(Topic ID: 286379)

Retirement! Hacks, tips and insights to get there faster.

By DadofTwins

3 years ago


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Topic Stats

  • 971 posts
  • 158 Pinsiders participating
  • Latest reply 86 days ago by Zambonilli
  • Topic is favorited by 121 Pinsiders

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Topic poll

“At what age do you plan on retiring?”

  • 45-55 96 votes
    30%
  • 56-65 169 votes
    53%
  • 65 and over..... 53 votes
    17%

(318 votes)

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#426 3 years ago
Quoted from xsvtoys:

It seems like having one million dollars (with all of your asset totaled including house) doesn't really make you too wealthy these days. It might be enough to get by.
Also, I don't think these types of stats include any retired government workers or others who get a pension. They are basically all millionaires also. A lifetime pension of $3,000/month has a current value of about $1.1 million, assuming you get to take it for 30 years. Of course its worth even more if you live longer since with a pension you collect it all the way to the end.
If you have a pension of $6,000/month, that means an average person would need to save up $2.2 million to match that.

How is this calculated? rates and terms? If there is a online calculator I would love to see it and use it. I am right about 7k per month if I retire now and get free Healthcare.

8 months later
#543 2 years ago
Quoted from PanzerFreak:

That's a tough one. From a 401k standpoint you can withdrawal penalty free as early as 55 using the "rule off 55" and therefore could use some of those funds towards health care costs which would then decrease once you reach 62 for Medicare. That's my plan, put 15% of income into 401k and then try to retire at 55.

You are on the correct path, I was very afraid of age 55-59 1/2 and were I would draw income from with out penalty or hassel. I would suggest being your own financial planner never rely on one and only one. See everyone of them who wants to meet with you, learn their pitch, pit them against each other, they really are just a parasite sucking money out of your account. Everyone works for a living, if a plumber messes up they have to come back and fix it, software programmer messes up they have to recode it, concrete guy messes up he fixes it. Pay a financial planner for helping you as a professional, your plan doesn't work out to bad so sad we never really told you what to do only suggested what to do it was your decision, BS! Seems so odd they are profession that gets to earn a fee with no liability, they are now doing hey we are fiduciary, well guess what if you have a issue a board of fellow financial planners decides your case. I do have a couple products with planners after I leaned them inside and out and knew what I was paying. Good luck you seem like a smart dude who will have no trouble fingering it out I currently hold real estate in my ROTH IRA with no annual cost

#576 2 years ago
Quoted from rai:

When SS first stared in 1937 the most that a person could pay in was $60/year that's 2% on the first $3K income.
Today $17,708 is the maximum that is paid into Social Security and this goes up every.

Yes and retirment age was 65 and average life span was 63 years old. LOL

1 year later
#742 8 months ago

Real Estate, Since the modern age and before those who have real estate are the wealthy, everything is relative so having more real estate than others leads to comfy life.

So my hack and insight for anyone wanting to retire faster is in real estate. I have made more money in real estate than my full time jobs over the years.

Paychecks help you live day to day, investments make you the big money

#766 8 months ago
Quoted from robm:

We have just

Not in every situation....we bought 2 houses in a major regional centre in Australia (220 000 population of the city), 1 suburb from city centre. Bought in 2005 (property was at a peak then) for 300k each (next door to each other). Always trusted the line "real estate doubles every 10-14 years". We were losing around $15k/yr per property - rents dropped, vacancy was high. We were in the unenviable position we couldn't afford to keep, and we could really afford to sell (would have too much debt). Finally after 18 years of holding, we sold them recently for $330k each. So total loss over the 18 years was $450k....
That said, we also bought a unit (many suggest by land, not apartments) in the same city and neighbouring suburb. It was losing money as well, about $200/w rent was what we were getting. We then changed to airbnb, kept the nightly rate cheap ($95/night for 2 bedroom apartment) and now we average 26 to 28 nights a month of bookings, over $500/w rent, and about $10k/ yr profit and its finally paying the loan down a bit. Its an advantage that my wife can clean it as well, and i can do any maintenance to save a few $.
With all the above, we feel so much better not having the hige debt of the 2 houses we owned, and i've made a lot more money in crypto than real estate.

I am curious what those 2 properties are worth today?

Never get involved in real estate if you are going to be forced to sell, if it is not long term it is timing the market which can lead to your situation. Not often but 100% it happens

#767 8 months ago
Quoted from pinzrfun:

I'm trying to decide what to do next year w the house I'm in, sell it or turn it into rental #2.
59 yrs old, recently divorced, kept the house, owe about 230k after buying her out. 75k of that is a HELOC I had to take for the buyout - I plan on selling a few games to whittle that down. Girlfriend is selling her house, should be on the market in a few weeks. Hers is paid off, she wants to get a condo or something maintenance free, so that will probably happen next year (I plan on going with her).
I'm trying to decide if I should just sell (probably get $325k or so), or rent it out for 10 years or so, let the tenants pay off some more of the principal, and then sell. This house has a much bigger payment than my other rental though, so an extended vacancy (which I've never experienced w my other one in 12 years) could be problematic. It's also bigger, so fixing it up between tenants will be more costly, both time-wise and materials (repainting, etc).

Perfect scenario to show how simple real estate is and why it can be a life changer.

Sell your home and get 325k today

Rent it out for 10 years and how much will you collect on it monthly (10-15% annually)

And int 10 years you still have the house valued at what? More then today.

2 weeks later
#860 8 months ago

Anyone have a good social security calculator. Wife is the same age, but way lower monthly check. I want to get the most out of it and learned the payouts are actually balanced against average death age. The only way to kind of game the SS system is to somehow have my wife get more then she earned through me.

Any help would be greatly appreciated.

Thanks in advance.

#864 8 months ago
Quoted from Lermods:

Try this one…I think it will tell you that your wife should take it at 62, you wait til 67.
https://opensocialsecurity.com/

Thanks so much it said 70 OMG

#865 8 months ago
Quoted from arcyallen:

I don't think this is horrible advice, but no one knows where interest rates or house prices will be in a year or two. Especially "experts".
I think house prices are probably the most precarious - they've shot up dramatically recently which historically leads to them dropping. Next month? Five years from now? I don't know. Maybe they'll flatline for twenty years. I just know when something boring shoots up dramatically, it rarely keeps shooting up.
As for interest rates, they can stay high...or go higher...for a much longer time than most people think. I mean, look at a historical chart and see how long they stayed low for - waaaay longer than anyone would have predicted.
I remember hearing the standard line of "Old people should have single story houses" for a long time. Then someone once told me "You should probably keep those stairs and use them everyday until you really can't. You'll be in better shape." I'm not sure I 100% agree because I'm not there yet but it's food for thought.

I really thing the government would like to see a housing correction, lower the price of homes, and it is not happening with these fast rising interest rates. This is going to lead to another problem for home prices. Rates go up and home prices don't go down may = rates going down will really increase the price of homes. I am telling my kids to keep on buying since any lowering of rates will increase equity in the property.

I think I solved you issue on the home type for retirement, we built a 3,500 sq foot rambler with a full basement. Live on one level use the stairs for exercise to play pins etc. Once I am to old for stairs I am already in the one level living home

#884 8 months ago
Quoted from swampfire:

I tried that site and compared drawing at 62 vs 67. The difference was about $13k. The problem with relying on that site is that it doesn’t take these things into account:
1) COLA (cost of living adjustments)
2) What you do with the early SS distributions (investment earnings)
3) Taxes
4) SSA might reduce payments in the future to stay solvent
I made a spreadsheet for myself that takes 1 and 2 into account. It shows a break-even at age 84 for me. But #4 - the uncertainty around future payments - is why I plan to start at age 62.

Dang that’s a lot of what I was thinking and possibly doing. Problem is I don’t really need SS but even so its easier to spend money at 62 verses 70.

#887 8 months ago
Quoted from clg:

I agree you never know when your time is going to be up and it seems like in your 70s + you just seem to do less which also means you spend less.
My father delayed his retirement into his late 60s, he loved his job though but easily could have retired much earlier. When he did retire he and his wife had plans but his wife got parkinsons which limited things. Then covid hit and as covid was finally winding down he had a stroke and passed away about a year and a half after that. Seems like his best years were in his 50s and 60s and I'm assuming the same may well apply to me. You never know.

So sorry to hear this My pops is getting close

#894 8 months ago
Quoted from xsvtoys:

I looked at this a lot, and I do believe that from a pure numbers perspective, you will always come out ahead delaying. It’s basically a growth rate of 8% a year plus the colas. You can look up the past cola history.
One tricky part is your projected life expectancy, which you never know.
But that #4, that’s the killer. No one knows what will happen. That to me is the primary reason to take it earlier.

I think ones gotta figure death at what they use 78.

3 months later
#903 4 months ago
Quoted from ZexZ:

I am a financial adviser and financial analyst in Canada and technicly, I retired 4 month ago at 33 with 60k/year with an increase of 7%/year for ever.

The present is not the futures and yes rate will go back down eventually.

Congrats! Well done. I am curious why you are certain rates will go back down?

I can not foresee rates going below 5-6% for years in fact I believe I will never see them that low again while I am alive

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