Hey old farts..how many over 50 yrs?

BarnBuster

BarnBuster

Virtually Unknown Member
"Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study, People's 'magic number' for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K "

:shock: Dang! Who the F has a Mil/5? lol

This is pretty easy to read:
news.northwesternmutual.com

Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study

People's 'magic number' for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K The 'Silver Tsunami' is here:...
news.northwesternmutual.com news.northwesternmutual.com
 
Jimski

Jimski

Well-Known Member
BarnBuster said:
"Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study, People's 'magic number' for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K "

:shock: Dang! Who the F has a Mil/5? lol

This is pretty easy to read:
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With missles flying about I am thinking more short term right now.
 
DancesWithWeeds

DancesWithWeeds

Well-Known Member
Jimski said:
With missles flying about I am thinking more short term right now.
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Got to agree with you. I used to save my very best weed for special occasions, but now it's the the first stuff to go. I don't want to get blown away and leave all that behind. That kind of reminds me of a movie, "On the Beach" I believe was the name of it. After the world was nuked and Austraila was the last place left, the men in the "gentelmans" club was worried about all the wine that was going to go to waste.
 
deej2

deej2

Well-Known Member
Tim Fox said:
Turning 62 after the new Year, just signed up for my social security, finally retirement
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I’ve started to think about retirement(56 yo). I keep hearing about waiting until 67 versus taking it at 62, and, frankly, the shit confuses me. What steered you to taking it as soon as eligible?
 
BarnBuster

BarnBuster

Virtually Unknown Member
deej2 said:
I’ve started to think about retirement(56 yo). I keep hearing about waiting until 67 versus taking it at 62, and, frankly, the shit confuses me. What steered you to taking it as soon as eligible?
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FWIW, I was able to retire at 58 and waited until 70 to take SS. Waiting substantially increases your overall lifetime benefit but a lot depends on your available financial resources and your health. If your health is poor or your family is short lived, it may make sense to take SS as soon as you can. If your health is good, family lived into their 90's AND you either continue working or are able to live off assets, then it may make sense to wait til 70. There's a break even point about 75-80 chart that shows below. What Congress decides to do or not with SS didn't enter into my decision.


1733268381120.png
 
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Tim Fox

Tim Fox

Well-Known Member
BarnBuster said:
FWIW, I was able to retire at 58 and waited until 70 to take SS. Waiting substantially increases your overall lifetime benefit but a lot depends on your available financial resources and your health. If your health is poor or your family is short lived, it may make sense to take SS as soon as you can. If your health is good, family lived into their 90's AND you either continue working or are able to live off assets, then it may make sense to wait til 70. There's a break even point about 75-80 chart that shows below. What Congress decides to do or not with SS didn't enter into my decision.


View attachment 5443105
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That's exactly right, the break even point for most people is right at 81 years old if we take it at 62, my chances of making 81 are very slim with my health issues,
 
Tim Fox

Tim Fox

Well-Known Member
deej2 said:
I’ve started to think about retirement(56 yo). I keep hearing about waiting until 67 versus taking it at 62, and, frankly, the shit confuses me. What steered you to taking it as soon as eligible?
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It can be confusing at times , the answer to your question is the break even point, it's shown in the graph that's posted here , see where all the lines interacted, taking as at 62 gives me right at 80,000 dollars between 62 and 81 years old , I can do so much with 80k before I die, my chances of making 81 is very slim, plus we have other retirement income to supplement with
 
Tim Fox

Tim Fox

Well-Known Member
BarnBuster said:
FWIW, I was able to retire at 58 and waited until 70 to take SS. Waiting substantially increases your overall lifetime benefit but a lot depends on your available financial resources and your health. If your health is poor or your family is short lived, it may make sense to take SS as soon as you can. If your health is good, family lived into their 90's AND you either continue working or are able to live off assets, then it may make sense to wait til 70. There's a break even point about 75-80 chart that shows below. What Congress decides to do or not with SS didn't enter into my decision.


View attachment 5443105
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Oh and another thought is when the trust fund runs Short in about 10 years or less some predicted as soon as 6 years? Anyhow when the underfunding happens those graph lines will move much further out in time as the ss amount will be reduced by 30 percent, , , thanks for sharing the graph
 
deej2

deej2

Well-Known Member
Tim Fox said:
It can be confusing at times , the answer to your question is the break even point, it's shown in the graph that's posted here , see where all the lines interacted, taking as at 62 gives me right at 80,000 dollars between 62 and 81 years old , I can do so much with 80k before I die, my chances of making 81 is very slim, plus we have other retirement income to supplement with
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That makes sense. My wife and I have both been conscientious about investing in our retirement funds so we should be doing well with additional income. Plus I don't imagine living much past 80 or so(and after seeing my dad degrade and currently seeing my mom do so, I don't think I want to).
 
GreatwhiteNorth

GreatwhiteNorth

Global Moderator
Staff member
I took it at 62 and though my health and family history is very good I thought it prudent to just do it. Additionally I receive CG retirement, VA bennies, and a 401 stipend in addition to the SS. I'm making more now than I did when I was working! Life is very good.
 
Sir Napsalot

Sir Napsalot

Well-Known Member
GreatwhiteNorth said:
I took it at 62 and though my health and family history is very good I thought it prudent to just do it. Additionally I receive CG retirement, VA bennies, and a 401 stipend in addition to the SS. I'm making more now than I did when I was working! Life is very good.
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My wife got laid off for several months during The covid and was getting an extra $600 a week on top of her unemployment payments and it wasn't taxable
 
BarnBuster

BarnBuster

Virtually Unknown Member
Sir Napsalot said:
I've got too much stuff at this point. I'm never going to use any of the NOS parts for old German turntables that I hoarded years ago
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I got a bunch of "stuff" as well and since moving into an apt about 15 years ago, no room to store any of it. I had a chance to invest in a store and lockit biz about 25 years ago but thought, "How the hell could anyone make any money with this?".
Now, around here, a 10x10' unit, outside, runs about $90 mth.

deej2 said:
My wife and I have both been conscientious about investing in our retirement funds so we should be doing well with additional income.
Click to expand...
I dicked around in my 20's and 30's and didn't really start investing heavily in 401's, IRA's then TSP's until then. Could have retired at 50 if I had started earlier and stopped doing dumb shit. At the end of my working career, I would preach to the youngsters they should invest until it hurts. They would roll their eyes and think, "What does this old bastard know?". (Much like I did at their age) :hump:
 
Side ways Onion

Side ways Onion

Well-Known Member
Sir Napsalot said:
I've got too much stuff at this point

I'm never going to use any of the NOS parts for old German turntables that I hoarded years ago
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I had a good laugh at this, us old weed heads have collected some stuff over time, I think I'm a selective hauder ........ tools are my go to if a tool joins my collection it never leaves even if it breaks it gets used for something else.
 
JeffWix

JeffWix

Well-Known Member
Side ways Onion said:
I had a good laugh at this, us old weed heads have collected some stuff over time, I think I'm a selective hauder ........ tools are my go to if a tool joins my collection it never leaves even if it breaks it gets used for something else.
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Lol...until last year when I remodeled my basement...I had over 500 western saddles and 600+ English saddles stacked on saddle racks. They were either bought, won or sent by sponsors. I used to compete in western disciplines and rodeo as well as Eventing, Polo and Gymkhana.
I pulled the ones I wanted and a buyer came in and bought the lot. It was unreal when I started hauling them out and realized how many were actually down there.
I have other collections too..I have a bunch of old muscle cars/ race cars in various conditions. 69 SS Camaro, 69 Mach1, 71 Cuda, 2-68 fast back Cudas- both drag race cars...tools welders boats various horse tack...I've collected a lot of shit in my 58 years...I have a whole shed full of fishing tackle rods n reels spare out board engines etc ..
It's amazing the shit one can gather in 58 yrs!
 
GreatwhiteNorth

GreatwhiteNorth

Global Moderator
Staff member
BarnBuster said:
I dicked around in my 20's and 30's and didn't really start investing heavily in 401's, IRA's then TSP's until then. Could have retired at 50 if I had started earlier and stopped doing dumb shit. At the end of my working career, I would preach to the youngsters they should invest until it hurts. They would roll their eyes and think, "What does this old bastard know?". (Much like I did at their age) :hump:
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I didn't have really much savings when I retired from the CG - Started investing heavily in 401 & retired again 20 years later with 500K in that account. I try to tell anybody who will listen to start early & make it hurt, you'll be glad you did when you are our age.
 
Tim Fox

Tim Fox

Well-Known Member
BarnBuster said:
I got a bunch of "stuff" as well and since moving into an apt about 15 years ago, no room to store any of it. I had a chance to invest in a store and lockit biz about 25 years ago but thought, "How the hell could anyone make any money with this?".
Now, around here, a 10x10' unit, outside, runs about $90 mth.



I dicked around in my 20's and 30's and didn't really start investing heavily in 401's, IRA's then TSP's until then. Could have retired at 50 if I had started earlier and stopped doing dumb shit. At the end of my working career, I would preach to the youngsters they should invest until it hurts. They would roll their eyes and think, "What does this old bastard know?". (Much like I did at their age) :hump:
Click to expand...
I closed a retirement account in my twenties and moved across state lines , looking back I wish I would have left that money there, it was from 4 years of work on a city job, but all these years later I would have added up and at least be part of my retirement portfolio, but alas I'm doing ok, happy to hear the rest of you are making ends meet
 
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