To go evatualy in to retirement

    It sounds like end of Live "or fun" No I'm not there yet, and I hope that's where more fun starts. I love my live how it is (great Wife & Boys). But when I listen to the news all suck's. I was able to buy the best toy ever "SS RED Fast one" and I had a few before this one :):P . I hope for all of us that we at least get the money we put into SS.

    Do not resent growing old. Many are denied.... The Privilege :REDSS: :SUPERCHARGERSS: : :HEADERSS: : :COILOVERSS: Wycked hitch





    I was lucky and got to retire at a young age..If planned properly--both for financial aspects and managing your newly found free time, it can be the absolute best time of your life. Watch older retired folks and learn from them. The ones that always have 3 sticks in the fire and constantly on the move generally live healthy and long. The sit around types only have their next meal and recreational doctor visits to keep them entertained.

    I retired last October and haven't looked back. I told the wife we will be using the motorhome frequently and have done so this far and have trips planned the rest of the year. We also told the kids that we may not be there for birthdays but will celebrate when we get back. When I die I want it said that he lives life to the fullest. Why do you think we bought a Slingahot?????

    I'm a far ways from retiring. I will admit it scares me. I work for UPS and the last couple of guys that retired out of our building died within a year of retiring. A couple within 6 months. I really feel you need other hobbies outside your job. A lot of those guys I know for sure had nothing to do when they retired. Some I talked to regretted retiring. There wife's still worked and kids were gone. I just hope the financial decisions I make today pay off 15 or so years done the road for me.

    Quote from chad warren

    I'm a far ways from retiring. I will admit it scares me. I work for UPS and the last couple of guys that retired out of our building died within a year of retiring. A couple within 6 months. I really feel you need other hobbies outside your job. A lot of those guys I know for sure had nothing to do when they retired. Some I talked to regretted retiring. There wife's still worked and kids were gone. I just hope the financial decisions I make today pay off 15 or so years done the road for me.

    I agree, but that's why we have the SS, keeps everything up to par. So no worry's. :):):thumbsup::thumbsup: Plus money is not everything for example I work on my second $ million, because the first one did not work out.

    Do not resent growing old. Many are denied.... The Privilege :REDSS: :SUPERCHARGERSS: : :HEADERSS: : :COILOVERSS: Wycked hitch





    Quote from Flybuddy

    I was lucky and got to retire at a young age..If planned properly--both for financial aspects and managing your newly found free time, it can be the absolute best time of your life. Watch older retired folks and learn from them. The ones that always have 3 sticks in the fire and constantly on the move generally live healthy and long. The sit around types only have their next meal and recreational doctor visits to keep them entertained.

    I was not lucky and would give most anything to be back in Germany with my love. She will have her next operation on Monday.

    Home of the free - because of the brave

    Quote from Cape Sling

    I was not lucky and would give most anything to be back in Germany with my love. She will have her next operation on Monday.

    I hope & pray her operation goes well & she recovers quickly. Keep us posted... Hang in there Brother

    Slingshots: making children out of adults since 2014

    I'm gonna revive this for one simple question/opinion: how much money (retirement investments) do you need to retire with confidence. I'm not looking for details just general numbers... 1 million, 5 million, 10 million... what's the number?


    Background for my question... I have never had anyone in my life to discuss finances as a topic. I'm 44 years old and have always contributed to retirement plans and realized lately that I feel like I have a lot of money saved and currently live way below my means.

    ___________________________________
    #02828 January 2015 build date.
    Here to assist anyone in the Denver area.

    Quote from Jonathan Thompson

    I'm gonna revive this for one simple question/opinion: how much money (retirement investments) do you need to retire with confidence. I'm not looking for details just general numbers... 1 million, 5 million, 10 million... what's the number?


    Background for my question... I have never had anyone in my life to discuss finances as a topic. I'm 44 years old and have always contributed to retirement plans and realized lately that I feel like I have a lot of money saved and currently live way below my means.


    If you have that kind of money you’re better off buying rental properties and having a company manage them. That way instead of bleeding your retirement fund to live on you can live on the rental income. A million will easily get you 8-10 excellent properties that will generate around 8-10k a month income.



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    Quote from Cameron Roberts

    If you have that kind of money you’re better off buying rental properties and having a company manage them. That way instead of bleeding your retirement fund to live on you can live on the rental income. A million will easily get you 8-10 excellent properties that will generate around 8-10k a month income.



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    That would be gross income. For net income subtract utilities, insurance, property taxes, building maintenance and repair, landscape maintenance and of course, property management fees (usually around 8% of gross) if you don't manage them yourself. Any turnover will create a vacancy rate as well. Personally managed, I've seen net income of around 60%, dipping closer to 50% when I have high maintenance/repair costs, typically due to turnover. These numbers are reduced by interest expense when/if the properties are leveraged.


    As far as the original question, there is no magic number for retirement. There are many factors involved, not the least of which is your lifestyle. I've seen people retire comfortably with as little as half a million when they have income streams (social security, pension, passive income like rentals, etc) that cover their basic living expenses and entertainment. These people typically own their home with no mortgage, pay cash for cars and major expenditures, and don't live extravagant lifestyles. I've seen people retire poorly with 2 million when they don't have additional income and decide it's time to start spending. My recommendation would be to find a qualified financial advisor and go over your specific retirement assets and needs/wants and develop a plan for yourself. There is comfort in having specific knowledge of what it will take and what your standard of living will look like. Congratulations on having substantial savings at 44. Many who are older do not.

    Remember folks - this isn't a rehearsal, this is The Show!8)

    There are a lot of ways to get there, and a lot more ways to fuck it up. @Cameron Roberts has a valid idea, but it's only one of many.


    We personally contribute to both our ROTH IRAs to the max possible, plus I have my Navy 401K (TSP) set up as a ROTH contribution. That is, all that income gets taxed before it goes into the investment vehicles, so that it comes out tax-free down the road.


    We also contribute heavily to savings, and dabble in very minor ways in a few other things. We actually sold all of our rental properties because of the stress and lack of comfort with a fluctuating marketplace.


    I've gone through several iterations of financial training with the Navy, and been a counselor for my peers and Sailors for over 15 years. The biggest thing I see is people not knowing where their money is going (or not caring), and living beyond their means.


    This is a good general conversation to have, but since it's so different for different people - cost of lifestyle, tolerance for risk, time to retirement - you really need to develop a personal plan. And then revisit every year or so to make sure you are still comfortable with it, and on the right track.


    Totally willing to talk offline about any financial topics or questions that anyone has on their mind.

    Quote from SlingLow

    That would be gross income. For net income subtract utilities, insurance, property taxes, building maintenance and repair, landscape maintenance and of course, property management fees (usually around 8% of gross) if you don't manage them yourself. Any turnover will create a vacancy rate as well. Personally managed, I've seen net income of around 60%, dipping closer to 50% when I have high maintenance/repair costs, typically due to turnover. These numbers are reduced by interest expense when/if the properties are leveraged.


    As far as the original question, there is no magic number for retirement. There are many factors involved, not the least of which is your lifestyle. I've seen people retire comfortably with as little as half a million when they have income streams (social security, pension, passive income like rentals, etc) that cover their basic living expenses and entertainment. These people typically own their home with no mortgage, pay cash for cars and major expenditures, and don't live extravagant lifestyles. I've seen people retire poorly with 2 million when they don't have additional income and decide it's time to start spending. My recommendation would be to find a qualified financial advisor and go over your specific retirement assets and needs/wants and develop a plan for yourself. There is comfort in having specific knowledge of what it will take and what your standard of living will look like. Congratulations on having substantial savings at 44. Many who are older do not.


    I own 62 rentals. I’m talking net income.



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    [/quote]Your rents must be higher than mine. I have 2 bedroom apartments and have not raised rents at the pace of the recent market increases.[/quote]


    I haven’t been able to pull the kind of returns out of apartments that single family homes command. It’s even better if you can buy one in disrepair and bring it up before renting. It’s possible to get properties at a total investment of 60k that will generate 950 a month gross.



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