Sub $1M no pension retirement? Any out there?

[garyt]

1+

Also, it depends on how you invest your money. Planning on low interest CD's will take more money than stocks/bonds. Real estate, owned outright and self managed, will take less. If your expenses include a mortgage free home and no car payments you can get by on less income. Add a lower cost of income location, perhaps much less.

A friend has a small union pension, free health care and a modest paid off home. Hasn't had a car payment in 30 years. Has very cheap hobbies. He has been able to get by on much less than you have ($15k income or so). But if he wants to go crazy and buy something big, (newer used car, expensive vacation) he takes a PT job for a few months. Many here would not want that lifestyle, but he has been "retired" since age 49 (13 years) and would not change anything for the world. He is very happy, and does not worry about "market returns".

In short, it's all about the income (plus your expenses), not the net worth or amount of invest able assets.

No mortgage, paid it off ten years ago, no car payments but will need a new car soon. I'm about 65% equities, will go higher if there's a correction.

 

[retired1]

I'm looking for people who have retired with a sub $1 million dollar nest egg, no pension.
So many people on this board have huge money that I can't relate . I'm interested from hearing from people who've retired on much less.
Anybody here living on just savings and SS? My wife and I are just average joes, neither of us have ever made over $45K. We have a little north of $800K, will take SS at 62 getting about $30k total. Healthcare is keeping me working.
Just wondering if there are other people in the same boat?
.

You've done well accumulating $800K on a $45K salary + no mortgage + no car loans. Awesome !! Hope things are going well for you since 2017.

 

[razztazz]

I'm looking for people who have retired with a sub $1 million dollar nest egg, no pension.
So many people on this board have huge money that I can't relate . I'm interested from hearing from people who've retired on much less.
Anybody here living on just savings and SS? My wife and I are just average joes, neither of us have ever made over $45K. We have a little north of $800K, will take SS at 62 getting about $30k total. Healthcare is keeping me working.
Just wondering if there are other people in the same boat?
.

Ok a bit late here but it's probably still relevant. I retried with a small pension+employer provided medical insurance + a stash. At the time I retired the imputed value of the pension & medical plus my own money all came in under a million. I retired in 1996.

 

[GenXguy]

Problem right now is, will the ACA be there in the next couple years? We could manipulate our income to qualify for the biggest subsidy. I'll wait till the air clears on the ACA or what's coming next.

We should know by the end of June 2021, possibly sooner, whether the ACA stands or not when SCOTUS gives a ruling on the case they will be hearing in November. If it goes away, what comes next could be small pieces and/or a long wait. Most legal experts think the ACA will stand.

 

[garyt]

You've done well accumulating $800K on a $45K salary + no mortgage + no car loans. Awesome !! Hope things are going well for you since 2017.

Haha, when this came up in my email I was reading my original post thinking "this sounds like me" not realizing it IS me, lol. Things have sure improved since then. Retired 2 years and now up to 1.3 million. Can't believe it.

 

[garyt]

We should know by the end of June 2021, possibly sooner, whether the ACA stands or not when SCOTUS gives a ruling on the case they will be hearing in November. If it goes away, what comes next could be small pieces and/or a long wait. Most legal experts think the ACA will stand.

That's my one fear

 

[ExFlyBoy5]

Haha, when this came up in my email I was reading my original post thinking "this sounds like me" not realizing it IS me, lol. Things have sure improved since then. Retired 2 years and now up to 1.3 million. Can't believe it.

That is too funny!

Glad to see things have worked out OK. Your story (and success) will undoubtedly be read by others that are right on the edge.

 

[Perryinva]

30%/yr for last 2 years!! Impressive.

 

[mckittri2000]

If you are debt free (no mortgage or car payments at least),then it is completely doable. We retired with about 500K about 2 years ago when I was 56 and are still doing well. We use the ACA as we keep our annual income from SEPP payments and savings bonds withdrawls very low. Also, make sure you have a bunch of cash on the sidelines for emergencies.

 

[susswein]

Retired with 550k

I'm 61, retired at 45. My investable net worth, not including house is 550k, and I've comfortably lived off 3% we since retiring.