How Far Does $300,000 of Retirement Savings Go?

[Mulligan]

I read that article before I came here today. I can't imagine having just $300k and I own my house and I have a pension and I LBMN and I have not spend any investments in 5+ years except for $21k to help pay off the mortgage. $300k? You better have one heck of a pension!

I was thinking Veremchuka, that in the dinosaur world of government pensions that I come from, most people I know that have retired have considerably less assets than I even have. I know some who still have considerable debt still, and head into retirement. I think the reasoning is retirement is viewed as a continuation of the working years except you don't have to work. The system is set up to after 30 years your take home pay is the same as your take home pay was while working even though your pension is 75% of salary. While working, you have about 20% of check with held because you are "taxed" 15% of your monthly pay AND value of your benefit package. Subtract the Medicare tax, and add a $2k state income tax credit for retirement income and you are not missing a beat in terms of monthly take home income.

 

[Alan]

No, Alan, I have not. Although the dream still lives. My DH has been ill and unable to travel. He needs chemo every week and tlc. But thank you for remembering and I still have your information ready when the time for Bronte country arrives.

All the very best to you and your DH. Her house will await your visit, whenever that may be

 

[ESRwannabe]

I remember reading this forum around 2004 where most of the folks lived off $30,000 to $50,000 per year and were proud of it. The ER forum topics were often focused on the pursuit of a free lifestyle not a "big" lifestyle. Interesting how this forum has changed. Where is cutthroat anyway

There are probably still lots of people on the forum like that. I haven't been here very long and just lurk 99% of them time anyway. So, maybe there are more people like me, just lurking as well.

Anyway, I live off around $24k per year. If I didn't rent, it would probably be around $15k per year. My w-2 income + investments bring in around $80k. I'm 36 and plan to early semi-retire by 45 or so.