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General Discussion => Essentially Flyertalk => Topic started by: catastrophe on May 15, 2016, 05:56:38 PM
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Is a recent passion of mine (though I'm nowhere near). It seems to be turning into a pretty popular topic of discussion. I've enjoyed reading the popular posts on this blog: http://www.mrmoneymustache.com/
Anyone done it successfully?
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I'm only 13 but my plan is to become a savvy tech investor and never work a day in my life. there's a saying "it's not work if you love what you do"
anyone here like pandas? i might move to China to get closer to them
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Unless your spouse has the same mindset you are going to be utterly miserable
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Toyed around with the idea until decided it is a pretty miserable way to live saving up for retiring.
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I'm only 13 but my plan is to become a savvy tech investor and never work a day in my life. there's a saying "it's not work if you love what you do"
anyone here like pandas? i might move to China to get closer to them
I once saw a video of pandas going down slippery slides. This was surprising to me, because it seemed to be different than the behavior of wild pandas. Basically, it looks like there a jobs in China where you focus your career entirely on training pandas to do various tricks. I suspect it's a plan to increase tourism, which is brilliant.
Would anyone ever want to quit hanging out with expertly trained pandas? Doubt it. This whole idea about a panda related career probably belongs in a thread about the horrors of forced retirement and not early retirement.
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I don't think you have to be miserable, and I'd consider just about anything short of 55 as "early retirement." I mean, student loans aside most people start out at a living wage and get raises from there. Instead of buying a bigger house, why not put that money to work and start growing it?
I don't know if this is an actual rule, but I'm pretty sure if you're invested in a good ETF and reinvesting dividends, you should be able to double your money every 10-11 years, so the more you can pump in on the front end the better.
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are you going to bike everywhere, drive less than 1000 miles a year, and cut your own hair?
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I'm hoping to have enough money to retire at 55, but work until I'm 70 and just take some really cool vacations when I'm older instead of staying home all the time for the last 25 years of my life.
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are you going to bike everywhere, drive less than 1000 miles a year, and cut your own hair?
No, no, and Great Clips quarterly.
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Is a recent passion of mine (though I'm nowhere near). It seems to be turning into a pretty popular topic of discussion. I've enjoyed reading the popular posts on this blog: http://www.mrmoneymustache.com/
Anyone done it successfully?
i am very interested. i've been working (real jobish) for about 4.5 years and i figure i'm about 3-7 years away from being able to retire, if things go average to better than average.
interesting that we are both intp-a logicians and interested in early retirement. probably means that it is the most logical life plan.
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i don't think it's that hard. people just don't live logically.
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I'm hoping to have enough money to retire at 55, but work until I'm 70 and just take some really cool vacations when I'm older instead of staying home all the time for the last 25 years of my life.
This is pretty close to my goals. Have enough to retire at 50-55, and then just do some jobs entirely at my own pace for money to waste. However, I'd want to do at least one cool vacation every year during retirement instead of waiting to the point where I'm too old to travel without suffering.
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are you going to bike everywhere, drive less than 1000 miles a year, and cut your own hair?
No, no, and Great Clips quarterly.
Cut cable? Pay as you go cell phone? Buying in bulk from Costco?
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are you going to bike everywhere, drive less than 1000 miles a year, and cut your own hair?
No, no, and Great Clips quarterly.
Cut cable? Pay as you go cell phone? Buying in bulk from Costco?
Yes (but cycling through HBO Now, Netflix, and Hulu Plus), no (company pays), no (too much hassle).
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Mustachians are really extreme, I think www.financialsamurai.com (http://www.financialsamurai.com) is more your speed.
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Yea, the advice is extreme, but the writing is good and the main articles (saving for retirement, investing, etc.) are applicable to everyone. I hadn't heard of financialsamurai, so I will definitely check it out.
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Mustachians are really extreme, I think www.financialsamurai.com (http://www.financialsamurai.com) is more your speed.
I am very interested to see just how mumped Mr. Mustache's kid ends up
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I'm hoping to have enough money to retire at 55, but work until I'm 70 and just take some really cool vacations when I'm older instead of staying home all the time for the last 25 years of my life.
This is pretty close to my goals. Have enough to retire at 50-55, and then just do some jobs entirely at my own pace for money to waste. However, I'd want to do at least one cool vacation every year during retirement instead of waiting to the point where I'm too old to travel without suffering.
I would just keep the same job that I have and burn my leave for weeks at a time. Should have a lot more money than I'd have working odd jobs and if my employer doesn't like it at that point, who cares? I could just retire if they let me go.
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Is a recent passion of mine (though I'm nowhere near). It seems to be turning into a pretty popular topic of discussion. I've enjoyed reading the popular posts on this blog: http://www.mrmoneymustache.com/
Anyone done it successfully?
i am very interested. i've been working (real jobish) for about 4.5 years and i figure i'm about 3-7 years away from being able to retire, if things go average to better than average.
interesting that we are both intp-a logicians and interested in early retirement. probably means that it is the most logical life plan.
I definitely think it is most logical. Get accustomed to a baseline standard of living, and put all income above that level towards retirement so that you can be financially independent at an age where you can still do fun stuff (which doesn't even mean you have to stop working entirely).
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I'm hoping to have enough money to retire at 55, but work until I'm 70 and just take some really cool vacations when I'm older instead of staying home all the time for the last 25 years of my life.
This is pretty close to my goals. Have enough to retire at 50-55, and then just do some jobs entirely at my own pace for money to waste. However, I'd want to do at least one cool vacation every year during retirement instead of waiting to the point where I'm too old to travel without suffering.
I would just keep the same job that I have and burn my leave for weeks at a time. Should have a lot more money than I'd have working odd jobs and if my employer doesn't like it at that point, who cares? I could just retire if they let me go.
Probably depends on your actual career at that point. I might never have an actual job with formal leave, but my career does make it pretty easy to work only sporadically if I wanted.
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I think health insurance will be what makes it hard for you to quit working. I'd plan on needing $30-40k per year for healthcare until you can draw Medicare, assuming you are 30ish now and plan on working to 55.
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I'm 35, decent job but nothing crazy, don't have a huge nest egg either. I'm hoping to be semi retired within 10 years. I'm in the process of putting my money towards investments that hopefully return well enough that I can roll it towards more and more. We'll see I guess.
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Hi guys. 30 years old and 3 kids here. See you guys at my funeral.
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My grandparents retired early, got an airstream trailer, and spent years and years touring Florida, moving around from campsite to campsite. Up until then, they worked at their own business seven days a week and, according to my grandmother, were pretty miserable.
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I think health insurance will be what makes it hard for you to quit working. I'd plan on needing $30-40k per year for healthcare until you can draw Medicare, assuming you are 30ish now and plan on working to 55.
Is this for real? Like even Obamacare?
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Never going to retire. Will partially retire, but never fully. Sounds boring. Need something to counter balance the down time to keep it something you appreciate.
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If you make a shitload of money you can retire early without living like shut
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also if you don't.
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also if you don't.
You are the only person in this thread that I believe it when they say they are going to retire early.
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I found that blog and https://www.reddit.com/r/financialindependence a couple of years ago, check them a couple of times a month for new ideas and random information. I'm not shooting for a super early retirement but more for "Financial Independence" where I have the ability to pick and choose when/where I want to work.
I've seen my dad and my friends parents get laid off in the 50-60yr old range then struggle to find the same level of employment. I want to have the peace of mind that if that happens to me "Who cares, I've got enough to retire". I've also played around with the idea saving enough money for retirement that I would be able to start a second career earlier than that, maybe become a teacher or work at the library or a non profit, basically make enough to pay the bills while letting compound interest do most of the work for my retirement.
My current savings rate is 32% .....savings(401k/IRA/HSA) / (gross - tax). My goal for 2017 is to bump my contributions up to fully maximize all of my tax sheltered accounts(401K/rIRA/HSA) but I'm not there yet.
Obviously things will change in the next 10/20/30 years (Currently no lil ben ji's runnign around) but the goal is to have the flexibility to be able to take a step back compensation wise if I so chose.
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also if you don't.
You are the only person in this thread that I believe it when they say they are going to retire early.
that's one of the nicest things anyone has ever posted at me, but a bit of a slap in catastrophe's face.
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I found that blog and https://www.reddit.com/r/financialindependence a couple of years ago, check them a couple of times a month for new ideas and random information. I'm not shooting for a super early retirement but more for "Financial Independence" where I have the ability to pick and choose when/where I want to work.
I've seen my dad and my friends parents get laid off in the 50-60yr old range then struggle to find the same level of employment. I want to have the peace of mind that if that happens to me "Who cares, I've got enough to retire". I've also played around with the idea saving enough money for retirement that I would be able to start a second career earlier than that, maybe become a teacher or work at the library or a non profit, basically make enough to pay the bills while letting compound interest do most of the work for my retirement.
My current savings rate is 32% .....savings(401k/IRA/HSA) / (gross - tax). My goal for 2017 is to bump my contributions up to fully maximize all of my tax sheltered accounts(401K/rIRA/HSA) but I'm not there yet.
Obviously things will change in the next 10/20/30 years (Currently no lil ben ji's runnign around) but the goal is to have the flexibility to be able to take a step back compensation wise if I so chose.
I forget about HSA sometimes as a retirement benefit, but I do remember reading about it and thinking after a certain age it can almost be the same as a 401k basically.
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also if you don't.
You are the only person in this thread that I believe it when they say they are going to retire early.
that's one of the nicest things anyone has ever posted at me, but a bit of a slap in catastrophe's face.
To be fair, I have not given anyone much reason to believe I would actually accomplish this.
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Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.
Not a great post, I admit, but a factual one.
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Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.
Not a great post, I admit, but a factual one.
That's why I think saving money for retirement alone is not the best idea.
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Bones has a bunch of old ass friends
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also if you don't.
You are the only person in this thread that I believe it when they say they are going to retire early.
That is just because I hadn't posted yet.
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Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.
Not a great post, I admit, but a factual one.
Bad planning/ dumb friends. (No offense)
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Ability to retire at 55. That is what I want the direction I am in. I may not retire. I may love the crap out of what I am doing and want to keep working, but if I don't, then it's okay to retire and enjoy life. Go visit my kids in college and volunteer at toddlerdobber' high school or something.
Gonna win 'em all! (using Tapatalk)
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Plus, I may be traveling all over watching dobberjr play soccer.
Gonna win 'em all! (using Tapatalk)
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What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.
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Until your too decrepit to do it anymore
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What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.
Where would you live/hunt/fish? On land that you already own? The property taxes would probably be more than $2000.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
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What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.
i watched an episode of balls deep about a guy who did just that. he moved to the arctic circle in the northern part of alaska.
its this- https://www.viceland.com/en_us/video/alaska-natives/56eafb112a662c8102f09dba
looked like a really depressing part of the world to live in
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also if you don't.
You are the only person in this thread that I believe it when they say they are going to retire early.
That is just because I hadn't posted yet.
Sys is the only one I believe would walk away from paid work when he hits his number. I think he has more logical viewpoints on money vs time than most.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
That's the problem w/ investments like the stock market/401k/etc. You're not guaranteed any type of return, but even if you are, as you pull money out, your returns get smaller. Obviously that's ok if you never have to pull more money out than your returns, but if it's 401k you'll be forced to pull it out. If it's any other type of investment, you're probably going to need to pull money out even when the market is stagnant (or losing).
I'm personally becoming less and less of a fan of the stock market. I don't pretend to be particularly knowledgable about it either. I know people get rich off it, but without putting in significant time by me to learn it better, I doubt I'd ever make a lot.
I'm about to reduce my 401k contributions. I would consider stop contributing altogether, but I'll take the free money my employer matches.
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You should double your money faster than every 11 years. I don't know who said 11 years earlier, but that is slow.
Gonna win 'em all! (using Tapatalk)
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You should double your money faster than every 11 years. I don't know who said 11 years earlier, but that is slow.
Gonna win 'em all! (using Tapatalk)
That's assuming a 7% annual return in the market (which is somewhat conservative but not really). That's exclusive of any additional money you pay in yourself.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
That's the problem w/ investments like the stock market/401k/etc. You're not guaranteed any type of return, but even if you are, as you pull money out, your returns get smaller. Obviously that's ok if you never have to pull more money out than your returns, but if it's 401k you'll be forced to pull it out. If it's any other type of investment, you're probably going to need to pull money out even when the market is stagnant (or losing).
I'm personally becoming less and less of a fan of the stock market. I don't pretend to be particularly knowledgable about it either. I know people get rich off it, but without putting in significant time by me to learn it better, I doubt I'd ever make a lot.
I'm about to reduce my 401k contributions. I would consider stop contributing altogether, but I'll take the free money my employer matches.
Mr. Money Moustache has a pretty good article about this. The 4% rule is not guaranteed, but the idea is that you should be able to pull out 4% without affecting the overall sum of money across the course of the year. In other words, once you are capable of living off of 4% of your invested funds, you should be able to do it in perpetuity.
401k / IRAs are slightly different because the tax benefits come with corresponding penalties if you try to pull out the money before a certain age. So tougher to retire early solely on those investments. (But definitely worth maxing out.)
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
that's not much living.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
that's not much living.
ok
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
that's not much living.
If you already own your home, plus a vacation home, plus a car, plus use the cc thread; it could be ok.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
that's not much living.
If you already own your home, plus a vacation home, plus a car, plus use the cc thread; it could be ok.
Good point. Still that's only $2k per month....that seems tough to go do anything fun.
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600k principal is 24k annually at 4% , that would probably be the minimum for chums situation.
That's the problem w/ investments like the stock market/401k/etc. You're not guaranteed any type of return, but even if you are, as you pull money out, your returns get smaller. Obviously that's ok if you never have to pull more money out than your returns, but if it's 401k you'll be forced to pull it out. If it's any other type of investment, you're probably going to need to pull money out even when the market is stagnant (or losing).
I'm personally becoming less and less of a fan of the stock market. I don't pretend to be particularly knowledgable about it either. I know people get rich off it, but without putting in significant time by me to learn it better, I doubt I'd ever make a lot.
I'm about to reduce my 401k contributions. I would consider stop contributing altogether, but I'll take the free money my employer matches.
Mr. Money Moustache has a pretty good article about this. The 4% rule is not guaranteed, but the idea is that you should be able to pull out 4% without affecting the overall sum of money across the course of the year. In other words, once you are capable of living off of 4% of your invested funds, you should be able to do it in perpetuity.
401k / IRAs are slightly different because the tax benefits come with corresponding penalties if you try to pull out the money before a certain age. So tougher to retire early solely on those investments. (But definitely worth maxing out.)
I haven't read the article, but I understand the math behind it. I'm just not sure I think it's the best way to go. I mean, 640k is pretty substantial and to only get 2k per month is not numbers I like. But, like I said, I know people can do well with these types of strategies, but it's not what I want to go with. However, it's pretty much completely passive income, so that's nice.
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I'm thinking someplace like Wyoming, Montana, or Idaho. Possibly Alaska. There would need to be a good source for water and plenty of wildlife. Just a little cabin, Ted Kaczynski style. Trek into "town" a few times per year at most.
There's no way you'd need $24K annually if you just want to put food on the table, clothe yourself, and maintain your cabin.
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I'm thinking someplace like Wyoming, Montana, or Idaho. Possibly Alaska. There would need to be a good source for water and plenty of wildlife. Just a little cabin, Ted Kaczynski style. Trek into "town" a few times per year at most.
There's no way you'd need $24K annually if you just want to put food on the table, clothe yourself, and maintain your cabin.
no thanks.
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just buy a ranch in aspen that has a lake and many streams intersecting your acreage, it could be done
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My grandparents retired early, got an airstream trailer, and spent years and years touring Florida, moving around from campsite to campsite. Up until then, they worked at their own business seven days a week and, according to my grandmother, were pretty miserable.
that job must have been living hell if camping in Florida was a step up
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I haven't read the article, but I understand the math behind it. I'm just not sure I think it's the best way to go. I mean, 640k is pretty substantial and to only get 2k per month is not numbers I like. But, like I said, I know people can do well with these types of strategies, but it's not what I want to go with. However, it's pretty much completely passive income, so that's nice.
You do have to do it at some point, though (unless you're also banking on social security, which might be more tenuous that banking on the stock market). You can also save a lot just by not having a regular job (probably cheaper lunches, less gas/car upkeep from commuting, no need for business attire, etc.).
FWIW - my current goals are a little different. I'm aiming to pump enough money into investments early on so that in 20 years it would grow into enough to retire on. Then without any need to worry about setting cash aside for savings I could work pretty much any job I want that just pays the bills.
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Hunting/fishing/gardening/etc were called "chores" when food wasn't relatively easy to get.
I want to be rich enough to be "free". No boss, nothing I have to do. I choose, or choose not to do, every action or inaction I take. My plan is to be there w/in 10 years. Hope it works obviously :) haha. The thought of working for someone else at a desk for the next 30 years is pretty depressing
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Hunting/fishing/gardening/etc were called "chores" when food wasn't relatively easy to get.
add in brewing/distilling
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Retirement is for suckers. Live in the now and try not to be alive when you're old
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I'm not working a day past 50. I'll have a great tan and a single digit handicap.
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Retirement is for suckers. Live in the now and try not to be alive when you're old
surprised sys isn't taking this approach, tbh
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Retirement is for suckers. Live in the now and try not to be alive when you're old
surprised sys isn't taking this approach, tbh
i'm not interested in dying.
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Retirement is for suckers. Live in the now and try not to be alive when you're old
surprised sys isn't taking this approach, tbh
i'm not interested in dying.
Such a breeder thing to say
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i'm not interested in dying.
Such a breeder thing to say
there is no connection.
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http://listings.listhub.net/pages/TBORWY/14-310/
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http://listings.listhub.net/pages/TBORWY/14-310/
I do not understand why someone would try to live off the land in that climate. Why not try to live off the land on a Caribbean island, or if cost is prohibitive, in Florida or Baja or something?
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http://listings.listhub.net/pages/TBORWY/14-310/
I do not understand why someone would try to live off the land in that climate. Why not try to live off the land on a Caribbean island, or if cost is prohibitive, in Florida or Baja or something?
Sailing around between uninhabited islands in the South Pacific sounds incredible to me.
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http://listings.listhub.net/pages/SFARNM/201500877/
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This sounds pretty great, actually.
http://www.thinkadvisor.com/2014/07/29/cruising-through-retirement-on-less-than-18000-a-y
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I have a hard time believing that maintenance on such a boat would be less than $18k/year. Never mind any of the other expenses (purchase price, food, gas, docking, etc.)
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Yeah, I read more about it and that article is misleading. Seems like it would be pretty damn expensive.
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Then again, trying to actually settle an uninhabited island with sand flys and mosquitoes and having to treat your water would be miserable. Could bring some chickens and pigs to break up the monotony of only fishing, but then you have to deal with the likely poisoning of your water supply. I'll take civilization, thanks.
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Just make a crap load of money. Save a bunch. Retire early and go camping a couple of times a year. Screw that off the grid bs.
Gonna win 'em all! (using Tapatalk)
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(Plus, take normal, lavish vacations, too.)
Gonna win 'em all! (using Tapatalk)
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You could house sit and knock out travel and home expense in one shot. Living on 24k is very doable if you are creative.
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i lived on about 1k/month in mexico and was living at least medium high on the hog.
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Think about it all the time. I pretty much hate the freedom drain of having a full time job.
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:Wha:
i lived on about 1k/month in mexico and was living at least medium high on the hog.
What part?
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state of mexico.
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i lived on about 1k/month in mexico and was living at least medium high on the hog.
You can do the same in lots of great places.
http://abcnews.go.com/Travel/story?id=2624274&page=1
https://blog.mint.com/goals/9-places-where-you-can-retire-and-live-like-a-king/
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This is the least :kstategrad: that an early retirement thread could possibly be
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Do these countries let you just pick up and move there without getting a job? It's not something I've ever looked into.
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This is the least :kstategrad: that an early retirement thread could possibly be
Well some people have suggested just making a ton of money early, but I think people sometimes don't realize that a lot of people make tons of money and still end up with a pretty low net worth.
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Guy in my wedding just quit his job, sold everything and moved to St. Croix. Single, No debt, good paying job for the last 12 years.
over the last five years or so he's been traveling to the Caribbean and has gotten all his scuba certifications so I think he's going to be that guy from along came polly.
Super jelly
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My friends brother just got back from 2 years living in Paraguay and now he's going to live in the Dominican. He just does the bartending thing and loves life. Doesn't seem like you need much money if that's the kind of thing you want to do.
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Do these countries let you just pick up and move there without getting a job? It's not something I've ever looked into.
At least for jobs on islands, you pretty much have to. If you look for a job before you move, they either don't want to wait for someone who may never come or don't believe you'll be able to adapt when you get there. Either you move and then find something or you work for a company with locations there and try to get transferred.
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This thread is making me feel like my dream of opening a tiny restaurant on a Caribbean island is a possibility.
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In the Dominican now, lots of the resort peeps are from other islands. Talking to the kids running the cigar shop knowing English is HUGE followed by being good looking, fun etc. The resorts help the workers take classes for English/management.
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This thread is making me feel like my dream of opening a tiny restaurant on a Caribbean island is a possibility.
I'd love that....except I'd be the drunk owner at the corner of the bar you see on those bar rescue shows....I wouldn't want to put in the hours to actually own it.
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Trying to make a list of things I'd like to do when I've achieved sufficient financial independence.
1. I want to spend several weeks in Washington DC museums.
2. I want to thru hike the Continental Divide Trail.
3. I want to be a spectator at each of the tennis grand slam events. Like, the whole damn two week tournament.
4. I want to do lots of skiing.
5. I want a home with an outstanding view so that I have something good to look at every day while I'm sitting around and waiting to die.
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Interesting thread to revisit. It's been 3-7 years since this post!
i figure i'm about 3-7 years away from being able to retire, if things go average to better than average.
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Interesting thread to revisit. It's been 3-7 years since this post!
i figure i'm about 3-7 years away from being able to retire, if things go average to better than average.
i've already missed out on years 3 and 4. otoh, i'm planning on retiring in two years, which would hit the 7 year mark.
my thinking could change, certainly it already has in some respects, but don't think it will change so much that i decide not to quit working.
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Interesting thread to revisit. It's been 3-7 years since this post!
i figure i'm about 3-7 years away from being able to retire, if things go average to better than average.
i've already missed out on years 3 and 4. otoh, i'm planning on retiring in two years, which would hit the 7 year mark.
my thinking could change, certainly it already has in some respects, but don't think it will change so much that i decide not to quit working.
Would you consider coaching a basketball team in an 8 sided arena?
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no, i don't want people to dislike me.
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Damn can’t believe it’s been 4 years. My passion has not waned. Still hoping to have a comfy retirement after sending the kids to college (both of whom were born after I started this thread)!
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Trying to make a list of things I'd like to do when I've achieved sufficient financial independence.
1. I want to spend several weeks in Washington DC museums.
2. I want to thru hike the Continental Divide Trail.
3. I want to be a spectator at each of the tennis grand slam events. Like, the whole damn two week tournament.
4. I want to do lots of skiing.
5. I want a home with an outstanding view so that I have something good to look at every day while I'm sitting around and waiting to die.
The best thing about a lot of these goals is you can do them much cheaper when time is on your side. Get a discount on an AirBnB for staying a while in off-peak seasons, buy some groceries, and hang around for a month if you want.
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Trying to make a list of things I'd like to do when I've achieved sufficient financial independence.
1. I want to spend several weeks in Washington DC museums.
2. I want to thru hike the Continental Divide Trail.
3. I want to be a spectator at each of the tennis grand slam events. Like, the whole damn two week tournament.
4. I want to do lots of skiing.
5. I want a home with an outstanding view so that I have something good to look at every day while I'm sitting around and waiting to die.
You can do 4 and 5 right now if willing/able to move
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My only goal is to get my kids through college. They are a sophomore in HS and a 7th grader right now. I am hoping my current industry/profession/career lasts that long. I'll keep saving for my retirement while putting them through school, if my job can hold out that long. Once they are done with college and off into the world, I'll sit back and see what life throws at them, and if they need me for something then I'll just do that. Like, if I need to go be their nanny, then I'll just move to them and do that. I have zero other plans or goals, other than to not be a burden for my kids.
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Yeah, kids really are a wild card in all retirement planning and goal setting. That’s why I just assume and save for the worst and hopefully it’s not needed.
I also have an ass load of life insurance for the same reason.
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The other amazing benefit of early retirement: if things go sideways and unexpected expenses come up or something, pushing back your retirement date by a couple years will dramatically grow your nest egg while not feeling like you’re wasting your silver/golden years.
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
they are basically the same. I have it through Mutual of Omaha but a broker got me quotes from like 10 places. the guy was really selling me on the fact that mine doesn't exclude suicide after the first year. which was a big wtf moment in our conversation.
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also I have three different policies for the wife and I on top of our employer provided plans which we max. 30, 20, 10 year terms.
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The suicide coverage actually is nice. If I get Alzheimer’s, my plan would be to wack myself. Might also wack myself if I got one of the terrible terminally downward spiraling ones like ALS.
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Parent of a friend with terminal cancer who had an assisted suicide. If you've seen someone slowly die of cancer, you probably understand.
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Parent of a friend with terminal cancer who had an assisted suicide. If you've seen someone slowly die of cancer, you probably understand.
Yep.
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I’ve slowly been wearing Mrs. Hamburg down to understand that I’m completely serious that if I get a nasty terminal illness or degenerative disease I’m moving to an assisted suicide state.
I semi-joke with all my family that if I say I’m going to visit the Grand Canyon that I’m not coming back.
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
they are basically the same. I have it through Mutual of Omaha but a broker got me quotes from like 10 places. the guy was really selling me on the fact that mine doesn't exclude suicide after the first year. which was a big wtf moment in our conversation.
Other suicide-y comments aside, I could imagine having some comfort knowing that if you died in some sudden injury the insurance company wouldn’t hassle your family calling it self inflicted.
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Yeah, that’s a good point
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the guy was really selling me on the fact that mine doesn't exclude suicide after the first year. which was a big wtf moment in our conversation.
lol.
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
I used PolicyGenius recently. Compares rates from all the majors. Super easy.
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I plan on retiring early
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Retirement is for suckers. Live in the now and try not to be alive when you're old
4.5 years later and I'm starting to wonder if I'm dying fast enough. I might be forced to think about this retirement scam
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As someone who is ambitiously lazy, I highly recommend retiring early if you're like me. My dad otoh can't sit still and although he's technically retired, he's always doing something. I worry he'll wither away quickly once he's less mobile. No way he lives through TV reruns and whatnot.
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Yes, being able to be very lazy and happy (e.g. happily take a nap every day) is a definite advantage in retirement planning. You don't need as much money, and greater likelihood that you'll enjoy yourself in retirement. I already know what most days will look like. A morning meeting with my spiritual pursuit of choice, some coffee / lunch, maybe mow the lawn or some such for a bit, nap, piddle away at some type of dinner, read my book or binge a show, go to bed. Repeat.
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I don't love working or anything, but it's literally the only thing in my life that provides any structure at all. I've seen how dark it got when I was laid off for a year (not at all even related to money). Retirement scares me, I'll probably work until I die.
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I don't love working or anything, but it's literally the only thing in my life that provides any structure at all. I've seen how dark it got when I was laid off for a year (not at all even related to money). Retirement scares me, I'll probably work until I die.
I used to feel the same way, but I do not any more.
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About 6 - 9 years ago (a period of time between those years) I was in a super duper super dark place. Like, as dark as it gets. I am very happy to report that for the last almost-6-years it is not that way for me. One of many paradoxes for me has been that the better my mental/spiritual condition has gotten, the less I worry about existential stuff and give less of a eff about "death" and crap....yet, when I was most miserable and wanting to just die (and perhaps by my own hand), I actually was super afraid of death and stuff.
To sum up, I currently give zero fucks (in terms of worry) about retirement. Like, it doesn't even bother me at all in the slightest. I set the amount that I need to set aside in my savings, do that, and say eff it. I will sometimes day dream about maybe buying a lake house or something, but it's not this urgent need to accumulate things or FOMO. It's just some happy thing to say "sure, maybe someday something neat like that might work out."
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About 6 - 9 years ago (a period of time between those years) I was in a super duper super dark place. Like, as dark as it gets. I am very happy to report that for the last almost-6-years it is not that way for me. One of many paradoxes for me has been that the better my mental/spiritual condition has gotten, the less I worry about existential stuff and give less of a eff about "death" and crap....yet, when I was most miserable and wanting to just die (and perhaps by my own hand), I actually was super afraid of death and stuff.
To sum up, I currently give zero fucks (in terms of worry) about retirement. Like, it doesn't even bother me at all in the slightest. I set the amount that I need to set aside in my savings, do that, and say eff it. I will sometimes day dream about maybe buying a lake house or something, but it's not this urgent need to accumulate things or FOMO. It's just some happy thing to say "sure, maybe someday something neat like that might work out."
The world and goEMAW is a better place with Pete in it. Glad you are doing well!
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Thanks, brother. I think the lesson here is that if someone is super freaked out about retirement, or lack of savings, or not having as much as the next guy or whatever, just remember that you don't have to feel that way. There are healthy ways of addressing that. Also, it will almost never be as bad as you think, and most of us change our minds about crap all the time, so who the eff knows what you'll be in the mood to do when you are old balls. eff it, it will be OK.
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If you would have asked 25 or 30 year old me, what I would have thought I needed to be happy in retirement, it would have looked WAY rough ridin' different than it looks now. Like, night and day. I would have listed cars and golf club memberships and travel and yada yada yada. LOL.
I was a rough ridin' dumbass.
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I don't love working or anything, but it's literally the only thing in my life that provides any structure at all. I've seen how dark it got when I was laid off for a year (not at all even related to money). Retirement scares me, I'll probably work until I die.
I’m definitely going to have some kind of post-retirement commitment to keep me grounded. I don’t do great without some kind of a schedule, but I’m confident I’ll have the discipline to do that without relying on it for income.
In my case it would likely be partnering with some organization to do pro bono work. Maybe I’ll even have more ambition than that, but I think at a minimum I’d end up doing something that I’d spend a good 10ish hours a week on (other than the occasional 2-3 week vacay mixed in a few times a year).
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About 6 - 9 years ago (a period of time between those years) I was in a super duper super dark place. Like, as dark as it gets. I am very happy to report that for the last almost-6-years it is not that way for me. One of many paradoxes for me has been that the better my mental/spiritual condition has gotten, the less I worry about existential stuff and give less of a eff about "death" and crap....yet, when I was most miserable and wanting to just die (and perhaps by my own hand), I actually was super afraid of death and stuff.
To sum up, I currently give zero fucks (in terms of worry) about retirement. Like, it doesn't even bother me at all in the slightest. I set the amount that I need to set aside in my savings, do that, and say eff it. I will sometimes day dream about maybe buying a lake house or something, but it's not this urgent need to accumulate things or FOMO. It's just some happy thing to say "sure, maybe someday something neat like that might work out."
Well said, and how I try to approach the world as well. You're a good egg Pete.
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
Update: Just got a nice 15 year policy from Haven. Thanks to the advice from gE, I no longer need to worry about ending up in a Breaking Bad situation down the line.
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I need to add a 15 year policy before I turn 50. Carry me to retirement and a little beyond. My 20 year policy will be up in a few years.
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I do need to double down with some term life insurance though (work already provides some for free). Are there any gold standard providers out there I should just trust?
Update: Just got a nice 15 year policy from Haven. Thanks to the advice from gE, I no longer need to worry about ending up in a Breaking Bad situation down the line.
Forgot to mention it includes a TWO YEAR “contestability period” (including due to suicide) which they say is the industry standard. Which makes SD’s story about the 1 year sales pitch thing all the more wtf.
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I need to add a 15 year policy before I turn 50. Carry me to retirement and a little beyond. My 20 year policy will be up in a few years.
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Added a 20 year 250K this morning for $34 a month. Give the kids and future Mrs IPA a little extra juice if I don't make it more than five years after retirement.
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Pays to be healthy nice job dude
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I don't love working or anything, but it's literally the only thing in my life that provides any structure at all. I've seen how dark it got when I was laid off for a year (not at all even related to money). Retirement scares me, I'll probably work until I die.
I’m definitely going to have some kind of post-retirement commitment to keep me grounded. I don’t do great without some kind of a schedule, but I’m confident I’ll have the discipline to do that without relying on it for income.
In my case it would likely be partnering with some organization to do pro bono work. Maybe I’ll even have more ambition than that, but I think at a minimum I’d end up doing something that I’d spend a good 10ish hours a week on (other than the occasional 2-3 week vacay mixed in a few times a year).
That is more or less my goal but to me retiring still involves working, just at a much reduced rate, hours, and stress. My job is really wearing me down, I can't imagine doing it until I'm 65 or older, I am making some pretty damn good money but you sacrifice evenings, weekends, just life in general a lot. My goal would be right now is to take one more field gig next year, and after 1-1.5 years of that, come back, get my ducks in a row, and jump ship. My move would be to then go find a job that is fairly low stress, pays ok, and most importantly has flexibility.
My brother just got a managing job at a nursery, his starting salary is 50k, and while I really like that number, not sure if I'd want to deal with being a manager, but a job like that, that pays 40-50k, I could easily do and just only slightly save and let my current 401k and other savings just accrue and not touch them til a while later. It's not true retirement of course, but it'd allow me to do other pursuits like volunteering, hobbies, etc that has just never been a thing for the entirety of my employment.
I just want to ramp down as I go on, instead of ramping up, once again, I really can't imagine working more that I do right now, and I don't want to keep giving up more and more.
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Good thread. I've lined up MSPI (Multiple Sources of Passive Income) and plan on hobby farming in two years. :bigtoke:
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I get people needing something to do as everyone has their own crap. I however, would be perfectly fine. I was thinking about this recently actually. We always take some time off around the holidays and i was worried about it because we would normally do stuff or go somewhere, but because of Covid we were stuck in the house. I woke up, fed the kids, made some coffee, ate some breakfast and before I knew it, it was 9am. I then went downstairs and worked out for about an hour, relaxed a few, took a shower, bam, lunchtime. Did some reading, played some games with kids, did some cooking, had some drinks, bam...bedtime. It was kind of depressing how fast the days went and we didn't even get to go anywhere or really be outside much because of winter.
Put me someplace warm and i'm good. :billdance:
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That's fair, I just think that I (and I'm sure others) would get to a point where that gets a bit, stale. For me work would give me some amount of purpose, and something to do. I just don't want to do a ton of it nor have high stress involved. As long as there are still plenty of free time to do things.
I guess part of it also was I got sold throughout school and into college that once I started working, that "homework" and all the extras of that would be done, you did your work, and once it was done, that was your day, and boy, has that not even come close to fruition, and I was the "good kid" who did all the assignments, went to class, etc, throughout all school, all it did was train me to keep doing it, which I guess that's one me. I just want to have my time be mine, or at least for things not named work.
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Good thread. I've lined up MSPI (Multiple Sources of Passive Income) and plan on hobby farming in two years. :bigtoke:
Sweet, congrats!
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I get people needing something to do as everyone has their own crap. I however, would be perfectly fine. I was thinking about this recently actually. We always take some time off around the holidays and i was worried about it because we would normally do stuff or go somewhere, but because of Covid we were stuck in the house. I woke up, fed the kids, made some coffee, ate some breakfast and before I knew it, it was 9am. I then went downstairs and worked out for about an hour, relaxed a few, took a shower, bam, lunchtime. Did some reading, played some games with kids, did some cooking, had some drinks, bam...bedtime. It was kind of depressing how fast the days went and we didn't even get to go anywhere or really be outside much because of winter.
Put me someplace warm and i'm good. :billdance:
That's what I've found in my retirement so far, it's amazing how fast the day still goes by.
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That's fair, I just think that I (and I'm sure others) would get to a point where that gets a bit, stale. For me work would give me some amount of purpose, and something to do. I just don't want to do a ton of it nor have high stress involved. As long as there are still plenty of free time to do things.
This is also true, it's starting to be stale (although still way better than work). I'm working through some ideas that can still be exciting, give purpose, make money, etc.
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AS of now, I plan to retire at 55, back of the envelope says I am on track to do that. May have to wait until 60. One thing I've learned is retirement isn't guaranteed for anyone so I will try to get my years while I'm healthy.
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If you want to retire early, don't get divorced. Seriously derailed my plans. I make a great living but not enough to overcome splitting my 401K at 47 and giving her $1750 a month for four years.
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If you want to retire early, don't get divorced. Seriously derailed my plans. I make a great living but not enough to overcome splitting my 401K at 47 and giving her $1750 a month for four years.
Obviously very few go in to marriage planning to get divorced, but I don't plan on it.
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If you want to retire early, don't get divorced. Seriously derailed my plans. I make a great living but not enough to overcome splitting my 401K at 47 and giving her $1750 a month for four years.
Obviously very few go in to marriage planning to get divorced, but I don't plan on it.
yeah the only one that comes to mind is Adrien Brody in Darjeeling Limited
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AS of now, I plan to retire at 55, back of the envelope says I am on track to do that. May have to wait until 60. One thing I've learned is retirement isn't guaranteed for anyone so I will try to get my years while I'm healthy.
Agree with this and is my current plan as well. I would really like to be at a point where Mrs. SF could drop at 50. If I have to stick it out a couple more years so she can do that, whatevs.
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If you want to retire early, don't get divorced. Seriously derailed my plans. I make a great living but not enough to overcome splitting my 401K at 47 and giving her $1750 a month for four years.
Obviously very few go in to marriage planning to get divorced, but I don't plan on it.
Larry King had 8 wives. I'm guessing at least 1 or 2 he knew weren't going to be long term going in.
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AS of now, I plan to retire at 55, back of the envelope says I am on track to do that. May have to wait until 60. One thing I've learned is retirement isn't guaranteed for anyone so I will try to get my years while I'm healthy.
Agree with this and is my current plan as well. I would really like to be at a point where Mrs. SF could drop at 50. If I have to stick it out a couple more years so she can do that, whatevs.
What are you guys planning on for level of income in retirement, as expressed as percent of income before retirement?
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Separate, but similar question....how much retirement income do you think you will need to be happy (in today's dollars)? Also, in what part of the country do you intend to live.
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Separate, but similar question....how much retirement income do you think you will need to be happy (in today's dollars)? Also, in what part of the country do you intend to live.
Depends on alot of things. Kids? Is your house paid off? Healthcare? etc etc.
When I was a couple of years out of college I was making around 50k and came to a realization that I lived a comfortable life with that amount and could probably always find a job that pays around this amount (adjusted for inflation) so I set that as my baseline. Over the last 10 years my income has grown but I've stuck to that baseline for my spending and saved the difference.
So I would say around 50k is my baseline, probably less once my house is paid off in 6 years. (KC)
I'm not married and don't have kids but think I would enjoy that one day so things will change and I will adapt. Its hard to know what your exact "number" will be in 10/20/30 years but if you keep saving now you give yourself the option to determine that number a lot sooner.
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Compared to right now my retirement income would be a relatively low percentage of my current income, but kinda like CFB, I’ll most likely transition to a less demanding, lower paying job well before then.
My goal is retirement income of roughly 110% of what we actually spend in a year. So health permitting, quality of life should basically be the same, maybe just with an upgrade on vacations.
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Separate, but similar question....how much retirement income do you think you will need to be happy (in today's dollars)? Also, in what part of the country do you intend to live.
Don't have a plan drawn out by the numbers. I just know my current balances, savings rate, projected investment return etc will hopefully allow me to do this. Rough napkin math says most likely. The house is the one thing since I've just refinanced so that bill will be out there for a while. I can't justify paying it down at 2.8% or whatever, but having that bill during retirement years will be a bummer. If my kids bail off to college somewhere awesome, i'd love to sell and downsize somewhere warm, but who knows. I know this isn't answering any of your questions directly, but we are just cramming away and investing as much as possible so if things go right, we should be good. Lots of things can obviously derail.
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
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Definitely agree about the healthcare issue. I’ve stopped taking any money out of my HSA to let it grow as much as possible until I need it. People say to save receipts so you can reimburse that stuff later but I’m pretty confident my future expenses will be plenty enough.
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my target is around 60k/year. this is a fair bit more than what i what i was thinking a few years ago, and i have no doubt we could get by with less, but i think a little mission creep is much more common than not.
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Ideally they introduce medicare for all right as I retire early
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AS of now, I plan to retire at 55, back of the envelope says I am on track to do that. May have to wait until 60. One thing I've learned is retirement isn't guaranteed for anyone so I will try to get my years while I'm healthy.
Agree with this and is my current plan as well. I would really like to be at a point where Mrs. SF could drop at 50. If I have to stick it out a couple more years so she can do that, whatevs.
What are you guys planning on for level of income in retirement, as expressed as percent of income before retirement?
Yeah I haven’t done anything super in depth, but having social security, pension and Roth makes me pretty confident that I will be able to survive on pension and other savings then start withdrawing Roth at 60 then start social security at 70 if needed.
I get to stay on employer healthcare group for very reasonable cost until I hit Medicare but I hope that we have single payer by then.
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Ideally they introduce medicare for all right as I retire early
You still pay taxes on your retirement distributions
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Would still be cheaper.
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Ideally they introduce medicare for all right as I retire early
You still pay taxes on your retirement distributions
Not on a Roth I thought.
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Ideally they introduce medicare for all right as I retire early
You still pay taxes on your retirement distributions
Not on a Roth I thought.
you’re not retiring on a Roth unless you plan on living on nothing
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Would still be cheaper.
If you’re a candidate for early retirement then you’re just the type of person the govt would be looking for to fund m4a for those who can’t afford more taxes so I wouldn’t assume it’s going to be cheaper for you.
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You can at least put in $6k/year into a Roth though (way more if your employer is generous). You layer it in with taxable income and it shouldn’t be that hard to avoid paying much in taxes.
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
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my target is around 60k/year. this is a fair bit more than what i what i was thinking a few years ago, and i have no doubt we could get by with less, but i think a little mission creep is much more common than not.
60k sounds a little low. Wife and I figure on 90k to cover fixed expenses and allow for extended vacations or unexpected med. Prolly won't spend it all but could donate to Business College. Also plan to move somewhere with warm weather and low COL. Haven't ruled out being ex-pat.
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I’m on the work till I die plan
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I’m on the work till I die plan
You got that XRP tho. In 20 years when it’s at $1.50 a piece should be able to retire
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I’m on the work till I die plan
You got that XRP tho. In 20 years when it’s at $1.50 a piece should be able to retire
Don’t think I will make it another 20 but that is a nice solace if I do
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don't die, wetwillie.
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We can do a gofundme for wetwillie
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Healthcare is the biggest question mark I have but who knows what that picture will look like in the future. My parents retired in their late 50's and joined some christian health care cost share plan thingy instead of obamacare because my dad heard about it on rush limbaugh. Luckily they have had no medical issues and are now on that sweet sweet medicare.
If you really want to retire early in a couple of years (especially with kids) you need to have a crap ton of money or jump through all sorts of hoops to make your taxable income low enough to qualify for obamacare subsidies.
I'm assuming that the healthcare portion of retiring early will look completely different in 10-20 years but I'm just a kansas state wildcat superfan living in flyover country. :dunno:
medicare for all would be great for early retirees
You’d be paying for your healthcare with higher taxes
Would still be cheaper.
If you’re a candidate for early retirement then you’re just the type of person the govt would be looking for to fund m4a for those who can’t afford more taxes so I wouldn’t assume it’s going to be cheaper for you.
They might go after my Roth, (probably tighten distribution or raise age?) but I doubt it. They aren’t going to go after my pension or SS. I would happily give up my HSA stocks for Medicare 4 all.
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
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my target is around 60k/year. this is a fair bit more than what i what i was thinking a few years ago, and i have no doubt we could get by with less, but i think a little mission creep is much more common than not.
60k sounds a little low. Wife and I figure on 90k to cover fixed expenses and allow for extended vacations or unexpected med. Prolly won't spend it all but could donate to Business College. Also plan to move somewhere with warm weather and low COL. Haven't ruled out being ex-pat.
Trying to escape the cancer from the windmills?
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
Sent from my iPhone using Tapatalk
Go ahead and post the math, kk
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
Sent from my iPhone using Tapatalk
Go ahead and post the math, kk
Its impossible to do the math without knowing what the new tax rates would be to fund medicare for all but lets I'm going to create an example.
Median family income in the US was 68k in 2019. Lets say you and your wife are 50 years old, retired and want to withdraw 68k per year from your 401k/IRA's and will need to pay tax on this.
After your standard deduction of 24,400 you will owe taxes on 43,600 which would equal $4,843 in federal taxes using the 2019 tax bracket.
A quick look through the 2021 ACA options for residents in KC(KS side) your cheapest plan for a married 50 year old couple would be $314 a month with a 12k deductible and a 17k out of pocket max.
So best case scenario where all you pay is the premium its $3,768 per year or 77% of your federal tax burden.
I'm pretty sure medicare for all would be cheaper in this very basic example. :dunno:
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Hmm have you asked yourself why you're ideologically opposed to M4A?
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Hmm have you asked yourself why you're ideologically opposed to M4A?
In general I don't believe that the government can run large programs efficiently but I also recognize our current healthcare system in BONKED.
I'm not sure what the correct answer to healthcare would be but I can acknowledge that if I were to retire early M4A would benefit me.
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I don't believe that the government can run large programs efficiently.
how do you reconcile that belief with evidence of effective and efficient large programs managed by the u.s. government like the usps, the us military, noaa, etc?
although, to be fair, m4a would not involve the us govt running medical services, just centralizing payments to private medical providers.
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I don't believe that the government can run large programs efficiently.
how do you reconcile that belief with evidence of effective and efficient large programs managed by the u.s. government like the usps, the us military, noaa, etc?
although, to be fair, m4a would not involve the us govt running medical services, just centralizing payments to private medical providers.
USPS - Not as efficient as UPS/Fed Ex etc but its not supposed to be, its purpose is to provide mail service to everyone (Probably the best example of what M4A can be).
Military - Huge bloat but lets call a spade a spade, its basically a job training/pork program for millions of Americans. We could easily freeze our military budget for 10 years and maybe a couple of Boeing contractors get laid off but we would still be the big dog on the block.
NOAA - Without googling this I'm assuming its a weather type agency that gets like .5% of the federal budget. I'm all for that but think that the larger a government program gets the more bloated/bureaucratic/less efficient it becomes.
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Well, I actually read the directions. I think about 20 per centum would do just fine.
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USPS - Not as efficient as UPS/Fed Ex etc but its not supposed to be, its purpose is to provide mail service to everyone (Probably the best example of what M4A can be).
Military - Huge bloat but lets call a spade a spade, its basically a job training/pork program for millions of Americans. We could easily freeze our military budget for 10 years and maybe a couple of Boeing contractors get laid off but we would still be the big dog on the block.
NOAA - Without googling this I'm assuming its a weather type agency that gets like .5% of the federal budget. I'm all for that but think that the larger a government program gets the more bloated/bureaucratic/less efficient it becomes.
usps delivers vastly more mail/packages for a fraction of the price of ups/fedex. i agree that they are somewhat different entities and it isn't a direct comparison but i don't see any coherent basis to claim usps is less efficient that it's private counterparts (but no, it is not in any way analogous to m4a. usps has govt employees directly providing a service. m4a would just be cutting checks to non-govt entities).
i don't know if your statement is accurate or not, but whether it is or isn't has little or nothing to do with whether the military is "efficient" or "bloated". whether we're purchasing more military than we need or not is a different question that whether we're getting good value for our expenditure.
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my target is around 60k/year. this is a fair bit more than what i what i was thinking a few years ago, and i have no doubt we could get by with less, but i think a little mission creep is much more common than not.
60k sounds a little low. Wife and I figure on 90k to cover fixed expenses and allow for extended vacations or unexpected med. Prolly won't spend it all but could donate to Business College. Also plan to move somewhere with warm weather and low COL. Haven't ruled out being ex-pat.
Trying to escape the cancer from the windmills?
along with the flicker and vertigo.
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Don't want to derail the thread, but there are strong reasons to believe taxes will continue to climb into our retirement age. I think it would be wise to plan accordingly.
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Actually a great reminder for everyone to get as much into a Roth as you can. (Without sacrificing major pre-tax breaks if you’re in a higher bracket)
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
And not to keep going and try and make this be the pit, but given how literally every (well practically every) country on this earth has some different levels of universal health care (M4A w/e) it pretty much shows again how far behind we are becoming compared to the world.
Perfect example (since I spent and will probably spend more time there) is Canada (fun video explaining their system, and ours, and also many others can be found here):
https://www.youtube.com/watch?v=1TPr3h-UDA0&ab_channel=HealthcareTriage
But the long story short, we pay more more for really no benefit in health care delivered, and a ton of that is due to the inability to negotiate drug prices, and making "optional" things more restrictive. One of my favorite things to do occasionally was to note the price of like generic allegra in CA, and then compare that price in the store here. Last time I was there, you could but at most 20 tables in the US at like $15, in CA I could buy 100 at like $25 CAD (roughly $18 USD), and that is not even prescriptions. I did have another time I had a small infection that needed eye drops, I remember every step of the way from the eye doc to the pharmacy the second I said "yeah I am American, I don't have a Canadian card" they were like "oh boy, this will be expensive." How expensive? Emergency eye exam: $50 CAD, Eye Drops, $3CAD. I don't think I pay that low for that with insurance here on copays for similar things. It's so dumb.
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Why is this argument all or nothing? A good middle ground would be to provide clinic/Dr. office visits to people free of charge. A good start imho
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There are helpfully, plenty of countries who do tiered versions of this as well...
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could also just lower the Medicare eligibility age
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
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Go ahead and post the math, kk
Well, for starters, it is cheaper than our current system.
https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/ (https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/)
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Are you a registered R that is opposed to MFA or are you opposed to MFA so you are a registered R?
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
Sent from my iPhone using Tapatalk
Go ahead and post the math, kk
Well, for starters, it is cheaper than our current system.
https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/ (https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/)
Yep, but it won't matter. Repubs have been told that the government is bad for so long that no math or science will change their minds.
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Dan Carlin did a podcast a couple years ago that had a lot of stats on the cost of health care. He was comparing us with the 16 other top developed countries and we spend the most out of the 17, and almost twice as much as #2 per capita yet our health outcomes are #17. Also, the expenditure is only what the Fed Govt spends, and doesn't account for our individual premiums, deductibles, or copays. It's only what the fed govt pays for the various things they actually cover. If we are already far and away the #1 spender without our premiums, deductibles, and copays included, there is absolutely no way we would spend more than we do now with M4A. No way.
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Are you a registered R that is opposed to MFA or are you opposed to MFA so you are a registered R?
I don't know if I'm for or against it :dunno:
I just know the more I learn about our current system the less likely it is that I would be able to retire early and be able to afford healthcare.
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Are you a registered R that is opposed to MFA or are you opposed to MFA so you are a registered R?
I don't know if I'm for or against it :dunno:
I just know the more I learn about our current system the less likely it is that I would be able to retire early and be able to afford healthcare.
I know that about 12 yrs ago, my family had full coverage with what John McCain and Sarah palin called "Cadillac coverage" for about $530 a month. Same family now is paying $1900 a month and we have a 16k deductible and all around shitty coverage. I basically buy a car per year that I don't get to drive.
If that is free market, it's broke and time to fix it.
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Side Note - I am a registered R in KANSAS and am pretty ideologically opposed to medicare for all....but at the same time its pretty ridiculous that your healthcare coverage is tied to your job.
I've used basically zero health coverage of the last 10 years besides yearly checkups and just started actually learning about healthcare coverage when I began thinking about the possibility of retiring early.
So confusing!
Are you a registered R that is opposed to MFA or are you opposed to MFA so you are a registered R?
I don't know if I'm for or against it :dunno:
I just know the more I learn about our current system the less likely it is that I would be able to retire early and be able to afford healthcare.
I know that about 12 yrs ago, my family had full coverage with what John McCain and Sarah palin called "Cadillac coverage" for about $530 a month. Same family now is paying $1900 a month and we have a 16k deductible and all around shitty coverage. I basically buy a car per year that I don't get to drive.
If that is free market, it's broke and time to fix it.
Yeah, I have great coverage at work (which is bullshit and stupid), but it has gone up like 10% every year for the past many years. I'd happily pay what I pay now in taxes if that meant I wasn't tied to my job or that, oh i don't know...people didn't completely destroy their financial stability by getting in a car accident or getting a disease? Like, how can anyone say that they would rather pay a bunch of money to an insurance company each month that will just increase your rates as opposed to paying towards the well being of everyone?
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unless you have far more money than anyone here worrying about retiring early or not, your post-retirement taxes aren't going to cost more than your health care, so yes, obviously getting the gov to pay for your healthcare would be a huge benefit.
technically, maybe offset by increased taxes when you're over 65 and current govt policy would already pay for much of your health care, but honestly we're not likely to raise taxes on middle class or even very upper middle class brackets anytime soon no matter how much we spend.
Yeah this isn’t even close.
Sent from my iPhone using Tapatalk
Go ahead and post the math, kk
Well, for starters, it is cheaper than our current system.
https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/ (https://www.peoplespolicyproject.org/2018/07/30/mercatus-study-finds-medicare-for-all-saves-2-trillion/)
I’m not clicking on that bc no one can say how much it will cost bc there is no way to know. It’s a fugazi, they made up numbers. They’re basing it on medicare reimbursement rates which healthcare providers only accept bc it is subsidized by reimbursement rates from private insurers.
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I’m not clicking on that bc no one can say how much it will cost bc there is no way to know.
lol
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I’m not clicking on that bc no one can say how much it will cost bc there is no way to know.
lol
Mich I’ve seen the projections many times and they’re all based on cutting reimbursements and administrative costs. Good luck telling healthcare providers they’re now getting half as much for their services.
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there is know way to know :lol:
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Facts
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I’m not clicking on that bc no one can say how much it will cost bc there is no way to know.
lol
Mich I’ve seen the projections many times and they’re all based on cutting reimbursements and administrative costs. Good luck telling healthcare providers they’re now getting half as much for their services.
Cut them. Some of the charges are ridic. For instance, I saw an article the other day comparing cost of covid tests for cash patients vs insured. The specific test they had info on cost cash patients $110. Same provider and same test from same location was being billed to insurance for $720. This is a pretty common story you hear across the industry. So, uh, yeah, reduce and regulate.
The argument that we have the best care providers in the world and that we have that because of what they can make here is a bullshit argument too. Sure, we have the best docs, however, most ppl on this blog or that you know can't afford them. If you do get to see them, you will be in debt for a long time. If we go M4A, they aren't leaving either. They will offer their services to the same people they do now as a concierge service above and beyond M4A coverage. Anywhere else you think they would move to already has universal healthcare.
There is not reasonable argument for the current system unless you are a specialist, in the pharmaceuticals industry, or insurance. Everyone else is being hurt by it.
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How can we be the only western country who can't figure out how to do this?
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How can we be the only western country who can't figure out how to do this?
well, mostly we pay our doctors twice as much.
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Med schools turn away a bajillion well qualified applicants every year. We have plenty of supply of brains and the requisite "hearts" to do the job.
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The reason they have that many applicants is bc those people want to get paid.
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The reason they have that many applicants is bc those people want to get paid.
How are you able to know the precise motivation of such a huge group of people?
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Med schools turn away a bajillion well qualified applicants every year. We have plenty of supply of brains and the requisite "hearts" to do the job.
I’ve always had a major problem with this but it’s usually met with we will have lower quality doctors.
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And that's horse crap and they know it.
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Med schools turn away a bajillion well qualified applicants every year. We have plenty of supply of brains and the requisite "hearts" to do the job.
I’ve always had a major problem with this but it’s usually met with we will have lower quality doctors.
I mean, you would. Obviously, the more selective you can be the better quality of individual you can find. Is there a difference in quality between a Harvard mba and a UMKC mba? Goodness.
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Med schools turn away a bajillion well qualified applicants every year. We have plenty of supply of brains and the requisite "hearts" to do the job.
I’ve always had a major problem with this but it’s usually met with we will have lower quality doctors.
I mean, you would. Obviously, the more selective you can be the better quality of individual you can find. Is there a difference in quality between a Harvard mba and a UMKC mba? Goodness.
Don't you mean "is there a difference between a Harvard MD and a UMKC MD?" The answer is that you don't know because you've never been treated by a Harvard MD.
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Academic test proficiency as a predictor for MD effectiveness is hardly a proven fact.
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Don't they all basically follow the same standards of care?
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It’s an artificial barrier to entry to keep wages high.
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How can we be the only western country who can't figure out how to do this?
well, mostly we pay our doctors twice as much.
We pay over inflated costs for things that don't cost that much, it's profiteering and racketing that is going on, not docs being paid out the wazzu
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I’m not clicking on that bc no one can say how much it will cost bc there is no way to know.
lol
Mich I’ve seen the projections many times and they’re all based on cutting reimbursements and administrative costs. Good luck telling healthcare providers they’re now getting half as much for their services.
Cut them. Some of the charges are ridic. For instance, I saw an article the other day comparing cost of covid tests for cash patients vs insured. The specific test they had info on cost cash patients $110. Same provider and same test from same location was being billed to insurance for $720. This is a pretty common story you hear across the industry. So, uh, yeah, reduce and regulate.
The argument that we have the best care providers in the world and that we have that because of what they can make here is a bullshit argument too. Sure, we have the best docs, however, most ppl on this blog or that you know can't afford them. If you do get to see them, you will be in debt for a long time. If we go M4A, they aren't leaving either. They will offer their services to the same people they do now as a concierge service above and beyond M4A coverage. Anywhere else you think they would move to already has universal healthcare.
There is not reasonable argument for the current system unless you are a specialist, in the pharmaceuticals industry, or insurance. Everyone else is being hurt by it.
Yes, agreed to all of that, there is a ton of money tied up into it.
Overall, and once again I state this, we pay more, for less per capita and we're sold it's the best in the world, when it is isn't. It's ridic.
Also, it's crazy to thing that the money you pay, is only half the story, the company matches that on the other side, bit no one ever thinks about that too...
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The per capita cost for healthcare went up 250% from 1998 to 2018. Gonna wager a guess that physician salary hasn’t gone up even 100% since then so you might want to start searching for some other cuts.
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We pay over inflated costs for things that don't cost that much, it's profiteering and racketing that is going on, not docs being paid out the wazzu
it's certainly not the only factor (drug pricing was mentioned earlier), but the main reason we pay outrageous prices for things that don't have outrageous input costs is so that the health care providers can pay their employees much more than health care workers make in other countries.
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Don't they all basically follow the same standards of care?
Yeah I think ole Kim wasn’t even comfortable using actual MDs in the analogy because the difference between a top and bottom educated MBA or JD is clearly different than with an MD.
There are definitely some doctors more on the cutting edge of research when it comes to specialties like allergies, genetics, or specialized surgery, but the curriculum has so little to do with that compared to residency and getting licensed.
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Don't they all basically follow the same standards of care?
Yeah I think ole Kim wasn’t even comfortable using actual MDs in the analogy because the difference between a top and bottom educated MBA or JD is clearly different than with an MD.
There are definitely some doctors more on the cutting edge of research when it comes to specialties like allergies, genetics, or specialized surgery, but the curriculum has so little to do with that compared to residency and getting licensed.
My point was about selectivity of educational institutions. All MD schools are selective to my knowledge.
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Harvard MBA's just have better networks
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I think there is some nuance being lost on this discussion around how much money we spend on on health care at end of life.
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Yeah, adding death panels to M4A would save a tremendous amount of money.
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I think there is some nuance being lost on this discussion around how much money we spend on on health care at end of life.
True, there is probably a better solution than the current one where in our last years on the planet we will all most likely give everything we have left from a lifetime of work to hospitals or insurance companies as opposed to our families, but :dunno:
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Sounds like Kim Carnes works for Big Insurance
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I think there is some nuance being lost on this discussion around how much money we spend on on health care at end of life.
True, there is probably a better solution than the current one where in our last years on the planet we will all most likely give everything we have left from a lifetime of work to hospitals or insurance companies as opposed to our families, but :dunno:
How are m4A type plans in other countries setup for this? I assume some type of rationing happens.
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I think there is some nuance being lost on this discussion around how much money we spend on on health care at end of life.
True, there is probably a better solution than the current one where in our last years on the planet we will all most likely give everything we have left from a lifetime of work to hospitals or insurance companies as opposed to our families, but :dunno:
How are m4A type plans in other countries setup for this? I assume some type of rationing happens.
Rationing is one of the dumbest boogeyman in health care discussions, our country rations care through our insane insurance industry that is a complete black box with coding, in-networks/out of network, Rx, referrals from primary care, insane write downs on billing, the bullshit is endless! And as if that weren’t bad enough, people have almost no say in because our employers control it but it isn’t even really something you can negotiate with them like salary.
In other countries the secret sauce is mostly just boring crap like administrative costs are much lower, Doctors just don’t get paid as much and they don’t have as much pharma and medical device companies. That’s basically it.
I still think we can have a robust pharma industry even if we cut out insurance companies, but honestly I don’t see it happening any time soon because everyone in this country just looks existential problems in the race and accepts that nothing can ever change for the better or argues that it actually is good. I hope it gets better.
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Quite a number of asinine comments the past 3 pages. Do we not have a resident Doc who can weigh in on this?
I
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I think there is some nuance being lost on this discussion around how much money we spend on on health care at end of life.
For sure. That is changing as well, though, we, as a people, are living less well, but longer too.
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Quite a number of asinine comments the past 3 pages. Do we not have a resident Doc who can weigh in on this?
I
The doctors I’ve spoken to don’t know the first thing about insurance or how much healthcare costs. Or maybe they just pretend not to know.
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Quite a number of asinine comments the past 3 pages. Do we not have a resident Doc who can weigh in on this?
I
The doctors I’ve spoken to don’t know the first thing about insurance or how much healthcare costs. Or maybe they just pretend not to know.
Agreed.
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Quite a number of asinine comments the past 3 pages. Do we not have a resident Doc who can weigh in on this?
I
The doctors I’ve spoken to don’t know the first thing about insurance or how much healthcare costs. Or maybe they just pretend not to know.
Agreed.
yeah, most of them hate the BS admin costs and tasks that go along with everything. I'm sure they get tired of hearing everyone bitch about it at every appointment as well.
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Quite a number of asinine comments the past 3 pages. Do we not have a resident Doc who can weigh in on this?
I
The doctors I’ve spoken to don’t know the first thing about insurance or how much healthcare costs. Or maybe they just pretend not to know.
Agreed.
They know a lot about Medicare and Medicaid tho. Some guy I follow on twitter (who I'm pretty sure is a doctor) said that new Medicare rules are only allowing him to charge $18 a visit, which would not even pay overhead at a clinic.
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Makes you think that a single payer system would make it a lot easier to talk about healthcare costs and what is appropriate.
I assume the Twitter doctor doesn’t take Medicare then?
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Makes you think that a single payer system would make it a lot easier to talk about healthcare costs and what is appropriate.
No, this is a ridiculous statement. A command economy has no idea what is appropriate.
I assume the Twitter doctor doesn’t take Medicare then?
No idea. But for those that do it is pretty apparent that non medicaid/medicaire patients (i.e. insured) are subsidizing the program.
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Medicare isn’t viable on its own.
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I cannot think of a single reason doctors would accept Medicare patients if puts them in the red. If that’s the argument you’re making you’ve got to explain that piece to me.
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I cannot think of a single reason doctors would accept Medicare patients if puts them in the red. If that’s the argument you’re making you’ve got to explain that piece to me.
Some doctors don't accept Medicare/Medicaid patients.
Others that accept them can afford to accept them because private insurance covers the fixed costs the doctor has. On the margin, they may make money on Medicare patients. However, if everyone was a Medicare patient, there wouldn't be enough in reimbursement to cover their fixed costs.
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And what are their fixed costs that private insurance is subsidizing?
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And what are their fixed costs that private insurance is subsidizing?
I was mostly just making the argument that I have heard. My guess on fixed costs would be rent, support staff, malpractice insurance, etc.
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I wish I would have done some truly epic crap when I was younger and am finding this inspirational.
https://twitter.com/SangerNYT/status/1371502647258255364
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Chum midlife time?!?!
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UPDATE: I didn't think I would need this thread, but with the promise of cryto fortunes basically guaranteed, I should probably go back and re-read this for good ideas.
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So, I need to take out some money from my 401k and my work said since I'm not working right now I will have to take out everything, remove the amount I want, and put the rest in a rollover account. I need to keep this money accessible for an occasional withdrawal when needed (1 or 2 times a year). What kind of account would be best for this?
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So, I need to take out some money from my 401k and my work said since I'm not working right now I will have to take out everything, remove the amount I want, and put the rest in a rollover account. I need to keep this money accessible for an occasional withdrawal when needed (1 or 2 times a year). What kind of account would be best for this?
Right now you can get ~5% on money market funds pretty much everywhere. I’d roll it into a vanguard IRA I guess. May not be understanding the question though.
Sent from my iPhone using Tapatalk
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Yeah a money market is what my thought was. I just know nothing about this stuff.
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Get a financial advisor as the good ones will do all the work and only charge a small percentage of your total investment The amount they charge gets smaller after you invest the usual $500,000 or more. My wife is retiring next month and my FA will let her invest with my account credit, but she will have her own account, and therefore, get credited at the same percentage as I'm getting or lower.
EDIT: forgot to suggest that if your mom has a FA, then you might be able to add your investment with your own account but get a lower yearly charge.
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So, I need to take out some money from my 401k and my work said since I'm not working right now I will have to take out everything, remove the amount I want, and put the rest in a rollover account. I need to keep this money accessible for an occasional withdrawal when needed (1 or 2 times a year). What kind of account would be best for this?
Taking it out of your 401k is one thing...do that and roll it into an IRA with fidelity/schwab/vanguard whoever.
Once you do that you can withdraw whatever you need for your yearly expenses but will have to pay taxes on that. I would keep 1-3 year of expected expenses in a Money market/bond/whatever account and leave the remainder in an index fund.
Step 1 - Roll your 401k into an IRA
Step 2 - Figure out how much you need for the next year and withdraw that and pay the taxes
Step 3 - Rough estimate on how much you might need in the next 1-3 years and put that in a MM account in your IRA where it can't really go down.
Step 4 - Leave the rest invested in an index fund tracking the stock market and once a year withdraw 1 year worth of funds and transfer it to your MM account to replenish the funds you spent in the last year.
(I am not a financial advisor and just a dork who loves kstate sports and finances and bird hunting)
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Not sure if it runs into the same problem if you’re not working but there’s some kind of mechanism to loan yourself money from your 401k then pay it back to yourself. I’ve never even remotely understood why that’s ok but I know someone who did it.
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Ben ji, that sounds pretty much exactly like what I should do. This blog is amazing.
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Talk to a tax guy/girl. Withdrawing from qualified accounts is tricky if you aren't at least 55 and or retired. There could be penalties.
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Talk to a tax guy/girl. Withdrawing from qualified accounts is tricky if you aren't at least 55 and or retired. There could be penalties.
There would normally be penalties, but for Lib specifically you should reach out to the plan administrator and talk to them about a hardship withdrawal (if you haven't already). There are ways to avoid them for certain life circumstances which I think you may qualify for.
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I have the qualified stuff covered, no negative consequences
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That's good that you have that part figured out. I qualified and was paid out on 3 different life insurance polices for chronic illness riders but had to navigate all the different things to get it figured out.