Retirement Targets

[mkadl]

In California it's not unusual to see families having a picnic at a grave. 4-6-8 people with a blanket down and having lunch with a dead relative. I guess I see beauty in that, but it's not something that really hits home with me.

They also show movies at some cemeteries there.

Not sure I've seen that in Iowa.

I would rather not be like California in this example. The obligation of visiting headstones has never been a great ritual of mine.

 

[JEFF420]

In California it's not unusual to see families having a picnic at a grave. 4-6-8 people with a blanket down and having lunch with a dead relative. I guess I see beauty in that, but it's not something that really hits home with me.

They also show movies at some cemeteries there.

Not sure I've seen that in Iowa.

i'd say the majority of action in iowa is teens looking for some privacy. thats what i did

 

[kirk89gt]

Speaking about retirement, any suggestions on places to check out? Here are my must haves:

Warm
Low humidity
Somewhat affordable
Within an hour of a decent airport

So far we've checked out:

Palm Springs-Love it, too expensive
San Diego-Love it, WAY too expensive
Phoenix-Suburbs are nice, enjoyed our time there.
Tucson-Really liked Tucson. A little cooler than Phoenix, a lot smaller, a lot more relaxed.
Vegas-Been to Vegas a lot but never any of the suburbs.
St. George-Never been but looks nice
Albuquerque-Never been but my wife didn't seem to love it

I feel like I'm missing some smaller areas but the desert states don't seem to have as many options.

​

Other options?

St. George is pretty nice as is Utah in general. I would add Cedar City, UT to the list (a little further north of St. George). Also Mesquite, NV. A little south of St. George. All on the I15 corridor.

 

[kirk89gt]

Genuinely curious, how? I'm over the $200k mark at 32 and I feel like I'm behind. Certain professions with pensions maybe I could see it, but anyone who has to live off 401k's, Roth's and other savings plus SS, that number seems extremely low.

I know and understand how one can feel like they are behind. Look for the mile markers (both good and bad) and judge yourself based on that.

200k at your age is great! Well done! Project that forward using the rule of 72 and you have somewhere between 3 (6% yoy returns) and 4(9% yoy returns) doubles of that original 200k over the next ~35 years. That is the power of time and compounding interest.

One can make the argument that you could “coast” and it would be enough to retire on - though I get the sense that isn’t how you’re wired.

Keep socking away the savings and you will be fine.

Also keep in mind that the gap between “more” and “enough” never closes.

 

[TitanClone]

I know and understand how one can feel like they are behind. Look for the mile markers (both good and bad) and judge yourself based on that.

200k at your age is great! Well done! Project that forward using the rule of 72 and you have somewhere between 3 (6% yoy returns) and 8 (9% yoy returns) doubles of that original 200k over the next ~45 years. That is the power of time and compounding interest.

One can make the argument that you could “coast” and it would be enough to retire on - though I get the sense that isn’t how you’re wired.

Keep socking away the savings and you will be fine.

Also keep in mind that the gap between “more” and “enough” never closes.

Oh I know I'm fine. I also don't have any home equity at the moment, plan to buy in the next year or so and hopefully not touch any of my 3 investments accounts but my savings will be a whole lot less for awhile. I also want to retire well before 65 (assuming health care changes) or at least get a more relaxed job by 55.

 

[BCClone]

I know and understand how one can feel like they are behind. Look for the mile markers (both good and bad) and judge yourself based on that.

200k at your age is great! Well done! Project that forward using the rule of 72 and you have somewhere between 3 (6% yoy returns) and 8 (9% yoy returns) doubles of that original 200k over the next ~45 years. That is the power of time and compounding interest.

One can make the argument that you could “coast” and it would be enough to retire on - though I get the sense that isn’t how you’re wired.

Keep socking away the savings and you will be fine.

Also keep in mind that the gap between “more” and “enough” never closes.

Next 45 years?????? Guessing he doesn’t want to wait until 77 to retire.

 

[kirk89gt]

Next 45 years?????? Guessing he doesn’t want to wait until 77 to retire.

Fat fingered it…….fixed it.

 

[kirk89gt]

Thanks, but I am nothing special, my wife and I just played the hand we were dealt. It was difficult at times, but it also brought us together as a family. It truly made our two sons, better husbands and fathers growing up with their handicapped sister.

We had a friend that also had a handicapped daughter, after her daughter passed we went to the funeral to see how she was doing. She pulled us aside and said very plainly "my journey through this hell has ended, I pray that you have the strength to continue your journey."

I would not want my worst enemy to have to go through the pain of having a handicapped child, and no one but those that have lived it day by day, year after year, knows what it is truly like.

Can we get back to talking about the topic of retirement,please.

In all honesty, one of my main goals of retirement / passing on will be to help provide hopefully enough of a war chest for our handicapped son to have a decent quality of life for the remainder of his years. His limitations will require some form of daily living assistance, but he will be able to work and earn a living at a TBD job/rate. I don’t want to him to have to rely on the state if at all possible, but they put you between a rock and a hard place with their income limits.

 

[Ms3r4ISU]

In all honesty, one of my main goals of retirement / passing on will be to help provide hopefully enough of a war chest for our handicapped son to have a decent quality of life for the remainder of his years. His limitations will require some form of daily living assistance, but he will be able to work and earn a living at a TBD job/rate. I don’t want to him to have to rely on the state if at all possible, but they put you between a rock and a hard place with their income limits.

Absolutely.

 

[1SEIACLONE]

In all honesty, one of my main goals of retirement / passing on will be to help provide hopefully enough of a war chest for our handicapped son to have a decent quality of life for the remainder of his years. His limitations will require some form of daily living assistance, but he will be able to work and earn a living at a TBD job/rate. I don’t want to him to have to rely on the state if at all possible, but they put you between a rock and a hard place with their income limits.

Good luck building up his war chest, its hard to predict how much money a handicapped person will need to just get by 20 to 30 years down the road. The one thing we found out anything that deals with handicapped people the price is 1.5 or more than what it would cost for a normal person.

The government penalize people like you that are trying to do the right thing and putting money away will qualify for little or no state or federal aid until all the money is used up.

Good luck to you.

 

[Stormin]

Good luck building up his war chest, its hard to predict how much money a handicapped person will need to just get by 20 to 30 years down the road. The one thing we found out anything that deals with handicapped people the price is 1.5 or more than what it would cost for a normal person.

The government penalize people like you that are trying to do the right thing and putting money away will qualify for little or no state or federal aid until all the money is used up.

Good luck to you.

I have heard of some people putting funds in a special needs trust. Thought those funds were exempt from Title 19 garnishment.

 

[kirk89gt]

I have heard of some people putting funds in a special needs trust. Thought those funds were exempt from Title 19 garnishment.

Hmmmm……..Sounds like something I will need to explore……

That estate stuff is so complicated and messy and that is on a good day……SMH….

 

[1SEIACLONE]

I have heard of some people putting funds in a special needs trust. Thought those funds were exempt from Title 19 garnishment.

We had one for daughter, when you needed funds for something large, like a handicapped van, our lawyer had to go before a judge and prove need. It was never a problem, and after her passing on the funds were left to us. We never collected SSI payments and used our insurance to cover her needs. I think the cost was a couple grand a year, but the trust paid for all of the costs.

You really have to hire a good lawyer and everything has to be documented well, but its the best way to handle if you have money put away or receive some type of settlement.

 

[NWICY]

Is this the first thread in the history of CF to cover economic and societal issues in a respectful/informative matter?

Where am I again?

Ssshhhhh don't wreck it.

 

[NWICY]

49% of people don't pay sales tax? How do I get that deal!

Income tax

 

[NWICY]

Wow this sounds like my mother. My mother is 89, she drove her whole life and even when she was retired in her late 70's, she would drive 20k+ miles a year. About 4 years ago she told me that for other peoples safety, it was time to hang up the keys. I was so happy she made that decision on her own because we have other family members that we forced the keys from them.
My mother is also constantly complaining about being bored. At her age, all of her friends are dead and she really doesn't have anything to talk about. So every time I talk to her, it's basically the same story over and over.

Are there any senior citizen centers nearby that she can visit to mix things up a little?

 

[boone7247]

In all honesty, one of my main goals of retirement / passing on will be to help provide hopefully enough of a war chest for our handicapped son to have a decent quality of life for the remainder of his years. His limitations will require some form of daily living assistance, but he will be able to work and earn a living at a TBD job/rate. I don’t want to him to have to rely on the state if at all possible, but they put you between a rock and a hard place with their income limits.

If you haven’t already talk with a lawyer and accountant about a special needs trust. It should help with the income limits issue you mention.

 

[CycloneSpinning]

I'm all for that too. But I don't trust the government to do so, so instead of rich, white old men deciding where our money should be spent - my answer is to give it directly to the people and let them decide where to spend it.

Sure, but how do you solve the problem that some people are savers and financially responsible…and others would spend large chunks of their UBI on infomercial purchases, knick-knacks, impulse buys, etc.?

I’m not opposed to helping people…or finding a path toward pulling people out of poverty, but the problem goes beyond income in many cases. And I do find it hard not to believe we wouldn’t run into an inflation issue. Essentially…if everyone gets $20,000 or whatever it would be, would that amount even really exist or would prices in aggregate end up being inflated by that amount?

 

[qwerty]

But giving everyone 65 and older $4k per month is sacrosanct?

I think UBI is interesting, at least worth looking at. It would certainly be a hell of a lot cheaper and more efficient to implement than the 100 other welfare programs we do now.

"giving"? I believe those are just repayments of money loaned to the government during many years of working.

 

[BCClone]

Sure, but how do you solve the problem that some people are savers and financially responsible…and others would spend large chunks of their UBI on infomercial purchases, knick-knacks, impulse buys, etc.?

I’m not opposed to helping people…or finding a path toward pulling people out of poverty, but the problem goes beyond income in many cases. And I do find it hard not to believe we wouldn’t run into an inflation issue. Essentially…if everyone gets $20,000 or whatever it would be, would that amount even really exist or would prices in aggregate end up being inflated by that amount?

The idea that the poster presented would cut welfare programs and just writchrcks to everyone. Idea being you would eliminate government waste and largeness essentially