Smallest retirement portfolio (successful) you've heard of

[LeavingOhio]

So, what's the smallest one? I don't want to pry, so I'm not asking for YOUR amount...just the smallest you've heard of...this could be from the crazy uncle who says something like "I retired on $50,000 and Social Security."

No other reason than I'm curious.

The smallest I am privy to was that of my parents...they retired earlier than planned because my father had a then uncurable cancer which has now been CURED!

He did and still does have a pension though and Social Security of course, but their retirement pile was only about $175,000 10 years ago, and they've managed to take money from it while it doesn't really lose due to new growth. The pension really helps them.

 

[REWahoo]

http://www.early-retirement.org/for...sets-anyone-has-retired-early-with-52136.html

 

[aaronc879]

I'm staying with family in a retirement community in Florida for the winter. A friend of the people i'm staying with just bought a $35,000 home in the community(her first home). She's in her late 60's and does not work at all. She said that after paying cash for the home she only has $25,000 left plus her $1200/mo SS. She thinks she'll have no problem getting by. She listed all her expenses and it sounds like she'll be fine. She won't be able to join her friends on $5000 cruises every year but she'll get by fine. She retired with $60,000 in total saving and no other major assets.

That's the lowest savings of anyone I know without a pension and who doesn't plan to work at all. I have an aunt who retired with <$10K in assets but has a mid-five figure pension plus SS and is better off than anyone else in the family. I have another aunt who has never had a 5 figure net worth. She gets by at age 69 with $800/mo SS and a part time job of 15 hrs week at minimum wage. That's a grand total of around $1200/mo with assets of under $10K. It can be done on far less than some people think.

 

[walkinwood]

I think location & assets (eg. a house) outside the portfolio are important qualifiers for a question like this.

 

[Midpack]

Mine is the smallest one I know of, the others are all heresay...

 

[Surewhitey]

Mom's is smallest. $40k currently; paid for home (worth $50k); SS - $600 / month; Stepfather's SS - $900 / mo; his pension(s) - $200 / mo

She said she was able to save her $600 / month as they live super-simple...she travels to see family a couple times a year & that's the most extravagant part of her life.

 

[H2ODude]

That would be my MIL. Retired to live with us. Manages to add about $500 a month to her once non existent savings from her SS. Has live in servant (DW), full time maintenance and utility service (me), and just about everything she needs. Meanwhile...argh. I love to hear stories of "when I traveled to Egypt" or "Turkey"

 

[ESRwannabe]

I could retire off of social security and nothing else.

 

[Surewhitey]

We start part-time (15 hrs / wk) in a 3-4 weeks. We're going back to Mexico and live off that; volunteering the rest.

We have appx. $1mil with no assets (sold house in 08); living like gypsies for now. I figure if I can w*rk a little and give a lot, this may be the way for us. We'll see.

60 hrs commute and w*rk in LA is definitely NOT for me anymore...

 

[haha]

We have appx. $1mil with no assets (sold house in 08);

..

This may be the most obscure statement in the history of this board.

 

[aaronc879]

I could retire off of social security and nothing else.

I don't think I could because my SS will probably only be around $1000/mo. because of low average income. A few hundred more and I could manage ok with no savings.

 

[SumDay]

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.

 

[plex]

I could retire off of SS only as well, but it sure wouldn't be early retirement, I'd have to wait 30 years longer than necessary to retire. Quite a large number of people basically only live on SS.

Somewhat substantial assets would be needed if SS/pensions were thrown out the window, I'd guess $300k+paid off house would be near the floor, barring unrealistic survivalist strategies that end up ultimately relying on SS disability as a safety net.

 

[FANOFJESUS]

I could retire off of social security and nothing else.

With a high SS a person could.

 

[FANOFJESUS]

I know a person retired on $1300 but they have a paid for home.

 

[Surewhitey]

This may be the most obscure statement in the history of this board.

Re-reading my post is a little funny...

I meant to say "hard assets"...only paper money, like Charmin?

 

[Midpack]

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.

There's new information all the time. I usually search before starting a post, but my searches come up empty often, probably my error. If there's a similar (recent) thread, someone may link to it just to add to the thread.

Forum Stats - Threads: 49,237, Posts: 1,026,235, Members: 21,870

 

[ERhoosier]

......

I meant to say "hard assets"..

Am I still on the right forum?

 

[ERhoosier]

Forum Stats - Threads: 49,237, Posts: 1,026,235, Members: 21,870

Over a Million ER posts?
WOW!!!!

 

[Mulligan]

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.

Don't be reluctant to start a new one. Take the link as supplemental info, not an attempt to kill your post. The way I see it you would lose either way. If you didn't get "hammered" from starting a repeated topic, you would catch if for restarting a thread from the "dustbin". As Midpack said, new people come on all the time and bring new perspective. Although I must admit even I am worn out on the "to pay off your mortgage or not " threads.

 

[rodi]

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.

 

[REWahoo]

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.

 

[Surewhitey]

Am I still on the right forum?

I'll keep quiet now...

 

[Moemg]

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 .

 

[FANOFJESUS]

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.