Re: Retirement.
[Re: coonman220]
#7028700
10/26/20 09:55 PM
10/26/20 09:55 PM
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Joined: Nov 2011
Posts: 23,847 New Hampshire
Nessmuck
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trapper
Joined: Nov 2011
Posts: 23,847
New Hampshire
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Nobody evah said how many years..were in a life time.
It is better to die on your feet than to live on your knees.
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Re: Retirement.
[Re: coonman220]
#7028707
10/26/20 09:59 PM
10/26/20 09:59 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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You are not financially ready to retire. I can tell that just by your posts on here. If you want to retire you’re going to have to live on nothing and start saving aggressively In an IRA or 401k for the next five to ten years. And I mean aggressively, the legal maximum the government will allow, which I believe This year is 18,000 a year in a 401k and 7,000 a year in an IRA. I think you can even do a little extra at your age as catch up.
Young people on here, take note. 60 might seem way far away, but you gotta start saving now if you’re ever going to retire. This would be a much different conversation if coonman had saved 15 percent of his income in a 401k for the last 30 years. He would be a millionaire. He wouldn’t have to worry about his truck breaking down, cause he could just go pay cash for a brand new one. He could never work another day in his life if he felt like it.
Coonman, I’m not trying to be down on you. I just want the young folks here to understand that THEY control their future and retirement, not the government or social security.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7028716
10/26/20 10:07 PM
10/26/20 10:07 PM
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Joined: May 2010
Posts: 10,561 MN
Steven 49er
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trapper
Joined: May 2010
Posts: 10,561
MN
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Dave, we hope you are around in a couple years too. Hang in there brother.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: Retirement.
[Re: Bob]
#7028718
10/26/20 10:08 PM
10/26/20 10:08 PM
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Joined: May 2018
Posts: 11,224 SW Georgia
Wanna Be
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trapper
Joined: May 2018
Posts: 11,224
SW Georgia
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You are not financially ready to retire. I can tell that just by your posts on here. If you want to retire you’re going to have to live on nothing and start saving aggressively In an IRA or 401k for the next five to ten years. And I mean aggressively, the legal maximum the government will allow, which I believe This year is 18,000 a year in a 401k and 7,000 a year in an IRA. I think you can even do a little extra at your age as catch up.
Young people on here, take note. 60 might seem way far away, but you gotta start saving now if you’re ever going to retire. This would be a much different conversation if coonman had saved 15 percent of his income in a 401k for the last 30 years. He would be a millionaire. He wouldn’t have to worry about his truck breaking down, cause he could just go pay cash for a brand new one. He could never work another day in his life if he felt like it.
Coonman, I’m not trying to be down on you. I just want the young folks here to understand that THEY control their future and retirement, not the government or social security. That’s all fine and dandy until the stock market dips and you lose $80K overnight!!! If you’re retirement is based off SS then you’re pretty much bolted, unless everything is paid for.
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Re: Retirement.
[Re: coonman220]
#7028719
10/26/20 10:08 PM
10/26/20 10:08 PM
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Joined: Jan 2007
Posts: 18,212 MN
160user
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trapper
Joined: Jan 2007
Posts: 18,212
MN
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I am roughly 18 months from retirement but I have sunk 20% or more into my “401k” for 20+ years, have invested heavily outside of that and have a simple lifestyle. On top of that I plan to work part time for beer and bait money.
I have nothing clever to put here.
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Re: Retirement.
[Re: coonman220]
#7028727
10/26/20 10:13 PM
10/26/20 10:13 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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160user, nobody gets hurt on a rollercoaster unless they jump off. Stock market is the same way. This last dip fully recovered in 52 days, so unless you got scared and took your money out you lost zero dollars. If you’re wisely invested you can ride the ups and downs of the market with zero possibility of losing money.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7028737
10/26/20 10:18 PM
10/26/20 10:18 PM
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Mark June
Unregistered
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Mark June
Unregistered
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Last I read, something like 95% of those over 65 in America are not financially able to do much more than pay basic bills. No road trips. No health care options. Basic subsistence for the remainder of their days.
It's safe to say most people (95%) spend all they have as they go.
Nada!!
Blessings, Mark
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Re: Retirement.
[Re: Bob]
#7028750
10/26/20 10:24 PM
10/26/20 10:24 PM
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Joined: Mar 2010
Posts: 6,008 2A Sanctuaries-W. OK & N. NM
Blaine County
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trapper
Joined: Mar 2010
Posts: 6,008
2A Sanctuaries-W. OK & N. NM
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160user, nobody gets hurt on a rollercoaster unless they jump off. Stock market is the same way. This last dip fully recovered in 52 days, so unless you got scared and took your money out you lost zero dollars. If you’re wisely invested you can ride the ups and downs of the market with zero possibility of losing money. I agree that one should play the long game but I would never say there is "zero possibility of losing money." I'm generally heavily invested (not now because I waited until early September and then went to cash) and anyone who invests should know that you could in fact lose some of it. If he asked me I would tell Coonman that he needs to keep working and stop spending.
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Re: Retirement.
[Re: coonman220]
#7028753
10/26/20 10:26 PM
10/26/20 10:26 PM
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Joined: Feb 2017
Posts: 2,290 Priest River, Idaho USA
SundanceMtnMan
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Joined: Feb 2017
Posts: 2,290
Priest River, Idaho USA
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I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.
"They Say Nothing is Impossible, But, I Do Nothing Every Day."
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Re: Retirement.
[Re: SundanceMtnMan]
#7028756
10/26/20 10:27 PM
10/26/20 10:27 PM
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Joined: Mar 2010
Posts: 6,008 2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
Posts: 6,008
2A Sanctuaries-W. OK & N. NM
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I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.
We have argued about this before on T-Man. Yes. Same goes for SSDI.
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Re: Retirement.
[Re: coonman220]
#7028758
10/26/20 10:28 PM
10/26/20 10:28 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Maybe zero possibility of losing money is a bit too far, but certainly very small possibility. If you’ve picked good growth stock mutual funds based on thier track record over the last 20-30 years the chances of losing money is almost zero. Now if you’re playing single stocks, you could lose everything in a hurry.
You and I have the same advice for coonman though. Live on nothing and save aggressively for a while.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: SundanceMtnMan]
#7028773
10/26/20 10:39 PM
10/26/20 10:39 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.
I plan on retiring early, though not on social security. I have two 401ks, the larger one is on track to have $500,000 in it by the time I turn 50, the smaller one only about $100,000, and that’s if I never add anything to them, which I obviously am going to keep contributing. I figure on retiring at around 60 with about 2 million in those accounts, which at a ten percent average rate of return will give me a $200k annual income and the government can keep its poorly run social security program. I’ll live on the 200k and leave the 2 mil to my kids and they won’t have to depend on government retirement either. I also plan on having a paid for home by then, so I won’t have any expenses except healthcare and utilities.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7028781
10/26/20 10:47 PM
10/26/20 10:47 PM
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Joined: Feb 2017
Posts: 2,290 Priest River, Idaho USA
SundanceMtnMan
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trapper
Joined: Feb 2017
Posts: 2,290
Priest River, Idaho USA
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I hope all goes as you have planned. I was referring to individuals who state they are getting S.S. as soon as possible to get that free money. For people who have worked and saved to meet their needs I have nothing but respect. Good for you.
"They Say Nothing is Impossible, But, I Do Nothing Every Day."
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Re: Retirement.
[Re: Blaine County]
#7028782
10/26/20 10:48 PM
10/26/20 10:48 PM
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Joined: May 2010
Posts: 10,561 MN
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,561
MN
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I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.
We have argued about this before on T-Man. Yes. Same goes for SSDI. What constitutes a reasonable amount of interest?
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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