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Old 02-13-2009, 01:54 PM   #21
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Does OP live in California or Mississippi? Is OP's hobby international travel or knitting? Hamburger steak with ketchup or filet?

Expenses is the big variable here.
Not the OP but Mississippi here and hamburger steak with ketchup. Sometimes I'll blow it out and have catfish with tartar sauce. Drinking a Natural Light as I type this.
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Old 02-13-2009, 02:11 PM   #22
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Originally Posted by ziggy29 View Post
Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
Or perhaps an income stream from something like, oh I don't know, uh..real estate with a property manager so it's passive!
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Old 02-13-2009, 02:27 PM   #23
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Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
It's not even close to an impossibility. Most people retire with far less. If I were 49 with $500,000 or more in after tax savings i'd retire. I live in a low cost area where most live on $1xxx/mo. I've never had a continuous outflow that topped $1200/mo.
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Old 02-13-2009, 02:27 PM   #24
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Not the OP but Mississippi here and hamburger steak with ketchup.
Special occasions I'll go hamburger steak with three little dipping cups one each of ketchup, horseradish, and soy sauce. We're talking 85% hamburger here, not the cheap stuff.
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Old 02-13-2009, 02:29 PM   #25
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It's not even close to an impossibility. Most people retire with far less. If I were 49 with $500,000 or more in after tax savings i'd retire. I live in a low cost area where most live on $1xxx/mo. I've never had a continuous outflow that topped $1200/mo.
I suspect you might be considered a reasonable fit for ziggy's "austere" clause.
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Old 02-13-2009, 02:34 PM   #26
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I suspect you might be considered a reasonable fit for ziggy's "austere" clause.
Compared to people on here, yes. However, millions of people live on as little or less than I do. Although most of them do it out of necessity. I do it out of a strong desire to not have to work any longer than possible.
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Old 02-13-2009, 02:54 PM   #27
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I agree, in fact I'd put forth it's (b)illions.

Everyone has their own balance of where the fuzzy line of additional years of work vs. additional luxuries in life may lie, and I don't think anyone's pointing a finger at anyone else in judgement for being able to be content with a simpler lifestyle.
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Old 02-13-2009, 04:20 PM   #28
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Or perhaps an income stream from something like, oh I don't know, uh..real estate with a property manager so it's passive!
Silly me. I forgot the One True Way....
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Old 02-13-2009, 04:29 PM   #29
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I retired from fulltime w*rk last year at age 49 with less than 800k portfolio plus about 325k set aside to build a house. I do work at H&R Block (during tax season only) to pull in $4-5k per year.

Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible. I have reduced spending by about 500 per month to lessen the initial hit to the portfolio (currently 650k) during these early years of retirement. No pension awaits, just Social Security. Not panicking yet...
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Old 02-13-2009, 06:09 PM   #30
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This thread is inspiring me. My wife's company is closing their local plant. After 34 years she will get non-cola pension, along with company health insurance (currently our cost is about $200 per month), and about 2 years of severance pay. We are both 54 and the fact that we could survive without working makes us happy to know.
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Old 02-13-2009, 06:10 PM   #31
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I think you can retire on less than 1 million quite easily if you move to Mexico and buy into their national health plan. Less money means you have to be more creative, but it can be done.
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Old 02-13-2009, 06:21 PM   #32
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A couple of years ago Barron's ran an article about a guy who did it with 600k; I wonder how he's doing?

My original question inplied 1 million or less w/o fancy pensions, COLA products/add ons etc.
A little less than a million without a pension at age 50--that's 12 years til SS, 15 til medicare--is a little scary imho. The smaller the nest egg, the scarier it would get for me.

That's a lot of years in retirement to cover, a lot of health insurance to buy.
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Old 02-13-2009, 06:28 PM   #33
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A little less than a million without a pension at age 50--that's 12 years til SS, 15 til medicare--is a little scary imho. The smaller the nest egg, the scarier it would get for me.

That's a lot of years in retirement to cover, a lot of health insurance to buy.

I think it would be a lot less scarey for a single person with no debt then a couple .
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Old 02-13-2009, 07:07 PM   #34
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We had close to $1M when we ER'd 6 years ago - now, everything's down more than 50%. I can't even believe it... We cancelled cable, don't eat or drink out, dumbed down all utilities, phone, internet and are just holding on - don't know if we will have to get jobs. Just waiting...
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Old 02-13-2009, 07:12 PM   #35
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What about the state of MA, with its insurance plan? If you had little income I think the insurance would be cheap. Some parts of MA are cheap to live in (western probably).
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Old 02-13-2009, 09:43 PM   #36
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Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible.
Could you say more about this? Can anyone just move there and buy into the Canadian health insurance? Puzzled by this comment.

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Old 02-13-2009, 10:40 PM   #37
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Silly me. I forgot the One True Way....
It is one thing to know The One True Way but another to walk it. Wait, I heard that somewhere. Must have been a religious revelation.
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Old 02-14-2009, 09:02 AM   #38
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Sold the source of the -$50K debt for a reasonable profit (like about net $65K) put it into savings (Long term CD's and did not redeem them except to roll them over, for the most part) - Retired Pay COLA'd - now SS COLA'd - Personal Savings - 2% SWR - I little part-time work to eat - very low medical costs - it can be done. No strategy except maybe keeping living expenses way down.
Just curious what is your annual spending?
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Old 02-14-2009, 09:22 AM   #39
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Could you say more about this? Can anyone just move there and buy into the Canadian health insurance? Puzzled by this comment.

Thanks,
spncity
My mistake...I should have said 'emigrated' from the US to Canada. No, you cannot just pick up and move to another country. My partner and I are US citizens, so we applied to become Permanent Residents of Canada through the government ministry Citizenship and Immigration Canada Welcome to Citizenship and Immigration Canada

We applied under the Skilled Worker class where there is a point system to qualify...points are based on work history, education level, age, ability to speak one of Canada's two national languages, etc. The whole process took 15 months to complete and cost about $3000.

There's a long thread about Moving to Canada, including my story, in the forum here
FIRE to Canada
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Old 02-14-2009, 09:50 AM   #40
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Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible.
We are fortunate that we are able to move to the UK should the need arise. After 6 months residency we would be covered by the NHS, plus private insurance is also available as a supplement.

It is not something we want to do - we love it here and our children have grown up and live here - but it is a safety net that is nice to have.
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