 05-25-2017, 09:55 PM   #50
Briar Friar
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Mop mop mop...All day long. Mop mop mop...while I sing this song.

Keep on keepin on.

Keep the farm...its brown gold and they aint makin more of it. Wall street goes bang and bust. 401k to .401. Do not disregard inflation.

Rule 1) dont own property that doesnt pay for itself
Rule 2) there is no money in making money

Make more money...pay more taxes.
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