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ProprioBella

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How did you calculate your target retirement #? What were your assumptions (no mortgage, retire at 65, etc.)? What annual income did you use to calculate your annual living expenses?

Currently I’m estimating that as a retiree, I could live very comfortably on a income equivalent to my currently salary with certain assumptions (no mortgage, new car every 5 years, travel 6 month/year as long as I am able and some income from investment properties). I’m about 25 years from my goal retirement age and invested about 50% of the amount that I need. I also anticipate that my salary will triple by retirement, so I plan to ramp up how much I’m saving/investing over the next 10 years.

I am meeting with my financial advisor in 2 weeks to review my current strategy and portfolio. I’d love to hear some other perspectives..
 

Sly Kitty

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Currently I’m estimating that as a retiree, I could live very comfortably on a income equivalent to my currently salary

I can only offer advice to my expenses as a current retiree: I retired at 42 and my expenses went down so much because I don't have the same upkeep as gas, dry cleaning, lunches, etc., all the things you don't really think about when you're working full-time. You'd be surprised how much you don't spend.

My earnings cut in half post-retirement and I literally only spend a quarter of that on mortgage, auto insurance (cars, motorcycle and boat paid off), health/dental insurance, cell, internet, electricity...the basics. I've considered an investment property but the market is completely empty with lower interest rates but I've been doing double dutch because I don't want to deal with tenants and the upkeep of both my home and the property.

My SO retires next year at age 40 and after I bummed around for six months, I decided to go back to school to pursue a different career (went from Logistics/Supply Chain Management to Dental Hygiene). I will caveat all this and say I do live in South Carolina and COL is extremely low.

Do you plan on traveling domestically, internationally or a combination of both?
 

Games

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I plan on retiring in my 40's. My 401K is stacked, and I am a saver anyway. I plan on getting an additional home and renting it out to supplement my income. Cars been paid off, no student loans, just car insurance, cell phone, and housing costs. I do a lot of cooking, and barely eat out, so I save a lot of money that way.

I will do more aggressive investments once the market is better.
 

ProprioBella

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I can only offer advice to my expenses as a current retiree: I retired at 42 and my expenses went down so much because I don't have the same upkeep as gas, dry cleaning, lunches, etc., all the things you don't really think about when you're working full-time. You'd be surprised how much you don't spend.

My earnings cut in half post-retirement and I literally only spend a quarter of that on mortgage, auto insurance (cars, motorcycle and boat paid off), health/dental insurance, cell, internet, electricity...the basics. I've considered an investment property but the market is completely empty with lower interest rates but I've been doing double dutch because I don't want to deal with tenants and the upkeep of both my home and the property.

My SO retires next year at age 40 and after I bummed around for six months, I decided to go back to school to pursue a different career (went from Logistics/Supply Chain Management to Dental Hygiene). I will caveat all this and say I do live in South Carolina and COL is extremely low.

Do you plan on traveling domestically, internationally or a combination of both?

Thanks for the detailed response! I do expect my expenses to go down significantly in some areas, but also I am trying to have a cushion to live my best life and pursue whatever strikes my fancy (like take art classes in Paris, or learn how to speak Spanish via a 3 month immersion course in Cuba).

So for travel, it will be both, but mostly international. I’ve always traveled frequently pre-COVID, and so I look forward to not being restricted by vacation days.
 

Sly Kitty

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I am trying to have a cushion to live my best life and pursue whatever strikes my fancy (like take art classes in Paris, or learn how to speak Spanish via a 3 month immersion course in Cuba).

So for travel, it will be both, but mostly international. I’ve always traveled frequently pre-COVID, and so I look forward to not being restricted by vacation days.

Oooooo, I love it!!! I'm bummy so I always admire ladies that are adventurous.

Most of our destinations internationally center around fishing because my babe lives for fishing. The beauty is that he's a fly fisherman and most of the destinations are around water so that just leaves me laying around on a beach giving him the thumbs up from a distance when he catches something. We are cabin dwellers here in the states and we think it may be profitable to buy a cabin in the Smokey Mountains and AirBnB it when we're not there. That's $200-300 a night depending on the season minus realtor maintenance to reset for the next guest.

He's considering starting a business promoting and showcasing fly fishing because it's rare in our community. We are lucky to retire so young but I'll be honest, I can't keep up my lazy lifestyle for long hence me going back to school.

Sorry I couldn't offer much insight on investments, he's the stock man and I do crypto. We'll both be retired military and with everything we've seen and done, we want to keep our lives as simple as possible.
 
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ProprioBella

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Oooooo, I love it!!! I'm bummy so I always admire ladies that are adventurous.

Most of our destinations internationally center around fishing because my babe lives for fishing. The beauty is that he's a fly fisherman and most of the destinations are around water so that just leaves me laying around on a beach giving him the thumbs up from a distance when he catches something. We are cabin dwellers here in the states and we think it may be profitable to buy a cabin in the Smokey Mountains and AirBnB it when we're not there. That's $200-300 a night depending on the season minus realtor maintenance to reset for the next guest.

He's considering starting a business promoting and showcasing fly fishing because it's rare in our community. We are lucky to retire so young but I'll be honest, I can't keep up my lazy lifestyle for long hence me going back to school.

Sorry I couldn't offer much insight on investments, he's the stock man and I do crypto. We'll both be retired military and with everything we've seen and done, we want to keep our lives as simple as possible.

I appreciate all of your insight! Maybe I’ll take a fly fishing claass from your hubby’s biz in 30 years!
 

wrenbaker

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My biggest regret is not being better prepared for retirement decades ago. I stayed at home for 10 years and was not contributing. Ended up divorcing and was so far behind. Playing catch up now. I saw a story of a man that advised he would be working at Walmart until he died because he lost his pension when his prior company folded and he was a year or so from retirement. His wife also had a lot of health issues.
 

tt00

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My target retirement age. I dont even know yet . I am just going to say as long as I can keep working from home then I will continue to work past 62 . If for any reason I am forced to return to someones
office cubicle during my late 50s then Im out at 60-61 yrs of age or maybe before then.

I could probably live off of $2500 per month after taxes as long as Im in decent health then I would need to factor in inflation and the devalue of the dollar.

I am also counting on that I will have no Mortgage/ rent during my retirement . I want a piece of property paid off in cash early ( Looking at using half of my 401k to accomplish this) If I got another gig and maxed their 401k out for a few years then quit then I could turn that into a self directed 401k to finance real estate property with it

My income will mainly consistent of Social Security , 401k and passive income from Stocks . I am hoping I also have a small side part-time internet business with another method of passive income . My next action is to heavy invest in some tech stocks that I know will be homeruns in the next decade and stack cash up in them . If I can do 20-30k per stock then that would be sweet.

Also I figure if I ramp up and max out my 401k through 40s /50s/60s half of those decades I will be sitting good there. I think in your 50s you can do catchup and an additional 6-7k per year on to the yrly max of $19, 500

As far as retirement life, I hope to do just like I am doing now spend half of the yr in the US and the other half abroad ( Living abroad is really cheap or least it has been in my experience).
 

tt00

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At what age would you recommend working on this?
As early as you can the better . No later than when you hit 30 that is for sure.

Its better to really start in your 20s if you can even if it is a little bit as it will compound and grow over the years but you must be active with it.
 

tt00

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I can only offer advice to my expenses as a current retiree: I retired at 42 and my expenses went down so much because I don't have the same upkeep as gas, dry cleaning, lunches, etc., all the things you don't really think about when you're working full-time. You'd be surprised how much you don't spend.

My earnings cut in half post-retirement and I literally only spend a quarter of that on mortgage, auto insurance (cars, motorcycle and boat paid off), health/dental insurance, cell, internet, electricity...the basics. I've considered an investment property but the market is completely empty with lower interest rates but I've been doing double dutch because I don't want to deal with tenants and the upkeep of both my home and the property.

My SO retires next year at age 40 and after I bummed around for six months, I decided to go back to school to pursue a different career (went from Logistics/Supply Chain Management to Dental Hygiene). I will caveat all this and say I do live in South Carolina and COL is extremely low.

Do you plan on traveling domestically, internationally or a combination of both?

Have you thought about investing your money with sold firms and getting monthly kickbacks instead ( this is where they take you in as an investor -- purchase homes and big apt complexes and you have your money locked up for 5 yrs ) or either doing REITS - stocks that pay dividends? Like you I dont want to manage no tenants even when Im not retired. lol

I am attending alot of meetups online in RE as of late so this was some things I heard some interesting things but trying to sort through the fluff and see what opportunities are out there that are viable.
 

PaisleyPanda

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I understand that not everyone can do this, but I took a full year off from work (at age 27) and it gave me a lot of perspective. I had an amount that needed to last me for the year and I lived well below that. I traveled a bit and did the important things I wanted to, but cut other things out. I now have a better idea of my needs/goals.

The earlier you can start the better.
 

LazyDaisy

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I want to partially retire in my 50s and fully retire at 65. I just started investing in my 401k this year but can't increase my contributions until I finish my master's and clear my undergraduate loans. I plan on getting a 15 year mortgage in a few years and want that paid off in full. I'm taking over my grandmother's car soon as I get my license and plan to clear that within 2 years or so. I'll probably replace it in 10-15 years for a sedan. To help me get to my goals faster I plan to continue working two jobs to build up my savings and max out my 401k and eventual IRA.
 

Sheeeeshh

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This sounds lovely.
Thanks for the detailed response! I do expect my expenses to go down significantly in some areas, but also I am trying to have a cushion to live my best life and pursue whatever strikes my fancy (like take art classes in Paris, or learn how to speak Spanish via a 3 month immersion course in Cuba).

So for travel, it will be both, but mostly international. I’ve always traveled frequently pre-COVID, and so I look forward to not being restricted by vacation days.
 

LazyDaisy

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learn how to speak Spanish via a 3 month immersion course in Cuba).
I'm coming with you. Lol! I have found a travel program that offers 1 week, 2 week, and 4 week packages and they all include lodging, breakfast (and lunch?), excursions, volunteering, Spanish classes, dance classes, and free time for you to do whatever you want on the island. I wanted to go this year with my friend for my bday but obviously the pandemic ruined those plans. I'm hoping to do it next year for my bday which would give me time to clear off my financial plate, cut back on expenses, increase my income, and hopefully earn enough PTO where I can at least take the 2 week package though I really want the 4 week package.

This is the website I've had bookmarked for nearly two years: Learn Spanish, Surf, Yoga and ore - Jakera

They also offer similar packages to Costa Rica and Colombia. Right now Colombia is unavailable but Costa Rica is open and has slightly different programming than Cuba. The cool thing is they're offering a combined "CubaRica" package where you can go to both countries.
 

ProprioBella

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I'm coming with you. Lol! I have found a travel program that offers 1 week, 2 week, and 4 week packages and they all include lodging, breakfast (and lunch?), excursions, volunteering, Spanish classes, dance classes, and free time for you to do whatever you want on the island. I wanted to go this year with my friend for my bday but obviously the pandemic ruined those plans. I'm hoping to do it next year for my bday which would give me time to clear off my financial plate, cut back on expenses, increase my income, and hopefully earn enough PTO where I can at least take the 2 week package though I really want the 4 week package.

This is the website I've had bookmarked for nearly two years: Learn Spanish, Surf, Yoga and ore - Jakera

They also offer similar packages to Costa Rica and Colombia. Right now Colombia is unavailable but Costa Rica is open and has slightly different programming than Cuba. The cool thing is they're offering a combined "CubaRica" package where you can go to both countries.
Love it! Let’s go! I’m free in 2045.
 

flon25

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iul ? What is that not familiar with that term
Indexed universal life insurance. My group had financial literacy classes for the month April. There was a class on life insurance. It sounded a little too good to be true(but I don’t trust anyone or anything). I wanted to hear others’ personal experience with it. I’m probably going to contact the lady to get some more insight once things settle because they class had a lot of information.
 

Shy Vy

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Wow at those who retired/are retiring in their 40s!

tenor.gif
 

Sheeeeshh

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I'm coming with you. Lol! I have found a travel program that offers 1 week, 2 week, and 4 week packages and they all include lodging, breakfast (and lunch?), excursions, volunteering, Spanish classes, dance classes, and free time for you to do whatever you want on the island. I wanted to go this year with my friend for my bday but obviously the pandemic ruined those plans. I'm hoping to do it next year for my bday which would give me time to clear off my financial plate, cut back on expenses, increase my income, and hopefully earn enough PTO where I can at least take the 2 week package though I really want the 4 week package.

This is the website I've had bookmarked for nearly two years: Learn Spanish, Surf, Yoga and ore - Jakera

They also offer similar packages to Costa Rica and Colombia. Right now Colombia is unavailable but Costa Rica is open and has slightly different programming than Cuba. The cool thing is they're offering a combined "CubaRica" package where you can go to both countries.
Ooh thanks for posting! Love this. Don't forget me :blush:
 

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