Thread: Way off the subject---RETIREMENT---but important to me!

The cost of living eats it up and the longer you live the worse it is,but by then what are you spending, oh property taxes just to have a roof over your head, maybe after 75 or 80 they should suspend property taxes on senior citizens, but i was lucky enough to get 3% raise on my pension every year, private pension fund. Nobody ever said life was a bowl of cherry's. I must say my dad was right save a little spend a little he told me pay yourself first and hide it, to this day he was absolutely right in what he told me. Thanks Dad.

One thing good about Ms is that after age 65 you dont have homestead taxes any more up to a certain amount of acres attaches to your home, have to still pay taxes on the acreage above the allotted amount for homestead and any not attached to your homestead.
Life exspectancy is getting higher and higher, not good as far as medical expenses, old folks need a LOT of maintenance, just the facts. I am thankful for the medical improvements but when most of our guberment things were set up such as Medicare and Social Security (which was meant to be a supplement) folks weren't living near as long. Dont count on Social
Sercurity, doubt I will ever draw a penny and if we do get to it will just be mad money.

Here in Louisiana, I am able to claim farm use to avoid paying property/homestead taxes, thus I pay none. Can't remember what the minimum acreage is. What some folks have said here about being debt free is absolutely true. I'm fortunate enough to not have to pay a mortgage, haven't done so in over 20 years. Believe me, it took some discipline back in the days. For a new truck/boat, buy it and pay yourself back. Interest rates, no matter how small, will eat you up. Avoid them at all costs. Just my

In all truth, i'm glad when my feet hit the floor in the morning, Amen Thank you for another day!

Originally Posted by kycreekboy

I'm about to be faced with some of the same decisions. Been working for a great company that has a defined benefits plan and a 401K that I loaded up on when I was younger. I really couldn't ask for a better place to work. Good pay & benefits. I started with them when I was 20 years old and will turn 53 this August. I've always said I would retire at 55 as they will pay for half of my wife's and I health insurance at that point. Closer I get to 55, more I realize decisions are going to have to be made. And BIG ones too. Everything I own will be paid off before that. House & farm will be mine. My wife & I have no kids and will leave whatever is left to the nieces & nephews.
I keep thinking about the good men/friends that I have worked with over the years that passed away & didn't get to enjoy their retirement.
I don't want to be one of those guys....

Ditto on you last two comments. Seen it way too often myself.

Lot of good comments. Thanks for contributing to the discussion. I'm glad my thinking is in line with much of what I've read. I pretty much have everything outlined in an excel spreadsheet that shows my 401K, Pension, Roth IRA and Social Security from age 51-75. Taking my current 401K balance and assuming I max contributions of 24K each year and also 6.5K in an Roth IRA (that's 2015 MAX limits). I have both a traditional Pension and what the call a Portable Pension (like a savings account balance). I take all of that and compute a monthly payout assumption for each year---obviously the later to retire the more. Key is we all have to make assumptions. Health cost, stock market (up or down?), job security, taxes, unknowns out there, etc. Right now I don't own a house, but saving money and plan on paying cash for one or maybe 70% so I can write something off on taxes for a few years at least--but have the money to pay it off if I want. I hate to owe money to anyone. Only reason I have credit cards is because you almost have to for hotels, traveling, ordering things, etc. Nothing wrong with them either if the balance is paid promptly.

I know one thing. You sure can't take it with you. Nothing wrong with working if that is your thing. My thought is work is fine if you want too, but not that you have too---in order to make ends meet.

I agree 100%. If you put 70% down on a home, you will be very comfortable and flexible with payment options. Owing money is not bad, but owing a LOT of money is. All the talk now is about finance while rates are low. People do just that, finance a home, vehicle, boat, vacation home, atv/utv, and put 0 down and have to pay on each luxury item (not home) for 8-10 years. Less savings, and when a big bill comes up, they sell things for a loss or take out a 2nd mortgage. I have two notes right now, and a small student loan. I hope to be debt free in two years, then look to purchase a home. I hate knowing I owe X amount of my paycheck to anybody each month. Money isn't all that matters, but it sure doesn't hurt to have a little stashed back!

From my short time working at the bank, it is sad to see the shape some folks are in trying to keep up with the Jones'...

the JONES are bad