As I get closer to my first retirement - still need to chase a nickel unfortunately - I'm wondering what are your personal definitions of what an adequate retirement would be?
I'm interested in both the opinions of our senior members as well as those of the younger members.
For me, the ideal retirement has three parts:
1. All debts greater then $5,000 paid off. 2. No reduction in my standard of living. We don't go out to eat much, the occasional movie, etc. 3. Two decent vacations per year.
How do you define the "perfect" retirement?
We give dogs time we can spare, space we can spare and love we can spare. And in return, dogs give us their all. It's the best deal man has ever made. -M. Acklam
Posts: 1025 | Location: New England | Registered: August 03, 2007
Originally posted by SubChop: As I get closer to my first retirement - still need to chase a nickel unfortunately - I'm wondering what are your personal definitions of what an adequate retirement would be?
I'm interested in both the opinions of our senior members as well as those of the younger members.
For me, the ideal retirement has three parts:
1. All debts greater then $5,000 paid off. 2. No reduction in my standard of living. We don't go out to eat much, the occasional movie, etc. 3. Two decent vacations per year.
How do you define the "perfect" retirement?
Unfortunately, with the economy in such flux, most goals would be unobtainable to most people. However, mine is:
Mortgage paid. Car notes paid No revolving debt (balances paid every month) $250-500K in IRA $750K-1m in 401K $250K in taxable investments children's college debt paid.
I have the first three done. The others, well, that is taking some time, but I am young (mid thirties) and I have the time.
I think that retirement circumstances are different for everyone. In NH (especially where we live Subby) you have to have at least $500 a month income for property taxes alone. And that is even if you get the veteran's credit of $500 a year. There is no real mass transit like big cities, so unless you want to be a recluse, you have to have some sort of conveyance to get around.
Now for you and me, we have that added extra cushion at 60, when we begin to collect our retirement pay from the reserves. I will have well north of 7k points, which will give me a good chunk retiring at E-7. That, SS (if it is still there) and whatever I have saved should afford a comfortable life until my dying day.
_____________________ God, Country and Fast Boats
Posts: 523 | Location: New Hampshire | Registered: March 12, 2007
Originally posted by Toasted Coastie: I have the first three done. The others, well, that is taking some time, but I am young (mid thirties) and I have the time.
I think that retirement circumstances are different for everyone. In NH (especially where we live Subby) you have to have at least $500 a month income for property taxes alone. And that is even if you get the veteran's credit of $500 a year. There is no real mass transit like big cities, so unless you want to be a recluse, you have to have some sort of conveyance to get around.
Now for you and me, we have that added extra cushion at 60, when we begin to collect our retirement pay from the reserves. I will have well north of 7k points, which will give me a good chunk retiring at E-7. That, SS (if it is still there) and whatever I have saved should afford a comfortable life until my dying day.
Well that means you're three up on me - way to go.
Does your town allow the max of $500 for veteran tax credit? I'm circulating a petition in our town to get a proposal added to next year's vote, to increase our credit to the max of $500. Time will tell.
I'm not a reservist (active duty) so I'll begin collecting my retirement right away, but unless I get a really decent job, some (most) of that retirement pay will have to supplement the pay of whatever job is next.
I like your goals for retirement savings.
We give dogs time we can spare, space we can spare and love we can spare. And in return, dogs give us their all. It's the best deal man has ever made. -M. Acklam
Posts: 1025 | Location: New England | Registered: August 03, 2007
I knew a guy did all those things on your list and more.He set himself up to be real comfortable.Poor bastard went up on the roof to secure the antenna.Fell off broke his neck and back died three weeks later from a blood clot after a second surgery to correct his neck.So to answer your question make sure you live long enough to enjoy the money.His wife is still alive and has been enjoying it for years travel when she wants men when she wants etc etc etc.
"Resistance to tyranny is obedience to God" -Thomas Jefferson
"The tree of freedom must be nurtured from time to time with the blood of its patriots" -Thomas Jefferson
"When the Government Fears the People, There is Liberty; When the People Fear the Government, There is Tyranny." - Thomas Jefferson
Posts: 4051 | Location: Reggio di Calabria, Italy / New York United States | Registered: July 12, 2007
Originally posted by SHEEPSHEAD BAY: I knew a guy did all those things on your list and more.He set himself up to be real comfortable.Poor bastard went up on the roof to secure the antenna.Fell off broke his neck and back died three weeks later from a blood clot after a second surgery to correct his neck.So to answer your question make sure you live long enough to enjoy the money.His wife is still alive and has been enjoying it for years travel when she wants men when she wants etc etc etc.
What in the Blue hell man!! Funny, as hell, but then again, tragic.
EURO 2008 CHAMPS = SPAIN
VIVA ESPAÑA
My Top five: 1. Diplomaticos #2 2. Vegas Robaina Únicos 3. HDM Épicure No. 1 4. Oliva Series V Torpedo 5. Rocky Patel Decade Toro
Originally posted by SubChop: As I get closer to my first retirement - still need to chase a nickel unfortunately - I'm wondering what are your personal definitions of what an adequate retirement would be?
I'm interested in both the opinions of our senior members as well as those of the younger members.
For me, the ideal retirement has three parts:
1. All debts greater then $5,000 paid off. 2. No reduction in my standard of living. We don't go out to eat much, the occasional movie, etc. 3. Two decent vacations per year.
How do you define the "perfect" retirement?
Unfortunately, with the economy in such flux, most goals would be unobtainable to most people. However, mine is:
Mortgage paid. Car notes paid No revolving debt (balances paid every month) $250-500K in IRA $750K-1m in 401K $250K in taxable investments children's college debt paid.
I have the first three done. The others, well, that is taking some time, but I am young (mid thirties) and I have the time.
I think that retirement circumstances are different for everyone. In NH (especially where we live Subby) you have to have at least $500 a month income for property taxes alone. And that is even if you get the veteran's credit of $500 a year. There is no real mass transit like big cities, so unless you want to be a recluse, you have to have some sort of conveyance to get around.
Now for you and me, we have that added extra cushion at 60, when we begin to collect our retirement pay from the reserves. I will have well north of 7k points, which will give me a good chunk retiring at E-7. That, SS (if it is still there) and whatever I have saved should afford a comfortable life until my dying day.
Sounds like a plan to me. No debt and money in the bank. Can't go wrong if you have a surplus of money.
"Think for a moment about whether it is ethical to throw a living creature into boiling water before sucking it down with a cup of melted butter"
To me, retirement = irrelevance = death. Every one of my ancestors died before retirement while they were still working, mostly into their 70s. I enjoy vacations and time off but I couldn't get out of bed if I was on permanent vacation. By the way, when I was in my 30s, I fanatsized about retiring and dreamt about doing it early. Now that I'm 55, I dread that prospect.
Originally posted by SubChop: Does your town allow the max of $500 for veteran tax credit? I'm circulating a petition in our town to get a proposal added to next year's vote, to increase our credit to the max of $500. Time will tell.
Yes, Nashua allows for the whole credit. The taxes in town still suck though.
_____________________ God, Country and Fast Boats
Posts: 523 | Location: New Hampshire | Registered: March 12, 2007
I retire in about 2 years.After 50 years of working I had enough.Our house will be paid off.As for the pension I recieve it's not enough for a living and too much to die.What keeps me afloat is,that I still get a pension from Germany where i had worked and served in the military(2 years)By profession I'm an Electrician and came to Canada 38years(19th of may 1970).I worked in construction repairing Towercranes including the one which was on the CN-Tower,now I work in the maintenance departement of a Plastic-bag manufacturer.When I retire I will have lots of time to look after our Grandchildren and my other hobby,growing tropical hibiscus(i have about 50 pots of them and several coffeetrees).Our travels will be paid by our 2 kidds(it comes of their inheritence)
Posts: 103 | Location: Ontario,Can. | Registered: January 17, 2008
for me.. mortgage paid, a cottage in the mountains , a ferrari in the driveway, a walk-in full of aged cubans.. and most importantly, good health to enjoy these things with my wife..
To me, it's simply choosing not to work any more...ideally, you'll be able to support yourself...
I don't associate it with any age or any particular level of assets...nor do I think you have to be debt free...preferably, though, your debt is managed...
I've alwasy hoped when I am in the position to retire, I'll recognize it...
jag
quote:
"I will study and get ready, and perhaps my chance will come." ~ Abraham Lincoln
Posts: 1012 | Location: Michigan | Registered: September 15, 2006
Originally posted by jagmqt: I look at retirement a little different...
To me, it's simply choosing not to work any more...ideally, you'll be able to support yourself...
I don't associate it with any age or any particular level of assets...nor do I think you have to be debt free...preferably, though, your debt is managed...
I've alwasy hoped when I am in the position to retire, I'll recognize it...
jag
I think once you've spent some time (more time) in the working world, you may change your opinion. I mean, "ideally, you'll be able to support yourself"? The alternative being to move back in with your parents if they're still around, or to live on the streets? That doesn't sound very appealing for my "golden years".
I don't know how you CAN'T associate it with a particular level of assets. Unless you plan on going back to work after retirement, the money you've set aside or have coming in, in the form of a pension, that's all there is!! You could add in Social Security, but I'm not counting on it. IMO, your plans HAVE to include some goal for setting aside X amount of money.
We give dogs time we can spare, space we can spare and love we can spare. And in return, dogs give us their all. It's the best deal man has ever made. -M. Acklam
Posts: 1025 | Location: New England | Registered: August 03, 2007
I think once you've spent some time (more time) in the working world, you may change your opinion. I mean, "ideally, you'll be able to support yourself"? The alternative being to move back in with your parents if they're still around, or to live on the streets? That doesn't sound very appealing for my "golden years".
I don't know how you CAN'T associate it with a particular level of assets. Unless you plan on going back to work after retirement, the money you've set aside or have coming in, in the form of a pension, that's all there is!! You could add in Social Security, but I'm not counting on it. IMO, your plans HAVE to include some goal for setting aside X amount of money.
Sorry, Sub, should have been more clear...
I meant support yourself as opposed to relying on govt. aid or SS entirely, or welfare, or charity...(and that's not a knock on any members who live on SS benefits...I just don't think they'll be there when I retire, so I have to look at other means)
As far as level of assets...I don't know the life I want to have when I retire...if it's a modest home in rural america, I could manage relatively easily...If I'm jet-set and like to visit the villa in Tuscany, well that level will need to be a little higher...
I just hope to have the $$ I need to live the lifestyle I choose, but I don't know what that is yet...Maybe someday I'll have a wife that will tell me what it is, but until then, I like the uncertianty...
jag
quote:
"I will study and get ready, and perhaps my chance will come." ~ Abraham Lincoln
Posts: 1012 | Location: Michigan | Registered: September 15, 2006
Exactly. I'm 44 and even I don't expect to see any SS.
And you're right, once you find the right woman, she'll tell you what you need to be happy!
We give dogs time we can spare, space we can spare and love we can spare. And in return, dogs give us their all. It's the best deal man has ever made. -M. Acklam
Posts: 1025 | Location: New England | Registered: August 03, 2007
Funny, as hell, but then again, tragic.
