A delusional couple wants to retire

[REWahoo]

I quit checking Marketwatch when they went to a partial paywall recently. A lot of the actually useful articles are blocked behind beg-ware placards, but they still serve up tripe like this for free.

You can still read the articles using a private/incognito window in your browser.

 

[Vincenzo Corleone]

I'm not convinced that any of these questions in Marketwatch are from actual people. I think the author just makes them up to set up her column.

+1

Clickbait

 

[jazz4cash]

Why would Marketwatch fabricate an article that makes them look like buffoons?

Clickbait.

 

[jazz4cash]

Huh. I went back to reread and got paywalled. Does MW actually expect to get paid for this content?


Obviously not enough info but anyone can dream, right?

Sell the house and live on the boat. I’m SURE that’s why she said it was a major plus!Assuming 50% home equity and they actually save additional 50k, that gives them ~500k in savings to generate 40k with 4% SWR. Throw in 50k for 2 SS payments and they’re right at 50% of current income she said they need. Of course they’re too far from FRA for this to work so.....never mind.

 

[JustCurious]

Oddly enough we just bought a new car for cash. The salesman insisted on running a finance option. Our credit is top notch and the rate they used was around 7% didn't seem to matter how much down or term either.

I just assisted someone with a new car purchase, it was financed for 60 months and the rate was 2.9%.

 

[finnski1]

I just assisted someone with a new car purchase, it was financed for 60 months and the rate was 2.9%.

Yeah 7% seems way out of whack especially with excellent credit.
New Subaru's can be had right now for 0% for 63 months

 

[Amethyst]

Like letters in advice columns, I think this stuff has always sold because it makes regular people feel superior.
"Hey, at least I'm smarter than that guy!"
"Can you believe those people?"
"Boy, if she tried that one on me, she'd've gotten the surprise of her life!"

I hadn't seen this one, but I have noticed that the questions on Marketwatch are becoming more like a Jerry Springer show of finance, with more and more outrageous questions from increasingly selfish and clueless people. I guess that gets the most clicks, but makes the whole thing irrelevant to normal folks.

 

[ncbill]

That boat is a real plus if they can live on it (and sell all other assets)!

Yeah, we need to know what's the home's value?

At, say, $350k they have a lot fewer options than if it's worth $1,350k.

 

[SnowballCamper]

They seem like a candidate for a Dave Ramsey program. Oh, and clickbait, I think all the articles on personal finance from CNBC, market watch, etc. are just to get eyeballs on the ads.

 

[rk911]

delusional? absolutely.

 

[Koolau]

I w*rked with some folks who would have thought these folks were in "pretty good shape" to retire. I've mentioned BFF who at 77 is $500K (net) in debt. He actually lives pretty well. He's learned to get the credit he needs to keep his life-style going. I suppose if the credit holders are willing to lend, then it's on THEM. YMMV

 

[DrRoy]

No problem. Just get that spending down to about $7000/yr. Piece of cake.

 

[Music Lover]

I w*rked with some folks who would have thought these folks were in "pretty good shape" to retire. I've mentioned BFF who at 77 is $500K (net) in debt. He actually lives pretty well. He's learned to get the credit he needs to keep his life-style going. I suppose if the credit holders are willing to lend, then it's on THEM. YMMV

I know a few people who spend every penny they earn, have large credit card debt, expensive car leases, one couple just re-financed for a 30-year mortgage in their late 50's...and they don't care. They just buy what they want when they want an seem to be enjoying life.

 

[Nemo2]

"They don't pay what they owe
When they have the cash flow
They don't care"

Mark Knopfler The Scaffolder's Wife

 

[MikeWillRetire]

That's delusional alright. And now on the other side of crazy town, here's a guy with $5 million asking if he can retire. https://www.bogleheads.org/forum/viewtopic.php?f=2&t=283714

 

[ExFlyBoy5]

It's pretty simple: Marketwatch=Clickbait=Utter Crap.

 

[rk911]

That's delusional alright. And now on the other side of crazy town, here's a guy with $5 million asking if he can retire. https://www.bogleheads.org/forum/viewtopic.php?f=2&t=283714

is he asking from a $ perspective or a 'my-life-is-my-work' perspective. i get the second. that's not me but i know people who would fit that mold.

 

[FANOFJESUS]

It's pretty simple: Marketwatch=Clickbait=Utter Crap.

True but there is a large group of people today that live like that. Reminds me of a woman I know with are large pension. She lives hand to mouth because she will not sell her large home with a mortgage.

 

[Letj]

It's pretty simple: Marketwatch=Clickbait=Utter Crap.

Yep! And where can you often find a link to the crap? No other “news” source than the bastion of journalistic integrity - Yahoo.

 

[tlh908]

There are many Americans like this, good income with little savings and much debt. Actually this person is probably more normal than the people on this forum. So being abnormal is good!

 

[G8tr]

Agreed. DW and I are friends with a couple who pull down $600k+ a year, but they spend everything beyond 401(k) contributions. They own a nice beach house, two leased luxury cars, take expensive vacations every year, housekeeper/nanny...and are in their early 50s. They're not trying to retire now, but I'm afraid that they'll get a rude wake-up call in another 10 years if they don't pull back a bit now. Then again, it's not our problem so perhaps we shouldn't worry for them if they're not.

There are many Americans like this, good income with little savings and much debt. Actually this person is probably more normal than the people on this forum. So being abnormal is good!

 

[finnski1]

Agreed. DW and I are friends with a couple who pull down $600k+ a year, but they spend everything beyond 401(k) contributions. They own a nice beach house, two leased luxury cars, take expensive vacations every year, housekeeper/nanny...and are in their early 50s. They're not trying to retire now, but I'm afraid that they'll get a rude wake-up call in another 10 years if they don't pull back a bit now. Then again, it's not our problem so perhaps we shouldn't worry for them if they're not.

Just thank them for stimulating the economy so our investments can grow.

 

[Koolau]

My friend who is $500K in the hole knows my condo is easily worth that amount. He has asked me why I don't take out the equity and live better. I ask him "And do WHAT?" He mentions all the toys I could buy, all the places I could go, all the stuff I could own. I just sort of shake my head. Still, I know he enjoys his life, so how can I fault him? We just have two completely different ideas of what is "fun." Being out of debt is WAY more fun to me than having boats, wave runners, fast cars, etc. (though, full disclosure, I WOULD love to own a Vette again, but...). YMMV

 

[Paulz]

I think part of the "problem" is the FIRE movement. It seems that no matter where I go I hear people talking about FIRE'ing without understanding what the FI part of that means. Not being critical of people that FIRE, but it seems it has finally started to trickle down to people that have no business thinking about retirement.

 

[CardsFan]

I think part of the "problem" is the FIRE movement. It seems that no matter where I go I hear people talking about FIRE'ing without understanding what the FI part of that means. Not being critical of people that FIRE, but it seems it has finally started to trickle down to people that have no business thinking about retirement.

FIRE to me was any time prior to "normal" retirement age. I went out at 60.

To think you can FIRE with even $1 million at 35 is just taking a chance.

Some succeed, and some "suck seed" (3 stooges reference).