Curious about your pension? In my case it is golden and will last for both my and my wife's lifetimes. Not sure what you mean by "it probably won't better when I retire?" Just curious

We are both retired and the right number is like shooting at a moving target. Inflation, under Biden, is a killer.

We’re ok. I’m 81 and wife is 70. Both in pretty good health and I got us debt free about 15 years ago. We can live on Social Security due to debt free. Health is a big deal re quality of life and finances. Keeping wife away from Winstar is important. Both of us have good 401K plans.

Before long I’ll sell my 133 acres of junk land, AKA recreational property, South of Bowie, and face a huge tax hickey. The money will assure my wife’s well being after I’m gone.

I have one remaining rental property. It was my Grandparents home that I bought when they passed away. It’s paid off and fully depreciated. My Grandson and his wife are currently living in it and paying rent that is less than the property taxes. Losing my butt on the deal since I can’t homestead it. My 3 daughters will own it when I die. And, I know which one will buy out the other 2. She makes a lot of money. I’m thinking about giving it to the daughters now. That will allow the grandson to own it and get a tax exemption and I rid myself of a big tax property tax hickey.

There are ways around the tax hickey, Just have to have a really good tax attorney.

Money is not everything. I’m 48, shooting to retire at 55, good Lord willing I make it that long. Being debt free for a decade has helped tremendously save about 25% of our income. We will probably have right at 1,000,000 saved between 401K, Roth & various E*Trade accounts and that’s more than enough for us to hunt, fish and golf as much as we can. Side note, Dad died at 51, Mom at 53…I’m hoping to hang around long enough to enjoy 40 years of hard work.

Agreed. Please get a good accountant and/or lawyer. They can walk you through this with ease.

I’m not betting on making it to 80, I want out asap. I don’t care for my financial guy, he is like a car salesman, but instead of asking what I want a payment to be he asks when I want to retire. My answer is always as soon as possible.

This is a pretty simple way to net it out and think about it.

My son should be graduating college in 4 years which is the year I turn 55. I'm checking out then. With everything paid off we should be able to live off that 5% without changing a thing and hopefully continue to grow the nest egg. Paying for healthcare until we hit Medicare age is going to suck though.

Like others have said it all depends on your spending. I don’t want a lavish lifestyle. Only thing I would do with more money is buy more land and I don’t have time for land while I’m working. Some can live an incredibly happy frugal life some can’t.

What have you done to make sure you wife don't spend all the money at the Winstar when you die?

Hell, that’s on her. I don’t care, I’m dead.

Not me. If possible, I'd like Wifeypoo to have a pool boy when I'm gone - that is one wothout two wives.

spousal trust!!

I am an administrator for a small school district. My wife teaches in the same district. We will both get TRS. We both have a Roth IRA, we both get a 2% matching 403b through the district. We put money into mutual funds as well. Got money in silver bars which I buy and sell as needed. When I really take a look at it it still doesn't seem like enough. We manage to live on my income and hers goes all into the retirement/savings accounts. Got a kid going into high school next year and one going into 5th grade next year. So we are still staring down college for them. We have college funds for them but it will depend on how we get through those years.

The travel ball and school sports are whats getting us now.

Keep it coming guys, Helmuth is now asking me what kind of hunting rig he needs, how expensive and whether he should get IR, nightvision, and a suppressor. He also wants to know if he should get a Barndo and what size tractor for food plots and road maintenance vs acquiring improved property with that stuff already on it. As well as, buying a hunting jeep, vs Bronco vs new 1/2 ton truck. Think I've created a damn monster, lol. Feel Ike telling him to move back to Bavaria and hunt those Stag, wolves and chukar, lol....

A truck with 6’ bed and a UTV

I would love to go to Germany/Austria for a Red Stag/Boar/Roe deer combo.

One day I plan on killing a Royal Stag in the Vaterland

My retirement number's going to be more wrapped around ability to get health insurance for my wife at a reasonable cost. Costly bridge to cross. She's 6 years away from Medicare. And she's currently on some insanely expensive medication and will be for the remainder of her years. My employer has outstanding benefits and insurance. Really hard to walk away from that.

Agreed. Early retirement sounds amazing, but paying for healthcare out of pocket does not.

52 worked for me had to get out of austin

55 is the number if I have another kiddo, 57 without. I will be investing heavily for the next 7-9 years and I'm done. I've been dreaming of retirement since I was 18.......

I am a different situation, I am my wife first relationship. I have tried to teach her about life, She has only been in American for 9 years. And she will still have many years left when I die. I want her to have a good life when I am gone, but I also don't want someone swindling her out of my money.

as stated earlier set up a trust so it you die first the estate goes into the trust for you wife. If she remarries the new spouse has no rights to the estate.

If you have children/grandchildren then the trust can pass it down to them at her death and it can be paid out to them based on ages. Example: they get 1/3 at age 25, another 1/3 at age 30 and the balance at age 35. That way you avoid dumping a bunch of money on a younger person all at one time.

Some alluded to it but really just throwing out a number makes no sense at all because of vastly different situations people may be in. For example someone who never made over 50k a year while working likely has a lot different idea of what is enough to retire than someone who spent a life working making 200k. Even then though a percentage of income isn't the best measuring stick either. Someone making 100k a year and spending every penny of it is likely going to need a lot more in retirement than someone making 100k a year and saving half of it. The only real way to know what is enough is to look at your expenses.

Well I only have about 50k in the bank but take home $5800 a month from Army retirement. That increases some every year. Also have my farm paid off worth approx 400k right now but have house payment on another house and a car payment. My wife was making 100k a year but quit to go to school full time. That job is waiting for her anytime she wants to go back to it though. We are pretty comfortable just on my.i come right now and we do a lot of trips.