Page 3 of 5 FirstFirst 12345 LastLast
Results 21 to 30 of 45
  1. #21  
    Senior Member
    Join Date
    Mar 2010
    Posts
    3,269
    Linda
    Quote Originally Posted by linda22003 View Post
    It'd not snarky. It's just a fact. People can be self made and do better than that; the fact is that most start late, or borrow from the accounts, or take money out and pay huge penalties. It takes discipline to see it through. They haven't "lost" anything unless they cashed out when the market was down.

    My parents put me through college because they knew it was an important advantage. It's an expense you have eighteen years to save for, not a sudden emergency. When I see the pathetic stats on what people have saved - or more likely have NOT saved - for the future, I am sorry for them, but $500k is not enough to retire on unless you retire at an advanced age. I'm sorry if the truth sounds "snarky" but that doesn't keep it from being the truth.
    Nonsense, says I. The NASDAQ was at 5000 in 1999. Today it's at 2600. That money is lost. We ain't talking roller coasters here.
    The market it down trillions from its high. As I pointed out in another post even Bill Gates has lost 1 billion since his high in '07.
    How about the people who lost so much with Bernie Ebbers, Bernie Madoff, Ken Lay, Alan Stanford? They planned, they saved and they could sure use the 500 grand you talk about.

    Your comment about your parents illustrates my point about you being genetically fortunate. What if you had had parents who were not quite so visionary? Let me answer that: No one can say where you may have been in other circumstances, or for that matter, even placed back in time about 50 years, before women had meaningful careers and women's educations counted for much. No one can say, not even you.

    Quote Originally Posted by Big Guy
    Linda is correct, I hired a inancial advisor last year. She showed me that for me to retire and maintain my target life style I need $2,000,000.00. Put in prespective $500k is not much for a retirement account. It is a large ammount if it's annual income or a simple savings account.
    Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.

    There are only 6.7 million people - that would be 2% of the population - in the U.S. with liquid assets (that means not counting the house) of more than 1 million, and only 840,000 with assets of more than 5 million. Good for you for wanting to succeed and out perform your peers, but your financial advisor is fulla shit.

    Of course, I recognize that you referred to a "target" lifestyle, and I am assuming that you have no experience with that lifestyle just yet. Maybe you'll get there; I hope so. But there will be a component of luck involved - just ask all those ex millionaires referenced above..

    But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.

    Take someone who got lucky and worked steadily and well, and got his house and cars paid for; maxed out the Social Security income at about 2000/month; retired from a job that paid 2000/month retirement. Would he think his 500K was a lot? Of course he would. And chances are he wouldn't even need it for many years, because in the process of saving for his retirement he learned to live on what was available, not what he dreamed about.

    I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.
    Reply With Quote  
     

  2. #22  
    Senior Member Big Guy's Avatar
    Join Date
    Nov 2009
    Location
    Clarksville, Tn
    Posts
    1,531
    Quote Originally Posted by Starbuck View Post
    Linda


    Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.

    There are only 6.7 million people - that would be 2% of the population - in the U.S. with liquid assets (that means not counting the house) of more than 1 million, and only 840,000 with assets of more than 5 million. Good for you for wanting to succeed and out perform your peers, but your financial advisor is fulla shit.

    Of course, I recognize that you referred to a "target" lifestyle, and I am assuming that you have no experience with that lifestyle just yet. Maybe you'll get there; I hope so. But there will be a component of luck involved - just ask all those ex millionaires referenced above..

    But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.

    Take someone who got lucky and worked steadily and well, and got his house and cars paid for; maxed out the Social Security income at about 2000/month; retired from a job that paid 2000/month retirement. Would he think his 500K was a lot? Of course he would. And chances are he wouldn't even need it for many years, because in the process of saving for his retirement he learned to live on what was available, not what he dreamed about.

    I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.

    I could retire and maintain my current life style with quite a bit less than $500k, that is a fact. My target lifestyle involves quite a bit of travel in a RV (Bus). It also included a Lake house in Northern Michigan for the summers. (That is where I grew up).

    You are correct when you assume that I have never experienced the lifestyle I seek in retirement. I choose to live a frugal lifestyle now so I can have a chance (However Slim) to meet my retirement goals. I make sacrifices now so I can retire in luxury. If I die in the process, then my children will have a decent inheritance (If they arent taxed into oblivion). So given the details of my retirement goals, two mil should do it just fine. I will be just fine with less than 1/4 of that, but two mil is my goal.
    I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. Thomas Jefferson
    Reply With Quote  
     

  3. #23  
    Power CUer
    Join Date
    May 2008
    Location
    Northern Virginia
    Posts
    11,517
    Quote Originally Posted by JB View Post
    But you're DINKs and had your college education paid for.

    Most folks don't have that living arrangement or a head start like that.
    That's the decision their families made.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
    Reply With Quote  
     

  4. #24  
    Power CUer
    Join Date
    May 2008
    Location
    Northern Virginia
    Posts
    11,517
    Quote Originally Posted by Bailey View Post
    I know people with more money then you who dont show it off like yourself or act as you do. Your problems money can't fix but you already knew that. Actually if you were less well off you might learn some humility, I doubt it but who knows? So please spare me your rant.
    I don't show it off. We live pretty modestly, in a four bedroom brick house that ought to be paid for by now but isn't. We all state things about our lives here. Humility is not my strong suit, and I don't know why it should be. :)
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
    Reply With Quote  
     

  5. #25  
    Power CUer
    Join Date
    May 2008
    Location
    Northern Virginia
    Posts
    11,517
    Quote Originally Posted by Bailey View Post
    And I am sure they didnt give you a red cent for anything you have in life?
    I already said they paid for college. They thought parents should do that for children, and planned accordingly.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
    Reply With Quote  
     

  6. #26  
    Power CUer
    Join Date
    May 2008
    Location
    Northern Virginia
    Posts
    11,517
    Quote Originally Posted by Starbuck View Post
    Linda

    Nonsense, says I. The NASDAQ was at 5000 in 1999. Today it's at 2600. That money is lost. We ain't talking roller coasters here.
    The market it down trillions from its high. As I pointed out in another post even Bill Gates has lost 1 billion since his high in '07.
    How about the people who lost so much with Bernie Ebbers, Bernie Madoff, Ken Lay, Alan Stanford? They planned, they saved and they could sure use the 500 grand you talk about.
    Then why didn't I lose the same percentages? We moved into cash in '08 and have been going back in gradually.

    Your comment about your parents illustrates my point about you being genetically fortunate. What if you had had parents who were not quite so visionary? Let me answer that: No one can say where you may have been in other circumstances, or for that matter, even placed back in time about 50 years, before women had meaningful careers and women's educations counted for much. No one can say, not even you.
    Quite right. We're talking about the here and now (although my grandmother graduated from college in 1913 and had a career). People's circumstances vary, and they also make different decisions in life which affect them in their own generation and beyond. As Chris Rock says, "People are always saying 'life is short, life is short.' Well, no it isn't. Life is LONG.... especially if you make bad decisions."

    Yes, what would have happened if my parents hadn't been my parents, hadn't been professionals, if I hadn't finished high school, had babies out of wedlock? We'll never know, because those decisions weren't made.

    Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.
    It depends entirely on your vision of retirement. If you want to stay at home all the time in a cheap area of the country/world, great. If you want to continue to travel the way we do, you have to plan accordingly.


    But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.
    And if they're like the people on DU, they'll think they're entitled to make up for their lack of planning at the expense of those who DID plan.

    I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.
    Good for you! Living the way you WANT to in retirement is the goal. I had hoped to retire at 60, now it looks like 62. We'll see.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
    Reply With Quote  
     

  7. #27  
    Senior Member Bailey's Avatar
    Join Date
    Aug 2010
    Posts
    6,173
    Quote Originally Posted by linda22003 View Post
    I already said they paid for college. They thought parents should do that for children, and planned accordingly.
    Thats all well and good for your DNA donors but how much rougher would life have been if you had to pay for a 4 year degree? (assuming thats all the education you have)
    Reply With Quote  
     

  8. #28  
    Senior Member Bailey's Avatar
    Join Date
    Aug 2010
    Posts
    6,173
    Quote Originally Posted by linda22003 View Post
    I don't show it off. We live pretty modestly, in a four bedroom brick house that ought to be paid for by now but isn't. We all state things about our lives here. Humility is not my strong suit, and I don't know why it should be. :)
    Well there you go proving my point yet again :)
    Reply With Quote  
     

  9. #29  
    CU Royalty JB's Avatar
    Join Date
    May 2005
    Posts
    8,172
    Quote Originally Posted by linda22003 View Post
    That's the decision their families made.
    That's fine but it's your pretension that puts people off.

    A lot of folks would be more than happy with $500k to retire. To them it is a lot. Can they, or do they want to, live like you? Probably not. So when you see someone that believes $500k is a lot of money (for them) perhaps you should practice a bit of humility. Those on here with wealth greater than yours do.
    Be Not Afraid.
    Reply With Quote  
     

  10. #30  
    Senior Member
    Join Date
    Mar 2010
    Posts
    3,269
    Linda
    Quote Originally Posted by linda22003 View Post
    Then why didn't I lose the same percentages? You got lucky. Or else you knew something that Gates doesn't know.We moved into cash in '08 and have been going back in gradually.See? I beat you; I moved into cash in '07:)

    Good for you! Living the way you WANT to in retirement is the goal. I had hoped to retire at 60, now it looks like 62.
    GO FOR IT! But just one word; I have known an awful lot of people who planned to retire at age....whatever, but were unable to do so simply because of the cost of health insurance. Seems those who made out best were retirees from the government of one form or another....The rest of us were all too afraid to go uninsured and could not by insurance for one reason or another. Not talking about the cost of insurance; talking about availability.
    We'll see.
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •