THE Retirement Thread

[Edward64]

Originally Posted by NobodyHere

This post didn't age well.

Thanks 2022.

I probably have at least 2 more years before I can feasibly leanFire. And that's IF inflation gets under control and the stock market grows at 10% annually.

Yeah, it sucked from Mar 2022 onwards. Nice little recovery around Aug but then did a double dip. Trending up nicely now, let's hope it's not a triple dip.

In your leanfire calculations, don't forget health insurance. Obamacare helps a lot but keep in mind that you need to have a "minimum income" for the Obamacare subsidies.

[NobodyHere]

Originally Posted by Edward64

Yeah, it sucked from Mar 2022 onwards. Nice little recovery around Aug but then did a double dip. Trending up nicely now, let's hope it's not a triple dip.

In your leanfire calculations, don't forget health insurance. Obamacare helps a lot but keep in mind that you need to have a "minimum income" for the Obamacare subsidies.

From my understanding, is that if you do leanFire right, then you'll qualify for Medicaid. But I do need to look further into that.

[Edward64]

Originally Posted by Ksyrup

I don't see retiring before 65. If things go right, I definitely think we will have the house paid off and a decent retirement savings to where I could retire by 60ish, but I'm not sure I want to give up a good job with great pay and the ability to travel 3+ times a year until I'm absolutely ready to be done. I don't know.

A lot will change after the next 4-5 years - second kid comes mostly off of payroll by 2026, hopefully a wedding or two will be done, expenses will come down, and we can start putting more money into thinking about retirement. At the current pace, the house will be paid off by 2030, but in a few years, I should be able to accelerate those payments. I just don't know what things look like without the kids' expenses until it happens. And it will happen, dammit!

I'm on the tail end of kids now. Won't miss it.

Paying off the house before retirement is definitely a good thing. Good luck in the next 4-5 years.

[Edward64]

Originally Posted by NobodyHere

From my understanding, is that if you do leanFire right, then you'll qualify for Medicaid. But I do need to look further into that.

Oh, didn't know that. I'll have to read more on that.

CPI and PPI were below expectations, so a good thing for your plans.


EDIT: depending on your state, there maybe some work requirements. See table in https://www.kff.org/medicaid/issue-b...teractive-map/

The Affordable Care Act’s (ACA) Medicaid expansion expanded Medicaid coverage to nearly all adults with incomes up to 138% of the Federal Poverty Level ($20,120 for an individual in 2023) and provided states with an enhanced federal matching rate (FMAP) for their expansion populations.

To date, 41 states (including DC) have adopted the Medicaid expansion and 10 states have not adopted the expansion. Current status for each state is based on KFF tracking and analysis of state expansion activity.

[CrossroadsReb]

Retired from teaching and coaching at 47. A multitude of factors involved in the decision. I'm working in sales now and love it. Retirement system is really good but the health insurance here in Mississippi is insanely expensive for retired public employees. So I jumped on my employer's insurance through the state of Alabama. Best decision I've made.

[GrantDawg]

Originally Posted by Edward64

Did they use some sort of computer software or self-filled form? If they used an attorney, I'd think they'd be covered (e.g. we used an attorney for will + living will).

In 1984? No. The attorney and the witness are now both dead. I think the local Probate court is screwing with him, frankly. He would be entitled to her whole estate regardless. There is really no reason they are giving him the run around.

[Racer]

I am hoping to retire once I'm over 59.5 and can withdraw from 401K and Roth IRA without penalty.

As long as I continue to contribute 23% to 25% of my income each year to my retirement accounts and remain single without children I think I probably will have enough to retire then.

I admittedly have not looked into what health care costs if it's not through your employer though.

[Edward64]

Originally Posted by Racer

I am hoping to retire once I'm over 59.5 and can withdraw from 401K and Roth IRA without penalty.

As long as I continue to contribute 23% to 25% of my income each year to my retirement accounts and remain single without children I think I probably will have enough to retire then.

I admittedly have not looked into what health care costs if it's not through your employer though.

23-25% is ahead of the average. Great job there.

I don't remember the exact numbers but Obamacare with vs without/lower subsidies is significant. I want to say $500-$700 a month on the basic "silver" family (2+1) plan in GA. So not an insignificant delta.

I wish they would lower Medicare to 62. If they allow you to retire & collect at 62 (albeit at lower benefits), you'd think they would allow you on Medicare then also.

[Hammer]

If you would like to retire abroad, I would strongly recommend looking at the Canary Islands. Perhaps the best weather in the world, incredibly consistently lovely weather. Even in winter. Clearly beats everywhere else in Europe weather wise. You don't get the 40c plus temps Southern Europe is suffering right now. Average Jan and Feb temps a sunny 18c. English is the primary language, which I see a big plus. Cheap living costs. I have travelled a fair bit and nowhere comes close for me. Tenerife would be my Island of choice. Coste Adeje in particular.

[Edward64]

Thanks. I've thought of visiting the Azores but Canary Islands would be interesting also.

Don't think I can handle the small island life for retirement though.

[NobodyHere]

Originally Posted by Edward64

Thanks. I've thought of visiting the Azores but Canary Islands would be interesting also.

Don't think I can handle the small island life for retirement though.

I could as long as Amazon still delivers there.

[Edward64]

Hah.

For LeanFIRE, check out Thailand, Philippines, Cambodia or Vietnam (maybe Laos, but I've never been there). I'm pretty sure the Canary Islands can't beat those countries for cost of living.