Can you retire on 190 USD a month?

[iGas]

Marry a rich girl.

A buddy of mine married a rich girl after he sign a prenup as per the request of his now wife & her parents.

To make matter worst, she doesn't work (she have an education and the family is well connected) and her money is her while his money is theirs money. The accountant suggested that she take money out of her RRSP to pay down the their mortgage (she have more than enough to buy several houses), and then fill it back up using the money from his company as time go, but she refuse to do so because it will tied their money together. The bottom line is that she spends his money but refuse to share her.

Moral of the story is that don't marry rich bitches, because working is not how they made their money.

 

[iGas]

Pretty much what I'm planning on doing: retire to an RV, travel.

Hooking up fees aren't free, unless your kids are kind enough to let you park in theirs drive way.

 

[thegimp03]

A buddy of mine married a rich girl after he sign a prenup as per the request of his now wife & her parents.

To make matter worst, she doesn't work (she have an education and the family is well connected) and her money is her while his money is theirs money. The accountant suggested that she take money out of her RRSP to pay down the their mortgage (she have more than enough to buy several houses), and then fill it back up using the money from his company as time go, but she refuse to do so because it will tied their money together. The bottom line is that she spends his money but refuse to share her.

Moral of the story is that don't marry rich bitches, because working is not how they made their money.

Wow, looks like he got totally screwed on that prenup...no use going through the rest of his life in a situation like that.

 

[SparkyJJO]

This thread reminds me that what I'm putting in my IRA isn't really enough. But also reminds me that my budget is too tight atm for much else

Hopefully that'll change within the next year and I can start packing more away.

 

[iGas]

Wow, looks like he got totally screwed on that prenup...no use going through the rest of his life in a situation like that.

He talks to me regarding the subjects many times. But, he fears that his mother in-laws will destroy him in court (they have more than enough money to tie him in court for the rest of his life) and take his 3 year old son. I told him what ever decision that he make I'm behind him 100% but I must not influent it in anyway therefore it is his decision to make for himself.

PS. The accountant suggestion was financial tax break suggestion.

 

[coloumb]

"most Americans predict they will need a nest egg of $300,000 to live on for 19 years in retirement"

That's reasonable - roughly $330 a week if you're in good health and don't plan to splurge.

I just can't fathom how the calculations show that my current balance + annual contribution is predicted to net me about a million at retirement.

 

[jme5343]

Hooking up fees aren't free, unless your kids are kind enough to let you park in theirs drive way.

Generators in the RV run on gas = electricity

Dump Stations at a lot of rest areas / motels / gas stations / etc = free

Wal-Mart and many other big box stores often let you camp on their lot for free - provided you ask first

If you're willing to do those things, camping can be done much cheaper. Also, some parks will waive or lower your fees if you're willing to work the office and help around the campground. The offseason rates are quite reasonable, especially if you committ to staying for an entire month.

 

[Fritzo]

Hopefully social security will be around to supplement that! It better be- my last social security statement said I was set to get $1400/month so far if I retire at 67. I could live on that alone The 401K can buy my big obnoxious motor home so I can live in a Florida motor park.

 

[Bateluer]

Hopefully social security will be around to supplement that! It better be- my last social security statement said I was set to get $1400/month so far if I retire at 67. I could live on that alone The 401K can buy my big obnoxious motor home so I can live in a Florida motor park.

Yeesh, mine said I'd get 760 for every 1000 I'd 'invest'.

 

[Farang]

Working part-time in "retirement" is not the end of the world. I think I'd like to work part-time in retirement. I like working, I just don't like working 40 hours per week with no flexibility.

20+ years of doing nothing of value and keeping your same standard of living is a luxury of the rich.

 

[Kroze]

you can retire on 190 a month in vietnam.

 

[TallBill]

Yeesh, mine said I'd get 760 for every 1000 I'd 'invest'.

I'd rather see lower numbers. The higher the numbers, the more fucked the whole country is.

 

[thepd7]

No. I've managed to save $1000-$1200 per month outside of that. My personal savings is at about the same spot as my 401k. The joys of being single with a good job and no debt...

Damn, nice work. Either you make more money than me or I'm having too much fun,

 

[Dr. Detroit]

Moral of the story: Max out your 401K early & often. More years of compounding interest will benefit you greatly. Having a bit of fiscal restraint while young will go a long way when your old!

 

[BudAshes]

All our retirees will just move to mexico. They send us their hard workers and drug dealers and they can have our old people. Fair deal i think.

 

[ShawnD1]

lol this article is so fail. When you run out of money, you sell your house and start renting. Why did you buy that thing in the first place? So you could give it to your children?

I have every intention of buying a house and giving it to my kids when I die, but I won't think twice about selling it if I need to. What's the point of having equity if you can't do anything with it? This is basically what my grandmother did; she sold her little motel business (which she lived in) when she was no longer able to run it and she lived on that money until she died. It worked out nicely because she used that money to pay rent in a retirement home. They cooked all of her meals, they had nurses on staff, they had activities, other old people to complain to. It's like living at summer camp until you die :thumbsup:

 

[dank69]

Where can I put my money to earn 5% per year, risk free?

 

[rcpratt]

Where can I put my money to earn 5% per year, risk free?

Good thing that was never advertised, huh?

I just can't fathom how the calculations show that my current balance + annual contribution is predicted to net me about a million at retirement.

What's your age, balance, and annual contribution?

 

[IceBergSLiM]

How is this surprising when wages have been declining for 30 years.

 

[bignateyk]

Jesus... how does the average 50 year old only have $29K savings? Is that including money they have in their house?

My wife and I are only 4 years removed from college and we have $15K savings, $80K in retirement, and $30K in a house.

I don't see how $300K would cut it either... I'm just assuming that social security isn't going to exist 30 years from now, so we are trying to get $1million at a minimum.

 

[IceBergSLiM]

Jesus... how does the average 50 year old only have $29K savings? Is that including money they have in their house?

My wife and I are only 4 years removed from college and we have $15K savings, $80K in retirement, and $30K in a house.

I don't see how $300K would cut it either... I'm just assuming that social security isn't going to exist 30 years from now, so we are trying to get $1million at a minimum.

Most people raise a family of 4 on <40k a year and have nothing left over. Its simple math. cost of living continually increases. Wages stay the same or decrease.

 

[bignateyk]

i know i don't.lol, i'm 34. but depends on whether i want things like a maintained car, food on the table..that sorta thing. some of us just don't make much and live in areas where there aren't hardly any good jobs.

i used to save money, but i never had anything either. i may die tomorrow and being ridiculously in debt seems to be the typical American way of life.
then theres the part where it may helped if i cared about retiring or not, i certainly don't plan to, thats for sure. i like working

Yeah, I guess a lot of people never plan on retiring. I'm not sure if I'll ever retire completely, but I'd like to think that at some point I can get in a situation where I am working however much I feel like and not need to worry about it. It might be nice to work 20 hours one week, and none the next.

 

[bignateyk]

Most people raise a family of 4 on <40k a year and have nothing left over. Its simple math. cost of living continually increases. Wages stay the same or decrease.

yeah I guess. I keep telling my wife that. She is always worried about our finances, and I keep telling her that if a woman in a trailer park can raise 8 kids on $15K/ year, I think we might make do raising 2 kids on two white collar salaries. (We are in the process of deciding if/when we want to start having kids, which I'm sure will cut into our savings rate)

 

[dank69]

Good thing that was never advertised, huh?


...

I'm just curious why that figure is always used in every financial article.

 

[blinblue]

Where can I put my money to earn 5% per year, risk free?

If you have 10 years to leave it alone, the stock market will almost 100% certainly give you at least that.
Play around with some dates with this handy little calculator
http://www.moneychimp.com/features/market_cagr.htm

Even the 1998 to 2008 period went up (albeit at around 1% and it didn't beat inflation, but still, better than if it were under you mattress). Things start looking really good if you can wait 15 years. 1993 to 2008 gives you 6.67% average rate of return per yet, waiting to 2009 boosts that to 7.78%. And those are about the worst 15 year periods on record, many other ones are 10-13%

Basically day to day the stock market could do just about anything, but if you get some good mutual funds, historically (and with very few exceptions), if you keep it around for 10 years you are "guaranteed" a decent to very good rate of return.