Retirement, Social Security, and Wages

[ultrarunner]

Sometimes I wonder where I went wrong...

12 from my High School class went into law enforcement and most retired with 30 years at ages 51-52... very nice retirements... up to 180k a year with medical on top of that.

For a lot of the rest of us... pensions or employer 401k contributions vanished and I think will never return.

Trying to run a business takes almost one person full time to keep up with all the requirements if make or build anything... goverment agencies keep piling on the fees and the bad thing is... so many agencies charge fees for the same thing... city, county, state and federal... all have a hand in the cookie jar.

My back-up plan has always been rental property and I've made a go of it... lot of work, but do-able. The problem is my city initiated Rent Control, Rent Boards, Gross Receipt Tax and now I'm supposed to be lead certified to maintain my own rentals... none of this existed when I bought my rentals... can only guess what's coming down the road...

Should have listened to Dad... he said get a good job with the county of state and you will not regret it... none of us listened and Dad worked for himself till the month he passed away.

I never figured on Social Security... glad my Mom has it and my Grandmother had it too.

 

[Redbug]

BB_TX...

I have 3 years 7 months! And I think about it every day. Can't wait! Life should not be a roller coaster of working and waiting to being off to get things done.

This forum is for you! One of my favorites besides TBN.
FIRE and Money - Early Retirement & Financial Independence Community
Be sure and check out the other retirement forums on that site, all good information and great people.

 

[firefighter jim]

Retired at age 49. Life is Good! (and too short)

 

[keegs]

I doubt the public pensions offered today will continue to be offered in future.

In fact, it seems to me that retirement is becoming beyond the reach of most Americans. The situation becomes much worse if anything happens to SS.

At a 4% withdrawl rate, a million generates 40k in income. I think the median 401k balance of someone in their 60's is well below $200k.

 

[Big Bri]

well i'm 37 and can't wait for retirement. . . what type of money do you guys who are retired spend a month? I try to add up what i would need (with everything paid off) i figured that 5k a month would go a long way, my dad tells me i don't have a clue. he tells me that to retire i would need to have an income of 8-10k a month.

 

[keegs]

Bri,

If you're married and both working and you're not in jobs that provide pensions, you should both be putting 10% away for retirement ...and you absolutely should stay married BTW.:laughing:

If you have kids...get them to pay for their college...

Accumulating wealth is only the half of it. Just as important and as difficult, you need to know how to manage your investments.

 

[Big Bri]

Bri,

If you're married and both working and you're not in jobs that provide pensions, you should both be putting 10% away for retirement ...and you absolutely should stay married BTW.:laughing:

If you have kids...get them to pay for their college...

Accumulating wealth is only the half of it. Just as important and as difficult, you need to know how to manage your investments.

My wife and i have been married for 16 years. . . 16 wonder full years so i think it is safe to say that we will stat together for a long time.

When we were first married we put atleast 10% of our money into investments but after starting our business we haven't saved near as much. My goal has always been to sell our business and lease the building to the new owner. and use the sale of the business to buy another building and lease it as well.
We have collage funds set up for both the kids, and if they go to a state collage with their grades the state will pick up the tab.
I've paid off my house, cars and trucks and the only note i have now is my tractor (0% for 4 years, left my money in the bank to earn interest)

We live on about 5k a month now so i don't see why i would need more to retire. When i say retire i don't mean sitting at home growing old watching tv. i'm sure i'd do something, get a part time job that would make me money as i can't sit still, but i wouldn't be married to it. (would be able to quit, or leave at the drop of a hat)

Maybe i'm to young to be thinking about this but if i could spend more time with my kids while their kids that would make me happy.

 

[Travelover]

well i'm 37 and can't wait for retirement. . . what type of money do you guys who are retired spend a month? I try to add up what i would need (with everything paid off) i figured that 5k a month would go a long way, my dad tells me i don't have a clue. he tells me that to retire i would need to have an income of 8-10k a month.

There is no one answer to this question - everyone has their own personal minimum to live on. The median household income in the US is $44,400 a year - $3700 a month. If you have a paid off house and car, you can live on much less. If you need toys, a second home, or have to fund your own health care, you are going to spend more.

It is a good idea to track your expenses and figure out how much of what you are spending is absolutely necessary and how much you could cut if you had to. Then you can figure out what a reasonable budget would be for you in retirement.


Household income in the United States - Wikipedia, the free encyclopedia

 

[firefighter jim]

Sometimes I wonder where I went wrong...

12 from my High School class went into law enforcement and most retired with 30 years at ages 51-52... very nice retirements... up to 180k a year with medical on top of that.

For a lot of the rest of us... pensions or employer 401k contributions vanished and I think will never return.

Trying to run a business takes almost one person full time to keep up with all the requirements if make or build anything... goverment agencies keep piling on the fees and the bad thing is... so many agencies charge fees for the same thing... city, county, state and federal... all have a hand in the cookie jar.

My back-up plan has always been rental property and I've made a go of it... lot of work, but do-able. The problem is my city initiated Rent Control, Rent Boards, Gross Receipt Tax and now I'm supposed to be lead certified to maintain my own rentals... none of this existed when I bought my rentals... can only guess what's coming down the road...

Should have listened to Dad... he said get a good job with the county of state and you will not regret it... none of us listened and Dad worked for himself till the month he passed away.

I never figured on Social Security... glad my Mom has it and my Grandmother had it too.

I guarantee you that most policemen and firemen pensions aren't anywhere near the 180K figure that you quoted.

 

[ultrarunner]

I guarantee you that most policemen and firemen pensions aren't anywhere near the 180K figure that you quoted.

I'm certain it isn't anywhere near this in 98% of the country... I live in the San Francisco Bay Area and what makes it real is High School friends of mine ARE getting this... just makes one wonder... well, me at least.

Right now, my city as sent out 80 Police Officer Pink Slips to balance the budget... over 70% of the entire city budget is Police and Fire...

A pension of 180k plus medical for someone 51 years old is over a million dollars every 5 years that has to be paid... and no... he was not the chief of police... only assistant chief...

Here's one quote in the local paper:

"Oakland awarded the union its generous benefits, which include the ability to retire at age fifty with nearly full pay for life, at a time of relative prosperity. The council figured that over-the-top pension benefits would help the city attract and retain quality officers when unemployment was low and the competition for cops was fierce. But in a time of record joblessness, it's clear that Cadillac pensions are not only unnecessary, they're foolish."

Another clasmate is Chief of Police in a nearby town and another is county Fire Marshall...

My point is the difference "Today" in what Public Servants receive in compensation, the total package... is mind boggling compared to the take-aways in the private sector.

My Uncle, died in the line of Duty as a Kern County Deputy back in the 1960's... the total compensation paid to the family was a $10,000 life insurance policy...

I expect my biggest expense in retirement will be taxes... primarily property taxes...

Many of my co-workers now leave California upon retirement... it used to be they would leave the Bay Area and now they leave the State... taking their Grandfathered pensions with them.

I joined my company 19 years ago after weighing the benefits... in my case, almost all no longer exist and the pension went out at the time I became eligible...

I have great neighbors and most are retired with nice pensions... city managers, police, fire, public utilities, career military officer... all have said it was more luck at being born at the right time, right place and worry about what their children will face.

A common theme I notice is most were goverment employees... and two with big utility companies... the money has to come from somewhere...

It wasn't all that long ago that firefighters would do painting or other jobs on the side to make ends meet... police officers would routinely moonlight as security for private events... don't see much of that now.

No one ever retired in my family with a pension... so nothing new with me. Heck... no one actually retired... Dad, Grandfathers all worked into their 70's and 80's... until they no longer could for Health reasons.