Ohio Game Fishing banner
21 - 34 of 34 Posts

·
Registered
Joined
·
2,069 Posts
Im jealous Dovans.

11 more months and I'll be officially retired, I've had a physical outdoor job since I was out of high school. I'm certain it's going to take me about 2 hours to get used to it. I got a bunch of good fishing tackle that I'm going to attempt to wear out in Florida. Don't ever want to see snow again if I can help it.
Red side up.
 

·
Registered
Joined
·
1,655 Posts
Ok, I have to ask! Those of us without pensions, do you really need a million dollars to retire? Or is that just what the experts tell us?
Those were pre 2022 numbers.

All BS aside i don't think you can ask the experts here without giving a bunch more personal information on debt and health to get a good answer.

i would shoot for 1.5 to be safe
 

·
Registered
Joined
·
5,425 Posts
Ok, I have to ask! Those of us without pensions, do you really need a million dollars to retire? Or is that just what the experts tell us?
There are many variables, but figure out how much you need each year before taxes, subtract what you will get from social security, and multiply by how many years you THINK you'll live. That will be a starting point to figure it out!

Sent from my SM-S901U using Tapatalk
 

·
Registered
Joined
·
47 Posts
I had to retire at a young age due to rare medical condition. But luckily, I had been saving for early retirement ever since I got out of school. I've been retired now for 18 years. I built a new deck twice as big as the prior one I had built. I tore out 19 windows down to the 2x4s' and I installed all new windows. I put in 2001 square feet of 3/4 hardwood oak tongue and groove floors on both stories and in every room. I remodeled every room in my house. I've bow hunted all over N. America. I've caught all kinds of bass and muskies and steel head. I got ordained as a marriage minister so I could perform two weddings one in North Carolina and one in Messa Arizona. I never seem to have enough time and it seems to be at warp speed. I've never had a boring moment and I've never missed a single thing about working. Yes, I do have severe nerve damage and chronic arthritis in my fingers, thumbs, hands, and neck that hurt all the time, but I keep working out, and bow hunting alone and fishing and traveling. The key is to forget about the pain and keep moving and doing because if you don't use it, you'll lose it. I congratulate everyone retired and encourage folks to do it as soon as they can. One of the best parts is never having to be anywhere at such or such a time. No dam meetings no damn events no damn work anything. I've become the ultimate Bumb and I'm really good at it. A oh, time to go fishing, see ya.
 

·
Registered
Joined
·
10,002 Posts
One thing I know from researching “retirement” is that if you “veg”(vegetate!), and choose to sit in the recliner all day(or lay on the couch!) watching the tube, scientific studies have shown that your “retired” life expectancy is(on average), Three Years! This based on the assumption you retired at normal retirement age of 65 years. Keep moving!
 

·
Registered
Joined
·
5,165 Posts
Ok, I have to ask! Those of us without pensions, do you really need a million dollars to retire? Or is that just what the experts tell us?
Nope, I know 3 single guys who retired with half of that. They do live very conservative lifestyles and don't spend much on home upgrades, remodeling or travel but they do take short vacations.

Make a plan, save as much as you can and get out as early as you can.
 

·
Registered
Joined
·
5,592 Posts
Discussion Starter · #32 ·
Have measly pension...social security, HAD about 300 grand in retirement investments... Down considerably right now... I do have Roughly 20k in available cash as well. I am hoping between the 20k and social security/pension I'll be able to hold on till the market gets back on course. Yes, I should mention my wife still is working. :love:
 

·
Registered
Joined
·
47 Posts
Ok, I have to ask! Those of us without pensions, do you really need a million dollars to retire? Or is that just what the experts tell us?
You need to add up what you spend in a typical year and that's your annual outflow of cash. Then you need to factor in what year you'll replace a vehicle and what year you'll need to pay for a new roof, or deck or patio or furnace or whatever. Then you need to factor in inflation on all these cash outflows. I basically set up a twenty-year spread sheet of my inflow of cash from social security, IRA withdrawals, pensions if any and all my annual expenses and those nonannual expenses such as a new truck, home improvements/maintenance, new tires etc. I used a 4% inflation rate for expenses and a 5% earnings rate on my taxable investments and IRAs. Now, 5% earnings rate sounds low, and it is, but I took a conservative approach you may increase this if you want to be less conservative. You can also increase your annual social security amounts by a small cola (cost of living adjustment) say 2%. Whatever you're paying through withholdings for hospitalization coverage factor that in as you'll be paying Medicare as a withholding out your social security amount and a supplement coverage amount to some insurance Company such as United Health Care through AARP.
 
21 - 34 of 34 Posts
Top