What You Can Learn From 1,000 Millionaires
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Spanky
Thinks s/he gets paid by the post
Honkie,
What are the reasons for leaving Hong Kong? Is it concerns about the economy or the government? Where are they going?
Spanky
What are the reasons for leaving Hong Kong? Is it concerns about the economy or the government? Where are they going?
Spanky
Currently my health plan shows 404 per month for a 62 year old retiree, double that if married, so 808 per month x 12 = 9700 per year. At 4% you need 243000 of your million to cover it (plus any taxes due on the withdrawals), and the cost is going up faster than the average inflation rate. You could end up with nearly 1/3 of your million just supporting health insurance.
You may have to buy cheaper tequilla in retirement.
You may have to buy cheaper tequilla in retirement.
W
WhodaThunkit
Guest
Scott Burns has some thoughts on ER and health care in today's column (second part).
As an alternative, I will point out my 83 year old father in laws planning - if Medicare doesn't cover it, it doesn't get done. His income stream is SS, plus about $50,000 remaining from the sale of his property (he lives rent free next to me).
WhodaThunkit said:
Yeah, he takes another jab at ER -- because of the paucity of good health insurance options, "most people thinking about early retirement should abandon the idea." I feel this is throwing the baby out with the bathwater... then again, he's gets paid to do what most people here do all day for fun, so why should he want to retire early?
W
WhodaThunkit
Guest
ESRBob said:
I wondered about the "most people" part. Would be interesting to hear more about this. Evidently, he believes that some people will be OK. I guess the obvious answer is people with a lot of money. But how much?
Spanky said:
Spanky,
No, the economy is picking up nicely and all things consdered the Hong Kong Government is, overall, the most efficient, effective and practical one I have lived in (under?).
I should have qualified the original post by saying more "western" expartriates leaving than arriving. Mainly because they are not needed. The "old days" of the western expat being deemed necessary are long over. Locals and western educated/raised Chinese are more than able to meet and exceed the abilities of most expats, plus they are bilingual and often trilingual (my wife is quad-lingual!!).
Additionally, many people who came here during the 90's have made their pile, are reaching midle age and are looking to relocate either homewards or onwards, particularly those with children.
Summer polution levels have been our big talking point recently, but in truth I don't think it is any worse here than in many major cities around the world. Most people have it pretty good and so the opportunities for true complaint are limited so the epolution issue is blown up into a "cause/crusade" among the chattering classes.
Just one man's view.
Cheers
Honkie
Spanky
Thinks s/he gets paid by the post
Honkie,
Thanks for the update about H.K. A friend of mine is returning to H.K. to apply for residency or citizenship for his daughter born in the U.S. He is from H.K. and his wife is from Shanghai. They have just established their permanent status in the U.S. They do however consider the possibility of returning to H.K. or moving to China when opportunities arise.
Spanky
Thanks for the update about H.K. A friend of mine is returning to H.K. to apply for residency or citizenship for his daughter born in the U.S. He is from H.K. and his wife is from Shanghai. They have just established their permanent status in the U.S. They do however consider the possibility of returning to H.K. or moving to China when opportunities arise.
Spanky
cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Insurance wise, we carry high limit, very high deductible policies for home and cars and an umbrella. I think i'm at 10,000 ded for the house and 2500 on the cars. We'll drop the collision and comprehensive on the cars next year as they pass the magic 5 year mark. Hell, a few times when I couldnt find my Expedition in the mall parking lot I started praying it had been stolen...
So basically I self insure for all but a major disaster. We dont live in an area of hurricanes, tornados, earthquakes, and while we're in a flood plain (as is most of california) our odds of flooding are really, really low. I only filed a small home claim for water damage and wished later that I hadnt done it. Never had a serious car accident, just bumper cars in the parking lots and never my fault. Not sure I'd recommend this for anyone who lives in a hazard zone or drives like mr. magoo.
The fatter deductibles really knocks down the price tags.
So basically I self insure for all but a major disaster. We dont live in an area of hurricanes, tornados, earthquakes, and while we're in a flood plain (as is most of california) our odds of flooding are really, really low. I only filed a small home claim for water damage and wished later that I hadnt done it. Never had a serious car accident, just bumper cars in the parking lots and never my fault. Not sure I'd recommend this for anyone who lives in a hazard zone or drives like mr. magoo.
The fatter deductibles really knocks down the price tags.
I was surprised at the whining I heard from our mortgage holder when they learned we had a $5K deductible on our homeowner's insurance. They finally backed down when I threatened to take our refinancing business elsewhere.() said:
That must be an impressive price break on the premium between a $5K and a $10K deductible. I'll have to see if our insurer even goes that high.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
WhodaThunkit said:
If he is even lower middle class. I was listening to NPR the other day. They were interviewing workers from the Toyota plant in Elizabethtown, KY. One woman moved from Pikeville in the heart of depressed KY coal country to work at Toyota. She puts cup holders into the Camries that are built there. She makes $70,000 per year plus good benefits. She formerly was a shift supervisor at a McDonalds in Pikeville.
Now she isn't married, but she is in good shape. If she were married to another guy putting in cup holders or some equally skilled task, they would be pulling down $140,000 with benefits, 401K matches etc.
So, not only does the $1,000,000 not look like a helluvalot when mapped into income; doubling it wouldn't greatly change that.
To be rich you should be able at the very least to have the disposable income of a couple of non-union KY autoworkers. 4% of $3m? $4m? It’s a depressing fact, but fact it is.
Unfortunately, I likely will never be rich.
Ha
HaHa said:
Ha: You ungrateful old fart you.
I've spent some time in your area, (Puget Sound) and it is hard to beat.
You've probably spent as much time as I have in the retired area. (Almost 20 years for me.) As near as I can figure, at least that amount of time for you.
Neither one of us has had to worry about reporting to work and taking care of "stuffing paper cups".
Seriously, do you really give a rats ass about what anybody else is making, as long as you are living your life the way you want to? (I think not).
Your point is understandable, but in the final analysis, so what?
In any case, have a great Holiday Season.
(Get out there and Salsa your butt off).
cube_rat
Thinks s/he gets paid by the post
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Jarhead* said:
Hey, watch your mouth!
Spanky
Thinks s/he gets paid by the post
Toyota pays better than GM? The average wage for a GM auto worker is $27 per hour or ($56,160/year) based on the following excerpt:
After Delphi filed for bankruptcy, its chairman and CEO, Robert "Steve" Miller, said that the company needs to get rid of a "substantial" number of its North American operations and reduce its 51,000-member workforce. He wants the UAW to agree to concessions that would reduce members' average wage-and-benefit packages from about $65 an hour to about $20 or $25 an hour. Of that total compensation package, the hourly wage alone would drop from $27 to $10 if Miller has his way.
http://knowledge.wharton.upenn.edu/article/1301.cfm
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Spanky said:
The NPR story says:
"Renee Brown works assembling the Camry -- the nation's best-selling car. She puts in seat belts and cup holders at Toyota's plant in Kentucky horse country.
... Brown makes $70,000 a year -- more than twice the average manufacturing wage in the area.
...Brown says that Toyota's wages are so close to the union's, she doesn't see the advantage."
http://www.npr.org/templates/story/story.php?storyId=5062797
Maybe the difference is overtime and/or shift differential for working nights, etc.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Jarhead* said:Ha: You ungrateful old fart you.
I've spent some time in your area, (Puget Sound) and it is hard to beat.
You've probably spent as much time as I have in the retired area. (Almost 20 years for me.) As near as I can figure, at least that amount of time for you.
Neither one of us has had to worry about reporting to work and taking care of "stuffing paper cups".
Seriously, do you really give a rats ass about what anybody else is making, as long as you are living your life the way you want to? (I think not).
Your point is understandable, but in the final analysis, so what?
In any case, have a great Holiday Season.
(Get out there and Salsa your butt off).
Hey Jarhead, Merry Christmas and Happy New Year to you too!
I agree 100% with everything you said. I just didn't want anyone to think I was claiming $3M in invested assets.I have worked less than anyone I know personally, and so far at least God has not risen up to smite me for my sloth. It's hard for me to say exactly when I quit, because I was freelancing, but it has been over 20 years now, as you said. Congratulations on your own long retirement!
Ha
Lawdy, 20 years! I am way behind, but getting there as fast as I can. Congratulations to you and to Jarhead, who's been teeing off for about the same length of time.HaHa said:Hey Jarhead, Merry Christmas and Happy New Year to you too!
I have worked less than anyone I know personally, and so far at least God has not risen up to smite me for my sloth. It's hard for me to say exactly when I quit, because I was freelancing, but it has been over 20 years now, as you said. Congratulations on your own long retirement!
Ha
Lancelot
Full time employment: Posting here.
() said:
Just currious, but do u carry high deductible health insurance also? If so, for tax purposes, can you deduct everything over 7.5% of AGI? Seems like this could be a good strategy for offsetting some health insurance costs.
Lance
cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I had a fairly inexpensive HMO while I was single, now we're on the wifes crappy blue cross plan from work. I'm amused that the hospital puts lousy coverage on their employees, but it is free.
We have a 1500 ded, pay 20% after that to a yearly max of another 1500 or so.
Handy to have this year with the baby showing up last january, but pretty much all out of pocket from here on.
When I was on the HMO and severely restricted my 'ordinary income', I was able to deduct a huge amount of my annual costs for the plan.
We have a 1500 ded, pay 20% after that to a yearly max of another 1500 or so.
Handy to have this year with the baby showing up last january, but pretty much all out of pocket from here on.
When I was on the HMO and severely restricted my 'ordinary income', I was able to deduct a huge amount of my annual costs for the plan.
The way I am reading this board most poster must have much more money than I. I feel pretty comfortable retiring at 56 on a million enough so that I am building a new house and with the money I get from the sale of my existing home I will carry a mortgage of about 175,000. I was scared at first but I figure that I do have enough to pay it off it needed. I am also considering that SS will kick in at 62. I know there is no guarantee. Anyway as I get older the equity in the new home will increase. I look at it as a way to enjoy your money while you are still young and all it really is doing is moving my savings from one security to another. Actually I look to pay down the mortgage to 140,000 soon after the house is completed. I don’t worry anymore and try to enjoy myself. Then again it doesn’t take much at 30,000 a year I will do fine. My mine interest is running marathons, biking, swimming and doing triathlons. So I consider my self in the best of shape. So lay it on me am I nuts or what.
Runnerr
Runnerr
W
WhodaThunkit
Guest
Hi Runnerr -- I don't think that you're crazy at all. If you are happy at $30K, you've got it made in the shade. Keep up the fitness activities -- probably more important to a happy retirement than a lot of extra money! I think that a much of the discussion in this thread was sort of philosophical -- what constitutes "rich?" -- rather than "advice" for anyone in particular.
