Retirement accounts being drained, inflation runs rampant, wages dropping according to Indeed

[Blaster]

401Ks are taking a hit and people need investments separate from the market.

 

[Harpy Eagle]

Yea but those things have a value. Like, my cop buddy has a pension. That's worth something. The longer you live the more it's worth. He's a young healthy 50. His pension is probably worth $1 million if he lives to be 80. 30 years.

My friends dad who was in the FBI said you don't go to the FBI for the pay. You go for the pension.

My cop buddy is now a politician. If he wins re election once, which he will, and makes it to the end of his second term, so 8 total years, his politician pension will be just as big as his cop pension. So at 60 years old if he wants to stop working he could retire with a cop and politicians pension. Double. Good for him!

Yes, they do have a value, but it is harder to quantify. Someone with a pension likely does not need 1 or 1.5 million in a retirement account.

If I retire at 65 and live till 85 my MC pension will have given me about 600k in those 20 years. When factoring in how much money I need to retire do I assume 600k?


And it also comes with health insurance so that is less of a concern for us as well.

 

[Harpy Eagle]

Yes....like income property

Or a pension.

 

[WorldWatcher]

Yes, they do have a value, but it is harder to quantify. Someone with a pension likely does not need 1 or 1.5 million in a retirement account.

If I retire at 65 and live till 85 my MC pension will have given me about 600k in those 20 years. When factoring in how much money I need to retire do I assume 600k?


And it also comes with health insurance so that is less of a concern for us as well.

Harpy Eagle - Just to check, you know you have to be enrolled in Medicare to maintain qualification for TRICARE for Life right?

WW

 

[Harpy Eagle]

Harpy Eagle - Just to check, you know you have to be enrolled in Medicare to maintain qualification for TRICARE for Life right?

WW

yes, I know. But my Tricare acts as my secondary insurance paying for most things that Medicare does not. And Tricare is exceedingly inexpensive when compared to a supplemental Medicare plan.

Plus, if our plan to retire in Panama works out, Tricare is accepted there.

 

[sealybobo]

Planning

My uncle moved to Florida when he was 55ish? From Canada. So at 65 he started getting Canada social security. He was too young to retire plus he wouldn't get American social security and that's a problem if you live in Florida. So he went to work for 10 years or just enough to qualify for social security and medicare. He doesn't get a big check from social security but it's better than nothing. Plus Medicare? That's huge.

He also purchased a $150,000 rental when he moved there. 4 apartments. So he made money all these years. His wife, my aunt, has bled him dry with medical bills and he's getting old (94ish) so he is selling it. $700,000. Now don't forget he has to pay taxes on that $550,000 profit he made. I wonder how much that will be? Let's say he clears $500K on the sale. That should get a guy who's 94 by for the rest of his life.

I don't think my brother and I are going to get anything. We think one niece is going to get it all. And if we get something then a lot of people do. UNLESS my uncle dies first and my aunt goes to a lawyer and says she wants to change the will and give it all to us, her blood relatives. She won't do that. So if every nephew gets a piece, it won't be all that much. I would be pleasantly surprised if I got $20K. Or $50K. Boy that sure would be a nice boost. But I never count on it because my dad and grandfather both got screwed out of inheritance so I just assume so will I. Even my dad.

My mom, in her last month, long story short, we had to put her in a place that cost $22,000 a month. We were gambling that medicaid/care would kick in month two but you had to be at a place that accepts medicaid/care and most places don't. The $5000 a month places don't. So we didn't know how long she would live so we had to fork over $22,000. And HOPE the lawyer knew what he was talking about and could get us on medicaid/care. We never found out. She died before we had to pay for month two. THANK GOD. LOL. Seriously, she was suffering of Alzheimers. It's a shame capitalism has a system so fucked up that the system drains families of their life savings. All the rich kids who are going to be willed millions. They want tax breaks. They don't care that middle class seniors die penniless.

Or they care, but only when they can blame Biden for it.

 

[sealybobo]

Yes, they do have a value, but it is harder to quantify. Someone with a pension likely does not need 1 or 1.5 million in a retirement account.

If I retire at 65 and live till 85 my MC pension will have given me about 600k in those 20 years. When factoring in how much money I need to retire do I assume 600k?


And it also comes with health insurance so that is less of a concern for us as well.

Yes you do!!! You know during that time you'll have that much coming in.

You don't know how many people I talk to in Florida who say they'd retire sooner if they didn't have to wait till 65 to get medicare. You're lucky. Not lucky. You earned it by serving.

 

[Harpy Eagle]

Yes you do!!! You know during that time you'll have that much coming in.

You don't know how many people I talk to in Florida who say they'd retire sooner if they didn't have to wait till 65 to get medicare. You're lucky. Not lucky. You earned it by serving.

I would probably pull the trigger before 65 if my wife was ready. But she has only been a nurse for about 11 years and still loves it and is not ready to walk away from what it gives her. I would be stupid to retire till she is ready given the easy nature of my job

 

[justoffal]

Soon people will be begging for help from the government.

Then the shit will hit the fan!!

Digital currency anyone?

It was the plan all along.

Good point

 

[sealybobo]

I would probably pull the trigger before 65 if my wife was ready. But she has only been a nurse for about 11 years and still loves it and is not ready to walk away from what it gives her. I would be stupid to retire till she is ready given the easy nature of my job

Yup. Unless you got better things to do. My brother just got paid a year salary to take a year off. So he MUST not work for a year. So he's at the gym every day. Goes up north to his property. Bike rides. Right now him and 3 other couples are going on a catamaran for a 10 day stay on a deserted island. There are huts but what you bring is what's on the island. So you better bring enough supplies. But don't worry because Captain Ron is in charge. Yea, he's a hunk the women said "isn't hard to look at". LOL. I showed my brother that video of the Ben Stiller movie with the red head from Will and Grace? Where the catamaran captain ends up stealing his wife. We laughed.

So he's going to do a lot of bucket list shit this year. His wife still works and I know she doesn't want to give it up. In fact with the kids gone and him retired, she may work more days. But she's got a job where she can just take off for 2 months and they want her when she comes back. They need part time help in her industry. She's a PT.

Holy shit! I didn't know she made this much!!!

The average annual salary for physical therapists is $97,720 and $93,180 for occupational therapists

So she makes $40K a year because she only works 2 days a week. I have a feeling she might go to 3 or 4 days a week now that he's retired. Too much time with each other sometimes isn't good. Covid showed a lot of people that. It's good when couples have their own hobbies and things to do. Friends.

My dad is proof it's best to have some friends. He didn't. My mom died and now he's a hermit.