WTI is over $100, what do you expect?CS78 said:
I've been on the coast for the last few days and the number of $80k+ boats continues to explode.
Average Retirement Age?
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Last: 4 yr ago by MAS444
AggieDruggist89 said:
every stay home soccer mom driving a $85k SUV has no business driving one.
Her ****y ain't that good....
/minivan
Every time my wife says something about so and so got a new car or what they are driving, my reply is always she must swallow. Her reaction is priceless.
That being said our $60,000 SUV is more than I ever thought I would pay for a car.
I was offered 15 year financing on my $25k trailer two years ago lol.HumpitPuryear said:
You can get 15 year financing on a boat. I had no idea until I bought a boat from a guy last month and paid his note.
I'm guilty of the $80k truck..
But I paid very little for vehicles in my 20s and 30s. Looking back, I paid right about $25k for 5 vehicles (purchase price less trade in or resell price) over a period of about 15 years. Plus a 3 year period where I paid $0 for company trucks. So roughly $1600 a year for almost 20 years.
2 of those vehicles were new, and none were older than 3-4 years. I had a new F150 for 20 months that I paid about $3000 for.
Anyway, that got me to 40 and I wanted a nice truck, so I got one. It's financed at 0%, and I'm only paying $80 or so a month because my vehicle allowance pays the rest.
I could honestly not care less if people don't think I make enough to justify a $80k truck. It's really none of their business!
Some people are house poor, some are vehicle poor, some are hobby poor, some are food poor, some are kid poor.
Who cares.
But I paid very little for vehicles in my 20s and 30s. Looking back, I paid right about $25k for 5 vehicles (purchase price less trade in or resell price) over a period of about 15 years. Plus a 3 year period where I paid $0 for company trucks. So roughly $1600 a year for almost 20 years.
2 of those vehicles were new, and none were older than 3-4 years. I had a new F150 for 20 months that I paid about $3000 for.
Anyway, that got me to 40 and I wanted a nice truck, so I got one. It's financed at 0%, and I'm only paying $80 or so a month because my vehicle allowance pays the rest.
I could honestly not care less if people don't think I make enough to justify a $80k truck. It's really none of their business!
Some people are house poor, some are vehicle poor, some are hobby poor, some are food poor, some are kid poor.
Who cares.
i don't need to justify my $80K truck, but here's my justification for my $80K truck.
I didn't say I don't need to justify it.Diggity said:
i don't need to justify my $80K truck, but here's my justification for my $80K truck.
aduey06 said:AggieDruggist89 said:
every stay home soccer mom driving a $85k SUV has no business driving one.
Her ****y ain't that good....
/minivan
Every time my wife says something about so and so got a new car or what they are driving, my reply is always she must swallow. Her reaction is priceless.
That being said our $60,000 SUV is more than I ever thought I would pay for a car.
Guessing yours won't
Guppy said:
I recently turned 40 and think I'm finally starting to stash away the % of income I want for retirement. I've paid off all student loans, lived a somewhat frugal lifestyle and slowly built up my savings. I also hope to retire by 60 but will be forced to retire from my industry by 65 due to current regulations.
With that said many if not most of the adults I know who are my age or younger than me - in their 30s - don't believe they will be able to retire, or certainly not at age 65. Therefore many "live for today". They put in 5% for a company matching 401k and blow the rest. They claim they would rather enjoy life now when they are young than when they are too old to enjoy it. Their plan is to just significantly downsize and cutback when they finally do retire (in their 70s I assume).
Part of me envy's them. But part of me is also very fearful that I'll be footing their retirement bill one way or another.
think about what their lives are going to be like for 20 years in their 70s and 80s...
I'm not looking forward to wife's upcoming purchase. She loves her durango.. it's a '14, but only 50k miles. So I've told her she should go to 100k. That buys me a lot of time.
She likes Tahoes, but she hates the consumer reports on them, so I have that on my side. She puts a lot of trust into those consumer reports lol.
She likes Tahoes, but she hates the consumer reports on them, so I have that on my side. She puts a lot of trust into those consumer reports lol.
62strat said:
I'm guilty of the $80k truck..
But I paid very little for vehicles in my 20s and 30s. Looking back, I paid right about $25k for 5 vehicles (purchase price less trade in or resell price) over a period of about 15 years. Plus a 3 year period where I paid $0 for company trucks. So roughly $1600 a year for almost 20 years.
2 of those vehicles were new, and none were older than 3-4 years. I had a new F150 for 20 months that I paid about $3000 for.
Anyway, that got me to 40 and I wanted a nice truck, so I got one. It's financed at 0%, and I'm only paying $80 or so a month because my vehicle allowance pays the rest.
I could honestly not care less if people don't think I make enough to justify a $80k truck. It's really none of their business!
Some people are house poor, some are vehicle poor, some are hobby poor, some are food poor, some are kid poor.
Who cares.
I am one who certainly doesn't care what type of vehicle anyone drives.
at the same time, YOU will be caring in your retirement if you can't afford a decent lifestyle because you spent $80,000 on a vehicle instead of investing it in savings.
but like I said, I don't care what anyone else does.
they could be dead.LMCane said:Guppy said:
I recently turned 40 and think I'm finally starting to stash away the % of income I want for retirement. I've paid off all student loans, lived a somewhat frugal lifestyle and slowly built up my savings. I also hope to retire by 60 but will be forced to retire from my industry by 65 due to current regulations.
With that said many if not most of the adults I know who are my age or younger than me - in their 30s - don't believe they will be able to retire, or certainly not at age 65. Therefore many "live for today". They put in 5% for a company matching 401k and blow the rest. They claim they would rather enjoy life now when they are young than when they are too old to enjoy it. Their plan is to just significantly downsize and cutback when they finally do retire (in their 70s I assume).
Part of me envy's them. But part of me is also very fearful that I'll be footing their retirement bill one way or another.
think about what their lives are going to be like for 20 years in their 70s and 80s...
In just 4 years, my company (of about 60 employees), has lost 2 that were in their mid 60s.
My dad's best friend of 50 years was dead within 1 year of retiring in his late 60s.
Has anyone actually answered OP's question? I'm thinking by 60 you should be able to retire comfortably if you want to. If you want to keep working, by all means go for it. But planning for early retirement prior to 60 is a good idea in the event you get aged out of employment.
62strat said:
I'm not looking forward to wife's upcoming purchase. She loves her durango.. it's a '14, but only 50k miles. So I've told her she should go to 100k. That buys me a lot of time.
She likes Tahoes, but she hates the consumer reports on them, so I have that on my side. She puts a lot of trust into those consumer reports lol.
The vehicle allowance completely changes the equation. I'd get a nice truck if I had an allowance.
Sounds like a Highlander or Pilot in your wife's future! Off the charts in consumer reports!!!
Most probably haven't because the content of the post is a different subject than the title question.South Platte said:
Has anyone actually answered OP's question?
It's also good to consider, you don't know exactly how the person got their vehicle or what was paid and how it is financed. If it's like 2-3 years old, sometimes there are good deal out there and big savings.
Why do you assume I would care? My lifestyle NOW is fun and exciting, in my 40s with young kids and a woman of 20 years. Who says I want a life full of expensive thrills when I'm 70 or 80? I might want to have an easy/cheap lifestyle of watching my grandkids grow up, taking road trips around the US and enjoying my cheap hobbies.LMCane said:62strat said:
I'm guilty of the $80k truck..
But I paid very little for vehicles in my 20s and 30s. Looking back, I paid right about $25k for 5 vehicles (purchase price less trade in or resell price) over a period of about 15 years. Plus a 3 year period where I paid $0 for company trucks. So roughly $1600 a year for almost 20 years.
2 of those vehicles were new, and none were older than 3-4 years. I had a new F150 for 20 months that I paid about $3000 for.
Anyway, that got me to 40 and I wanted a nice truck, so I got one. It's financed at 0%, and I'm only paying $80 or so a month because my vehicle allowance pays the rest.
I could honestly not care less if people don't think I make enough to justify a $80k truck. It's really none of their business!
Some people are house poor, some are vehicle poor, some are hobby poor, some are food poor, some are kid poor.
Who cares.
I am one who certainly doesn't care what type of vehicle anyone drives.
at the same time, YOU will be caring in your retirement if you can't afford a decent lifestyle because you spent $80,000 on a vehicle instead of investing it in savings.
but like I said, I don't care what anyone else does.
Kinda like I'd rather blow the $5k on a family trip now than have it in retirement when my kids are in their 20s and probably don't want to hang out with me lol.
There are so many variables to people's situations.. it's silly to assume that money spent now won't be there later in life.
*House appreciation. I've owned my home 10 years and my downpayment has turned into 15x that in equity.
*My employer gives me 15% of my salary in a pre tax account. That could be a $1m in 20 years.
*My parents did really well and, while they could leave me nothing, I could potentially be getting a large inheritance
*My wife has a pension for being an educator that pays until she dies.
4 things that are pretty prevalent in our society that are irrelevant of a 'salary'.
To answer op is hard. The age of which you had kids is such a big factor, IMO.
Helping kids with college plays a big role in a lot of people's finances, and if you had kids in mid 30s, then you might not be retiring in early 50s when they are in college.
If you have no kids, like my aunt and uncle, you can retire in early 50s and have boatloads of money to travel all year long and live in Vail.
If you have kids in early or mid 20s, that probably hampered your retirement saving quite a bit, so you might need to work longer.
So I think you need to group average retirement age. maybe into 3 groups.. no kids, kids in 20s, kinds in 30s.
Helping kids with college plays a big role in a lot of people's finances, and if you had kids in mid 30s, then you might not be retiring in early 50s when they are in college.
If you have no kids, like my aunt and uncle, you can retire in early 50s and have boatloads of money to travel all year long and live in Vail.
If you have kids in early or mid 20s, that probably hampered your retirement saving quite a bit, so you might need to work longer.
So I think you need to group average retirement age. maybe into 3 groups.. no kids, kids in 20s, kinds in 30s.
62strat said:they could be dead.LMCane said:Guppy said:
I recently turned 40 and think I'm finally starting to stash away the % of income I want for retirement. I've paid off all student loans, lived a somewhat frugal lifestyle and slowly built up my savings. I also hope to retire by 60 but will be forced to retire from my industry by 65 due to current regulations.
With that said many if not most of the adults I know who are my age or younger than me - in their 30s - don't believe they will be able to retire, or certainly not at age 65. Therefore many "live for today". They put in 5% for a company matching 401k and blow the rest. They claim they would rather enjoy life now when they are young than when they are too old to enjoy it. Their plan is to just significantly downsize and cutback when they finally do retire (in their 70s I assume).
Part of me envy's them. But part of me is also very fearful that I'll be footing their retirement bill one way or another.
think about what their lives are going to be like for 20 years in their 70s and 80s...
In just 4 years, my company (of about 60 employees), has lost 2 that were in their mid 60s.
My dad's best friend of 50 years was dead within 1 year of retiring in his late 60s.
This is why I don't put anything into 401k besides the company match. You could be dead, and I want to have my savings to help get through the journey of life, not just near the end of the journey, but along the way.
The key here is to not blow what you don't put into a 401k, but to instead invest it into a taxable brokerage. I know, I know, it's not as efficient, and I may have less in retirement. Having started to build assets I can tap before 60 and that may one day set me up to retire a little early, it really helps me sleep at night. And the stats for 401ks are grim, most people end up having to pull from it during hardship before they are 60, and penalties cause them to be worse off. The 401k tax savings is really good on paper, but in practice having a big savings you fully control and can access when you need it makes going through life a lot more comfortable and stress free. It requires disciplined saving since not everyone can control their impulses to spend. For people who have trouble saving a 401k beyond the matching might have immense value, or maybe not, if they end up having to tap it anyway. But that's behavioral modification value more than the tax savings value.
And let's not forget, retirement age could be changed and pushed to 65, or 68, and you end up with money locked away from age 22-60, so for about 38 years or more! Just seems kind of insane when you have no idea what crisis or opportunities life will bring you, and yet you commit to reducing your access to resources over that period? I just don't like it. It's more understandable for really high earners who have a surplus, but they're less likely to need the 401k anyway and would still be fine without it.
Birthday and anniversary. That's what 60,000 gets you. Should have splurged for the other 25k.
I think the issue hanging over most of our heads will be health insurance. I might have the income to retire at 60 but an expensive medical issue could hammer me financially. I would be interested in hearing how people that are retiring <65 are dealing with health insurance.South Platte said:
Has anyone actually answered OP's question? I'm thinking by 60 you should be able to retire comfortably if you want to. If you want to keep working, by all means go for it. But planning for early retirement prior to 60 is a good idea in the event you get aged out of employment.
I doubt the minimum age withdrawal rules for IRAs (which is where 401ks end up) change anytime soon give the pressure to bump up the SS age requirements, if anything the government wants you to drain your IRA sooner than later so that it can collect the income taxes.
To the OP's question, remember that your living expenses should be significantly less once you get your mortgage paid off and get the kids through school. I am a firm believer in getting your mortgage paid off by the time you are in your early 50s (even with a low rate locked in) and getting away from car payments (pay cash or don't buy it). Amazing how much cash flow, freedom and flexibility you will have heading into retirement without those things eating up your budget.
To the OP's question, remember that your living expenses should be significantly less once you get your mortgage paid off and get the kids through school. I am a firm believer in getting your mortgage paid off by the time you are in your early 50s (even with a low rate locked in) and getting away from car payments (pay cash or don't buy it). Amazing how much cash flow, freedom and flexibility you will have heading into retirement without those things eating up your budget.
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
I'm hoping to retire by 50 and not really worried about insurance.
YOLO
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.
JDCAG (NOT Colin) said:ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.
Sure, but if you're financially able to retire early it shouldn't be that significant and should be a part of whether you can do it.
sounds like a chicken or the egg.ORAggieFan said:JDCAG (NOT Colin) said:ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.
Sure, but if you're financially able to retire early it shouldn't be that significant and should be a part of whether you can do it.
Many people could be financially able to retire in 50s.. if they didn't have $20k a year in health care premiums! Let alone health are bills on top of that. That $20k is the min.
That is literally the reason why many people don't retire in their 50s lol.
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.
Yeah, That's really what I'm saying. That $20K is in today's money and assumes that you don't actually have to use the insurance. You are going to have a deductible on top of that if you get sick. If you retire at 60 you are looking at $100K for baseline medical costs until you hit 65. That's not insignificant. And does that include a spouse? Retiring at 50? Well congrats you are a member of the 1% club or you are gong to get 5yrs into retirement and realize you made a big mistake.62strat said:sounds like a chicken or the egg.ORAggieFan said:JDCAG (NOT Colin) said:ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.
Sure, but if you're financially able to retire early it shouldn't be that significant and should be a part of whether you can do it.
Many people could be financially able to retire in 50s.. if they didn't have $20k a year in health care premiums! Let alone health are bills on top of that. That $20k is the min.
That is literally the reason why many people don't retire in their 50s lol.
I'm hoping that my work lets me cut back to half or 3/4 time. A partial retirement that lets me keep my insurance until Medicare kicks in or I decide dealing with work is not worth the price of admission (insurance).
I'm somewhat in that situation right now. I'm 65, and could have retired a couple of years ago but had some golden handcuffs that finally converted a couple of months ago. The biggest issue for me is my wife's insurance. She's 60, self employed, but had breast cancer two years ago (she's fine now). With our income, the premiums are insane.Quote:
If you retire at 60 you are looking at $100K for baseline medical costs until you hit 65. That's not insignificant. And does that include a spouse?
also this surely has to do with your health and medical history.ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
My aunt/uncle who retired early 50s, they were paying about $4k a month for both of them. He had 3-4 siblings all die before 60 of cancer and other issues. That's a half a million in premiums for a decade.
62strat said:also this surely has to do with your health and medical history.ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.
I'm hoping to retire by 50 and not really worried about insurance.
My aunt/uncle who retired early 50s, they were paying about $4k a month for both of them. He had 3-4 siblings all die before 60 of cancer and other issues. That's a half a million in premiums for a decade.
No. With Obamacare none of that matters.
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.
Jealous?
I post here to try and help people. If $25k/year is significant then early retirement isn't in the cards. Nothing wrong with that.
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