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Re: Introduce yourself here!
Old 08-14-2005, 10:49 AM   #401
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Re: Introduce yourself here!

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Re: Introduce yourself here!
Old 08-14-2005, 10:51 AM   #402
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Re: Introduce yourself here!

very true when considering some of the fast-food joints around here....

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strategies for the income drop
Old 08-14-2005, 02:50 PM   #403
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strategies for the income drop

I just semi-ER'd (mostly due to boredom). My early retirement pays me a DB pension (inflation proofed) of $50k, plus family medical insurance (at no cost). I'm 53, my wife is 48. Married 15 years, 11-year old in the nest. I just took a tenure-track teaching position at our local university to sort of "ease" into retirement. My pay there is only $52k, lower than I've made for over 20 years. My wife still works, making $70k. She'll have a somewhat less lucrative DB pension (~$20k), beginning when she turns 55. We are debt free, including owning our modest home outright. It's a duplex and provides $15k/year in gross rental income, plus some nice writeoffs, so we live for better than free here, in terms of shelter and utilities, about a $6,000 net. Our income is close to $190k right now, but our expenses are about $50k/year, net of taxes. We have about $850k in investments, excluding the duplex. The big "BUT" is that we intend to bail out totally in 3 years and live just on my pension, rents, and a small draw on our portfolio of 2%/year. That will drop our income to about $80k for 4 years, until my wife's pension starts. I'm wondering if we should move to a lower cost of living place (the COL here is about 130% of US average). I've lived in Alaska most of my adult left, since I fled the rat race San Francisco in 1975. We'd like to travel a bit when we're fully retired so that may raise our expenses significantly. We are so cut off from the lower-48 life-style (such as it is), that I can't believe the cost of living numbers in the lower 48. Is it really so much cheaper there? Here we pay no state taxes, harvest a fair amount of our food from the wilderness, and our property taxes are only $3k/year on the $350,000 duplex. Our utilities are high, as are services, especially medical. But, as I said, the medical is covered. How can I get an idea of what our budget would look like in the lower 48? ACCRA and Runsheimer seems to be so skewed as to have no connection with my reality.
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Re: strategies for the income drop
Old 08-14-2005, 03:25 PM   #404
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Re: strategies for the income drop

Quote:
Originally Posted by wildedge
I just semi-ER'd (mostly due to boredom). My early retirement pays me a DB pension (inflation proofed) of $50k, plus family medical insurance (at no cost). I'm 53, my wife is 48. Married 15 years, 11-year old in the nest.* I just took a tenure-track teaching position at our local university to sort of "ease" into retirement.* My pay there is only $52k, lower than I've made for over 20 years. My wife still works, making $70k.* She'll have a somewhat less lucrative DB pension (~$20k), beginning when she turns 55. We are debt free, including owning our modest home outright. It's a duplex and provides $15k/year in gross rental income, plus some nice writeoffs, so we live for better than free here, in terms of shelter and utilities, about a $6,000 net. Our income is close to $190k right now, but our expenses are about $50k/year, net of taxes. We have about $850k in investments, excluding the duplex. The big "BUT" is that we intend to bail out totally in 3 years and live just on my pension, rents, and a small draw on our portfolio of 2%/year. That will drop our income to about $80k for 4 years, until my wife's pension starts. I'm wondering if we should move to a lower cost of living place (the COL here is about 130% of US average).* I've lived in Alaska most of my adult left, since I fled the rat race San Francisco in 1975. We'd like to travel a bit when we're fully retired so that may raise our expenses significantly. We are so cut off from the lower-48 life-style (such as it is), that I can't believe the cost of living numbers in the lower 48.* Is it really so much cheaper there? Here we pay no state taxes, harvest a fair amount of our food from the wilderness, and our property taxes are only $3k/year on the $350,000 duplex. Our utilities are high, as are services, especially medical. But, as I said, the medical is covered.* How can I get an idea of what our budget would look like in the lower 48? ACCRA and Runsheimer seems to be so skewed as to have no connection with my reality.
Wildedge: Where did you get the idea that the cost of living is much cheaper in the lower 48?

With your net=worth, multiple pensions, etc., you could probably live anywhere you wanted without any financial problems.

Solution: Live in an area that would give you the lifestyle you'd like to have.

(This was an easy one.

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Re: Introduce yourself here!
Old 08-14-2005, 03:45 PM   #405
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Re: Introduce yourself here!

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Ah yes - the life cycle of the human turd - one of my minor interests in ER.

What is the case for chlorine first, then areobic - before the lagoon

My swamp cane and cattails are double the height of the - other guys.

- what do they say, the grass is always greener on the other side of the septic tank.
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Re: Introduce yourself here!
Old 08-14-2005, 06:49 PM   #406
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Re: Introduce yourself here!

Hmmm

Brackish water - water table is above ground many times during the year. Septic tanks are out - unless up on pilings(there's one across the road) or float with proper moorings.

Back in the old days - septic drain fields were great for lilac's - in the PacNW.
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Re: Introduce yourself here!
Old 08-14-2005, 10:03 PM   #407
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Re: Introduce yourself here!

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I may not agree with JG's alternative path to ER, but it is nice to see an occasional message that opposes the high-volume, liberal/baby-boomers that spout the old Democrat talking points...

I don't trust ANY baby-boomer, especially a liberal-Democrat, with my well-being or future.
I've experienced too many examples of B4 (Baby-Boomers Behaving Badly).

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Re: strategies for the income drop
Old 08-14-2005, 10:12 PM   #408
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Re: strategies for the income drop

Quote:
Originally Posted by wildedge
I just semi-ER'd (mostly due to boredom). My early retirement pays me a DB pension (inflation proofed) of $50k, plus family medical insurance (at no cost). I'm 53, my wife is 48.
Sounds like a retired Alaska state employee (except for the inflation-proofed part). State penisons are not inflation-proofed in the early years, and only partially later.

Quote:
Originally Posted by wildedge
We are so cut off from the lower-48 life-style (such as it is), that I can't believe the cost of living numbers in the lower 48. Is it really so much cheaper there? Here we pay no state taxes, harvest a fair amount of our food from the wilderness, and our property taxes are only $3k/year on the $350,000 duplex. Our utilities are high, as are services, especially medical. But, as I said, the medical is covered. How can I get an idea of what our budget would look like in the lower 48? ACCRA and Runsheimer seems to be so skewed as to have no connection with my reality.
Where in Alaska do you live? Where did you find the 130% statistic? If you live in Anchorage or Fairbanks, I think the 130% is simply not true. If you live in Bethel or Nome, then that sounds about right. Juneau--maybe 115%. Just running off memory here but I had to negotiate a contract recently where this stuff came into play.

If you live somewhere like Nome, then I strongly suggest that you go down south long enough to get a feel for the lifestyle before you even consider such a move. You might find yourself shell-shocked after just a couple months.

Unless you move to somewhere like the deep south, or the Dakotas, you might be disappointed in how little you save due to COL. If you move to California and have to buy a house, you might realize how lucky you are where you are.
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Re: Strategies for the income drop
Old 08-15-2005, 07:45 AM   #409
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Re: Strategies for the income drop

Quote:
Originally Posted by wildedge
That will drop our income to about $80k for 4 years, until my wife's pension starts.

I'm wondering if we should move to a lower cost of living place (the COL here is about 130% of US average).
Welcome to the board, Wild!

We're raising a 12-year-old on less than $75K/year on Oahu which includes a mortgage. Sounds like your plan will work fine unless you're planning on living in the Bay area, LA, DC, or some other expensive part of the country. One ballpark number that frequently arises is $24K/year so, even with state taxes, being able to handle up to $50K/year gives you plenty of maneuvering room. Medical insurance costs could be an issue?

One issue that you didn't mention is whether you'll be keeping the duplex as a remote landlord or whether you'll be fleeing with your equity to buy a new home. That capital expense may make a difference to your portfolio but you definitely want to visit a few different places for a few months each before you make any changes. Again if you're spending $350K in most areas of the country you won't have any problem.

While statisticians can gather data & analyze just about anything, I wonder how good that COL data is. I don't know whether you're getting "average" or "median", and I'm sure that bell curve has very fat tails. You're gonna have to find a part of the country you can live with (I'm guessing that it won't have warm weather?) and then figure out the COL from their local data.
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Re: Introduce yourself here!
Old 08-27-2005, 09:20 PM   #410
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Re: Introduce yourself here!

Hello All: Still finding my way around this site but I will introduce myself. I moved from Canada to US about three and a half years ago. Without really intending to I found that I have become semi-retired down here. I work full out during tax season but rest of year I can only get part-time work so I get to play golf a few times a week.


I am one of those people who do a lot of projecting what our income will be in retirement, then turn around and wonder if my projection will end up on the money. I suspect that if my health is good I will continue to work part-time into my early 70's because I enjoy the personal contacts and the money doesn't hurt.

I suppose it is OK to ask the question here: What does the acronym FIRE stand for?

Fletch52
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Re: Introduce yourself here!
Old 08-27-2005, 09:48 PM   #411
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Re: Introduce yourself here!

Quote:
Originally Posted by Fletch52
I suppose it is OK to ask the question here: What does the acronym FIRE stand for?

Fletch52
Welcome Fletch. Check out this link:

http://early-retirement.org/forums/i...p?topic=3778.0
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Re: Introduce yourself here!
Old 09-14-2005, 07:52 PM   #412
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Re: Introduce yourself here!

Hi to any Alaskans out there. I just turned 51 and am quitting work in December.
29 yrs of Alaskan winters is enough and I thought I'd spend some time with family in Hawaii this winter.
Yeah I know, why would you ever trade Hawaii for Alaska?
Hawaii=expensive, crowded, fished out
Alaska=reasonable, wide open, fishing nirvana
I am in a "transition period", not retirement and any tips on what to do/not to do are welcome! I think one dilemma I'm facing is option overload! Travel, volunteer, start a business, etc, etc. and the excitement is building.
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Re: Introduce yourself here!
Old 09-15-2005, 07:17 AM   #413
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Re: Introduce yourself here!

Hi Ya'll .. I'm new here too, been luring for a while and think I'll enjoy this forum.

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Re: Introduce yourself here!
Old 09-29-2005, 11:57 AM   #414
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Re: Introduce yourself here!

Newly found site, looks interesting so far. Am probably one of the many that listened and relied for so many years on financial advisors. Would like to have a little more control over retirement investments. Am currently 57 and would like to retire sometime before they plant me in the ground. Unfortunately, do not have a pension to fall back on either. Investments are around 70k, and I am running out of "Time", like so many others in the same boat. I have read that having a financial person handling your investments is not such a good idea, and using the internet is more advantageous?? I could use some guidance here - in simplistic terms so I can understand. Thanks.
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Re: Introduce yourself here!
Old 09-29-2005, 12:03 PM   #415
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Re: Introduce yourself here!

Quote:
Originally Posted by AJL
Newly found site, looks interesting so far. Am probably one of the many that listened and relied for so many years on financial advisors. Would like to have a little more control over retirement investments. Am currently 57 and would like to retire sometime before they plant me in the ground. Unfortunately, do not have a pension to fall back on either. Investments are around 70k, and I am running out of "Time", like so many others in the same boat. I have read that having a financial person handling your investments is not such a good idea, and using the internet is more advantageous?? I could use some guidance here - in simplistic terms so I can understand. Thanks.
Welcome. You have found the mother lode of ER info (along with some
real interesting people) . Give us some more data please. You will be
amazed at what you can find here.

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Re: Introduce yourself here!
Old 10-22-2005, 03:34 AM   #416
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Re: Introduce yourself here!

Hi AJL,

That all depends.

For some it will be great help if they 1) know nothing about investments and; 2) are unable or unwilling to take the time to learn.

For those who are willing to read a few books and education themselves, then you're paying someone commission, fees or both, none of which one can afford as investments don't usually produce vast rewards above inflation over time. Here in the UK advisors are commission based, so you're paying 5% sales loads, plus 3% to advisors, plus 0.50% of the balance on the fund to the advisor forever on an annual basis! There are not the range of index funds that there are in the US, so few people know how to avoid this situation. But one certainly cannot afford the cost of the advisors. I looked in their official magazine and the salaries quoted are $100k+ in some cases, way way more than the average income of those investing under their "guidance." So I think they're making a mint, while others don't accumulate funds all that fast net of fees, commissions, loads, taxes and inflation.

Petey

Quote:
Originally Posted by AJL
Newly found site, looks interesting so far. Am probably one of the many that listened and relied for so many years on financial advisors. Would like to have a little more control over retirement investments. Am currently 57 and would like to retire sometime before they plant me in the ground. Unfortunately, do not have a pension to fall back on either. Investments are around 70k, and I am running out of "Time", like so many others in the same boat. I have read that having a financial person handling your investments is not such a good idea, and using the internet is more advantageous?? I could use some guidance here - in simplistic terms so I can understand. Thanks.
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Re: Introduce yourself here!
Old 11-03-2005, 10:11 AM   #417
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Re: Introduce yourself here!

Hi, Eric here. I choose to retire reluctantly. I was lay off by the company I worked for 20 years and cut again by a startup company where I worked for about 3 months. I am a software engineer and after working in this industry for 33 years, I decided to call it quit. My wife is still working full time, but she works 2 days at the office and others at home.


Financially, we are ready for retirement, but I am still full of energy and in good health. I am 60 years old and would like to get some suggestion how to be a volunteer. I have never done any volunteer work before and I think with all the time I have, I can really help.

Eric
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Re: Introduce yourself here!
Old 11-03-2005, 10:39 AM   #418
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Re: Introduce yourself here!

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Originally Posted by eric1821
Financially,* we are ready for retirement,* but I am still full of energy and in good health.* I am 60 years old and would like to get some suggestion how to be a volunteer. I have never done any volunteer work before and I think with all the time I have,* I can really help.

Eric
Welcome to the board, Eric.

You may not want to pick up a new responsibility so quickly. Someday I'll volunteer at Habitat for Humanity... as soon as we finish getting our own habitat suitable for humanity. Any day now.

But if you're looking for volunteer work, local newspapers frequently have an inset box titled "Volunteer Scene" listing the local volunteer organizations and their needs. The difference is that now you have the time to shop around and to think about what you want to do. Go slow-- you don't want to replace a full-time job with another full-time obligation...
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Re: Introduce yourself here!
Old 11-03-2005, 10:57 AM   #419
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Re: Introduce yourself here!

Thanks. definitely I don't want to replace a full time work with another. I will take your advice to take it slow. I have few relatives that I plan to visit. My sister lives at Los Altos - a small town in northern California and I was there last month. Another brother in Vancouver. I also went back in July to Taiwan where my mother is there, she is 84 years old, but very health, and I am very grateful for that. I plan to fulfil my lifetime dream of cruise vacationing to Europe next year. I have two kids, both were graduated this May. My son is now a lawyer with an IP firm and my daughter is a first year architect at a San Antonio architecture firm. Life is good to me.

In the beginning, I didn't quite adjust to the early retirement life. It is getting better now. I still do some conservative stock tradings and I love to bicycle ride and book reading, both English or Chinese books.

I will investigate before I commit myself to a volunteer job.

Eric
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Re: Introduce yourself here!
Old 11-03-2005, 11:31 AM   #420
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Re: Introduce yourself here!

Think about what you really love to do and see if there is a volunteer opportunity. I love to garden, I can become a master gardener and volunteer in various community gardening programs. I have strong feelings about healthcare reform, so I volunteer to help lobby for some changes. I love music and I wanted to honor my father who loved music, so I joined the symphony board. I want more economic development that helps the poor and underclass, so I was on a board for many years that made microloans to start up businesses.

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