How many $$ will you need when you retire to live on? - Page 3
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  1. #31
    Registered User frugalfranny's Avatar
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    With some recent happenings I am beginning to re-think and re-plan a few things........

    You can save all you want......but if you don't have your health you won't have anything...........and in the end, that includes money!!

    Inheritance taxes aren't a big issue for 'most states', and estate taxes could be changed at any point........and if you have it set up right you can avoid most of those..........check YOUR state out for that.........it varies widely.

    What I have re-thought is the medical...........not sure about some of the 'treatments' but just keep me out of pain.......forget plugging all the OTHER pills down me. Saying this after my father's RX alone was OFTEN pushing $2000 a MONTH.........and what they were doing (when I researched some of the RX) were just slowing poisoning him.........for what??? He had Alz. so what was his quality of life???

    Always have to 'be there' to really know what you would do......but I have made my NEW wishes clear to the person handling my paperwork and will put it as a "clause" when I re-do my legal things this year.

  2. #32
    Registered User peanut's Avatar
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    I find it interesting to read these threads somewhat after the fact. It's only been three or four months and a lot has changed. My health costs have actually gone down, due to changes the naturopath made, and my health has gone up. I figure I traded medication and supplement costs for the cost of organic food though. However that is being supplemented by a backyard patio garden this year. And the fringe benefit of all this is increased energy to engage in some income producing activities.

    DH has changed his mind again and is determined to retire early on a full pension in a couple of years. I am trying to create a small side business that we could do something with in his retirement if necessary. I'll work it anyways for fun. He might just come along for the ride. But if necessary, it could be built up into serious extra income.

    The changes in CPP and OAS mean I won't be able to collect my pension until DH is over 75 yrs. old. A pain, but there you have it. Because of the 7 year spread in our ages, I will have to make up some income after he retires to meet our needs.

    Another option is to sell the house and downsize. I've been a fan of this for years. But we'll see. DH loves this house. Right now our option has been to have a boarder in the basement. That increases our income by $600/mth., which is cheap for homestay. With a boarder we would be able to keep this house in retirement.

    So we're in the enviable situation of seeing medical costs decrease recently, and income prospects for retirement increase. Retirement is looking better for us these days.

  3. #33
    Registered User Marfa's Avatar
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    One of the most important things is to be completely out of debt [including your home] before retiring.

  4. #34
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    Hi. I'm new here. I'm 54 and have been out of work for over two years. At this point I have to accept that I may not ever go back to work, there are no jobs. I've tried everything to get a job. I have no debt (thank the Lord) and some money in the bank. I live in an all bills paid apartment, 1 room! I am looking for alternatives to a "regular" job, for lack of a better way to put it. I have no idea what the future holds.

  5. #35
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    GOD this thread opens your eyes - how depressing! I have a stock portfolio Ing account which lost some in the recession, but not as bad as others, BUT I need to seriously sock away what I can. I'll be 48 this month. So scary. My Mom will be 80 yrs. old and is giving her notice at work tonite. I watch my parents and think I'll never have enough $$ to retire comfortably. HEALTH is everything.

  6. #36
    Registered User Sophiasmama's Avatar
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    I agree about your health being a big issue...on Kevin's side it is the heart...my side it is cancer...so I guess while saving as much as you can...we should also be looking after ourselves...which is a reminder I need to get serious on losing the extra pounds.
    House Paid off October 1st...and we are loving it!!!!
    Proud supporter of Blessings In A Backpack, Food Bank and SPCA
    CrossFit lover...and now also AquaFit

  7. #37
    Registered User peanut's Avatar
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    Health is a big issue here for sure. At one point my medication and supplements were pushing over $300/mth. and that is small. I talked to my dad once and his meds were over $500/mth. That was just him. His wife had her own medicine as well. It's a big chunk of a person's income, even in Canada with our supposed universal health care.

    It's one thing that has forced me to look at a naturopath before DH retires. Not only was I paying big bucks for stuff, but it wasn't doing it's job. So seeing the naturopath was a smart move for me. She's been able to narrow down the root issues, which has resulted in dropping one asthma med and, hopefully, a second one this coming year. The two of them will save me $60/month right there. But I do have to stay off food I react to, and eat only organic...which means we are in the vegetable and fruit growing business here, as that is the cheapest way to go for organics.

  8. #38
    Registered User frugalfranny's Avatar
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    Quote Originally Posted by judembc View Post
    HEALTH is everything.
    You said it all!

    And while you don't know what will happen, after watching my father, I have taken the initiative to plan for my death. Sounds morbid.......and while most people hesitate to even think along the lines, I think it will be coming. I don't want to be 75 or 80 and be 'treated' for something that is going to kill me anyway. I have told my executor and POA to simply keep me out of pain........that is all I want. Have also set up the DNR paperwork.

    My father was in last stage Alz. and it was quite common for his DRUG BILL ALONE to run right at $2000 a month!! This is on top of being in a nursing home. Very few months, for the last year and a half, was the drug bill ever under $1000! The big eye opener for me was.............there is no way in hell they could have been 'administering' PROPERLY all the drugs he was taking!! I checked many of them......and there weren't enough hours in the day to do it. People don't realize this little factor.

    so...........health is it..........I am not going to 'obsess' over it and will enjoy my life, but if my body decides to "go awry" I have made plans on how I want it dealt with........and hopefully, have taken away any guilt from the person making the choices.

    I don't think it needs to be 'depressing' at all................live on what you have...........live the best you can........laugh often...and enjoy your life.......whatever has been handed to you!!

  9. #39
    Registered User forHISglory's Avatar
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    I am in my 5th year of retirement, and have posted several times on FV about the journey. But I'm never too old to learn, and one thing I am learning now is that I have to be flexible. Things change so quickly. A second thing I have learned is to save WAAAAAAY more than I ever thought I would need. I'm watching my parents now in their last years. They have done so many things right, but have also made many mistakes that now haunt them. So the third thing I have learned is to watch those who are going before us: learn from their lives (good or bad) what will profit my life.

    Geesh..... Only 5 years into retirement, and I've had learn these three things already?
    Spiritual:
    "You are fearfully and wonderfully made." Please... respect life.

    Financial:
    Debt free, hoping to stay that way!


    MY BLOG: glorybug.wordpress.com


    1. Keep on writing.
    2. Get some balance in my life.
    3. Lose weight. Hopefully 20# this year.
    4. Continue to be looking for how God wants to use me this year.


  10. #40
    Registered User Sophiasmama's Avatar
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    We had redone our number since I posted a while ago we needed $50,000 net to retire and that just isn't true...we discovered the number is more like $40,000/year net...and if we took out travel...it would bring it down to 28,000.

    The budget for 2333.00/month:

    Food-$400
    Bills-$400
    Health ins,Car ins,House ins-$400(going off what we pay currently
    Charitable giving-$300
    Extras-$900(meds,clothing,gifts,oil changes,gas,etc)
    House Paid off October 1st...and we are loving it!!!!
    Proud supporter of Blessings In A Backpack, Food Bank and SPCA
    CrossFit lover...and now also AquaFit

  11. #41
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    I think if I have no debt and live after retirement. I think I just need as much a can consume and utilize. I do not want to store or save any thing for me. I do not know if it is a right work or not. I wish I can spend my life in peace after retirement.

  12. #42
    Registered User peanut's Avatar
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    Sophiasmom: that's funny. DH and I figured we'd need the same amount...$40,000 without travel. DH is not happy about that. He wants to travel in retirement. As is, we will be lucky to have the $40,000. That's why I am trying to turn my hobbies into a bit of a side business.

  13. #43
    Registered User Sophiasmama's Avatar
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    Great idea Peanut,about using the hobbies to make a bit of extra money...Kevin and I do not live fancy or high on the hog as it were...so we don't see Us changing when retirement rolls around. Just life at the lake,peaceful and serene.
    House Paid off October 1st...and we are loving it!!!!
    Proud supporter of Blessings In A Backpack, Food Bank and SPCA
    CrossFit lover...and now also AquaFit

  14. #44
    Registered User peanut's Avatar
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    Ha! I just reread your post. It was $40K WITH travel. Don't know if we could do that. One thing I found as I get older is my back is giving out. That means good beds in good hotels...which are expensive. So I just rule out travel when we get older. $40K is the gross income we would need to live on in retirement if that is the case. It costs us $10K just to live in this house every year, not counting repairs or renovations. And then there are income taxes to come out of that $40K too. So not much left to do anything... especially with medication and food costing so much.

  15. #45
    Registered User CPA-Kim's Avatar
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    The biggest consideration in when I retire is my health. I have several chronic health conditions and work mostly from home under ADA accommodations. If I can make it to 62 (3.5 years) I can take retirement and will get a pension of $4,700 a month and SS of around $1,600 a month. I'm putting away cash instead of paying off my mortgage. My mortgage payments are less than $600 a month. Health insurance from 62 until 65 will be my greatest concern. Right now, I'm covered by my employer for a premium of only $100 a month, including dental. I take 5 drugs and two of them are brand which insurance doesn't cover so my prescription cost is around $300 a month. This should go down since the college is switching insurance and we'll have Blue Cross/Blue Shield.
    Kim
    Mtg. Balance on January 1, 2014: $61,654.76
    MORTGAGE PAID OFF ON THURSDAY, JUNE 12, 2014!!!!!!
    The Lord will provide

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