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How much money do you need in retirement?

RedCloud

Mayor
Interesting.... I have observed that those doing things at 70 and 75 that "most" people think they should NOT be doing at THAT age are the ones who are really living healthy lives (skiing, hiking, kayaking, running triathlons, etc).

People who think 20 year olds are the only ones who can or should run marathons, triathlons are part of the problem.

My younger brother believes exercising "uses your body up" so I go out an run and he sits and gets fat and has high blood pressure and was just operated on for a neck/vertebrae problem that he insists has nothing to do with lifestyle. I just completed a Triathlon at 55 years old and am in far better shape than my brother who does not want to use himself up.
Zoar, I just finished a Triathlon at 79 years old. Of course I started when I was 29!

BTW, this is BS (just in case you didn't recognize it!)
 

MaryAnne

Governor
Zoar, I just finished a Triathlon at 79 years old. Of course I started when I was 29!

BTW, this is BS (just in case you didn't recognize it!)
Oh,Red Cloud,I know BS when I see it! You could not spend much time on PJ without seeing plenty.:eek:)

I have walked 2 miles every day I can for 30 years. Wonder how many miles that would make?
 

MaryAnne

Governor
I don't think that's true. There are plenty of middle class and even upper middle class people who know full well that one small change in their lives - an illness, a job loss, an accident - and they too could be poor.
How true,Happy. It could happen to any of us.
 

RedCloud

Mayor
Oh,Red Cloud,I know BS when I see it! You could not spend much time on PJ without seeing plenty.:eek:)

I have walked 2 miles every day I can for 30 years. Wonder how many miles that would make?
MaryAnne, assuming that you walked 2 miles every day for 30 years, by my rough calculations you walked 21,915 miles. If you turn around now, you can make it back home by the time you are 98.
 

Zoar

Governor
Zoar, I just finished a Triathlon at 79 years old. Of course I started when I was 29!

BTW, this is BS (just in case you didn't recognize it!)
Congrats on your Triathlon finish! Although your time was a little more than mine. I did mine in 2 hours and nine minutes. From my calculations yours was 50 years.

By the way, what is BS??
 

connieb

Senator
So much depends on how long you would like to be retired for and what you imagine your lifestyle to be. Personally, I don't plan to be completely retired for very long. I actually like working. I like the idea of not being on a fixed income. My grandfather is 85 and has retired many times only to go back to work because he likes working. He likes getting out of the house every day and it gives him a purpose. He only works part time but they don't have to live like other retirees because of that income. And, like I said, he likes it. They have plenty of money to actually retire and not work at all, he just doesn't want to do that.

My inlaws on the other hand are 15 years younger. Although in great health they don't want to work anymore at all. They live on a pretty tight freaking budget for it. And, they will likely run out of money at some point because they have been retired for 10 years or so now already.

I know that DH will be like my grandfather and work as long as he physically can and as long as someone will have him. Working gives him purpose. He doesnt' like things that typically eat up retiree time like golfing or traveling. So, for us, we will likely not 100% retire until we are close to dropping. And, in that case, then I don't think I need to have that much of our income since we will likely not be going anywhere or doing much of anything and probably have downsized until the smallest place we can have by then.

I am also not real worried about leaving much of anything to the kids. As far as I am concerned, we have given them the best possible start in life we could... if in 40 years from now they don't have their shit together enough to be self sufficient without an inheritance, tough crap.

connie
 
So much depends on how long you would like to be retired for and what you imagine your lifestyle to be. Personally, I don't plan to be completely retired for very long. I actually like working. I like the idea of not being on a fixed income. My grandfather is 85 and has retired many times only to go back to work because he likes working. He likes getting out of the house every day and it gives him a purpose. He only works part time but they don't have to live like other retirees because of that income. And, like I said, he likes it. They have plenty of money to actually retire and not work at all, he just doesn't want to do that.

My inlaws on the other hand are 15 years younger. Although in great health they don't want to work anymore at all. They live on a pretty tight freaking budget for it. And, they will likely run out of money at some point because they have been retired for 10 years or so now already.

I know that DH will be like my grandfather and work as long as he physically can and as long as someone will have him. Working gives him purpose. He doesnt' like things that typically eat up retiree time like golfing or traveling. So, for us, we will likely not 100% retire until we are close to dropping. And, in that case, then I don't think I need to have that much of our income since we will likely not be going anywhere or doing much of anything and probably have downsized until the smallest place we can have by then.

I am also not real worried about leaving much of anything to the kids. As far as I am concerned, we have given them the best possible start in life we could... if in 40 years from now they don't have their shit together enough to be self sufficient without an inheritance, tough crap.

connie
I don't believe you really don't care what happens with your kids in the future. But it does sound like some tough talkin
 

connieb

Senator
Well, I certainly care. But, in another 40 years of being taught, guided, supported and helped doesn't get them to being self sufficient 45 and 43 year olds... then I have seriously failed, and I am certainly not planning on how I retire on whether or not I will be leaving anything behind to them.

Of course that would be different if there was some sort of an issue for them, i.e. an accident or health problems, etc. ... But, I pretty much plan to spend every last little red cent we save up on enjoying life as much as we can while making sure we aren't anyone's burden.
 
Well, I certainly care. But, in another 40 years of being taught, guided, supported and helped doesn't get them to being self sufficient 45 and 43 year olds... then I have seriously failed, and I am certainly not planning on how I retire on whether or not I will be leaving anything behind to them.

Of course that would be different if there was some sort of an issue for them, i.e. an accident or health problems, etc. ... But, I pretty much plan to spend every last little red cent we save up on enjoying life as much as we can while making sure we aren't anyone's burden.
well thats different you can get yourself a big shiny Winnebago with a bumper sticker " We are spending the kids inheritance"

My self I am already spending every red cent and greenback just to make sure all three kids have as many tools as possible to assist them in careers. If I ever do retire it will probably be in Mexico where the SS and the pittance in my 401K can go a long way
 

connieb

Senator
Yes, we are putting quite a bit of money and effort into making sure they get the best start in life possible. Good schools, good homelife, good learning opportunties, etc.... so if they don't make the most of what they will be given throughout their lives, not only from us, but from our parents... then goodness knows, I ain't eating dog food when I am 80 just so they can have a little left over when I am gone.
 

MaryAnne

Governor
MaryAnne, assuming that you walked 2 miles every day for 30 years, by my rough calculations you walked 21,915 miles. If you turn around now, you can make it back home by the time you are 98.
No wonder my feet hurt:eek:) Walking clears my mind and gives me energy. People laugh at me when I park at the end of the Parking lot so I walk even more.
 

MaryAnne

Governor
Congrats on your Triathlon finish! Although your time was a little more than mine. I did mine in 2 hours and nine minutes. From my calculations yours was 50 years.

By the way, what is BS??
You have to ask? Sheltered a bit,huh? :eek:)
 

MaryAnne

Governor
I don't believe you really don't care what happens with your kids in the future. But it does sound like some tough talkin
I am with Connie on this. My kids do not need my money and I want something, I get it. They cheer me on.Why would anyone deprive themselves in their later years to give the kids what they do not need.?

Besides,I told mine I was not leaving without my money.The kid promised to put a check in for me! Wasn't that nice of him?
 

connieb

Senator
You go, Mary Anne.

Maybe I am just jaded. But, in my career ( CPA) I have seen SOOOOOOOO many families where the matriarch or patriarch was the one who really made some nice money. And, the kids as the parent ages, are continually standing their with their hands out. Not only that, I have seen them get down right angry when Mom or Dad does something they want to do like an awesome cruise or trip to Italy, etc... the brats are downright angry their parents are spending their hard earned money on themselves....... And, when I say brats here, I am talking about how 60 year old people act about their 85 year old parent's money. And, you know its not a concern about the money or it lasting their live. Its about what they may or may not have left over.

I figure we will just get this out of the way early and the kids will know from day one not to expect one red cent. Will make the whole thing easier. :)

connie
 
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