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Re: How Much is Needed To Retire? (A Twist)
Old 08-05-2004, 09:50 AM   #81
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Re: How Much is Needed To Retire? (A Twist)

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If you so choose,
doing nothing can be doing something, just like when you were a kid.

John Galt

Oh how I could get used to that
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 09:38 AM   #82
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Re: How Much is Needed To Retire? (A Twist)

Welcome, MomTwo!
Sounds like you and your husband are in good shape -- the pensions in particular must help a lot.

I am always fascinated (and admittedly envious!) with pensions that let you start collecting benefits early: were these public or private sector, and did you need to make tradeoffs in order to start collecting early, or were they yours to start collecting as soon as you hit a certain # years of service and/or left the organization?

Thx,

ESRBob
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 09:56 AM   #83
 
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Re: How Much is Needed To Retire? (A Twist)

Quote:

Age ER'd: *50 (Spouse 54)
Year: 1997 (Spouse 2001)
Assets(not including home): $2.4m(in cash,stocks and mutual funds)

We own our home(no mortgage), car and have no outstanding debt whatsoever. We live on pensions and still invest about 1/2 of that every month.

MM

Mom,

What are you saving your money for?
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 10:30 AM   #84
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Re: How Much is Needed To Retire? (A Twist)

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We live on pensions and still invest about 1/2 of that every month.
As a guide to help those of us still not retired I've got a question for you. Why are you still saving/investing? If you could go back would you have retired earlier since you apparently don't need half of your pension?
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 11:50 AM   #85
 
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Re: How Much is Needed To Retire? (A Twist)

Quote:
I am always fascinated (and admittedly envious!) with pensions that let you start collecting benefits early: were these public or private sector, and did you need to make tradeoffs in order to start collecting early, or were they yours to start collecting as soon as you hit a certain # years of service and/or left the organization?

Thx,

ESRBob
The terms of the two private sector pensions that I have include being able to collect early (52/55) if you have 10 years of service at a certain reduction of benefits. Although they both vested at 5 years so if you're with a company that offers a fairly good pension, it would be a consideration to last atleast 5 years to collect the benefit
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 12:01 PM   #86
 
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Re: How Much is Needed To Retire? (A Twist)

I escaped the soul sucking corporate job at 51 in 2003.
Wife er'd 2004.

We are living on 24K yr
Sold big house and moved to 1000sf cabin
assets
Cash 300K
IRA 550
other 50K

House & acreage 100K

after 31 years pension of 9000 yr. starting in 2 years.
Wish I worked for a company that gave pensions like I am reading about.

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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 12:07 PM   #87
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Re: How Much is Needed To Retire? (A Twist)

Not ER'd yet but would love to ER at 50 if not sooner!

Stats:

Me - 32; hubby - 34

Home - $400K (no mortgage)
Combined retirement accounts - $270K
Cash and taxable accounts - $75K

No debt.
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 12:34 PM   #88
 
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Re: How Much is Needed To Retire? (A Twist)

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after 31 years pension of 9000 yr. starting in 2 years.
Wish I worked for a company that gave pensions like I am reading about.
bhb,

What's a Pension?
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 12:52 PM   #89
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Re: How Much is Needed To Retire? (A Twist)

Quote:
Welcome, MomTwo!
Sounds like you and your husband are in good shape -- the pensions in particular must help a lot.

I am always fascinated (and admittedly envious!) with pensions that let you start collecting benefits early: were these public or private sector, and did you need to make tradeoffs in order to start collecting early, or were they yours to start collecting as soon as you hit a certain # years of service and/or left the organization?

Thx,

ESRBob
ESR Bob,

The pensions were in the public sector and we were able to start collecting them when we each turned 55. DH started collecting when he turned 55. He only left about 8 weeks before that when he was 54 and went on vacation; so actually he still was on the payroll till he turned 55! By retiring early, we took a slight penalty.

We saved and invested a great deal of money over our working years because we wanted to make sure that if anything happened to the pensions, we would be able to survive. We also were never quite sure that SS would be there for us. So we wanted to make sure that when we retired, we could survive.

I guess we are doing alright!

MM
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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 02:07 PM   #90
 
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Re: How Much is Needed To Retire? (A Twist)

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As I explained to ESR Bob, we saved all of this money to make sure that we were FI of pension and SS in case anything happened to them. It looks like we will be getting both for our lifetime.
MT
I don't presume to understand anyone's circumstances in life but I think psychologically, one puts oneself in a different mindset whether or not it is justified, when you're relying on only your investments for living expenses. That means excluding pensions, SS, working spouse or PT work if you're ER without any of those benefits.

Then there are what ifs. What if there is a global melt down? what if you or one of your love ones needs expensive medical care? There is a class of 'privileged' boomers who can afford to ER. How many of those have a steady supplemental income (ie. SS, pensions, working spouse) and therefore, feel comfortable stepping out of the saving and investment mode.

Another twist, how much is needed to bypass this mentality? 10 millions as a guess?

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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 03:21 PM   #91
 
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Re: How Much is Needed To Retire? (A Twist)

Hello AGuest! I have this solved. When things get to be too much, just be sure to have the proper
firearms at hand. In this way you have complete
control over your exit. You may think I am kidding.
I am not.

John Galt
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A clearly determined lifespan?
Old 11-26-2004, 07:28 PM   #92
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A clearly determined lifespan?

Quote:
You may think I am kidding. I am not. John Galt
John, as long as you're making outrageous (but committed) claims, here's a troubling thought... when during early-stage Alzheimer's or senile dementia do you pull the trigger, so to speak? In other words, if you're not you anymore then how do you know when you're not you?

FWIW, my wife says that she's not kidding either. What worries me is that I don't think that she's referring to her own healthcare plan...

Quote:
What are you saving your money for????
You've raised an interesting point, Cut-Throat. Our checking-account balance has been slowly rising over the last couple years, too. I think I'll try a separate post for this question.



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Re: How Much is Needed To Retire? (A Twist)
Old 11-26-2004, 09:32 PM   #93
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Re: How Much is Needed To Retire? (A Twist)

Even more data:

ER'ed early 2001

Net Worth - 1.3 M

Pension: $27,000
Wifes SS disability - $17,000

rental income - 575/mo.

Post Tax assets - $750,000
Pre Tax assets - $175,000

Home and acreage mortgage free - 275,000 market value

Debt free
2 cars, 1 old pickup

location: two or three hilltop ridges southeast of Lukenbock, Texas in Blanco County

Spending about $25,000/year - could live on 25% less
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 03:29 AM   #94
 
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Re: How Much is Needed To Retire? (A Twist)

Well, Ol_Rancher, you could be the poster boy for
high net worth and low expenses. I am not surprised
to find someone with that much good sense in Texas.
BTW, I really liked that sing about Luckenbock, It was by the Highwaymen, right?

For Nords, yep I am quite serious, and as far as not
relly knowing who I am. Not a problem, as I don't want to be anyone but me. Anyway, I am a comfirmed control freak and that would be my final act of control. My Dad
says the same thing. Don't know how serious he is,
but I am totally serious and have considered all of the
aspects and fallout. I am NOT recommending the
Hemingway exit for anyone else however.

John Galt

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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 04:42 AM   #95
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Re: How Much is Needed To Retire? (A Twist)

Ol_Rancher, I'm right down the road from you in Medina county. My stats look remarkably similar to you with one major exception. How the heck do you manage on $25k when your property taxes are probably $4-5k? Do you have an ag. exemption?

REW
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 04:51 AM   #96
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Re: How Much is Needed To Retire? (A Twist)

Ol_Rancher,

As Roseanne Rosannadanna says, "Nevermind". I found my answer on your other post.

Quote:
Now on a small ranch I pay $2/acre preperty taxes because I have an agricultural exemption.
Are you a goat rancher?

REW
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 05:01 AM   #97
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Re: How Much is Needed To Retire? (A Twist)

Damn, I was standing in the wrong career counseling line! Front-line healthcare was NOT the door to choose. Granted, I took time off to have babies and worked part-time to be with them but even working full-tilt for the past 25 years I wouldn't have made $1M. We've done surprisingly well on what we've made but am awed but what others have done.

I've got to go re-read those Bob_Smith posts

Judy
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 06:42 AM   #98
 
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Re: How Much is Needed To Retire? (A Twist)

Hi Judy! I am "awed" also, and I did make a million
dollars. The catch is that I saved very little.
It's like Seinfeld at the auto rental counter;
"Anyone can make the dollars, but you've got to
HOLD those dollars!"

John Galt
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 07:17 AM   #99
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Re: How Much is Needed To Retire? (A Twist)

REWanabe,
In reality I just lease back the acreage to the guy I bought it from. He runs 5 longhorns, 3 buffalo, 5 llamas, 2 emus, a horse, and some antelope.

I get to sit on my porch and view the critters without any responsibity. I put in a water station and some salt blocks. Since you are a neighbor, take a look at my website (online photo albums). Check my profile for details or mesage me.
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Re: How Much is Needed To Retire? (A Twist)
Old 11-27-2004, 07:30 AM   #100
 
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Re: How Much is Needed To Retire? (A Twist)

Quote:
but even working full-tilt for the past 25 years I wouldn't have made $1M. We've done surprisingly well on what we've made but am awed but what others have done.

Judy
I know that would be true in my case were it not for some extenuating circumstances. I'm curious as to whether that is true for most people. How many people actually achieve ER by savings alone? I made a decent salary, took full advantage of tax deferred saving vehicles and in my late 30s had about 1/3 of what it would take to ER. I think that's about average? Here are some of the contributing "circumstances" that I can think of:

1. Real Estate appreciation (your home)
2. Pensions (early collection)
3. Entrepreneur successes (stock options, selling your business)
4. Highly compensated careers (combined with saving a good chunk of it, most people I know in this category either does not save much or they are not willing to settle for a reduced lifestyle)
5. Investment windfalls (made a killing in the market)
6. Inheritance
7. Lottery
8. Working spouse

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