Save twice what you think you will need.According to my work profile I can retire by 2050 but by then COL will be so high due to inflation I doubt that money will go very far so I'll probably still need a job. I don't want to work the rest of my life though, so I will keep working towards my off grid property so I can eventually retire there and retire early. COL will be super low there due to having way less bills, and taxes are fixed at $100/year so I will be able to retire way earlier.
I will still want some form of way of making money so I can fuel hobbies though but it won't need to be a full time job. No sense in having all that land and no toys to play with.
Ma's nursing home is $6800/mo.... She'll prolly live 10 more years.
@Red Squirrel at your age, might want to see what a long term care policy costs.
Be self employed.
my original goal was 5 years from now, but if i hold on for 15 years then i'm eligible to keep company healthcare during early retirement until medicare starts
that's hard to pass up even though i hate my job
Haha good luck with that. The main reason I'll keep working is for health insurance. My wife is self-employed so she needs me to provide insurance. I'd like to retire at 62 myself, but 3 years of health insurance payments without income coming in would suck.
Such an unknown. I just went through this with a brother because I was taking care of his affairs. Over 7k a month and that was actually on the cheaper side. When I hit 60 I'm going to have to decide if I want to invest in long term care insurance or not, it also is not cheap.
It wasn't even my money, but paying all his bills and watching his savings go down so fast was disheartening still.
$5k/mo for my grandmother, granted, it's more of an older folks community with added memory care. Still - CHRIST ON A BIKE.Such an unknown. I just went through this with a brother because I was taking care of his affairs. Over 7k a month and that was actually on the cheaper side. When I hit 60 I'm going to have to decide if I want to invest in long term care insurance or not, it also is not cheap.
It wasn't even my money, but paying all his bills and watching his savings go down so fast was disheartening still.
Are people setting up new annuities still?I have been retired for 4149 days. The best thing I did was sell my house in CA and move to NV. Paid off the CA house. With the profit paid off the new NV house and the new car. It is so nice not having a mortgage or car payment. Without those 2 bills and no state income tax my 4 streams of income were a bit too much. Stopped taking payments from one annuity since I did not need it and doing so would let it build up. May need it when Social Security goes broke.
I have never understood the bad rep they have. I put an amount into it at the start. It had a feature where, as the value went up, it locked in a new guaranteed value. If the value went down, it did not decrease from the max value. I had a few good years, so the value got quite big. And the monthly payout is for life. Don't know any other instrument that does that.Are people setting up new annuities still?
I mean, other than taking them from financial advisors that get commissions on them.
They don't seem attractive at all.
Lots of shady sales practices around them pushed by shady sales people sorry I mean "financial advisors"I have never understood the bad rep they have. I put an amount into it at the start. It had a feature where, as the value went up, it locked in a new guaranteed value. If the value went down, it did not decrease from the max value. I had a few good years, so the value got quite big. And the monthly payout is for life. Don't know any other instrument that does that.
You're doing it wrong...it should only be as much work as you want it to be...no more.Personally, I've found retirement to be a lot of work.
How can they tell after eating that tiny slice?
It's as much work as you want it to be.
Mine isn't that patient. I can get away with going slow, but I better be moving forward. The dog run I'm building is killing me. Ground was hard as rock when drilling fence posts, it's been in the high 90's since I started, and my back yard is in direct sun for better than half the day.I keep telling my wife that I have the rest of my life to complete her to do list. I'm in no rush...
She didn't tell you when you are expiring.I keep telling my wife that I have the rest of my life to complete her to do list. I'm in no rush...
Getting divorced definitely makes it harder...and poorer.hmm being married sounds like it makes this retirement thing harder
There are benefits. I take off my cloths and throw them on the floor and they reappear clean and folded two days later. My coffee is fresh and sitting on my desk when I wake up every morning. The weeks dinned menu is posted every Sunday night for approval, lunch's are generally sandwich's. There are fresh baked deserts at least once a week. I rarely pick up the dog poop in the back yard. I never pull weeds, though I do run my commercial HEPA vacuum over the floors once a week.hmm being married sounds like it makes this retirement thing harder
A piece of advice. I spent 30 years working for the Social Security Administration and dealt with uncountable numbers of new retirees. Probably authorized a billion dollars or more in total lifetime benefits of retirement claims during that period.The thought of retirement gives me extreme anxiety.