Tampa, if you're in your late 30's/early 40's, you won't have to worry about money printing in 20 years.
OT Retirement
- Thread starter TampaBaySkers
- Start date
Do you think SS will be around for millennials? I’m not counting on it. Gen Z ain’t gonna cover us 🤣
I am in education and so I have never really thought about retiring mostly because unlike most jobs, I have a start date and end date each year. Then I have summers off and I get to "start over".
I teach at a great place, with great students. I like it a lot. If i was in a crap school with horrible students, it would be different I am sure.
I would like to be the AD at my school, might just have to wait a few years.
Now, that all might change in 20 years or so but right now, I like teaching. My year is done in about 5 weeks, I could not imagine what it is like to have a normal job where you never have "an end"
I teach at a great place, with great students. I like it a lot. If i was in a crap school with horrible students, it would be different I am sure.
I would like to be the AD at my school, might just have to wait a few years.
Now, that all might change in 20 years or so but right now, I like teaching. My year is done in about 5 weeks, I could not imagine what it is like to have a normal job where you never have "an end"
Obviously, I march to a different drummer than most peoples. SS is due to implode, so any young adults counting on it for retirement are setting themselves up for failure, and a much longer work stint than they planned.
There are some fantastic plans in place by many of these board members. No one solution fits all. As stated, debt levels, location, your health, lifestyle, unending health insurance costs, etc, all have to be part of whatever plan you come up with.
My plan a long time ago was simple, zero debt, very little money left to exposure, own real money, protect what assets I have, live within our means, and make sure we leave a chunk for our kids and grandkids.
I believe, IMO, anyone that has a LOT of money in the bank is going to regret it. Maybe not today or tomorrow, but eventually they will lose that money since the bank now owns it. The same with IRA's, Roth's, etc. They are all tied to derivatives and when those explode, and they will go poof, and there goes your retirement, and your lifetime of planning.
I don't have to be right today or next month, but I AM going to be right, it's a mathematical certainty.
Well, like Einstein said "I don't know what weapons will be used in WWIII but WWIV will be fought with sticks and stones"
If that happens, you thoughts are going to be 100% correct. Someday it all that money will be gone.
I personally don't think it will happen but then again, who knows.
I have most my cash in T-Bills. I figure if the government can’t pay me then dollars are pretty useless.
I'm not telling anyone what to do with their money. I just know when this thing tanks it will be slowly at first, then all of a sudden.
Yes. 20 years. I can’t complain. I pay all my major bills (house, vehicles, some life ins) before I even wake up. The job I have now more than covers everything else and I travel the country on my companies dime. Can’t complain at all.
Well done!
Was it a hard choice to retire or were you over Air Force life? I might be totally wrong but I imagine once you have been in for a long time things become less formal in that environment? Assuming you are not at war or something like that.
My in-laws were poor when we married but they had a farm they were trying to pay off. Now my mother-in-law is a 90 year old widow sitting on a couple of million in farmland. Big family though with one daughter who has helped her a lot and hasn’t been as financially successful so I’m expect most of the estate to go there and that’s fine.
FWIW I’ve seen quite a few instances where a guy married for money and the princess makes his life miserable.
Hard choice, no. Less formal? Not really.
I married my wife a week before I joined the Air Force. We agreed 20 was the most I would do. She made me promise we would move back to Omaha when we were done. I’m a Dumbass, I mean good guy, and I kept my promise. She put up with enough as a spouse of an often deployed military guy so I figured it was the right thing to do.
That said, there were many times after, I wish I would’ve stayed in longer. Like Red and Andy Dufresne, you get institutionalized. Half joking. You do get used to that way of life. And the camaraderie.
I've never had a big enough dong.
Huh, so do you still do a ton of saluting and standing up, even 20 years in, while you work in like an office setting? Sorry for the stupid questions, I have always wondered what it is like inside of a place like Offutt during the typical day.
Like, Marines have to workout everyday and get a hair cut every two weeks.
Ihave a brother in law who retired from the USAF after 20 years. During his career, he took the same amount of money as his BAQ and purchased a small home in the town where he and I and most of our relatives live. So he retired, they moved here into a paid off home and he's been coasting ever since. It was a great plan that he made work.
When my wife retired at 59 1/2 she got the check for her 401K, cashed it, went to the gold shop and bought all but 10K in physical gold at 1,072.00 an ounce. She likes that gold cannot be bankrupted, nor does it have any counter-party risk. She owns it, and no one else. She's a happy camper. It's never been about "growth" its been about protecting what you own.
I plan on retiring at 65. Would do sooner but can’t because I want the Medicare. Social Security will be around, those that don’t think so just don’t pay attention. Sometime in the next 15 years Congress will raise the SS wage base to like $300k to $400k and hike the 6.2% to probably near 6.7% or even tack on a rich persons subsidy where ultra wealthy kick in .25 percent over 1 mil or something.
Any lawmakers who support saving SS will get all the votes so expect it to happen.
Back to me.. I retire at 65, start taking SS at 68 or so, maybe 70. Gonna have no debt. Hopefully a nice dividend paying portfolio, will make myself a man cave with 55 inch TV for Husker games. Also, I will fish all the time and have a couple aquariums too for small tropical fish. Just a strange hobby I have.
At this point, looking forward to leaving SoCal, this state is unrecognizable now compared to my younger days.
Any lawmakers who support saving SS will get all the votes so expect it to happen.
Back to me.. I retire at 65, start taking SS at 68 or so, maybe 70. Gonna have no debt. Hopefully a nice dividend paying portfolio, will make myself a man cave with 55 inch TV for Husker games. Also, I will fish all the time and have a couple aquariums too for small tropical fish. Just a strange hobby I have.
At this point, looking forward to leaving SoCal, this state is unrecognizable now compared to my younger days.
Just make sure your 401k/investments are making more money per year than you are currently making per year. Helps if your house is paid off too.
I'm playing the 401k catch up and high dividend game right now.
I love what I do for a living. So, I doubt I will fully retire until my wife hits 60 (me 70).
I'm playing the 401k catch up and high dividend game right now.
I love what I do for a living. So, I doubt I will fully retire until my wife hits 60 (me 70).
Retired in 2020 at age 56. Had about 2 million saved. My wife still works since she is 12 years younger. I get insurance through her. She makes pretty good money. She has her own savings which is about half mine. My net worth has not changed since I retired. It has fluctuated a little. I am not a spender though. We do take about 3 nice vacations a year. That and health insurance are my biggest expenses. Once I start collecting SS and get medicare, my investments will probably really take off.
I don't do a whole lot. I repair vintage stereos a little bit and collect albums and CDs. I take the dog on walks and occasionally golf.
I tell people if you think you have enough to retire then do it. Don't wait too long. You can always go back to work if you need more money.
I don't do a whole lot. I repair vintage stereos a little bit and collect albums and CDs. I take the dog on walks and occasionally golf.
I tell people if you think you have enough to retire then do it. Don't wait too long. You can always go back to work if you need more money.
What won’t go “poof” in your eyes Easy? Gold, bitcoin?
With dips in the market … 2009 or so - was that a time when they went poof or has it ever happened in the history of the stockmarket? Do we have to go back to 1929 or so? Trying to understand the thought process?
More people need to educate themselves on this provision of the Dodd/Frank bill and they would be scared spitless.
Last paragraph is what I empathize for my kids. 2 youngest have there own custodial accounts that they put bday money or any money they make doing chores for people. It's not a ton but they probably have more saved as elementary students as a lot of middle-aged Americans. And it's their money, not funded directly by me or grandparents.
OK, I see a lot of comments about health insurance. Yep, it is ridiculously expensive and will continue to get worse. For those who are looking for a great alternative, look at the various Christian Health Sharing Plans.
These were grandfathered under the Affordable Care Act. They do not charge a premium but a monthly member ship/shares where you pay for each others bills. I used it for many years when I "retired" from public ed and went to non profits and have helped many others get started in it, several families. There are some drawbacks but the benefits FAR outweigh those.
Examples: https://chministries.org/ https://www.medishare.com/
These were grandfathered under the Affordable Care Act. They do not charge a premium but a monthly member ship/shares where you pay for each others bills. I used it for many years when I "retired" from public ed and went to non profits and have helped many others get started in it, several families. There are some drawbacks but the benefits FAR outweigh those.
Examples: https://chministries.org/ https://www.medishare.com/
As well as the US budget deficit which has been growing for 2+ decades straight. Lots of emphasis and recognition in this thread on the need to reduce or eliminate personal leverage as part of a retirement plan, while leadership of our country has been kicking the can on the issue for over a generation. It will eventually come home to roost.
The Air Force, as a whole, is a more laid back environment than the Army or Marines. I only marched in Basic Training and the different levels of Leadership School. Same thing with being in formation. It was very limited. I was also on flying status which we had a more relaxed environment than other jobs. We dropped the decorum and called each other by our first names. Exception: when you’re with an uptight officer, you always show respect,
There was a time and place for saluting. Like when you’re outside, you give proper respect when an officer is passing by. Otherwise, we did it indoors during medal presentations, pin-ons, and such, Take, Shake, Salute,
I think I've said this before, but, with a giant deficit already, and a projected large deficit again this year, and the government borrowing 1 Trillion Dollars every 100 days just to pay the interest, there is no way this can end well. It's just a matter of time.
Then you look at the so called GDP, and see the government dishing out 10K debit cards to the millions of illegals walking over the border. Sure, they spend it into the economy right away, but how the hell is that growth? It's all a shell game.
The provisions in the Dodd/Frank bill should be required knowledge for every adult, so they can make more informed decisions involving money they choose to leave in the bank. And the risk they are exposing themselves to.
Many local and regional banks are teeterring on the brink of implosion due to their exposure to underwater commercial property loans. The "plan" is for those banks to go under, the government will NOT bail them out, but they will be absorbed by the large instutional banks for pennies on the dollar.
Ultimately, this country wants to have 8-10 banks total, and that's it. That's when we can expect some exorbitant charges to many of he services we now enjoy for free or for very little cost.
First of all RBigMax, looks like you have a great plan that you've developed and hope to execute in the coming years. Kudos.
Gold will NOT go poof, its been a form of money for thousands of years and you can go anywhere in the world and its recognized as a Tier 1 asset. If gold were not real money, Central Banks around the world would not be buying it hand over fist for the last two years. They know more than you or I. Bitcoin, could go poof, but won't. If it does, my wife and I still are debt free and have lots of physical metals to rely on for whatever we might need.
I have an agreement with a longtime local friend who can supply all the meat, dairy, eggs, chicken, pork, and as much good drinking water as we will ever need. If you have a farmer friend who has that type of operation, you would do well to try to develop a working agreement with him, in the event, and 100% likelihood that food, etc will be scarce at some point.
Hell, the only reason we don't see long lines of people around the block looking for a government handout of food is because we have Food Stamps and other giveaways. Otherwise, you'd see those long ass lines TODAY.
Well, we've had many more "dips" in the stock market besides 2008-9 or 1929. There have been many black Mondays in our nations history. The one we have coming up, will dwarf those in comparison. In fact, more than all of them put together.
Remember, everything is tied into derivatives and the US has about 2 Quadrillion in Derivates, not to mention, many times that amount world wide. When one thing starts to unravel, it can become a contagion overnight, or in a few hours.
I do not believe in the stock market, its nothing more than high frequency trading, and I'm friends with the guy who invented that system, so I know the pitfalls involved. I've said before, I own 3,000 shares in a junior gold mining company and thats the only exposure I have to things (other than Bitcoin) that are outside my control.
If the mining shares go away, its no big deal since its 25% each for my son, wife and 2 youngest grandsons. Three of the 4 don't even know they own those 750 shares. LOL, plus I'm only talking $ 1,000.00 total invested.
I don't want or expect anyone to follow my lead. We all have different levels of comfort in various investments. I know there is a lot of money to be made in the stock market, but I'm not worried about growth, only protecting what I already own. If I wanted a "guarantee" in the stock market I would have bought Barrick Gold or Trackphone. Why? At its core, the Bushs' own Barrick Gold regardless of what the white paper says, and along with the billionaire from Mexico, Trackphone is owned by Jeb Bush. What you think the chance are either of those two are ever gonna fail?
Don't forget, no foreign countries are participating in the Bond Auctions. Nobody wants our US debt anymore, so that leaves the Central Bank as the only buyer, and they are in the red and bankrupt. You think this whole system can't have a hard landing? More like a crash landing, just a matter of how long it can be papered over.
The silver market has been very strong for awhile now. At one point, JP Morgan was the manipulator of silver prices, then they were hit with massive fines, and lost that "privilege." So, then China became the manipulator and things were going just fine until India began to start up thousands of plants that produce solar panels. So now, China, who wants the silver price to be depressed, is finding the amount of product need by India has countered that. There is always a cause and effect.
There are infinitely more banks and credit unions then when I was growing up. They don't all have bad books. My God, the mid-sized town I live in has so many I would have to drive around and count them all to get a number. I can't even name them all.
I saw recently the largest office building in St Louis sold for $15M less than a decade after selling for $250M
Not great!
You are this worried about the collapse of society and you are relying on a friend for your survival? What if he dies in a car wreck this evening? I would think if you are truly worried you would have your own setup. Sounds like a bunch of drama to me.
If the U.S. Dollar collapses, gold ain't going to be worth anything either. Food, water, guns, ammo, and fuel will be the only things of value.
I retired at 62, now 68 and wife 65,
I think the better question is what will you do with that free time? Too many stories about individuals that had no hobbies and interests outside of work and they are bored or dead 6 months to a year afterwards
With grandkids, travel, hobbies, pickleball, golf, cycling, etc we are busier now than ever to the point where we look back and wonder how we both had full time careers and raised two children, where did we find the time?
I think the better question is what will you do with that free time? Too many stories about individuals that had no hobbies and interests outside of work and they are bored or dead 6 months to a year afterwards
With grandkids, travel, hobbies, pickleball, golf, cycling, etc we are busier now than ever to the point where we look back and wonder how we both had full time careers and raised two children, where did we find the time?
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