1982vett
Well-known member
Been "retired" for 16 years. Wife has been retired for 6. Been dipping into "retirement" funds for about 8 years now. Taxes used to be our biggest expense, now it's medical expenses.
I had a buddy that I spent a fair amount of time in the man cave with on work trips. He was a fairly successful intelligent fella. His theory is if you can make it out of your 50's, you should be GTG until your 80's. He said "if you're a lemon, you'll know about it in your 50's" I'm 58, lol !!That makes sense and all, but I find it hard to believe that once you make it to 65 your life expectancy jumps up to 85. Of course I don't know the average age that retired people die, but I don't think its 85.
I think that is the issue for sure. Medical expenses. Even if you have insurance, they still seem to get their cut of you (no pun intended)Been "retired" for 16 years. Wife has been retired for 6. Been dipping into "retirement" funds for about 8 years now. Taxes used to be our biggest expense, now it's medical expenses.
Cemetery has a lot more 40 year olds than 80's.I had a buddy that I spent a fair amount of time in the man cave with on work trips. He was a fairly successful intelligent fella. His theory is if you can make it out of your 50's, you should be GTG until your 80's. He said "if you're a lemon, you'll know about it in your 50's" I'm 58, lol !!
its what you need to figure an averageIt's not the average.
Your correct most annuities use life expectancy to figure your payments.its what you need to figure an average
Yeah, looking at those huge numbers...most of us are in poverty. Poverty is better than being ultra wealthy, we all want to fit threw that needle and give back to our fellow man/woman. Where in upstate N.Y. are you located?...I used to live in Mannsville, N.Y., there were a lot of farms and cattle in the 1800's up until 1950's, then everyone left-quit farming and cattle....Dick Hughes was the only one left up there with Holsteins- a Dairy. Rough winters up there....Blizzard of '77 was easier to step out the second story window rather than push the front door open, dig snow and crawl up past the porch roof. Agreed everyone really should be debt free before age 50. I haven't made any money on my cows yet, started and grew my breeding herd...maybe my 3rd year break even and 4th year I'll make a little.Obviously, I am in total poverty. Good thing my cows make me some money to live on.
If you haven't paid for your home/farm and are debt free - you better have a better retirement than just SS (which is all I have for "income")
I couldn't agree more.Cemetery has a lot more 40 year olds than 80's.
Your check engine light usually comes on by your late forties.
Even with today's modern medicine life expectancy was lower last poll I read. Obesity is the new smoking.
Medical expenses do rise with age, titanium replacement parts are expensive.
In all seriousness I don't see how younger people today will ever be able to retire. Your earning potential goes down with age, you can't carry a lot of debt in retirement and live comfortably as they have been programmed.Most today the only thing the own is a note.
Once you retire you are on the road to being forgot.
First five I was retired job offers every few weeks, next five every few months, now a couple a year.
If the average life expectancy is 75 when someone dies at 50 someone else need to live to be 100. Or two live to be 87.5. A lot of it is genetics. My grand parents live to 75, 88, 89, and 93. My Dad made it to 89 and was a worker up until a month before he passed. His brother is 93 and other than some memory issues is pretty fit. 9 cousins on Dad's side are all alive and healthy ages ranging from 72 to 62. My mother's youngest sister struggled with obesity all her life died around 50. Her daughter who had the same issues I don't think made it to 50.Cemetery has a lot more 40 year olds than 80's.
Your check engine light usually comes on by your late forties.
That makes me happy to hear about N.Y. returning back to agriculture....forefather's fencing being rebuilt...lots of nice stone field perimeters....I can see people re-clearing the trees off for farming. Sure got over-populated with deer last 20 years....all the hunters from the 1970's are pretty much dead now....don't think we have the replacement hunters of yesteryear.@TexasRancher I live 30 miles South of Syracuse, 10 minutes off I-81.
Now, NY is the 3rd largest dairy state. Agriculture is the number 1 business in NY.
We learned that it was really important to have a door that opened IN. It's one thing to have to shovel your way out the doorway, it's another when you can't PUSH the door open!!!
Update:I'm just curious. This article says, "At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year."
That's been conventional wisdom for a good while now. I think the bottom line is don't retire until your house is paid off. Obviously, medical expenses are the elephant in the room. There's just no way to predict what will happen.Update:
Read an article today by Motley Fool contributor Maurie Backman.
"Generally speaking, to maintain a similar lifestyle in retirement, the equivalent of 70-80% of former paycheck is required."
70% of $71,740 = 50,220
80% of 62,775 = 50,220
80% of 60,000 = 48,000
80% of 50,000 = 40,000
80% of 40,000 = 32,000
The ticket is to retire debt free until you adjust your lifestyle to being retired.That's been conventional wisdom for a good while now. I think the bottom line is don't retire until your house is paid off. Obviously, medical expenses are the elephant in the room. There's just no way to predict what will happen.