Planning to die broke

[Helen]

Quote:

Originally Posted by (Cute Fuzzy Bunny) I think you might find yourself a little disappointed when you hit 70 and social security isnt paying squat, your pension "went away" and medicare isnt paying for most of your medical costs anymore. I would really, really, really not recommend a plan that has you shooting your wad and then leaning on the social programs and charity of your federal government and fellow man...

This is exactly what I was thinking. I have more confidence in relying on myself as opposed to the promises of anyone else (especially the Government). No one care about me or my family as much as I do.

Also, the writing is on the wall. The Government has used Social Security as a general slush fund. We have high deficeits and no cushion in the budget for the upcoming bell curve of retiring baby boomers. They will have to reduce the benefits. I cannot imagine running my finances the way the Government does. It's not exactly a suprise that a large portion of the citizens will be retiring soon - it didn't sneak up on us, it's flat out poor planning.

What pisses me off is the so called "entitlements". We've been paying into this system for a long time. I don't call that an entitlement.

-helen

[FlogBlogger]

Quote:

Originally Posted by (Cute Fuzzy Bunny) I think you might find yourself a little disappointed when you hit 70 and social security isnt paying squat, your pension "went away" and medicare isnt paying for most of your medical costs anymore. I would really, really, really not recommend a plan that has you shooting your wad and then leaning on the social programs and charity of your federal government and fellow man...

The higher one's net worth, the less risk required to RE. To reach that level (say, a few million), now that I'm looking at fifty, I'd either have to continue working until it's no longer early, or take wild gambles in the market. I'm not willing to do either, since the former is decidedly a waste of time, and the latter is too plain risky. My solution is to say, okay, give me a few decades to pursue my life's calling. That seems a fair tradeoff, rather than regretting what could have been. Don't we regret the things we DON'T do in life?

[Martha]

Quote:

Originally Posted by FlogBlogger Well, JP, I never said I was inflexible...in fact, canned corn is a fundamental staple of us bachelor RV-ers! I suspect, however, if I suggested counting bison for the park service at Yellowstone twenty hours a week in exchange for free RV space, I would be considered blasphemous and barred from further posts.

No blasphemy. Several of us are semi retired. ESR Bob even wrote a book about it. (which you can buy through amazon by clicking the link at the bottom of the page).

I have met a number of RVers who have a relatively small income and make it fine doing work-camping. The biggest worry I would have is making sure you have access to affordable health insurance. I assume you read the Escapees web site?

Quote:

Originally Posted by Helen What pisses me off is the so called "entitlements". We've been paying into this system for a long time. I don't call that an entitlement. -helen

Not sure what you have against the word 'entitlements'. What word would you use?

Here is the definition:
************************************************** ***********
entitlement
One entry found for entitlement.
Main Entry: en·ti·tle·ment
Pronunciation: -'tI-t&l-m&nt
Function: noun
1 a : the state or condition of being entitled : RIGHT b : a right to benefits specified especially by law or contract
2 : a government program providing benefits to members of a specified group; also : funds supporting or distributed by such a program
************************************************** ***********

[cute fuzzy bunny]

Hell, I wouldnt count the bison for a free rv spot.

I'd let someone else count the bison and let them wonder why every once in a while they come up one short.

Does bison go with creamed corn?

Flogblogger - you're on the ragged edge. If you had a home or something similar to tap into as an emergency fund it'd be a little more comfortable. The biggest danger you're in is hitting 70, no money, no SS, no pension, your RV is old and busted, and you're not healthy enough to work.

Some of the folks saying "go ahead!" do live a low cost subsistence lifestyle. A lot of them also own one or more homes, have working wives, and a fair number of them could conceivable slam into 70 with no money as well.

Its a good idea to smell the roses. Make sure you're not pushing up daisies before your time

[Andre1969]

I think I'd be a bit afraid of trying to plan my money to run out at a certain time when I'm that old. For instance, if I were to ditch out of the workforce right now and see if I could cut it, it would be no big deal to go back to work. I'm only 35, so if I found that by the age of 40, I wasn't going to make it, it shouldn't be too hard to find a job again.

But if I discovered at the age of 70 that I needed to start working again, things could be much more catastrophic. It would be hard to go back into the workforce after being gone for that long. It would probably be more difficult to find someone wanting to hire me at that age. And I might not be up to it, physically.

[FlogBlogger]

Quote:

Originally Posted by Martha I assume you read the Escapees web site?

Just got their membership application! A must-have for beginning full-timers.

Quote:

Originally Posted by (Cute Fuzzy Bunny) Does bison go with creamed corn?

Sure, they love it! Just don't step in a crop circle.

Quote:

Originally Posted by (Cute Fuzzy Bunny) If you had a home or something similar to tap into as an emergency fund it'd be a little more comfortable. The biggest danger you're in is hitting 70, no money, no SS, no pension, your RV is old and busted, and you're not healthy enough to work.

Actually, I have a house, which I'm looking to trade down to something small, with RV parking, in a central, tax-free zone...maybe Vegas...

[FlogBlogger]

Quote:

Originally Posted by Andre1969 I think I'd be a bit afraid of trying to plan my money to run out at a certain time when I'm that old.*

Equally tragic is the prospect of running out TIME at a certain age, with regrets for having ventured no further than the treadmill. Life's a gamble either way.

[haha]

I am just made differently from many of you. Watching my assets decline, and knowing that I couldn't cover it would be hard, like watching my muscles atrophy in old age.

The latter loss is unavoidable if you live long enough, but the former is not really something I want to schedule into my life.

Ha

[SteveR]

Quote:

Originally Posted by HaHa I am just made differently from many of you. Watching my assets decline, and knowing that I couldn't cover it would be hard, like watching my muscles atrophy in old age. The latter loss is unavoidable if you live long enough, but the former is not really something I want to schedule into my life. Ha

I tend to agree Ha.

I would much rather have a safety net just in case I live longer than statistics and family history would suggest. If I die sooner then my wife and family will benefit so it is a win win situation. Trying to find a job at 85 and eating Little Friskies is not my idea of a successful retirement. If I have to work another year now or part time later on to avoid that I will do so. The only race to ER is in your own mind.

[FlogBlogger]

Quote:

Originally Posted by SteveR The only race to ER is in your own mind.

Maybe this should be called the TIMELY Retirement Forum...

[wildcat]

FB -

I don't think anyone is giving you bad advice. Maybe it is just advice you don't want to hear. I think people here are just warning you about the pretty sad consequences if you run out of money. Everyone has their own risk tolerance and you, ultimately, need to make the decision. It is a gamble either way but you can improve your chances by either semi-retiring or working longer. It is kind of like going into a casino - are you going to play the slots for 4 hours or are you going to play blackjack for 4 hours?

Quote:

Some of the folks saying "go ahead!" do live a low cost subsistence lifestyle. A lot of them also own one or more homes, have working wives, and a fair number of them could conceivable slam into 70 with no money as well.

A good point that you should realize.

I am not going to advise you either way but like I said - it sounds like you have your mind made up. Best of luck and keep us posted.

[MJ]

Quote:

Originally Posted by SteveR I tend to agree Ha. Trying to find a job at 85 and eating Little Friskies is not my idea of a successful retirement.

Well, i'd agree with you about working at the age of 85 but Little Friskies, come on, give em a try, yummmm.
They don't call it LWBYM for nothing

MJ

[FlogBlogger]

Quote:

Originally Posted by MJ ...Little Friskies, come on, give em a try, yummmm.

I like to roast them over a spit fire...tired of wiping down the microwave.

Thanks to all...I am warned.

FlogBlogger

[astromeria]

Plenty of folks live on $36k/year or less--isn't $40k the median American male full-time income (as of 2003)? Will you be living in your RV full time? Do you have expensive taste--need to eat out a lot or buy the latest tech gizmos? Check out these full-time RVers:

George lives on ~$2k/month
http://vagabonders-supreme.net/BudgetInfo.htm

Andy lives on a $1k/month pension plus occasional work
http://www.andybaird.com/travels/fulltime/index.html

I remember how happy my grandparents were, and they lived on a pittance in a low-income housing project. There was nothing they wanted that they couldn't afford. As little as they had, they lived below their means--no pet food involved. Nana was a fabulous cook specializing in Italian and Jewish food...mmm pasta with meatballs, homemade ravioli, chicken soup, homemade gefilte fish...ah, it must be lunchtime!

[TiogaRV]

The focus of this forum is on money. It is my belief that this money focus should be tempered a great deal.

It is "living" that should be the primary focus. "Living" every moment of our lives.

George

[haha]

Quote:

Originally Posted by TiogaRV The focus of this forum is on money.* It is my belief that this money focus should be tempered a great deal.* It is "living" that should be the primary focus.* "Living" every moment of our lives. George

The name of this particular board is FIRE and Money. There are other boards on this site, with other threads that are not money related. For example, "Funny Joke Thursdays".

Many feel that they know how to enjoy themselves well enough, if they have the money to cover that base.

Ha

[SteveR]

Quote:

Originally Posted by HaHa The name of this particular board is FIRE and Money. There are other boards on this site, with other threads that are not money related. For example, "Funny Joke Thursdays". Many feel that they know how to enjoy themselves well enough, if they have the money to cover that base. Ha

I Agree.

FI=financially independent.....that takes money.

RE=retire early....that would also require enough money to allow one to do that.


I believe most folks here know the value of time and money so I would not be too concerned with their focus on life vs money. It is all about balance.. enough money to allow yourself to RE so you can live the way you want.

[cute fuzzy bunny]

I have to agree somewhat with TiogaRV. We spend much too much time agonizing over how much is enough and what SWR will work. I guess you have to work those anxieties out of your system one way or the other, but its an agreeable message to focus less on the dough and more on eating the bread...preferably with wine and a thou...

[FlogBlogger]

Well, for those of us on EER--Edge of Early Retirement--the focus must be on bucks, for it's likely a one-way trip out the door.*

Once out, I wouldn't want to have to look back. 8)