60+ year old thread.

It’s horrible.
Trying to retire is harder than actually working .....
People are looking into retire here and the insurance is more than they pay now..
I tried to figure out what EXPERTS SAY TO RETIRE..
yea. Would have to save every dime I make till 67.. just to be close..

 

Sheep or goats work?
Duane

 

That's where the school's really screw up. They don't teach kids how to handle money and it takes most of us too long to figure it out. The "buy now and pay later" philosophy might be good short term for the economy, but it puts many folks in the poor house when it comes to retirement time.

 

To be honest I didn’t think I would live this long.
I did start a retirement fund when I started working but saying you need 1.5 million to retire is stupid.

 

My 401(k) is with Fidelity. They have a really awesome online tool for gauging whether you're saving enough to retire. Rather than tell you what your number is, it tells you how old you'll be when your money runs out. Or not. It guides you through all of the expenses, divides them into necessary and non-essential, factors inflation into the calcs. It doesn't let you get away with stuff like lowballing medical expenses. It's very thorough. Takes a while to get through it all but when you're done you'll have an honest assessment. Maybe your outfit has something similar.

EDIT: Looks like they let you use the tool as a guest. Probably have to hand over your email address or something.

https://www.fidelity.com/calculators-tools/retirement-planning-and-guidance

 

Hakuna Matata is an expression from the Lion King. It is a Swahila word meaning loosely " no worries here".

That is hard to put into practice when nearing retirement age and inflation is running rampant.

I have found that my faith has kept me from being unduly concerned about finances when I consider that I have everything I need even if I do not have everything I want.

Worry will not solve my problems so I do the best I can with what I have.

Planning to be out of debt when you retire goes a long way toward warding off worry and concern though.

 

Not true, you only need about ONE MILLION!
With my age 62 SS, my small pension, and 1.5 million, I could easily be making over 100k a year retired, nice but not needed here!
I'm basing that on a 5% dividend on the 1.5M which alone would be 75k.
You probably didn't have a choice, I set up both a regular and a Roth IRA, now I only have the Roth. It's self directed, and I can buy and sell any stock I want at any time and that normally keeps me with a steady income supplement. Thus far I have never had to touch the principle, between SS, the pension, and the additional interest income I have enough to survive on, and even buy a toy or two!

Me thinks there's some words of wisdom in the above post by Gary!

 

YES. You are 100% right! I could tell stories about friends who didn’t learn this lesson soon enough.

 

Just saw this. Where I grew up in Pa. we never ran out of deer meat as long as we planted wheat and corn by the woods out back.

 

evening Fred.... long time no see. How's things going?

 

Old Guys Rule.....

 

I am doing okay,just lurk without posting.
If you can hang on till you are 65 medicare and Tricare will take care of you.
Three eye surgeries did not cost me a cent.

 

Evening all:

We have a "FEW" in the area that never run out of deer meat either! Now that everyone has a crossbow you rarely hear shots from dark until daylight anymore!

Evening Sue!

 

evening Carl. You flooded out yet?

 

I think most people are not financially savvy. I know I'm not. It takes a lot of time and study to know how to invest your money especially when your getting close to your retirement age. I saw a Financial planner 13 years ago who put my money in funds and got me and my wife started. Now that I just turned 60 I wanted a plan. We were fortunate to have a sister in law who is a Vice President for Stanley Morgan and switched us to the guy she works with and she trusts with her money. He has us fill out a lengthy financial planner including what you plan to spend when you retire and how close you are to fufilling that. I suspect its a lot like the Financial planner by Fidelity mentioned by Dave. I guess my advice is to find someone you trust who is a certified financial planner.

 

Not necessarily flooded, but totally saturated to the point where I can't even begin to mow the lower part of the yard, been that way since spring!

 

Hope it dries out soon for you.... Hoping to get my field cut tomorrow... have been trying to take it easy until I go see the doc, but, can't wait any more.... weeds are getting to tall and the neighbor cut his weed patch, so now my yard it the eye sore

 

We had a small flood in the house yesterday but fortunately I was sitting right next to the doorway and caught it just as it started and was able to toss a bunch of towels down. Then I went outside and performed an "emergency regrading" of the driveway to redirect the water, cleared all the muck off the drain grate, and all the water went elsewhere. Whew.

Elsewhere in the county and surrounding counties there was some really bad flooding and storm damage. Roads closed, power out, flooded basements and first floors. In some places they said it is the worst they've seen since TS Agnes back in 1972.

 

Afternoon all:
We are getting constant rain here, a lot of times it's heavy, but we aren't experiencing the flooding problems like a lot of other areas.
Went out to the garage and something stung me in the face, saw the critter buzz out and felt a slight sting, have a small bump where it got me but no discomfort, must have only nicked me!

 

Bruised, scratched, bloodied, torn clothes. Is that fun? Went with a guy day hiking yesterday. He likes hiking all day, I should know better being out in the sun on southern exposure. He wanted to bush whack on the way back after we summited a peak which took us 7 hours to reach, left there at after 5PM. Brush was way higher, thicker then he thought, I left him behind and continued, never found the trail we were short cutting to. Repo pup and I finally stopped last night at almost 8:30, slept along a burnt log last night, up ar 6 this morning, finished bush whacking this morning in 90 minutes, then messed up and took the wrong direction to my truck after reaching pavement. Rolled, slid, toppled, stumbled and almost slid into steeper small ravines at least once. My hardest, worst day ever hiking or backing. Where's the iced drinks?
Duane