Question for those retired already

[Harpy Eagle]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

 

[progressive hunter]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

if youre smart you go into retirement debt free, so your income being lower isnt the end of the world,,

 

[August West]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

My retirement numbers are far below my pre-retirement numbers, but I knew that before I retired. We don`t buy new vehicles because we`re very happy in our home and don`t travel as much as we did before. We`ve seen America`s greatest national parks and made several trips to Costa Rica but those days are done and we`re good with that. Without a mortgage or car payments we`re doing well. Being debt free is a good thing.

 

[Harpy Eagle]

if youre smart you go into retirement debt free, so your income being lower isnt the end of the world,,

agreed.

If we have any it will only be our mortgage but since we are looking to live aboard when we retire we will sell it and use the profit from the sale to off set the cost of housing we incur .

 

[rightwinger]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

I make more take home money today than when I retired

Key thing to consider is you are no longer contributing to your 401k, Social Security and Medicare

 

[Harpy Eagle]

I make more take home money today than when I retired

Key thing to consider is you are no longer contributing to your 401k, Social Security and Medicare

which right now is a big chunk of change that is for sure.

 

[Dante]

Retirement?

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

Who cares? The older one become the less visible one becomes and the world gets smaller and smaller. One cannot recapture what one lost or past up in youth. If some people mistakenly saved up so they could enjoy life in retirement? Sad. Gonna be spent on healthcare. LOL

 

[Harpy Eagle]

Retirement?


Who cares? The older one become the less visible one becomes and the world gets smaller and smaller. One cannot recapture what one lost or past up in youth. If some people mistakenly saved up so they could enjoy life in retirement? Sad. Gonna be spent on healthcare. LOL

Are you not the ray of sunshine today.

For those of us not sucking at life, it is possible to save for retirement and enjoy life today.

Sorry that it suck to be you, but I am glad I am not you.

 

[John Edgar Slow Horses]

Depends on how it divvies out.

 

[Harpy Eagle]

Depends on how it divvies out.

Can you expound on that a bit?

 

[John Edgar Slow Horses]

The idea is to get as tax free in income as possible, to stay in the 12% bracket forever.

Pulling from tax-paid income already saved is cheaper than taxable retirements, etc.

Anybody who has received an IRA beneficiary account knows they have ten years to withdraw it.

My sister in law pulled hers out and paid 34%.

Her sister is taking it out in annual allotments and retired early so that she is paying 12% over ten years.

She left the account in Schwab, xfring each year to a mirror account, and has equaled her assets in seven years in the mirror account..

 

[Mr Natural]

Retirement?


Who cares? The older one become the less visible one becomes and the world gets smaller and smaller. One cannot recapture what one lost or past up in youth. If some people mistakenly saved up so they could enjoy life in retirement? Sad. Gonna be spent on healthcare. LOL

Ivy been retired 20+ years now. They’ve been the best 20+ years of my life.

 

[Dante]

Ivy been retired 20+ years now. They’ve been the best 20+ years of my life.

Exceptions always prove a rule.

I've seen people retire young. That made sense. But I always ask "To what purpose?" Is life so bad? Is working sucky? Are people defined by their jobs, professions, possessions? Is life short?? I've seen too many people in retirement protesting too much how great their lives are 'now' acknowledging how sucky their lives had been.

Life is short. Very short.

 

[Mr Natural]

Exceptions always prove a rule.

I've seen people retire young. That made sense. But I always ask "To what purpose?" Is life so bad? Is working sucky? Are people defined by their jobs, professions, possessions? Is life short?? I've seen too many people in retirement protesting too much how great their lives are 'now' acknowledging how sucky their lives had been.

Life is short. Very short.

Too short to spend it working. Unless you love what you’re doing. And by love, I mean you would do it for free.

 

[citygator]

Retirement?


Who cares? The older one become the less visible one becomes and the world gets smaller and smaller. One cannot recapture what one lost or past up in youth. If some people mistakenly saved up so they could enjoy life in retirement? Sad. Gonna be spent on healthcare. LOL

Pretty cynical man. You’re bringing me down.

 

[Dante]

Too short to spend it working. Unless you love what you’re doing. And by love, I mean you would do it for free.

I've had a few jobs I absolutely loved doing. Others? walked away from. Why? Always figured life is too short.

 

[Harpy Eagle]

The idea is to get as tax free in income as possible, to stay in the 12% bracket forever.

Pulling from tax-paid income already saved is cheaper than taxable retirements, etc.

Anybody who has received an IRA beneficiary account knows they have ten years to withdraw it.

My sister in law pulled hers out and paid 34%.

Her sister is taking it out in annual allotments and retired early so that she is paying 12% over ten years.

She left the account in Schwab, xfring each year to a mirror account, and has equaled her assets in seven years in the mirror account..

Thanks for the info.

When I look at my presumed retirement income I am not taking into account our 401ks/IRAs. My goal in our planning is to have enough income so that our 401k/IRAs are just bonus money for travelling and gifting and such.

Right now mine is traditional and my wife's is a ROTH. We make too much now and have next to no deductions/credits so it did not make sense to do both of them as ROTH.

When all was said and done we paid north of 20% in taxes last year, we will be in a lower bracket when we are retired. If our plan to move to Panama pans out we will pay nothing in US taxes on the first 110k each year, so the ROTH money will be saved on the chance we move back to the state eventually.

 

[Mr Natural]

I've had a few jobs I absolutely loved doing. Others? walked away from. Why? Always figured life is too short.

I tolerated my job only because it paid well.

But I don’t miss anything about it.

 

[Harpy Eagle]

I've seen people retire young. That made sense. But I always ask "To what purpose?"

Freedom.

Is life so bad? Is working sucky?

It is not bad at all, but it can be even better.

Are people defined by their jobs, professions, possessions?

In the US the answer is yes, yes and yes.

 

[Harpy Eagle]

I tolerated my job only because it paid well.

But I don’t miss anything about it.

That is the way I am right now.

My wife who has only been working full time for just over a decade still loves being a nurse and is not ready to walk away from it yet.

Thus our 5 year plan.