Retired and broke.

[grampi]

Originally Posted By: Patman
My wife and I are 4 years away from early retirement (we'll be 52) and the way I figure it, we'll have more money when we retire, mainly because we'll sell our home here in Oakville and downsize and move much further away from Toronto where homes are a 1/4 of the price or less. So we'll have that nest egg, along with my wife's teacher's pension and we'll also get rid of one of our cars (the Civic) We won't even need to touch our retirement funds at first, we'll let them keep growing. We also get the Canada Pension Plan when we turn 65, it's only a few hundred per month each but that'll be nice when it kicks in too.

Also, this is something that's smart to do before you retire, but look at how much money you spend each month and try to cut out things you don't absolutely need so you can save more money. Are you spending $400 a month eating out at restaurants for instance? Try cutting that in half, or even cutting it out completely for a month or two. You'd be amazed at how much money you waste in a month on things...


My wife and I are in a similar situation as you and your wife, we'll be retiring in two years. We will have 3 times the disposable income in retirement that we have now mainly because we will be rid of all of our debt except for the mortgage. We are currently putting all the money we can spare into paying off debt so we can live comfortably in retirement. We will be able to travel and basically do whatever we want as income will not be our limiting factor...having a decent income stream in retirement equals a lot of freedom...

 

[EA82]

If you were born and raised in America and can't save for retirement you can't blame anyone but yourself in most cases.

 

[oilpsi2high]

It is never too late to start saving for retirement.

 

[oilpsi2high]

Originally Posted By: dparm
Originally Posted By: 02SE
live within your means.


Live BELOW your means, if you can. This is a good life-long attitude, not just one as you get older.


This. Unfortunately that’s a hard pill to swallow for a lot of people.

Ive found a lot of people have to have new everything. Not just cars, but mowers, tools, furniture. You cant get blood from a stone.

 

[pbm]

Quote by Supton:
"Those with nothing saved will get a bigger share...that sort of thing"

Unfortunately, 'that sort of thing' is becoming the norm....rewarding those who fail to plan ahead.
I have co-workers who made the same salary as me but never saved a dime...instead they bought boats, campers, convertibles, took extravagant vacations etc.....I think it's only right that they get a bigger SS check than I......NOT.

PS: I don't begrudge helping those who have less THROUGH NO FAULT OF THEIR OWN, like mothers who stayed home to raise kids etc...but to reward people for their failure isn't conducive to a good future for our country.

 

[Al]

motoroilmadman throws out these dumb questions. Doesn't participate in thread. Idiots lime me respond. Scheesch.

 

[pandus13]

Originally Posted By: Al
motoroilmadman throws out these dumb questions. Doesn't participate in thread. Idiots lime me respond. Scheesch.

AL,
where is Enjoy Having Fun AL?

 

[yeti]

Originally Posted By: Al
motoroilmadman throws out these dumb questions. Doesn't participate in thread. Idiots lime me respond. Scheesch.


c'mon, al.if it wasn't for the big 3 entertainers -- zzman, m.o.m., and formerly merk, what would bitog be ? rarely do we see an intelligent thread. that's why the above-average-intelligence members post less often than they used to post.
a large number of thread topics are goofy, inane, and "dumb". bitog has become a social media, and comedy site.we just have to go with the flow, and have some laughs.
we need a comedy replacement for merk.there are a couple of guys that show promise.losing pop, antique, and 'prone has diminished the site, as they were all hilarious -- for different reasons.
have a good day, and enjoy the show.

 

[SeaJay]

Some folks (like one of my brothers and his wife) do not believe in working hard or working long hours. They both believe that that they only need to work long and hard enough to keep up with some basic necessities (small apartment, a single older compact car, cheap cell phone plans, simple food, very few vacations, etc.).

If you are of that mindset, saving is not an option.

 

[Al]

good points yeti

 

[Andrew1972]

Originally Posted By: SeaJay
Some folks (like one of my brothers and his wife) do not believe in working hard or working long hours. They both believe that that they only need to work long and hard enough to keep up with some basic necessities (small apartment, a single older compact car, cheap cell phone plans, simple food, very few vacations, etc.).

If you are of that mindset, saving is not an option.


If you are of that mindset and make some money and save you’ll be golden . Eg my parents who made a high salary yet so frugal.

 

[Astro14]

Originally Posted By: yeti
Originally Posted By: Al
motoroilmadman throws out these dumb questions. Doesn't participate in thread. Idiots lime me respond. Scheesch.


c'mon, al.if it wasn't for the big 3 entertainers -- zzman, m.o.m., and formerly merk, what would bitog be ? rarely do we see an intelligent thread. that's why the above-average-intelligence members post less often than they used to post.
a large number of thread topics are goofy, inane, and "dumb". bitog has become a social media, and comedy site.we just have to go with the flow, and have some laughs.
we need a comedy replacement for merk.there are a couple of guys that show promise.losing pop, antique, and 'prone has diminished the site, as they were all hilarious -- for different reasons.
have a good day, and enjoy the show.


So, is it time to let GHT re-join the forum?

I would vote for that (not that this is a democracy, just sayin'...)

 

[Vikas]

Originally Posted By: Astro14
Originally Posted By: Vikas
Originally Posted By: skyactiv
I'm already a millionaire in cash and still have years before I can receive my UPS pension. But I would give it up if my wife could have kids.

I am shocked that nobody from BITOG has made any dirty comment on this one. What is happening?


What dirty comment are you expecting?

I think he makes two great points:

1. Planning yields results
2. Family is more important than money


I was expecting some wise guy to "volunteer his services"

 

[fdcg27]

You either accumulate some money during your planned or desired working life or you work until physical disability forces your retirement. It really is that simple.
Saving money for the future really isn't all that hard for any two income family.
Foregoing nonsense purchases and taking care of the durable goods you have rather than replacing them every few years will get you there. Others will be able to afford more than you while some will have much less. Avoid comparing your fortunes to those of others.
Any two income family that has even median income can be worth well into seven figures by the time retirement becomes a desirable option, but not if they've already [censored] that money away on frivolities during their working lives.
This doesn't mean living like a miser. It only means not spending more each month than one's checkbook can cover.
Do you wish to own your chattels, or do they really own you?

 

[Mr Nice]

Quote:
Any two income family that has even median income can be worth well into seven figures by the time retirement becomes a desirable option, but not if they've already [censored] that money away on frivolities during their working lives.


There’s a few millionaires on BITOG because of their financial choices over the past 20-30 years.

 

[fdcg27]

Originally Posted By: Mr Nice
Quote:
Any two income family that has even median income can be worth well into seven figures by the time retirement becomes a desirable option, but not if they've already [censored] that money away on frivolities during their working lives.


There’s a few millionaires on BITOG because of their financial choices over the past 20-30 years.



I suspect that most of those over sixty are in the seven figure net worth range.
This is partly a generational thing in that our parents were the children of those who had to scrape a living during the nineteen thirties.
The habit of thrift is hard while that of spending is easy.

 

[Vikas]

How do you think some of the BITOGers are able to drive 70K and 80K vehicles? Do you think they are just leasing them or are they millionaires many times over? Every week, we see somebody proudly showing their $80K baby. I can't imagine they are scrimping for money.

 

[Cujet]

Motor oil Madman,

Due to health issues, I'm guessing 3-4 years till retirement is about it for me.

This much I know, you can save money all your life like me, and never feel far enough ahead to be comfortable with what you have. Investments fluctuate, savings accounts rob you, and inflation sometimes outpaces earning potential.

Interestingly, I own an airplane and it's gone up 50% in value. I use it for work and it costs no more per (long) trip than driving my F150 (once you add in extra travel days/hotels that driving entails) . Not a justification, just an observation.

A good job with a major company is often a way to a satisfactory retirement. Airlines employees do better than business jet employees, as a general rule.

EDIT: (off topic) There is a money use balance. Saving all for retirement is risky too. I'm 54 and won't make it to a typical retirement at 65. I should have done some fun things with my money over the last 20 years. My work performance was excellent, with little time off, and excellent earnings. For what? At this point, I can't do the things I love anymore. Don't kid yourself, men often fail early.

 

[OilFilters]

Originally Posted By: motor_oil_madman
What happens when you retire and you run out of money?

Happens to me every month. I'm only in my 30s, but I have a number of disabilities that do not allow me to work a normal job. If I need to, I can live on less than $1,000 per month. I am self employed, mostly an ebay seller, and have been since I was about 14. I've never had a "normal" job. I don't even have a high school diploma. When I need money, I find a way to make it. I set my sights on it and that is all I think about. I'm proud to say everything I own I've earned, and I've never been given anything of major value. I don't take handouts from anybody, especially the government.

When I buy things, I try to buy quality and I expect them to last. I have a lot of tools, and I take care of them, so that I can fix almost anything I have. My vehicles are somewhat old, but I keep them running and looking nice...and I don't have a car payment. And my insurance is cheap because I don't drive like an idiot. I don't live in a mansion, but I have air conditioning and heat...and I'm comfortable. House will be paid off in a few years, because I choose to live in a place that is not extremely expensive. When it's paid off there is no reason it shouldn't last me the rest of my life. I have a well and a septic tank and I burn garbage...that cuts out a lot of bills other people pay. I plan on getting some solar panels soon to make my electric bill disappear.

My "retirement" is various investments. I have a few small rental houses, and working on getting more. With rental payments the bank gets about half every month and the other half is profit. The part the bank gets is just more equity for me in the future. I have a few acres of timber land, when the trees get big I can have somebody cut them down and write me a big fat check that should be more than I paid for the land. While I wait for it to grow, I have an unlimited supply of firewood for heating.

It is all about planning and eliminating monthly bills. If all goes well in the next 10 years I will have several rental properties producing income and equity at the same time. By the time I'm 60 they will all be paid off and I can sell them for more than I paid, or just keep all of the rent instead of paying the bank.

A big part of being financially independent is having and protecting a good credit score. Without that nobody will work with you. I have one credit card and it gets paid off almost every month - and the main reason I use it is because they give me 2% cash back. I buy everything with that card, and they pay me every month, instead of the other way around.

 

[Astro14]

Originally Posted By: Vikas
How do you think some of the BITOGers are able to drive 70K and 80K vehicles? Do you think they are just leasing them or are they millionaires many times over? Every week, we see somebody proudly showing their $80K baby. I can't imagine they are scrimping for money.


Not everyone who drives an expensive vehicle has a high net worth.

In fact, the opposite is true. Most people driving expensive vehicles have low net worth.

A great read is "The Millionaire Next Door".

The actual financial habits of millionaires are far, far different than people generally believe.