retirement - Page 2 - Pirate4x4.Com : 4x4 and Off-Road Forum
 
Pirate4x4.Com : 4x4 and Off-Road Forum  

Go Back   Pirate4x4.Com : 4x4 and Off-Road Forum > Miscellaneous > General Chit-Chat
Notices

Reply
 
Share LinkBack Thread Tools Display Modes
Old 07-15-2019, 02:30 PM   #26 (permalink)
Registered User
 
Join Date: Jun 2001
Member # 5371
Location: TN
Posts: 34,268
Send a message via MSN to rockota
10% a year would not be enough for the idea presented. Between inflation, taxes and “new services,” etc... would probably take at least 15%
rockota is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 02:38 PM   #27 (permalink)
Pirate4x4 Addict!
 
welndmn's Avatar
 
Join Date: Mar 2000
Member # 398
Location: Concord, CA
Posts: 19,783
Blog Entries: 3
Send a message via ICQ to welndmn
I know a lot of people who don't take any time off work for 3 years, save up some cash, then take 3-4 month long vacations.
If your employer allows it, take advantage.
__________________
Mark
71 Bronco. 42's and bolt on goats.
47' CJ2a, 302, C4, 33's. 2012, year of the flat fender.
welndmn is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 02:45 PM   #28 (permalink)
Registered User
 
Join Date: Oct 2006
Member # 81613
Posts: 1,065
fire calc ( fuck it retire early) its a retirement calculator

https://www.firecalc.com/

Sent from my SM-G920V using Tapatalk
ransil is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 03:28 PM   #29 (permalink)
Pirate4x4 Addict!
 
mobil1syn's Avatar
 
Join Date: Feb 2002
Member # 9795
Location: riverside, ca
Posts: 16,309
Send a message via AIM to mobil1syn
Quote:
Originally Posted by gladman View Post
white collar 150K a year gig in some business development shit. The gist is he just didn't see the value in working... and he had a wife, 2 kids, mortgage and his life was more expensive than he thought.... and he didn't realize that when you aren't gone all day, people ask you to do shit, just life things that most people don't think twice about... but, he realized he couldnt just go down to MX and surf, his kid had basketball...

existing money is not usually the fear, it is the unknown money in the future...

I think he fundamentally does not think working is something 'smart' people should do... we drifted as friends because, well, I do. I think we are here to work and to get things done...
ahh, he was just selfish. the idea would be a year of fun with the family until theyre out of the house, then some really cool trips with the wife. even as welndmn mentioned take a few multiple month off trips. heck doing 2-4 months every 4-5 years would be a rad.

Quote:
Originally Posted by rockota View Post
10% a year would not be enough for the idea presented. Between inflation, taxes and “new services,” etc... would probably take at least 15%
how so?

assuming i make 50k a year, i save for 10 invested getting 6% (which id argue is low) i have 150% of a years income. if youre not an idiot, you income goes up, you save more, keep the lifestyle down, you have even more to have fun with. this sabbatical fund would be in addition to a normal 15% of retirement.


i am not talking about retiring early, as mentioned healthcare is a big unknown and will probably push the retirement age for a lot people past the current target age. the premise of the post is pushing retirement farther then the normal age, in exchange for extend periods of time off through a career.
Attached Images
 
__________________
We are all born Arminians. It is grace that turns us into Calvinists
-George Whitefield
mobil1syn is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 03:44 PM   #30 (permalink)
Registered User
 
Join Date: Oct 2001
Member # 7412
Location: Azle Texas, Aguilar Colorado
Posts: 6,419
hell i remember thinking, if i had a 500,000 bucks i would just walk. what a joke that has become. now i would not walk with 1,000,000.
__________________
m35A2C 4x4 sitting on 49" R2s,suburban 454/465/205 43" ag tires,Durango on tons and 40s
gunracer1 is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 03:51 PM   #31 (permalink)
Registered User
 
Join Date: Jun 2001
Member # 5371
Location: TN
Posts: 34,268
Send a message via MSN to rockota
Historically, one should be able to pull the 6%.... but it’s not a guarantee.
rockota is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 03:59 PM   #32 (permalink)
Rock God
 
ISDTBower's Avatar
 
Join Date: Jun 2007
Member # 94026
Location: Palo Alto, CA
Posts: 2,433
Inflation, Taxes and Fees are the killer of saving. Invest in things that appreciate if you are lucky enough. $100, 30 years ago was BIG money. Now chump change and a nice dinner out. Real estate has generally been good to people. Spend your extra there when you are young as it also prevents rent. As you grow the monthlies will be easier to pay because money is cheaper..due to inflation. You are also watching your investment every day...paying attention.
ISDTBower is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 04:10 PM   #33 (permalink)
Pirate4x4 Addict!
 
mobil1syn's Avatar
 
Join Date: Feb 2002
Member # 9795
Location: riverside, ca
Posts: 16,309
Send a message via AIM to mobil1syn
Quote:
Originally Posted by rockota View Post
Historically, one should be able to pull the 6%.... but it’s not a guarantee.
nothing is a guarantee, but to do nothing in fear of things you have no control over is fundementally retarded. i think welndrmn has the right idea with shorter time intervals. 3-5 years and 2-6 months.

Quote:
Originally Posted by ISDTBower View Post
Inflation, Taxes and Fees are the killer of saving. Invest in things that appreciate if you are lucky enough. $100, 30 years ago was BIG money. Now chump change and a nice dinner out. Real estate has generally been good to people. Spend your extra there when you are young as it also prevents rent. As you grow the monthlies will be easier to pay because money is cheaper..due to inflation. You are also watching your investment every day...paying attention.
that is why i would argue percentages play a larger roll in building wealth than a dollar value. what % of you income was $100 30 years ago for you? still saving $100/month starting when you are under 20 will put you damn close to being a millionaire when you are 60.
__________________
We are all born Arminians. It is grace that turns us into Calvinists
-George Whitefield

Last edited by mobil1syn; 07-15-2019 at 04:10 PM.
mobil1syn is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 04:43 PM   #34 (permalink)
Rock God
 
ISDTBower's Avatar
 
Join Date: Jun 2007
Member # 94026
Location: Palo Alto, CA
Posts: 2,433
Quote:
Originally Posted by mobil1syn View Post
nothing is a guarantee, but to do nothing in fear of things you have no control over is fundementally retarded. i think welndrmn has the right idea with shorter time intervals. 3-5 years and 2-6 months.

that is why i would argue percentages play a larger roll in building wealth than a dollar value. what % of you income was $100 30 years ago for you? still saving $100/month starting when you are under 20 will put you damn close to being a millionaire when you are 60.
Whoever said $1mm was not much anymore is correct. It also throws you into a 50% combined tax bracket for any withdrawals. Yeh... Taxes weren't that high 40 years ago either. And know that those taxes are to pay pack the banks and other money houses that the Gov would not let fail (Read lobbyists) If you think Trump will be able to fix this part of the gov. Think again. He talked about reeling in the Feds, IRS, lobbyists and where the real power flows, but only defined it. Not until the "save the earth" group gets re-educated will the tide change...hopefully.

I would agree with weldnman that everything you are doing should be re-evaluated carefully every 5 years. Don't be afraid to fire your boss or money managers.
ISDTBower is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 04:43 PM   #35 (permalink)
Registered User
 
Join Date: Apr 2001
Member # 4387
Location: In your head
Posts: 12,185
Quote:
Originally Posted by ransil View Post
fire calc ( fuck it retire early) its a retirement calculator

https://www.firecalc.com/

Sent from my SM-G920V using Tapatalk
I think the best retirement tool is figuring how much you need each much and how your going to get it every month. Once you start thinking in those terms it gets more real.
Norm is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 05:05 PM   #36 (permalink)
3Cs
Registered User
 
Join Date: Mar 2005
Member # 45122
Posts: 2,870
Quote:
Originally Posted by ISDTBower View Post
Whoever said $1mm was not much anymore is correct. It also throws you into a 50% combined tax bracket for any withdrawals. Yeh... Taxes weren't that high 40 years ago either. And know that those taxes are to pay pack the banks and other money houses that the Gov would not let fail (Read lobbyists) If you think Trump will be able to fix this part of the gov. Think again. He talked about reeling in the Feds, IRS, lobbyists and where the real power flows, but only defined it. Not until the "save the earth" group gets re-educated will the tide change...hopefully.

I would agree with weldnman that everything you are doing should be re-evaluated carefully every 5 years. Don't be afraid to fire your boss or money managers.
Dumb question? Are you saying it's better to retire and start withdrawing before you hit the $1 mil ?
3Cs is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 05:22 PM   #37 (permalink)
Pirate4x4 Addict!
 
mobil1syn's Avatar
 
Join Date: Feb 2002
Member # 9795
Location: riverside, ca
Posts: 16,309
Send a message via AIM to mobil1syn
Quote:
Originally Posted by 3Cs View Post
Dumb question? Are you saying it's better to retire and start withdrawing before you hit the $1 mil ?
im not sure i follow what he is saying. i dont think youre taxed on ‘account value’.

this is why a ROTH IRA makes the most sense for someone who is young. long term most of the money in the account is growth. if you take the tax benifit now you, you pay later. the numbers are staggering. people are taking the tax benifit on 10% of the account value of 90% later. instead pay the taxes now, have a giant pile of cash that is tax free you withdraws become ‘taxable’ income in no roth accounts. im not even close to retirement but this is how understand it.
__________________
We are all born Arminians. It is grace that turns us into Calvinists
-George Whitefield

Last edited by mobil1syn; 07-15-2019 at 05:25 PM.
mobil1syn is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 05:47 PM   #38 (permalink)
Change is good.
 
Roc Doc's Avatar
 
Join Date: Jun 2003
Member # 20631
Location: Desert Hills, AZ
Posts: 35,191
Quote:
Originally Posted by mobil1syn View Post
im not sure i follow what he is saying. i dont think youre taxed on ‘account value’.

this is why a ROTH IRA makes the most sense for someone who is young. long term most of the money in the account is growth. if you take the tax benifit now you, you pay later. the numbers are staggering. people are taking the tax benifit on 10% of the account value of 90% later. instead pay the taxes now, have a giant pile of cash that is tax free you withdraws become ‘taxable’ income in no roth accounts. im not even close to retirement but this is how understand it.
One of the basic stratedgy's of a traditional IRA or 401k is that it presumes you are in a higher tax bracket when you are contributing, and a lower one when you are withdrawing. A Roth has it's place, but if the above example is correct for you, a Roth is not what you should be doing.
__________________
Quote:
Originally Posted by Mustard Dog
Me and my co driver were running across the Lakebed on our way to pre run when we saw :gary: walking his dog.

We didn't stop to say hi cause he's a fucking douchebag.
Roc Doc is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 06:41 PM   #39 (permalink)
Rock God
 
ISDTBower's Avatar
 
Join Date: Jun 2007
Member # 94026
Location: Palo Alto, CA
Posts: 2,433
Tax, Fees, and living percentages are going up!! That mil in the 401k is really only worth $500,000 in spendable $$. They even tax your SS. Which was not the case when I started retirement savings. Actually, in my case, I invested in the 401K only as much as the company pitched in a bonus. I think that was up to 10%. You were not going to beat that. I didn't do much else except get into a house to prevent renting and get on the real estate inflation bandwagon. I actually didn't save or worry about extra until about 40-45. By that time, the choices can become different from living life to the max...because you might not make it there. Personal and family health gets real and you can make decisions for how long the future might be. I also had a career and job in an industry that was pretty stable or sellable if trouble happened. If you don't have that by 45 the rest is a real crap shoot. Everyone is different.

On that note. About every 10 years I assembled friends that knew money and business. I laid out my situation on the table, and let them go at it. They were not selling, just creating ideas with the current trends in making and holding $$$$. I always slept good that night with "a plan." . Pretty neat.
ISDTBower is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 06:52 PM   #40 (permalink)
Registered User
 
PhillyFan55's Avatar
 
Join Date: May 2009
Member # 136053
Location: USA
Posts: 5,548
Swimming in the swamp isn’t all that bad

Can retire in 7 years with pension, benefits and nice sized Thrift Savings Plan...or be forced into mandatory retirement in 12 years with a bigger pension and bigger TSP. Either way I work 3 jobs now and will probably keep on working doing something I like.
__________________
"truck perfect, just won't run right....NO POWER.....totally disappointed...." Pistol Peter
PhillyFan55 is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 07:38 PM   #41 (permalink)
Zeus of the Sluice
 
xjtony's Avatar
 
Join Date: Jul 2005
Member # 50866
Location: Hernando, MS
Posts: 2,505
I’m 36 and have never been able to put any money towards retirement till last year or so. Now I have paid everything I owe off except a credit card that I just use to keep some credit outstanding. I currently work part time and I’m still saving money every paycheck. Debt free is the only way I was able to save. Most people are too busy keeping up with the jones’s to save. But I still have no retirement funds. I plan to either just quit and hope for the best with side hustles or be killed in a motorcycle crash or something.
__________________
Low Budget Sammy

Last edited by xjtony; 07-15-2019 at 07:40 PM.
xjtony is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 07:39 PM   #42 (permalink)
Registered User
 
Join Date: Jan 2011
Member # 181868
Location: North Florida
Posts: 3,334
Quote:
Originally Posted by ISDTBower View Post
Tax, Fees, and living percentages are going up!! That mil in the 401k is really only worth $500,000 in spendable $$.
Care to explain that with some numbers?
__________________
Project : Amphibious HEMTT


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
waterhorse is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 07:59 PM   #43 (permalink)
Registered User
 
gregj50's Avatar
 
Join Date: Jan 2010
Member # 151818
Location: Roy
Posts: 246
Dave Ramsey!!!!
With your own spices!!!!



Sent from my iPhone using Tapatalk
gregj50 is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 08:16 PM   #44 (permalink)
Registered User
 
Join Date: Jun 2016
Member # 685122
Location: American Fork, Utah
Posts: 739
STFUG!
I swear, I'll beat you to death with my HurryCane.

Last edited by TheCopperCowboy2; 07-15-2019 at 08:17 PM.
TheCopperCowboy2 is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 09:22 PM   #45 (permalink)
Zeus of the Sluice
 
Join Date: Dec 2007
Member # 104517
Location: Middle of MT
Posts: 3,046
I'm an electrician, and people will always want power

That said, I'm working on my own company now. Helped my buddy get his started up. It's a hell of a lot of bullshit but someday will pay off. I'll never be rich, but ideally one of my boys will carry it or it I'll find a dumbass kids to actually buy me out one day.

Wife does daycare out of our house and a rental down the block. We're looking at buying another house for her second operation, hopefully use the daycares to pay for 2-3 houses for rentals in the next 20 years. Her waiting list is long, her business sense is short so it's painful.

My biggest problem was having kids at 20, 22. I'm counting on being able to bank some savings when they leave the house. As it is, with tooling up for a startup and medical, kids, etc. I'm barely making it.

However, I'll only be 42 when the youngest is out of the house. Without relying on any SS or Medicare benefits I'll be working those last 20 years to stockpile.


Then again both my parents got cancer in their early 50's. So I'm seeing their regrets and trying not to let money keep me from having fun. My Dad is seriously depressed about never making a southern bass fishing spring with my Mom before she died. He bought a boat and a truck and they sat for over a year while she did treatment and then passed.
Hard to think about savings when you're looking regret in the face
__________________
R.I.P. Jason Payne

Last edited by chevy_man; 07-15-2019 at 09:23 PM.
chevy_man is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 10:09 PM   #46 (permalink)
Registered User
 
gregj50's Avatar
 
Join Date: Jan 2010
Member # 151818
Location: Roy
Posts: 246
Quote:
Originally Posted by TheCopperCowboy2 View Post
STFUG!
I swear, I'll beat you to death with my HurryCane.


My Pillow, shield!!!!!


Sent from my iPhone using Tapatalk
gregj50 is offline   Reply With Quote Quick reply to this message
Old 07-15-2019, 10:23 PM   #47 (permalink)
P.B.A.
 
RANGERROD's Avatar
 
Join Date: Oct 2010
Member # 172656
Location: Your moms
Posts: 4,292
Quote:
Originally Posted by Norm View Post
Early in life your usually not making the $$ to save an extra 10%. Until I was in my early 30's I didn't have enough extra to buy a new lawn mower. I'm at 52, have a decent amount saved but I wonder if it's enough. The SS and US debt is going to blow up about the time I should be getting medicare/SS. So you have to plan for that, plus healthcare cost is going to eat my generation up.

My - I'm pretty well fugged math

If I retire early, we need $2500 month healthcare minimum (insurance, meds, co-pays, etc).

Property tax/ insurance/house maintenance $1000
transportation $600 (tires, new car, oil, etc)
Food misc - 1000.
Beer, blow, and a can of alpo prime cuts $1000

So - early retirement is expensive - like ~$6k a month minimum net after taxes. That's having your house and stuff paid for. So it's a good thought but you really need 6-8k a month gross income to do it. And that's a number that needs adjusted for inflation.

SS starts to run dry in 2034, or 15 years. So the real answer is you won't really know if an extra 10% will be enough. Especially with the rise of socialism and communism in this country, they will try and raise taxes to 50%-70% because giving your money to someone else is what they do.


The US federal debt is at $223k per person and rising. We have hit the point of no return. So assuming things will stay as they are now is probably a bad bet.
I know you wouldn’t dare take SS or Medicare for your disdain for socialism. I’m just glad ol’ orange game show host is on track to add to the national debt more than any one else before him. But since most of the tax breaks went to the rich we don’t call it socialism We call it trickle down economics.

https://www.thebalance.com/us-debt-b...ercent-3306296

Ops question is once my kids are out of the house. My plan is to only work part time 4-6 months at a time 2-3 months in between. I won’t have a house payment I sock away 20ish % now. It maybe less when I do it. But I saw my parents work and save and as soon as they retire between health problems and raising grand children. They can’t do much.
__________________
Official policer of all 348 forums.
RANGERROD is offline   Reply With Quote Quick reply to this message
Old 07-16-2019, 12:32 AM   #48 (permalink)
Rock God
 
ISDTBower's Avatar
 
Join Date: Jun 2007
Member # 94026
Location: Palo Alto, CA
Posts: 2,433
Below is a breakdown of $100,000 income in Kalifornia. That is not a huge number here. In fact it is very close to poverty in several counties. I was amazed that you cannot find what an average person pays in taxes and fees per year. I bet those that itemize would know, and what the governance doesn't want you to know. Seems pretty easy to get to 50% taxes and fees.

Income taxes 29%
Sales taxes. Avg 8%
home taxes Avg 0.8% After deductions. Avg home is $380,000
fees and bonds home 0.5%
gas taxes $ 0.47 per gallon.
personal property tax 1%
fees passed on by business
Disability, city taxes, water, power, phone, etc. etc.

Now consider the average wage at Google is $120k/yr, but $250k/yr in the Sillycone Valley. Facebook is $225k/yr in the valley. How are they really doing??? Actually, those people might want to defer taxes as they should responsibly minimize their footprint in retirement. Everyone has different situations....But life isn't generally free.
Attached Images
 
ISDTBower is offline   Reply With Quote Quick reply to this message
Old 07-16-2019, 05:04 AM   #49 (permalink)
Ebs
Registered User
 
Join Date: May 2003
Member # 20043
Location: MI
Posts: 5,379
My workplace hires seasonal guys during the busy season, 2-3 months in the fall and 2-3 months in the spring. My goal is to have enough ROI by mid-40's to basically cover all living expenses and go from full-time to seasonal and fawk off for a couple months per year. Basically live semi-retired while I still have some energy and ideas for life.

At least that's the current plan and one of least drastic changes. Allowing yourself extended time off is something I've thought about regularly since probably my first real full-time job.

Last edited by Ebs; 07-16-2019 at 05:28 AM.
Ebs is offline   Reply With Quote Quick reply to this message
Old 07-16-2019, 06:20 AM   #50 (permalink)
Rock God
 
Join Date: Jun 2003
Member # 20304
Location: Colorado
Posts: 2,443
Send a message via AIM to BarrelRoll
Instead of saving 10% a year for 10 years save for 2-3, buy a rental property with 20% down that generates enough to cover the mortgage, sell property in 10 years to fund year off work?

It's crossed my mind. I've also considered going and doing short term contracts, the girlfriend is a nurse and can travel nurse but this would be much harder with school aged kids.


There's plenty of people on expedition portal who have either hit the road full time or done a year on the road and I'm guessing some good reading on how they did it.
__________________
Quote:
This board is no doubt slowly moving from Pirate4x4 to ElitistYuppyWithTooMuchMoney4x4.
-Braxton 357
BarrelRoll is offline   Reply With Quote Quick reply to this message
Reply

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Pirate4x4.Com : 4x4 and Off-Road Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.

** A VERIFICATION EMAIL IS SENT TO THIS ADDRESS TO COMPLETE REGISTRATION!! **

Email Address:
Insurance
Please select your insurance company (Optional)

Log-in


Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -7. The time now is 10:22 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.0 ©2011, Crawlability, Inc.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.