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Old 05-28-2016, 07:12 AM   #21
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A nest egg?

A real or artificial egg left in a nest to induce hens to lay eggs?
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Old 05-28-2016, 08:23 AM   #22
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A nest egg?

A real or artificial egg left in a nest to induce hens to lay eggs?
Beware the ones deposited by a Cuckoo.
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Old 05-28-2016, 09:51 AM   #23
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Didn't read the article but chart talks about "more freedom" not happiness. Retirement would certainly allow for more freedom. Also, people are generally pretty good at making the most out of their situation, thus no reason to believe their happiness is strictly dependent on wealth. Now if you were to ask people "if they would be happy to lose half their assets". I'm pretty sure I know the answer.
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Old 05-28-2016, 12:32 PM   #24
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Dirk Cotton has some interesting posts regarding retiree bankruptcies. He states it's unlikely based on research that those bankruptcies derived from sequence of returns risk or PF failure. More likely, they result from financial shocks from which a retiree is unable to recover.

As a result of reading these posts, I began to look at retirement from a different angle with respect to insulating myself (as much as is humanly possible) from financial shocks. My thinking in doing so is that such "insulation" will help insure PF survival and retirement success. I found this longer term Society of Actuaries study using real life retiree cohorts this particularly illuminating:

https://www.google.com/url?sa=t&rct=...uuo6RL7OK6y2aw
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Old 05-28-2016, 12:46 PM   #25
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Sorry, I am not giving up my Millions to be more happy
Made me chuckle, great post!
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Old 05-28-2016, 01:44 PM   #26
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Many can derive happiness just by looking at their millions. Nowaways, it's not even a pile of cash, or shiny gold bars. It's just a number on the computer screen.
Woa, hold on there. What did you just say? Maybe we don't actually have any money at all? Perhaps it's all just numbers on a computer screen?
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Old 05-28-2016, 04:45 PM   #27
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Many can derive happiness just by looking at their millions. Nowaways, it's not even a pile of cash, or shiny gold bars. It's just a number on the computer screen.
Woa, hold on there. What did you just say? Maybe we don't actually have any money at all? Perhaps it's all just numbers on a computer screen?
Impossible! NW-Bound has assured us that the figure below shows him with his money. Numbers? Computer screen? Nope, nope, nope. He is just saying that to keep us from feeling bad.
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File Type: jpg 17kdjxvdqvygyjpg.jpg (79.3 KB, 51 views)
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Old 05-28-2016, 10:57 PM   #28
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I buy it. For 50+ year olds, many are drawing pensions or SS or very close to SS age. Lots have paid off their 30 year mortgages (or the payment is so tiny it's nothing).

My grandma would certainly vote in the affirmative on this poll even though her SS is pretty small and she has a very low five figure bank account (plus paid off house). No way she would voluntarily go back to waking up at 4:30 am to make the rounds on the chicken farm collecting eggs at 5:30 and repeat that 4x per day till 6 pm. 7 days per week. Farming is hard, collecting an SS check and living on a "fixed income" and permits much more freedom to do whatever one wants.

My parents in-laws, with the same tiny SS payments ($1500/mo total after medicare part B deduction) and a very low 5 figure bank balance would agree. No more crawling in tight spaces, sweating in the sun all day, or stooping over circuit boards doing electronics assembly for minimum wage.
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Old 05-29-2016, 01:02 AM   #29
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Perhaps all those happy free people with less than 25K in savings simply are financially illiterate.
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Old 05-29-2016, 09:30 AM   #30
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But note that those with $1M+ are 1% less so. Granted it's just 1% but I wonder why.
As someone mentioned, maybe a statistical noise. Or maybe the ones with $1M+ definition have larger expectations of what money should do, vs. what it can do. Or they are driven so much, that they think they are still 'not there' and need to work harder.

I always knew I would never be a billionaire, as long before I reached a billion, I would be out. I do like the thought of having more than 'average', so I can do most things that average people do.

If I knew I was only going to have $25K at retirement, I would have never worked in the first place. There is no way that working for 40 years, and living in poverty at the end, is worth that much effort.
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Old 05-29-2016, 12:58 PM   #31
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25K is poverty?? Guess I didn't get the memo. With a paid off place to live and car 25k can be enough to live comfortably.
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Old 05-29-2016, 03:02 PM   #32
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25K is poverty?? Guess I didn't get the memo. With a paid off place to live and car 25k can be enough to live comfortably.
I believe they mean $25K in total assets, not annual income. You can live in $25K a year, as long as you do not do a bunch of stuff. There is no need to work at all if you only aspire to live in $25K a year.
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Old 05-30-2016, 10:04 AM   #33
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25K is poverty?? Guess I didn't get the memo. With a paid off place to live and car 25k can be enough to live comfortably.
100% agreed, in a lower COL area like ours 25k is plenty with no debt. That's all we need for basic COL but we spend a bit more for vacations and such.
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Old 05-30-2016, 10:36 AM   #34
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100% agreed, in a lower COL area like ours 25k is plenty with no debt. That's all we need for basic COL but we spend a bit more for vacations and such.
The chart was "investable assets" not "income". I don't know many places where I'd feel comfortable retiring with $25K total saved. Even with a pension and SS, that's not a whole lot of buffer regardless of whether it qualifies as "poverty" or not depending on the metric.
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Old 05-30-2016, 10:39 AM   #35
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We live in Canada. Several things are happening to seniors.

The number of seniors who are retiring with debt, mortgage or consumer, is increasing. The percentage of personal bankruptcies by seniors is increasing. The percentage of seniors who are missing payments on consumer credit/consumer loans is increasing. It has been so for the past four years.


We are also seeing an increase in the poverty levels of seniors-most especially single/divorced women.
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Old 05-30-2016, 10:47 AM   #36
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Now in the interest of full disclosure many of my friends had some type of "government" job where they are drawing decent pensions.
That's a key factor as to whether or not one needs millions. My brother can retire in his mid 50's and will have close to a six figure annual pension along with social security when he's ready.

I have no pension and will require and asset base of about $2.5 million to safely produce the income he'll have with his pension.
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Old 05-30-2016, 10:57 AM   #37
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I have a 4-figure annual pension from my federal government job, mid 3-figures per month, whoopee! Break out the party hats and let's party.

Seriously, I am happy and thriving without a nest egg of millions. Honestly I don't know what I'd do with millions. I mean, really? Millions? Get real! That wasn't me when I was working, and it's not me now. I love my life and have no delusions of grandeur.

Now, time? Ah, that's a different kettle of fish. At this stage in life I'd value a few years more time so much more than having millions.

I guess this is a good place to post the cartoon that we all have seen.





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Old 05-30-2016, 11:00 AM   #38
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That's a key factor as to whether or not one needs millions. My brother can retire in his mid 50's and will have close to a six figure annual pension along with social security when he's ready.

I have no pension and will require and asset base of about $2.5 million to safely produce the income he'll have with his pension.
Possibly, but expenses/desired spending is the single biggest factor. I know quite a few people with five-figure COLA'ed pensions who still need million(s) in order to support their lifestyle based on where they live. I'll be one of them!
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Old 05-30-2016, 11:37 AM   #39
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Possibly, but expenses/desired spending is the single biggest factor. I know quite a few people with five-figure COLA'ed pensions who still need million(s) in order to support their lifestyle based on where they live. I'll be one of them!
Exactly. My brother lives in the San Fran area. I live in the DC area. Not too many places cost more. Owning a paid-for house and two modest cars can cost over $20K a year in taxes, utilities, insurance, maintenance, fuel. Add $10K for healthcare (h/w) and another $10K for food and you're at $40K.
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Old 05-30-2016, 11:48 AM   #40
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What we've found now that we have more free time is that we can live the same lifestyle or actually better than we had before but spend much less.
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