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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: The Dude Abides]
#8858318
05/26/23 03:11 PM
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Joined: Jan 2008
Posts: 1,097
batman
Pro Tracker
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Pro Tracker
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Posts: 1,097 |
It’s not how much you have, its how much you spend. To some $1.5 mil wouldn’t last a month, to some $100k would be plenty.Most of us are probably somewhere in the middle. And, don’t forget the value of your home, if needed it can be sold to pay for long term care.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Judd]
#8858321
05/26/23 03:17 PM
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Joined: Oct 2013
Posts: 5,932
Ol Thumper
THF Trophy Hunter
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THF Trophy Hunter
Joined: Oct 2013
Posts: 5,932 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum,
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Ol Thumper]
#8858324
05/26/23 03:22 PM
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Joined: Nov 2011
Posts: 16,869
S.A. hunter
THF Celebrity
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THF Celebrity
Joined: Nov 2011
Posts: 16,869 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I always wonder about the guys who are so quick to scream "One upper thread". I have yet to hear anyone on here say they retired with $10 million and it's the boats and hoes lifestyle for them. Maybe I missed it.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: S.A. hunter]
#8858325
05/26/23 03:24 PM
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Joined: Jan 2009
Posts: 19,298
Judd
#1 Creedmoor Fan
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#1 Creedmoor Fan
Joined: Jan 2009
Posts: 19,298 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I always wonder about the guys who are so quick to scream "One upper thread". I have yet to hear anyone on here say they retired with $10 million and it's the boats and hoes lifestyle for them. Maybe I missed it. You're clearly not a noticer...
Don't let your ears hear what your eyes didn't see, and don't let your mouth say what your heart doesn't feel
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: BOBO the Clown]
#8858336
05/26/23 03:38 PM
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Joined: Jun 2015
Posts: 5,954
Jgraider
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jun 2015
Posts: 5,954 |
If you have 1.5M + SS, and have no debt, can't make it work........you have a spending problem, not an income problem. depends on age of retirement, and where the money is being held according to this thread a couple could retires at 50 if they have 1.5m, but what if that break down is as follows: wife has 500k in 401k husband has 500k in 401k Together their non deferred tax liquid savings is 500k… Their life style is going to be extremely decreased if the have to live off 500k for 15years and/or take lots of tax penalties on 401k’s to subside it, I think alot of people just look at a net value and say if “I was worth XYZ I’d be set.” There is more planning then just a evaluation number. That's true. I should have mentioned I'm specifically referring to those who have medicare, or health insurance covered with minimal cost.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: The Dude Abides]
#8858339
05/26/23 03:41 PM
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Joined: Jul 2012
Posts: 15,761
603Country
THF Celebrity
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THF Celebrity
Joined: Jul 2012
Posts: 15,761 |
We’ve been retired now since 2009. We have invested money, which we rarely touch, and we have pension money and SS, and we are doing fine. Many good points have been made in this discussion. I think two of the most important things to consider are medical expenses and debt. Get the first covered and the second paid off. As a rancher neighbor told me yesterday “my personal check engine light comes on a lot these days”. So true.
Not my monkeys, not my circus...
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: 603Country]
#8858358
05/26/23 04:12 PM
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Joined: Nov 2010
Posts: 3,255
Marc K
Veteran Tracker
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Joined: Nov 2010
Posts: 3,255 |
As a rancher neighbor told me yesterday “my personal check engine light comes on a lot these days”. So true.
Stealing this one! And, no it's not a One Upper move!
A Democracy is when two wolves and a lamb vote on the dinner menu. That is why this country was specifically not designed as a Democracy. We are a Constitutional Republic.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Hudbone]
#8858364
05/26/23 04:19 PM
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Joined: Oct 2004
Posts: 39,580
redchevy
THF Celebrity
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THF Celebrity
Joined: Oct 2004
Posts: 39,580 |
All kinds of way to "skin a cat"
Just don’t drop it, makes good tamales.
It's hell eatin em live
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Ol Thumper]
#8858366
05/26/23 04:21 PM
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Joined: Feb 2009
Posts: 1,985
talkturkey
Pro Tracker
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Pro Tracker
Joined: Feb 2009
Posts: 1,985 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!!
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: BOBO the Clown]
#8858368
05/26/23 04:21 PM
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Joined: Oct 2004
Posts: 39,580
redchevy
THF Celebrity
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THF Celebrity
Joined: Oct 2004
Posts: 39,580 |
Having a million dollars in 401k's not the equivalent of having a milion dollars. Tax advantaged investments can create problems when they are needed and that is, plain and simple, not needed. yelp that was my point. 1.5 million is a lot of money but may not be alot of money if majority is in tax advantaged investments. I was speaking of equivalent to $1.5 mill after tax cash as liquid as a jar in your back yard or savings account.
It's hell eatin em live
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: talkturkey]
#8858369
05/26/23 04:22 PM
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Joined: Oct 2004
Posts: 39,580
redchevy
THF Celebrity
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THF Celebrity
Joined: Oct 2004
Posts: 39,580 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!! Congrats!
It's hell eatin em live
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: talkturkey]
#8858380
05/26/23 04:33 PM
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Joined: Dec 2009
Posts: 9,874
The Dude Abides
OP
THF Trophy Hunter
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OP
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,874 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!! Congrats! My wife is 2 years away and I'm 4 years away! We are healthy and on track with retirement goals and objectives. I enjoy what I do so it's not really work anyway!
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: talkturkey]
#8858381
05/26/23 04:33 PM
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Joined: Nov 2011
Posts: 16,869
S.A. hunter
THF Celebrity
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THF Celebrity
Joined: Nov 2011
Posts: 16,869 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!! Retiring?
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: redchevy]
#8858385
05/26/23 04:37 PM
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Joined: Dec 2020
Posts: 1,426
Sewer rat
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Posts: 1,426 |
I’m 37. If I had 1.5 mil cash today I would retire this second. That’s a big nope for me. I am ten years older than that and have several times that amount and don’t feel like I am at all in a position to retire yet. If I was 60 sure I think it would last me but not when I could very easily have 40 years to go it just isn’t enough. Several, several is at least 3 times maybe more? So you have $4.5 mil +, cash on hand, and you dont think you could retire on that comfortably? Is your lifestyle that lavish? Debt? 10 kids with 10 women? I’m curious 4.5 is a very close number. We have zero debt. Only have two kids with my wife who I am still married to. One kid is in college now and the other is in junior high. We own three houses - the one we live in, one we rent out, and one at our ranch. Our health insurance is $1,200/month and goes up every year. Our property taxes are over 20k/yr across the properties. I am spending around 25k/yr on the kid in college.Just those three things are around 5k/month. It all adds up. Could we live on the money we have if we had to? Sure it would be possible but taking 4% a year off 4.5 million (which is what I consider a safe withdrawal rate) is only 180k/yr which is significantly less than we have been making for the past 15 years. This doesn't seem wise for someone in their 40s to significantly reduce their income and quit working so they now have a ton of free time on their hands. After a while people get used to whatever income level they have. I remember when I made 30-40k /yr, my wife stayed at home, and we were happy with that at the time but I think it would be very difficult to go back to that after living the way we have for the past decade. You just get used to certain things and I would not want to change that by retiring.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: The Dude Abides]
#8858390
05/26/23 04:42 PM
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Joined: Oct 2004
Posts: 39,580
redchevy
THF Celebrity
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THF Celebrity
Joined: Oct 2004
Posts: 39,580 |
I’d retire on you reduced income and save money every year. It’s not that you guys couldn’t it’s that you don’t want to.
It's hell eatin em live
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Judd]
#8858395
05/26/23 04:52 PM
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Joined: Apr 2007
Posts: 60,591
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,591 |
It's all about recalibration when you retire. If you all knew how much my Dad and Mom retired on you would say it's impossible. Well, he's been retired 14 years and still can do (within reason) what he wants. It was about recalibration, living somewhere he can afford and not having debt.
Definitely a one upper thread going strong... saving 7k a year @ 5.5% ROI is roughly 500k after 30years of saving. I think we all can say “I wish I’d saved a little more.” I know I do. The 20-30 crowd should really read this thread. if you made 50k a year from age 25-55 and saved 20% you would have 707k based of 5.5% growth. Biggest thing is wether you need 300k or 5mil make sure your plan isn't just based off a set age like “65” because tax penalties could cause you to have to wait longer to retire then maybe your body would like etc.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: talkturkey]
#8858405
05/26/23 05:13 PM
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Joined: Oct 2012
Posts: 25,355
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 25,355 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!! Congratulations! Gonna finally start that photography career? Well done.
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Creekrunner]
#8858470
05/26/23 07:22 PM
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Joined: Feb 2009
Posts: 1,985
talkturkey
Pro Tracker
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Pro Tracker
Joined: Feb 2009
Posts: 1,985 |
Definitely a one upper thread going strong...
You think? This place is turning into The One Upper Hunting Forum, I'm gonna ONE UPPER ALL YALL.... cause this Wednesday, May 31st at 5PM... I AM GOING TO OFFICIALLY FIND OUT!! Congratulations! Gonna finally start that photography career? Well done. YESSSSSSSSSSSSS! Along with a kazillion other opportunities
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: The Dude Abides]
#8858479
05/26/23 07:36 PM
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Joined: Aug 2009
Posts: 22,716
BigPig
THF Celebrity
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THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
My buddy just retired from the PD at 20 years of service and age 44.
In the last 7 years he went from $15k in debt to having well over $700k in cash and investments. He bought 200 acres in Val Verde county for $275k cash. Got a house built, and is setting up the solar panels this week. His monthly expenses for the past 7 years has been roughly $1000, $300 of which was rent for a bedroom. He still has over $500k in cash and investments, plus he starts drawing his pension now. Aside from propane and a few groceries, health care, auto insurance, he really doesn’t have any bills and should continue to get by on $1000 a month or less.
He’s not married, kids are grown and gone, that’s the biggest factors.
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: BigPig]
#8858538
05/26/23 09:30 PM
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Joined: Nov 2010
Posts: 3,255
Marc K
Veteran Tracker
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Posts: 3,255 |
My buddy just retired from the PD at 20 years of service and age 44.
........................................ Aside from propane and a few groceries, health care, auto insurance, he really doesn’t have any bills and should continue to get by on $1000 a month or less.
Wade, I really do understand what you said, but adding in those very real costs of healthcare/insurance, auto insurance, homeowners insurance, federal taxes, property taxes, and maintenance/deferred maintenance changes that picture a whole lot. Heck, do the math again with those factored in. You know the numbers better than I do. Either way, he did an impressive turnaround in seven years! It shows what can be done if you really want it.
Last edited by Marc K; 05/26/23 09:48 PM.
A Democracy is when two wolves and a lamb vote on the dinner menu. That is why this country was specifically not designed as a Democracy. We are a Constitutional Republic.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: batman]
#8858553
05/26/23 09:52 PM
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Joined: Jul 2013
Posts: 6,076
tlk
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2013
Posts: 6,076 |
It’s not how much you have, its how much you spend. To some $1.5 mil wouldn’t last a month, to some $100k would be plenty.Most of us are probably somewhere in the middle. And, don’t forget the value of your home, if needed it can be sold to pay for long term care. THIS is so TRUE - I posted before this one the same thing - drives me crazy when folks think there is one number needed to have a good retirement - there is no such thing! It varies from person to person and the amount needed is based off of what your INCOME needs are - if you need 50K a year to live in retirement then it takes much less than if you need 100K a year to live in retirement -
You can't fix stupid
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: Jgraider]
#8858569
05/26/23 10:34 PM
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Joined: Oct 2008
Posts: 15,212
Tbar
THF Celebrity
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THF Celebrity
Joined: Oct 2008
Posts: 15,212 |
Unpaid medical claims are the quickest way to personal bankruptcy. Make sure you've got that handled no matter what age you are. As someone who retired early I have to strongly suggest you find a group insurance plan that will cover you in retirement. Something....anything that will prevent you from having to buy private insurance. For a lot of people it can be a budget buster.
Make America Great Again
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: BigPig]
#8858574
05/26/23 10:45 PM
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Joined: Nov 2010
Posts: 5,275
jeepercreeper
THF Trophy Hunter
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THF Trophy Hunter
Joined: Nov 2010
Posts: 5,275 |
My buddy just retired from the PD at 20 years of service and age 44.
In the last 7 years he went from $15k in debt to having well over $700k in cash and investments. He bought 200 acres in Val Verde county for $275k cash. Got a house built, and is setting up the solar panels this week. His monthly expenses for the past 7 years has been roughly $1000, $300 of which was rent for a bedroom. He still has over $500k in cash and investments, plus he starts drawing his pension now. Aside from propane and a few groceries, health care, auto insurance, he really doesn’t have any bills and should continue to get by on $1000 a month or less.
He’s not married, kids are grown and gone, that’s the biggest factors. So he’s single? My wife is pretty hot.
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: The Dude Abides]
#8858605
05/27/23 12:13 AM
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Joined: Jan 2019
Posts: 3,849
10 Gauge
Extreme Tracker
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Extreme Tracker
Joined: Jan 2019
Posts: 3,849 |
Some of ya’ll calling out the one uppers have got some real nerve. One thing i learned looking at this thread is i make a lot more than some who spend way way more on hunting rifles, scopes, etc. If you ask me a quick look at this thread puts it all into perspective.
Imagine retiring at age 40 on $1.5 million. That might cover 50 years of groceries and food if we eat out no more than 4 times a month, and skip all birthdays and holidays.
Last edited by Bryan C. Heimann; 05/27/23 12:16 AM.
1 Thessalonians 4:11-14
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Re: How Long $1.5M Will Last in Retirement - Texas
[Re: 10 Gauge]
#8858620
05/27/23 01:23 AM
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Joined: Dec 2020
Posts: 1,426
Sewer rat
Pro Tracker
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Posts: 1,426 |
I have been working and never without a job for more than three days for the past 32 years. For the first 12 years or so of my working I never made more than 30k/yr and often much less than that. My first house bought in 2004 cost 49k. I certainly am not trying to one up anyone I am just trying to share my experiences. Back then if you asked me if I could retire on 1.5 million I would have said heck yeah but today it is different story.
I don’t think we live a lavish life style. We have taken four vacations in the past ten years. Two were to lake Texoma for a week, one was to Disney world for three days, and the other to great wolf lodge for a weekend. I drive a 2004 truck and the wife drives a 2018 car. We do have about 400 acres that produces no income so there are the expenses of upkeep on it. We eat out at restaurants maybe four times a month. Nothing extravagant.
It is such a weird thing though. The thought of living on less sounds horrible but I honestly believe we were just as happy when we made 30k/yr as we are now. Money doesn’t buy happiness for sure but once you get used to a certain income level and living on that it is hard to go backwards.
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