Financial regrets in retirement?

[TX CHICKEN]

Folks - there is NO one amount you have to have to make it through retirement!
Every persons situation is totally different. If you are living off of an income of $50K for example then what you need to continue that income is TOTALLY different from if you are living off of $200K income.

Figure out how much income you think you will need in retirement and then you can calculate how much in savings you will need to produce that income. The biggest unknown is how long will you live? If your family history and your current health condition show you may live to age 90 then factor that in. If you family history and current health condition show you may live to age 80 then factor that in - again - saying everyone needs one million or two million for a good retirement is ridiculous -

This exactly. I will only need 30-40% of my current income to retire comfortably in a few years at 55ish. Health insurance is the only thing I am worried about but i am planning on $1k a month. I am also a big dude and plan on 80 being my life expectancy…if I live longer I will likely just be sitting around the house. My goal is to life life while I am physically able too instead of waiting until 65 or 70 when I will likely be slowing down physically.


Sent from my iPhone using Tapatalk

[Tyrex750]

All of yall that retire at around 55, what do yall do for a career?

[eradicator]

well, I work for the state and have "paid for " health insurance and will be paid for when I retire(soon). Think I will incur 170/month for Medicare advantage plan. Those 2 should cover anything that happens to me.

Consider yourself lucky!!!

[D12]

That I didn’t plan for retirement

[Razrbk89]

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

What’s gonna cost to keep up? A good farm ought to be paying you something.

We hope to retire by 55 but I owe the bank quite a bit!

Luckily we’re healthy and make a decent income, so we’re putting a dent in it.
Every situation is different & it doesn’t take me much to be comfortable so hopefully we’ll make it.

[Razrbk89]

I have one regret, not moving to Arkansas or other states where your money goes farther.

Or “went” farther back when, things have changed.

**Went farther before out of state retirees drove up prices in some areas. LOL

[doghouse]

My wife and I last October!

[Let's go Brandon!]

I'll get to retire when they throw dirt on my face.

[Big Lee]

Enjoy life. Save for latter years. Develop what is YOUR future. What are your expectations. Create work habits that support your expectations

[glen]

Tyrex- I retired at 52. Worked in LE. Never had a new vehicle. Worked on average about 1700 hrs of overtime a year. They took out 9% for pension and I had 12% invested into deferred comp. Also remodeled 3 houses over my career with my wife. I did most of the work myself and we did well on all 3 houses. Wife also worked for City and gets a pension and she retire at 51. She never had a new car until she retired. We lived well within our means and never believed in owing money.

[hunter68]

Call this guy Tim Greifer 16302154255 he knows his stuff (Insurance). This a busy time for him but he will get back with you. He is up Northwest PA I think so there is a hour or 2 difference. Tell him Gilbert gave ya his info. He is a big fisherman and likes to talk fishing.

Thank you for the info!

[Throwin Darts]

As your planning your financial retirement also make sure and get your health in order. It’s a lot cheaper in retirement to be in good shape than it is to overweight with tons of health issues

[Arrowsmith]

Folks - there is NO one amount you have to have to make it through retirement!
Every persons situation is totally different. If you are living off of an income of $50K for example then what you need to continue that income is TOTALLY different from if you are living off of $200K income.

Figure out how much income you think you will need in retirement and then you can calculate how much in savings you will need to produce that income. The biggest unknown is how long will you live? If your family history and your current health condition show you may live to age 90 then factor that in. If you family history and current health condition show you may live to age 80 then factor that in - again - saying everyone needs one million or two million for a good retirement is ridiculous -

This exactly. ^^^

All us old guys on this thread that are actually retired are loving life and doing fine on whatever income, savings, investments, part time jobs, side hustles etc.

The naysayers, the doom and gloom guys, the you need two million guys are 5, 10, 20 years away from retiring. They really have no idea. They are just speculating.

Us "retirees" are living it and we know what it takes.

In our case the key was to be debt free, to be on Medicare, to have a decent amount of cash saved, to have an alternate (although small) income stream, and to live and spend within our means. We haven't touched our IRAs and do not intend to for at least 3 more years when we are required to take minimum distribution payments.

In the early 1970s I was sentenced to 45 years hard labor on planet earth.[emoji1]I served my time and now I am enjoying our retirement.



Sent from my SM-G965U using Tapatalk

[RMW]

In 5-7 years age 50-52 let kids run business and just keep an eye to make sure things are running smoothly. Buy a 3000 acre south Texas ranch and enjoy it. Keep receiving a check till I die, no regrets financially yet just live life.

[acc05R1]

Threads like this one, are what convinced me to join the military when I was 20. Worked with a bunch of older guys that said their only regret was having not served. Now I get it. After 22+ years, I’m thankful that our health insurance is covered for life. I pay $50 a month for the prime insurance (can always revert to the free plan) for a family of four, with a $3k cat cap. Once the kids are 24, they have to get their own health insurance. I have a very nice pension, and other perks that eliminate expenses that others have mentioned. Although I’m not fully “retired” yet, I don’t foresee any issues if I were to retire today and never work again, at 46 years old. It can be done. But with all plans, some level of sacrifice is required. Set a goal, and achieve it. My current employer offers a 50% match on 401k. If wanted, I could keep adding. But in my situation, there isn’t really a point when I can put that towards paying off the vehicles. And it never hurts when your home is worth twice as much today, as what you purchased it two years ago. And by worth, I mean what homes are actually selling for here. Again, set goals, be realistic, and you can achieve the goal of retiring and enjoying life before your 60s.