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About Sirius

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    Versed Member

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  • Quit Date
    May 27, 2014

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149 profile views
  1. Retirement approaches...maybe.

    It sounds like you're right at or below the poverty line. That being $15K/year. I would recommend visiting www.ssa.gov and signing up for their online account (its free). Once you have an account, sign in and they can tell you, with some precision, exacty how much you will get from SS when you reach the age of 62, 67, or 70. Once you know what you will get from SS you can start formulating a plan to supplement your income. Incidentally, if you were married for more then ten years, divorced, and have not remarried you may be eligible for benefits based on your ex-spouses income record. Might be worth looking into.
  2. Retirement approaches...maybe.

    Jetblack. Nothing to be embarrassed about. You're in good company. I'm not a fiduciary so any retirement advice is going to be in generalities. Advice is for entertainment purposes only. Objects in mirrors are closer then they appear. Your mileage may vary. Caveat Emptor. That being said... Most retirement planning is based on at least twenty years of savings in various investment products/vehicles/ouija boards. The common denominator is steady deposits of savings over long time horizons to leverage compound interest in your favor. If you own your home you might consider down-sizing or carefully consider/explore a reverse mortgage. Reverse mortgages tend to have "fees" and expenses, along with restrictions but they might provide you with a revenue stream and you get to live in the house. Renting out a room is another possibility but one fraught with complications. Other options... Delay retirement as long as you can and save like a madman into a IRA with a Vanguard index fund (gotta keep those fees low). if you can sock away $1,000/month @6.5% interest for 10 years you will have around $168K which is good for a $560 dollar per month supplement to social security assuming you're only taking 4% of the principle on an annual basis. However, given that we are ex-smokers and probably in our seventies at this point (saving for 10 years) I'd take 6% for $840 a month. You will burn through your savings in a dozen or so years but by then you're into your 80s. Actuarial - ily speaking, its a good bet. If you can find part-time work or a hobby that earns a bit of cash...woodworking, car repair, baby sitting, wall-mart greeter, collecting cans and bottles. The problem with part-time or even full time work is that we can only hope we can work into our seventies. It's not really a plan. We break down as we get older. Still, it's a possibility and we are keeping all options on the table. If you haven't done so already, figure out your net worth. What can you sell off to fund your future? Art, Real Estate, Numismatics, Old base ball cards. Some geographic areas are cheaper to retire in then others. If you are not tied down to an area you may wish to consider moving to areas where the cost of living is low. Delay taking Social security for as long as possible. The $1,600 you get per month at age 62 could be $3,000 a month if you can hold out till age 70. Anyhow, your options are going to revolve around reducing costs, maximizing social security, liquidating assets, and delaying retirement for as long as practical. I'll see you down by the river.
  3. Asking yourself what it would be like to smoke again is like asking what it would be like to be re-enslaved. It's not a question that should be entertained. Just saying.
  4. Jan 2018 Roll Call

  5. New Year's Quitters

    It's a traditional time to of renewal. 2018 could be smoke free. A clean break.
  6. Retirement approaches...maybe.

    Okay Sgt. Barney, I did the math. Assuming average income of $50,000 for 40 years. Defer 11% of income into 401K (tax free) yields a net income of $38,550. Good for $3,212.50 a month. Depositing $350/month for 40 years with an 8% return on investment yields $1,221,852 which is close enough to 25X annual income. ==============doable but very difficult=========== Here's where it gets interesting. Assuming I was a military man who did twenty and then retired... For a Sergeant First Class to retire at age 39 would require a military pension plus an amazing savings rate. Assuming start of career was 19 we have 20 years of service so pay grade E-7 for (end of career) average annual salary of $54K (we will call it $50K) and 20 year pension covers 50% of this. So from savings we would need to come up with a match to reach roughly $25K/yearly. If we are only living on 2% of our assets then our assets are worth $1,250,000. $25,000 / .02 = $1,250,000 Now to invest to reach $1,250,000 in twenty years time requires....uh... Something like committing $25,200 a year of our salary every year for 20 years. Which is theoretically possible until we consider that we probably didn't start a career in the military as a SFC which would substantially reduce investments. Not saying it couldn't be done. Maybe day trading individual stocks or dumping the re-up bonuses into the savings could make it work? So Sgt. Barney, do you have advice on this? You stated you retired at the age of 39 and only live on 2% of your investments. I would dearly love to see your road map.
  7. Retirement approaches...maybe.

    Actually, 25 X annual salary may be a bit overkill. I realize 4% withdrawal rates match the 25 X annual salary but there is also social security and the fact that many of the demands on your working salary are no longer present. For instance, we no longer need to save for retirement when we are retired. That should be a good 10 - 15 percent of your income freed up. Also, the nest egg will continue to earn interest depending how it's invested.
  8. Retirement approaches...maybe.

    Hi Doreensfree, The balance appears to be 10X yearly salary according to financial planners. This is a very general rule of thumb and not meant to be a straight jacket Some of us have minimal requirements, others want to travel (in style) and order room service. We cannot determine what the correct balance is going to be until after the fact as much of this is going to depend on how long we live. I'm of the opinion its better to have "too much" then "not enough." So we leave money on the table. That just adds to our legacy.
  9. Retirement approaches...maybe.

    Good advice Dee. I'm happy to see all of the responses. Looks like folks have given this more then just a passing thought. Feed the pig.
  10. Missing them

    Yup, I definitely missed smoking when I started my quit. Its one of the reasons I kept a jar with cigarettes butts, ashes, and water around. When I needed a reminder I'd unscrew the lid and take a deep whiff to remind me of what I was missing. Go ahead and give it a try.
  11. So...since I quit the smokes and spend a bit more time trying to keep healthy it looks like I may have to do some retirement planning. Apparently the advice is to have 10 times your annual income saved by age 67. So...how is everyone doing on that target figure? Just curious. The good news is the money saved from forgoing the smokes makes saving for (or indeed, just having) retirement a bit easier. Still, are we really supposed to have north of a half million in the piggy bank? OMG!
  12. HMR

    I tried using the NOPE tool for dieting. "Not One Calorie Ever" but I couldn't maintain it. Felt too much like I was starving.
  13. Getting better😁

    That's awesome Latoya! You are on the road to dodging many of horrible things that can happen to you if you continued smoking. Time for the obligatory motivational poster. We title this one; "Kiss me! I'm a smoker."

    Keep on Truckin' You are in the driver's seat. You control your destiny. You decide where you will end up. Congrats.
  15. Feeling good about this😁

    Brick on the accelerator. Don't ever look back.

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