Who needs a million $ cash to retire

[youbet]

Quote:

Originally Posted by Rianne I'm a huge dog lover and I don't understand people who dislike dogs.........

These situations always make for tough discussions......

DW and I have chosen to be pet-free in our home. We have been subjected to hideous and ongoing ridicule for asking our pet owning friends to leave "puppy" at home when visiting. We don't dislike dogs. We just choose to have our home free of doggie byproducts. We also prefer not to stay in motel/hotel rooms that allow pets. These aren't hard and fast rules, but are our preferences.

Wouldn't it be nice if family orientated types could accept child-free types, if dog lovers could accept that not everyone welcomes their "fur-baby" anytime and under any circumstances and child-free types could give just a tad bit of recognition to the fact that those young adults defending their freedoms and providing goods and services to them today are just kids someone else raised?

Why do people have to be disrespectful of each others' wishes in these regards and so vocally demonstrative about it to each other?

Edit: How da heck did we get on the subject of pet preferences on a thread titled "Who needs a million $ cash to retire?"

[karen1972]

Quote:

Originally Posted by Music Lover I love dogs...I had them for 25 years. Had cats too. But I don't want the hassle or the hair anymore. We like to go away and when you have a pet you always have to make some sort of arrangement whether you are taking them or having someone look after them. Also, being retired my schedule varies so much that it's not fair to a dog who needs regular bathroom breaks. It wasn't so bad when I was working and came home at the same time every day but I don't want to spend the next 15 years having to be home at 5:00 to let the dog out. And then again at 9:00.

Its why we foster now, that way we still get a pet while we are not traveling, I don't have to pay for anything (though we donate a lot to the rescue) and we save a life. When we go on vacation, they stay with other fosters or we time it so once we adopt out we then go. We usually foster 6 months out of the year and have plenty of time where we can travel or if we get busy and don't have the time. I use to feel sad when they were adopted, but now I like all the different personalities, its fun.

[NW-Bound]

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Originally Posted by ShokWaveRider WOW! I did not even imply that, certainly did not even want to go there. I feel it is offensive and distasteful to even think that. Perhaps you forgot to read the "For The Most Part Bit" which was inserted intentionally. What happened to glass always half full.... Who would even think to bring up such a tragedy? One just cannot win.

No, I did not even think that you would imply that!

I am glad I saw your post to make this clarification. My apology for causing this misunderstanding.

I was just trying to bring up the point that raising children comes with a lot of work, a lot of hazards, and potentially heart breaks that go way way beyond the obvious financial costs that people often mention. One can have problems no amount of money can solve. So, I would not even talk about money when child rearing issue comes up.

[ShokWaveRider]

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Originally Posted by NW-Bound No, I did not even think that you would imply that! I am glad I saw your post to make this clarification. My apology for causing this misunderstanding.

Thanks for clearing that up. We cannot even begin to imagine what the loss of a child would be like. It must be the worst of any type tragedy and we feel strongly for any family that had to endure it.

[Vacation4us]

Quote:

Originally Posted by youbet These situations always make for tough discussions...... DW and I have chosen to be pet-free in our home. We have been subjected to hideous and ongoing ridicule for asking our pet owning friends to leave "puppy" at home when visiting. We don't dislike dogs. We just choose to have our home free of doggie byproducts. We also prefer not to stay in motel/hotel rooms that allow pets. These aren't hard and fast rules, but are our preferences. Wouldn't it be nice if family orientated types could accept child-free types, if dog lovers could accept that not everyone welcomes their "fur-baby" anytime and under any circumstances and child-free types could give just a tad bit of recognition to the fact that those young adults defending their freedoms and providing goods and services to them today are just kids someone else raised? Why do people have to be disrespectful of each others' wishes in these regards and so vocally demonstrative about it to each other? Edit: How da heck did we get on the subject of pet preferences on a thread titled "Who needs a million $ cash to retire?"

What you bet said so much better than I.

I don’t like dogs. I don’t trust dogs, and I find them gross beyond anything else. Don’t even get me started on dog owners. Too many live in the land of me me me.

Please feel free to love your pooch on a leash, and clean up their feces so other don’t have to experience it. I promise although it was difficult my children are potty trained, don’t bite, and won’t jump on you.

Now to topic;

When I retire I will only have about 700k saved. Once I am 65 I could manage with SS and a small $1400/ month pension( on my own). I will only get to retire early at 53 because my husband has a great pension and healthcare until Medicare. My assets will have to sit unavailable and untouched until the tax torpedo hits us.

Retiring completely before 65 requires far more planning and money in taxable accounts.

[Teacher Terry]

I would never assume I can bring my dogs to someone’s house. When we travel with the dogs to where I grew up most say bring the dogs and we do. If not we don’t. I don’t mind if someone brings their dog to my house if they are good with small dogs.

[MarieIG]

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Originally Posted by Rianne All true, we're lucky to have Labrador trainer who has a farm and charges $15/night just because she loves dogs. No crates but she's particular about the dogs she takes (must be approved and she does not advertise). I often think of parents of young kids who want to run out to the store for 10 minutes or go run an errand for a couple of hours. They have to gather up all the child things. Cannot leave child in the car alone. Organize every outing to the child's needs. That seems so complicated. Just going to the bathroom in a restaurant or any public place is a huge endeavor. Do you let the child stand outside your door while you go? Bring child into the stall? And if you're the mom and have 2 small boys...what then?

When small the boys were never out of my sight in public. In fact, either DH or I was always physically holding on. When in a booth, they were in the inside. Think about how you would "protect" your pocketbook in a crowded area. You wouldn't lay it down and walk away. You wouldn't leave it unattended. So much more is required with a child. Constant vigilance.

[Teacher Terry]

I had 3 small boys and took them everywhere. When kids are little they can go in the bathroom stall with mom. Once they got to old for that I would stand outside the men’s bathroom and tell them to start screaming if anyone tried anything.

[Twistnshout]

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Originally Posted by NW-Bound Ah, but when children grow up is when they run into trouble. A dog gets mellow and nicer as it ages. A colicky baby is nothing compared to a rebellious teenager.

Guess it depends on the kid. Mine has been pretty amazing. He's 20 now graduating after 3 years and going for his masters. Hasnt cost me a dime, all scholarship. Thank goodness!

Our dog is 13. At the vet all the time costing us money. Starting to lose control of body functions, and other gross things. I'd have given her the gas treatment long ago. lol My view is once they exceed replacement value in medical costs you move on. lol

So yeah, children are much better.

[Twistnshout]

Quote:

Originally Posted by youbet These situations always make for tough discussions...... DW and I have chosen to be pet-free in our home. We have been subjected to hideous and ongoing ridicule for asking our pet owning friends to leave "puppy" at home when visiting. We don't dislike dogs. We just choose to have our home free of doggie byproducts. We also prefer not to stay in motel/hotel rooms that allow pets. These aren't hard and fast rules, but are our preferences. Wouldn't it be nice if family orientated types could accept child-free types, if dog lovers could accept that not everyone welcomes their "fur-baby" anytime and under any circumstances and child-free types could give just a tad bit of recognition to the fact that those young adults defending their freedoms and providing goods and services to them today are just kids someone else raised? Why do people have to be disrespectful of each others' wishes in these regards and so vocally demonstrative about it to each other? Edit: How da heck did we get on the subject of pet preferences on a thread titled "Who needs a million $ cash to retire?"

Well said. I think these days people just love their dogs and automatically think others feel the same way. To them it's part of their family, to me it's just an animal. lol

Friend of ours had us over for a fancy dinner. The dogs were their usual PITA, one jumped up into an empty seat, then another. I waited for them to get the dogs off and nothing was said. It was surreal.

Back on topic. Do you need a million? Judging from others have said probably not. Sounds like they are smart and live smarter.


I have 7 figures, pension, and goodly amount of SS coming my way. And I still worry about having enough. Sounds like others are smarter then me.

[joeea]

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Originally Posted by scrabbler1 I commend those who choose to go against the so-called "life script" the way I did.

LOL!

I also commend those who did exactly whatever it was I did.

[RobbieB]

I dunno. I'd never even think about bringing my dog into anyone's house.

But if you're in my house you best like dogs, 'cause they are on you!

[Twistnshout]

Quote:

Originally Posted by Vacation4us What you bet said so much better than I. I don’t like dogs. I don’t trust dogs, and I find them gross beyond anything else. Don’t even get me started on dog owners. Too many live in the land of me me me. Please feel free to love your pooch on a leash, and clean up their feces so other don’t have to experience it. I promise although it was difficult my children are potty trained, don’t bite, and won’t jump on you. Now to topic; When I retire I will only have about 700k saved. Once I am 65 I could manage with SS and a small $1400/ month pension( on my own). I will only get to retire early at 53 because my husband has a great pension and healthcare until Medicare. My assets will have to sit unavailable and untouched until the tax torpedo hits us. Retiring completely before 65 requires far more planning and money in taxable accounts.

Haha! You sound like me. Gross gross and double gross. I feel like I live in a kennel. Our street has doggy poo sprinkles where the owners try and do there best to pick up. My wife sets up doggy play dates, bought a doggy stroller for when her little pumpkin gets too tired for the walk. lol I work in a hospital and they now let dogs in. wow.

On topic. I didnt get the comment on sitting on the money untouched until the tax torpedo hits? And your husband is nice. I'm having my wife work to the bitter end.

[Vacation4us]

On topic. I didnt get the comment on sitting on the money untouched until the tax torpedo hits? And your husband is nice. I'm having my wife work to the bitter end. [/QUOTE]

What I meant about the tax Torpedo;

My spouse has a (hated by others) fat fire pension.

I have a soon to be 800k paid off house, and 700 k in a 401k. Very little cash savings. I can’t access my 401k until 59.5. My tiny pension starts at 65. Then I have SS, which due to GPO my husband can’t collect if I die.

Bottom line we will always be paying taxes on his pension but once I am 65 to 70 our income goes up and we will be in an even higher tax bracket, no avoiding the tax man for us,hence my comment on the tax torpedo. And yes I know we are very lucky.

[cbslc]

So the short answer is NO, you can't retire EARLY on 1 mil.
Most estimators will tell you 1 mill will last around 20 yrs (depending on cost of living).
If you throw in a pension, then you adjust the no to a maybe.
And if you are just retiring at a normal age and have SS and/or a pension, then sure.
I'm 47, with no pension, no way would 1 mill suffice for 2 of us over what could be 40 yrs of retirement.

[Turbo29]

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Originally Posted by RobbieB I trust dogs over people anyday. People will lie to you, cheat you, talk bad about you. When you get home your dog will always be happy to see you.

"If you pick up a starving dog and make him prosperous he will not bite you. This is the principal difference between dog and man."

--Mark Twain

[karen1972]

Quote:

Originally Posted by cbslc So the short answer is NO, you can't retire EARLY on 1 mil. Most estimators will tell you 1 mill will last around 20 yrs (depending on cost of living). If you throw in a pension, then you adjust the no to a maybe. And if you are just retiring at a normal age and have SS and/or a pension, then sure. I'm 47, with no pension, no way would 1 mill suffice for 2 of us over what could be 40 yrs of retirement.

Short answer is really YES if you are willing to accept the risks. Take a look at all these blogs, look at how little they live off from, the programs they sign up to, the tricks they use to save money, etc.. you could do it. You also could accept the risk you may have to go back to work or work part time, that is also an option. If you want to retire and never worry again, then the answer is NO, but lots of people have other motivations where it doesn't have to be that strict.

[GenXguy]

Using the 4% rule, I can live off a stash of $550K based on my planned FIRE budget of necessary expenses, including taxes and health care costs on an ACA plan. Of course, that's zero discretionary spending, so I can't imagine actually retiring on less than $650K in practical sense so that I'll have several thousand dollars extra for discretionary spending each year. And that's not factoring in SS in another 10 years, which means I'll actually need less than those amounts.

$1M would be far more than I need, although I'm happy I actually have significantly more than that, so I'll have a nice budget for discretionary spending, and discretionary spending alone will be greater than all my required expenses combined. Hope to make FIRE a reality in 2020.

[daylatedollarshort]

I'm pretty sure solarcabin guy from youtube retired without a need for $1M -

https://www.youtube.com/watch?v=c6paeLIrvCM

[Offgrid Organic Farmer]

I have a large house on 150-acres of land. Annual taxes are around $800.

It certainly does not take $1Million to retire early.