I have a question
How much taxable income does a couple of two need, with nobody living in the basement, eating for free etc.
53% of American have zero retirement funds for retirement [might be higher, am not sure exactly]
Roughly the same have no retirement pension. The highest numbers of workers I remember, are civil servants that do have a retirement pension plan
So:
If you do have a 401k or personal retirement fund, who much do you think you would want to have saved
Is payments on the house mortgage more important than a retirement plan, assuming both at the same time are impossible. Do you rent and save for retirement if housing is deemed to be too costly??
What do you think an acceptable retirement income might be??? [assuming nobody in the basement]
If you assume a combined family taxable income of 100,000 is needed to replace current working wage family income. What amount of savings does one have to accumulate during working yrs to have that amount of income??
What kind of life style would one have if income was 50,000 compared to a normal living, working wage. Do you think todays workers just entering the work place in the past 10 yrs will accept that kind of retirement income
Or: Come to think about it. How many of todays retirement people will accept 50,000 or less retirement income
Just throwing some numbers around and I can see the attraction for socialism agendas. Those folks think the gov't can just do anything they want, for the people. I can see, in future yrs Pubs and Dems will be attracted to gov't retirement payments as increasing numbers of retirees will have drastically reduced incomes once retirement day becomes reality
So??? Where does the money come from??? We've all heard the cut waste and obsolete programs political circus talk, to pay for new social programs. How well has that worked with the deficit increasing??
Increased fiat printing???
Maybe there was a reason why some people had more than one generation living under the same roof. Never say never but I sure hope it isn't me. But if the corn subsidy from the 12 billion farm bail out is one cent/bu of corn, then I definitely won't say never
Every individual has different needs/wants. It's on a case by case basis, so there is no magic number.
Someone who retires in New York City will need a much different number from someone who retires in Plano Texas.
Based on current savings, I project perpetual after tax income, with virtually no debt, that will be adequate for my wife and me. My number is certainly different from others. It will cover expenses, including medical, and some travel, largely in the RV. We won't be jetting off to Paris for lunch, but then, we don't want to.
Your RV thoughts caught my attention
My wife and myself have no desire to travel in an RV
We have looked at RV travel briefly and think this method of travel is about the most expensive of all
We thought renting might have some advantages over ownership with repairs, depreciation etc.
I know our SUV is not suited to fishing in the mountains, but normal travel vs. trailer park overnite fees are almost as much as a decent hotel/motel
My wife doesn't want the hassle of buying food, cooking etc while on holiday. She wants somebody else to wash the dishes etc. Leave the dirty bed sheets behind and go. Plus add in the gas or diesel mileage, depreciation etc and it gets expensive
The view out our wind shield is as good as the RV view
We have tried renting, but only for one vacation, when we had children in diapers and a travelling home had advantages.
Now we are retired we will pay somebody else to provide the roof over our head, meals and cleaning. My wife says when on holiday, she wants zero work
I see a lot of RV's on the road, have checked out some price tags [1million] to buy something decent] and more is easily available
Just don't see the attraction of an RV but then as you say we do jet off to Paris, but stay longer then just lunch
Wow bet Met Mike never expected a discussion about vacations in an RV vs a SUV.
I probably should have said after tax income due to various different taxes in different states. Florida has no state tax.
How many millions do you need to have an after tx of 70,000 retirement income if you work contract and no matching retirement savings during work yrs.
Wow,, not only do I have a house paid for but also farm land that can be rented for my retirement fund, If I did not pay for the land during work yrs my retirement would surely be different.
I suppose one could buy rental property and do the same as I did, or a gas station or two, a fast food franchise etc.
Trying to live off savings int income is impossible, if you have to accumulate it yourself and no free inheirtance
RV travel isn't for everyone. My wife and I love the freedom. Go pretty much anywhere the open road will take you at whatever pace you choose with all the comforts of home.
As far as cost, we just got back from a 2 week 2200 mile trip. We spent about 800 in gas (This 40 ft diesel pusher gets about 8mpg) and about 300 in site rental. Not too bad. Depreciation adds to that, but the cost per mile, or per day is still pretty low. Decent hotels alone would have cost far more.