Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-19-2013, 06:04 PM   #21
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,804
I have an in-law that has effectively been retired since about age 45. He sold some rental properties and was living off that. He gets the occasional part time job (delivering groceries, doing lawncare at a cemetary) but loses those jobs within 6 months and they're never more than 20 hours/week. But it restarts unemployment. He's got a paid for house. He keeps his income low to qualify for healthcare and other public subsidies. His plan is to keep it going till SS age... (in about 5 years) then if he needs more money he'll do a reverse mortgage.

The $100k approx, he had when he first started this is probably down to $20k. He's hoping to hang in till age 62 when SS kicks in. His back up plan is to reverse mortgage the house. (worth about 100k).
But I guess there are minimum age limites for that too.

He regularly complains how broke he is... But he is also unwilling to work a full time job.
__________________

__________________
rodi is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-19-2013, 06:06 PM   #22
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,075
Quote:
Originally Posted by Mulligan View Post
Don't be reluctant to start a new one. Take the link as supplemental info, not an attempt to kill your post.
+1

That's exactly why I posted the link, to provide information in response to the OP's question.

No reason to kill a new thread on a previously discussed subject unless it is a duplicate of another active thread on the same topic.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 03-19-2013, 06:19 PM   #23
Recycles dryer sheets
 
Join Date: Mar 2011
Location: Dallas
Posts: 457
Quote:
Originally Posted by ERhoosier View Post
Am I still on the right forum?
I'll keep quiet now...
__________________
Surewhitey is offline   Reply With Quote
Old 03-19-2013, 07:20 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,031
My Mom was widowed at 64. She had been an RN but quit work to raise us . She has been retired for 32 years on my Dad's SS ., my Dad's small state police pension and a nest egg of $75,000(invested in CDs ). She has done well on this amount . She has traveled , eats out , hits the casinos occasionally , has her hair done , buys clothes and has a nice apartment . She had a car but stopped driving at 80.She also paid for her health insurance until Medicare and then she paid for a supplement .She has always been good with money . I have supplemented her when I noticed a need. She is now 96 and living in an independent living apartment that she pays for .
__________________
Moemg is offline   Reply With Quote
Old 03-19-2013, 08:50 PM   #25
Full time employment: Posting here.
 
Join Date: Jul 2007
Location: ST LOUIS
Posts: 993
Quote:
Originally Posted by SumDay View Post
I find it amazing that virtually no matter what someone asks on this forum, it's been asked before. I'm a little reluctant to start new posts.

Now to answer the OP's question: This is a true story. Really. DH w*rked with a guy who decided to quit his j*b because his mom died and left him a "boat load".

He took that $50,000 and bought an annuity, which was going to be his sole source of income. That was about 15 years ago. He lives in a trailer in the woods somewhere in the Midwest, and from what we understand sometimes his propane tank is full, and sometimes it's bone dry. But he's still not w*rking.
I guess once he turns SS age he will make it for good. The forum talked about something like this in the past but it is so interesting I am game for round two.
I knew a guy that was broke at 45 and retired at 55. I don't know his amounts but I do know he make about 40k a year fifteen years ago. He live like a monk for 10 years then retired. I always looked up to him.
__________________
Proverbs 15:22 Designs are brought to nothing where there is no counsel: but where there are many counsellors, they are established.
rec7 is offline   Reply With Quote
Old 03-20-2013, 05:04 PM   #26
Dryer sheet aficionado
 
Join Date: Dec 2010
Posts: 37
When my Dad passed away, we dug into the records and figured out that my Mom had $70k. And my Dad hadn't worked any appreciable amount in 10-15 years. After she moved to an $800 apartment (that included all meals - believe it or not. It was really just a converted hotel room), we sold her house and got her to $100k. She was fine on the ~$800 SS check until she had to move to the home and then the cash disappeared like nothing you've ever seen.

Point is - she lived BYM and has happy in her little room and had a lot of nice friends and social life. If her health had held out, she would have been just fine and the $$ would have held out just fine. You know the old saying - if you have your health, you have everything.
__________________
lark_L is offline   Reply With Quote
Old 03-20-2013, 07:20 PM   #27
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
+1 on multiple threads, same subject. Let it go where it will, or in the case of a recent post, our sharp moderators have been great in merging the posts, without stepping on toes.
.................................................. ......................................

No offence, but I have difficulty even talking about averages, or amounts needed, or portfolios... and then qualifying amounts by not including pensions or Social Security, or house values, or cost of Living increases... and then, compounding the equation by deciding on amounts to withdraw, while not touching the portfolio or total assets, and then in some cases, setting aside an emergency fund.

Then, adding to the confusion, talking about a pension... Like, how much of a pension? $100,000/yr.? or maybe $12,000. Then, is that amount for one person? Two persons? Is the SS $25,000 for one person or two?

With two people each drawing pensions of $75,000/yr, LEAST assets might well be zero.

Gets confusing.

.................................................. ..................................................

But back to the intent of the post... we retired 24 years ago, at age 53, with much less than a million dollars in total assets... but that was when interest rates were as much as 12%, a 2400 sf home was less than $100,000, gas was about $1.25 gal., cigarettes were $7 carton, healthcare cost was about $1200/yr, hamburg was $.89 lb, and a top shelf drink at a bar was $1.75.

I'd certainly have a different viewpoint if I were retiring today, even if SS and healthcare were to remain stable, considering the 17 Trillion in national debt, and wondering if there were any alternatives to high inflation in the 14 years between age 53 and SS at 67.

What sounds to me to be incredible fortunes of $1.5Million to $5 Million, have to be looked at in terms of one's age today.

Those of us with lifetime outlooks of 10 to 20 years are certainly in a very different situation than those who have to look at 35 years of retirement.

At this point in our life, we (DW and I), look at the number of years that we have to finance, with our current income and assets. Much easier to do when one has a measurable horizon.

For those who are considering early retirement between age 50 and 60, the good part of making the decision is that the real safety net, is the ability to go back to work, full or part time if conditions change. After age 65, that option is limited.

Lastly, in partial answer to the intent of the original question... the amount needed is what the individual decides. In our case, we changed our spending, not according to what we "needed", but changed our "needs" according to what we had.

It worked out so that we were able to do and have more than we ever expected, and are comfortable with looking at the future, though not rich in terms of dollars.
__________________
Today is the oldest you've ever been, and the youngest you'll ever be again. - Eleanor Roosevelt
imoldernu is offline   Reply With Quote
Old 03-21-2013, 12:07 AM   #28
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
Quote:
Originally Posted by Midpack View Post
Mine is the smallest one I know of, the others are all heresay...
Spoken like an attorney.
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Old 03-21-2013, 05:23 PM   #29
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 404
I retired with a $2k a month pension, and an inheritance that included a house and $100k in a bank account. No problems.
__________________
ACC USN-(Ret)
BLS53 is offline   Reply With Quote
Old 03-21-2013, 05:54 PM   #30
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 404
Quote:
Originally Posted by rodi View Post
I have an in-law that has effectively been retired since about age 45. He sold some rental properties and was living off that. He gets the occasional part time job (delivering groceries, doing lawncare at a cemetary) but loses those jobs within 6 months and they're never more than 20 hours/week. But it restarts unemployment. He's got a paid for house. He keeps his income low to qualify for healthcare and other public subsidies. His plan is to keep it going till SS age... (in about 5 years) then if he needs more money he'll do a reverse mortgage.

The $100k approx, he had when he first started this is probably down to $20k. He's hoping to hang in till age 62 when SS kicks in. His back up plan is to reverse mortgage the house. (worth about 100k).
But I guess there are minimum age limites for that too.

He regularly complains how broke he is... But he is also unwilling to work a full time job.
Given his history and age now, he's probably unemployable at this point.
__________________
ACC USN-(Ret)
BLS53 is offline   Reply With Quote
Old 03-21-2013, 06:04 PM   #31
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 404
When you're under the age of about 60, and live on minimal income, there's a fine line between being "ER" and being a "bum". In some people's eyes, the receipt of government money is the defining factor.
__________________

__________________
ACC USN-(Ret)
BLS53 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 02:21 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.