Author Topic: Rich, Broke or Dead?  (Read 278 times)

Rich, Broke or Dead?
« on: November 23, 2020, 02:09:40 PM »
Great resource if you are interested in knowing how it will probably end for you

https://engaging-data.com/will-money-last-retire-early/

My chart has me dead before I go broke....makes me so fucking happy.

Re: Rich, Broke or Dead?
« Reply #1 on: November 23, 2020, 03:19:45 PM »
I don't need a chart, I'm already broke.

;-)

God Not Found
"There is a sucker born-again every minute." - C. Spellman

Re: Rich, Broke or Dead?
« Reply #2 on: November 23, 2020, 03:27:41 PM »
Funny you should bring this up. My husband told me two weeks ago he is retiring in July at age 59 1/2. His financial advisor calculated his life expectancy to be 94 and mine to be 97. Apparently, in July he will have access to enough money to maintain our current lifestyle. They estimate at some point he will have more money to spend retired than when he was working full-time. The inheritance he will receive from his family's trust when his mother dies, which is substantial, isn't considered in this calculation. I need to keep working so we have health insurance, which is fine because I enjoy my job and intend to work for at least another ten years. I love that we have financial security but being married to someone who is retired is going to be a transition.
“You are the sky. Everything else – it’s just the weather.”

― Pema Chödrön

Offline Baruch

Re: Rich, Broke or Dead?
« Reply #3 on: November 23, 2020, 08:27:38 PM »
Great resource if you are interested in knowing how it will probably end for you

https://engaging-data.com/will-money-last-retire-early/

My chart has me dead before I go broke....makes me so fucking happy.


I hope so.  But actuarial tables are collated by Satan (needs to know when you are joining him, space problems of course) ;-)

Unfortunately one big accident or uncovered major medical and ... the goal of the medical industry and the funeral industry is to harvest your assets.

I certainly don't hope to be around much longer.  My mother was, and she was miserable ;-(  The cheapest cremation in 2017 was about $2k.  Interment of the urn costs a lot more, and the traditional funeral with coffin and burial is much more.
« Last Edit: November 23, 2020, 08:29:33 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Re: Rich, Broke or Dead?
« Reply #4 on: November 23, 2020, 09:09:17 PM »
Funny you should bring this up. My husband told me two weeks ago he is retiring in July at age 59 1/2. His financial advisor calculated his life expectancy to be 94 and mine to be 97. Apparently, in July he will have access to enough money to maintain our current lifestyle. They estimate at some point he will have more money to spend retired than when he was working full-time. The inheritance he will receive from his family's trust when his mother dies, which is substantial, isn't considered in this calculation. I need to keep working so we have health insurance, which is fine because I enjoy my job and intend to work for at least another ten years. I love that we have financial security but being married to someone who is retired is going to be a transition.
Good for you guys ! BTW, it takes a while to decompress from a high stress career...6 months for me and I was super lazy during that time...so if there are dishes on the sink when you get home....LOL. It was glorious waking up on a dark, rainy morning and then remembering - hey I'm retired! 

Offline drunkenshoe

Re: Rich, Broke or Dead?
« Reply #5 on: November 24, 2020, 04:45:34 AM »
I'll be broke too. I'll be retiring at 52 offically. I've been working since 18. I have been paying my social security -the lowest one- directly to the state since I've gone freelance and the tax per book I translate. Publishing co cuts it. Then the money I will get monthly from the gov after the retirement will be a joke. The worst case, I've also learned a few years ago that single women have very little monthly income according to their father's or mother's retirement status after their death. (Or husbands.) If they don't have social security that is. But yeah, broke. And this is today's standards. Nobody knows what will happen in the next few years. And that uncertainty is darker than anything if you ask me.

We have general health care connected to social security; mixed pbulic and private. Defined as universal...err...a special kind of one. LOL

« Last Edit: November 24, 2020, 05:15:48 AM by drunkenshoe »
"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Re: Rich, Broke or Dead?
« Reply #6 on: November 24, 2020, 08:43:54 AM »
I'll be broke too. I'll be retiring at 52 offically. I've been working since 18. I have been paying my social security -the lowest one- directly to the state since I've gone freelance and the tax per book I translate. Publishing co cuts it. Then the money I will get monthly from the gov after the retirement will be a joke. The worst case, I've also learned a few years ago that single women have very little monthly income according to their father's or mother's retirement status after their death. (Or husbands.) If they don't have social security that is. But yeah, broke. And this is today's standards. Nobody knows what will happen in the next few years. And that uncertainty is darker than anything if you ask me.

We have general health care connected to social security; mixed pbulic and private. Defined as universal...err...a special kind of one. LOL

Having good medical insurance is a relief and is so important...just one major health issue and uninsured people lose their entire life's savings. I gotta say, the education system in the US left me unprepared to make good financial decisions. It was a costly learn-as-you-go proposition. My parents had no budget and just lived paycheck to paycheck. Mom had to buy the overripe squishy tomatoes. Turns out they make the best sauce. The best things in life truly are cheap or free but the bills keep coming.

I have been educating the next generation of my family. I made google sheets for each of them. Gave them financial goals. I got them to sign up for 401K plans when available. Have then investing at least 15% of their income and 50% of each new raise and gave them a starter fund. Some day they will think of me and smile.

:beachbooze:

Offline Baruch

Re: Rich, Broke or Dead?
« Reply #7 on: November 24, 2020, 12:12:57 PM »
Without health insurance, costs of hospital are X.  With health insurance, costs of hospital are 2X.  Pay me now or pay me later, there is no escape from the giant money vacuum cleaner (run by governments and corporations at the behest of the Elite).  Why do you think health costs escalate faster than gross inflation?  If you gave everyone a million dollars, a loaf of bread would soon cost a thousand dollars apiece.  Don't like that?  Make it illegal to raise prices ... Emperor Diocletian tried that in 300 CE and it failed completely, part of the bankruptcy that destroyed the Roman Empire, just as bankruptcy destroyed the French royalty.  Arithmetic is raciiiiist.  The Mississippi Company and the South Seas Company and the French Lottery (invented by Seniore Casanova) were early 18th century free lunch scams, even after the famous Dutch Tulip Bulb disaster.

In Japan ... "Employees must retire at 55 (or in some cases 50), and male employees must retire at 60." ... this creates terrible strain on wives and many male workers move to allowed contract labor to avoid the "ball and chain".
« Last Edit: November 24, 2020, 12:16:36 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.