Retirement Planning - Lessons Learned

   / Retirement Planning - Lessons Learned #821  

oosik

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I know goeduck. But I do feel sorry for those who wait until they are near retirement and THEN plan their finances. My overall goal was to retire early. Fate ensured I could at 40.

We sought out a well trusted financial planner - early on. His advice was GOLDEN.

When we came down from AK in '82 we built our house here that year with funds received from our house sale in AK. Since '82 I have had nothing financed. Nothing to pay off. The biggest debt I incur - those annual, miserable property taxes.

WA state has what is called - property tax relief for seniors. It's NO RELIEF. It's a delay in payment. The taxes plus interest are still owed - they are delayed to a later date. Some relief. So ...... I grit my teeth and pay up every year. Life goes on ............
 
   / Retirement Planning - Lessons Learned #823  

Frankenkubota

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I know goeduck. But I do feel sorry for those who wait until they are near retirement and THEN plan their finances. My overall goal was to retire early. Fate ensured I could at 40.

We sought out a well trusted financial planner - early on. His advice was GOLDEN.

When we came down from AK in '82 we built our house here that year with funds received from our house sale in AK. Since '82 I have had nothing financed. Nothing to pay off. The biggest debt I incur - those annual, miserable property taxes.

WA state has what is called - property tax relief for seniors. It's NO RELIEF. It's a delay in payment. The taxes plus interest are still owed - they are delayed to a later date. Some relief. So ...... I grit my teeth and pay up every year. Life goes on ............
yea, oregon as the same property tax relief. just more lip service.

in many cases the only thing you can leave your kids is the house and with the second mortgages, reverse mortgages and "tax relief" there won't be anything there for them.
 
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   / Retirement Planning - Lessons Learned #824  

3Ts

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Relatives don't borrow money. You can give them some if you want but you will never see it again. If you're on good terms with them, don't do it - it will end the good terms part. BTDT
 
   / Retirement Planning - Lessons Learned #825  

dirttoys

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Ozarks
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ac 170 bobcat 773 tak 235
I jumped ahead from post 200 as I’m working my way through the information and wanted to ask a question.

How do I calculate the number of how much I need saved in a 401k to get a certain amount back in the mandatory draw out?

I turned 58 last week I’m investing in 401K.

My current mortgage is being refinanced to 350k in Oct 30yr fixed.

Payments will be 2000 monthly.

If it’s not completely paid off when I hit 72 (13 years) I’d like to count on that mandatory payout to cover that 2k payment per month.
Pretty good tool, understand your tax rate, and what you expect for return during the golden years.

How long will my money last with systematic withdrawals?


Best,

ed
 
   / Retirement Planning - Lessons Learned #826  

goeduck

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Kitsap, WA
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The biggest debt I incur - those annual, miserable property taxes.

WA state has what is called - property tax relief for seniors. It's NO RELIEF. It's a delay in payment. The taxes plus interest are still owed - they are delayed to a later date. Some relief. So ...... I grit my teeth and pay up every year. Life goes on ............
With real estate booming my property taxes have gone up to $13,000 a year. The rate per $1000 should have gone down in my mind. I sure bet if real estate prices ever drop, they would raise the rate to keep the coffers full.
 
   / Retirement Planning - Lessons Learned #827  

ultrarunner

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Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
Taxes are my biggest expense and WA property tax looks like not sustainable in the long haul…

Cant eat assessed value yet Thurston county thinks my 1977 home is Gates Mannor.

Already takes 8 months rent to cover property tax, another for insurance and another for prop management…

When I started 4 months rent covered the taxes…
 
   / Retirement Planning - Lessons Learned #828  

Fuddy1952

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Gorgeous!
Don't make it sound too attractive! Here (NorCal), then Oregon then Idaho made that mistake and now the locals' kids cant afford to buy or sometimes even rent because they are outbid by all the new arrivals.

That RE brokers postcard I posted over in the Real Estate thread (and my following financial post) illustrate how bidding wars by new money have overwhelmed what used to be simple farmland around here.
That's happening everywhere I believe. People move here, instead of acclimating they make here like where they left!
From what I've seen over the years is every state is beautiful and unique. No one should ever let their area fall to decay if possible...and it is possible.
 
   / Retirement Planning - Lessons Learned #829  

Fuddy1952

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South Central Virginia
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1973 Economy and 2018 John Deere 3038E
Ever get those letters inviting you to a free dinner if you listen to the pitch of a financial advisor?

A marketing prof said they don't expect to rope in many marks. But they watch for the crafty widow who lingers then shovels all the free pastries or something into her purse after the room seems empty. That's the wealthy mark that they held the dinner to identify, the wealthiest person who attended.

A week later: "Would you like to invest in our next round of condo financing?" :)
An inside secret...we attend EVERY free dinner invitation. We dress "oddly" .
Any card to fill out I ignore or forget my exact phone #.
One seminar paper had questions. One was "What is your ideal retirement scenario?"
I answered "to attend free dinner seminars every day".
 
   / Retirement Planning - Lessons Learned #830  

Fuddy1952

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South Central Virginia
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1973 Economy and 2018 John Deere 3038E
Taxes are my biggest expense and WA property tax looks like not sustainable in the long haul…

Cant eat assessed value yet Thurston county thinks my 1977 home is Gates Mannor.

Already takes 8 months rent to cover property tax, another for insurance and another for prop management…

When I started 4 months rent covered the taxes…
My suggestion would be talking to neighbors, friends, i.e. people in your situation. You then arrange a group and collectively write a petition. Canvass every affected area getting signatures. Once you have that your group arranges a meeting with those in charge: supervisors, treasury department, whatever entity responsible for assessing property taxes.
As taxes increase there's a breaking point that's not sustainable...people can't afford it, move away, etc. Your petition outlines this. The most difficult part is research: knowing what the tax revenue has been over the years, where that money goes, etc.
Basically pointing out things have to change, people leave, tax revenue is lost which means increasing it for those left who then leave (domino effect).
 
 
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