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Well, my random $10 million really got under some people's skin.
At least you gave OP a better snapshot of yourself. I think that is more fair than blowing smoke up his arse.
Based on how OP describes his level of work and earnings I do not think that $828k would be enough for him and his family. He is also only 53 and/or his wife could have another 40 years. He does not mention that his pension is cost of living protected; just that he gets $90k at 67 (in 14 years). He never mentions how much he has in savings; just that they traveled to Europe a lot instead of saving a lot (so, perhaps he doesn't have the 40 years of investing).
Last edited by Wile E. Coyote; 01-07-2024 at 03:26 AM..
Dental expenses - implants, bridges, crowns....oh my gosh that stuff is ridiculously expensive even with good dental insurance.
A 10 year old kid might need orthodontics.
I could have had a very nice luxury vehicle for what I have paid in the last few years between my teeth and my cat's teeth. My animal dentistry place was sold and my dentist who was coming up from California purchased it and then doubled the prices. Instead a few dentists have nice luxury cars -- LOL. I told that to my dentist and he said "but, you have nice teeth..." Okay, so me and the cats have somewhat healthy mouths/teeth....
I have one tooth that I sunk around $15k. If I remember correctly my dentist sent me to an oral surgeon to do a root canal. Then I went back to him for a crown. Then, that root canal did not actual take / did not do the trick (first time that ever happened). So, then my dentist sent me back to the same oral surgeon to try to save the crown by drilling through it and attempting to fix whatever when wrong with the root canal. OKay then back to the dentist and he decided I needed an Implant (another specialist). That was a Process and it was expensive. Then, after all of those months I still needed a new crown (insurance does not pay for a crown on the same tooth within five years or something).
That was one tooth. I had downloaded my dental insurance payments into a spreadsheet and I had something like $26k out of pocket since 2017 for dental. The cats were very expensive. I have vet insurance, but, there is a deductible for each issue. They did not cover my rescue cat's teeth because they said it was pre-existing. His whole problem was his mouth and it took me 5-6 years of continual cleanings and extractions to get him stabilized. Don't get me started... My other cat is now 17 and has been high maintenance since she was about 3. Don't get me started on that. SO, anyways... ...I'll be working until I am down to maybe just one kitty cat and until there's a new roof and a new vehicle (the systems and appliances, etc.).
Last edited by Wile E. Coyote; 01-07-2024 at 03:33 AM..
Well, my random $10 million really got under some people's skin.
At least you gave OP a better snapshot of yourself. I think that is more fair than blowing smoke up his arse.
Based on how OP describes his level of work and earnings I do not think that $828k would be enough for him and his family. He is also only 53 and/or his wife could have another 40 years. He does not mention that his pension is cost of living protected; just that he gets $90k at 67 (in 14 years). He never mentions how much he has in savings; just that they traveled to Europe a lot instead of saving a lot (so, perhaps he doesn't have the 40 years of investing).
The $10million number didn’t get under my skin. I thought you were being tongue-in-cheek about it.
I think you raise a good point that is important context for my specific situation: my goal is not to maintain my current cost of living and lifestyle into retirement. I might be able to do so, if I were to stay with my current employer until my mid-60’s, but that is not a retirement goal of mine. We will be downsizing, and decreasing expenses before we retire.
I won’t have a lump sum payment option from my pension, however, my pension is currently projected as being worth the equivalent of about $2million.
I do have other savings and investments. I also have investment real-estate I’ll sell. I don’t know what the final total will be when I walk away. I assume it’ll be between $3million and $10million….much closer to 3.
Wilie, between my teeth and my dogs I have spent a small fortune and I could have paid cash for many new cars with the money. However, the love and companionship I get from my dogs is priceless and it’s worth driving a 16 year old car in order to afford it.
What are your expenses ? Perhaps I missed them but I don't think you listed current expenses and projected retirement expenses ?
As you said, failing to plan, is planning to fail...
It’s not my intent to go full open kimono here on all of my finances. My point is that I am planning and I’m quite confident in my ability to live on less than $150k annually. No doubt most retirees do. I’m looking forward to doing so.
$150K is going to spend very differently depending on where you're at.
It won't spend well in NYC as a couple trying to enter the property market today. It'll spend very differently here in small town Tennessee.
With that said, a lot of cheap areas are cheap for a reason - they're not that desirable for any number of various reasons.
For sure. 100%. Love NYC, but don't plan on retiring there. I do, however, think it would be a great place to retire, if one can afford it. Some of the world's best restaurants, entertainment, and a city for walking.
I probably won't retire to small town Tennessee, either, although I actually really like Tennessee and small towns.
Honestly not sure where we'll end up. A lot of that depends on where our kids end up. I'm in a town called Milton, just North of Atlanta. An Atlanta suburb. We love it here. I love the climate, and access to things we enjoy. Maybe we stay here. At least, as a "US Home Base" during our go-go retirement years when we plan to spend a lot of time outside of the country. Right now, it's all up in the air and part of the fun planning....!
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