Retire With $500,000: How it Works, Examples
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- เผยแพร่เมื่อ 24 ก.ค. 2024
- See what it's like to retire on $500k, with examples showing calculations, as well as tips on how to make that money last.
Most people don’t have millions of dollars, and it’s common to retire with $500,000 or so. In fact, most of my clients have somewhere between a few hundred thousand and several million saved for retirement. Whether or not that will be sufficient depends on several factors, such as your spending, location, income sources, health issues, luck, and other factors.
RESOURCES:
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Of course, it’s easier to retire comfortably with more money, but that’s not the reality for most people. So, it’s crucial to understand how things might unfold. Take steps to improve the chances of your money lasting for the rest of your life, and be aware of some potential pitfalls.
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You’ll likely have to pay taxes in retirement, but with retirement savings of $500,000, the tax burden might be smaller than you expected. That’s especially true if you’re taking relatively small withdrawals each year. For example, if Social Security or a pension provides a meaningful amount of income, any withdrawals from pre-tax retirement accounts could be small. They’ll be even smaller if you have money in Roth IRA, 401(k), 403(b), etc.-and if you qualify for tax-free income from those accounts.
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Be sure to triple-check your numbers, and run calculations using multiple sources if you’re doing all of this on your own. Unless you build a calculator yourself, you can’t know exactly what assumptions and processes the calculator relies on. In many cases, simplified online retirement calculators miss important details.
Even with inflation, taxes, and health care costs in retirement, $500,000 can be a sufficient nest egg for many people. With some careful analysis, you can learn what it might look like in your situation.
Please remember that any calculators shown here, rules of thumb, and other strategies discussed cannot guarantee that your money will last. The most secure source of income is a government-guaranteed payment, and anything else has the potential to end.
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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.
CHAPTERS:
00:00 Intro and Reality
00:34 Factors That Affect Success
01:20 Spending Levels and Patterns
02:18 Retirement Income Sources (Like Social Security)
03:13 Single Person Example and Calculations
05:50 Double-Check With Right Capital (Cash Flows, Tax, and Strategies)
09:13 Couple Example and Calculation
10:52 Withdrawal Rates: Is 4% The Right Number?
13:26 What About Taxes in Retirement?
15:23 Live Off the Interest vs. Spending Principal
17:10 Tips to Improve Your Chances
IMPORTANT:
It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. ““Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.
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Note: I do not discuss offerings, pricing, etc. in these comments. Please proceed to the website, where you can find a substantial amount of detail.
Finally, a financial planner who helps us find a way to retire with $500K vs. automatically assuming we can't!
I'm currently supporting a family of 3 on $30,000 a year . If I had $500,000 saved for retirement I would be living like a king with social security. I've always been a low income earners so I'm on pace to have $300,000 at retirement that's the best I will be able to do.
do you own a house
agreed, so many TH-camrs putting this sort of nonsense topic. Low-income Retirees don't need you for this. They are many financial planners and lawyers. For low-income retirees, all they got is TH-cam if lucky.
I think you will be ok. Especially if you are not used to exotic holidays like rich people. I mean 300k for 20 years is 15k per year plus social security. That should be enough imho
@@last_samurai6690 the only thing there I hadn't thought I'd until recently is inflation consideration
@@last_samurai6690 using the 4% rule of withdrawal they can pull $12,000 out of their portfolio and adjust the $12K for inflation every year. Then their $300k should last them at least 30 years (based on the study done by Bill Bengen). This of course assumes that the $300K is invested in a balanced stock and bond portfolio. You do want your investments to work for you so keeping all of this money in cash is not a good idea. Plus there is always the option to pick up some part time work when needed to supplement their income. So I think they should be ok
That was a clear explanation of what is to come. Love the calculator/analyzer tool. Thank you!
Thank you. Keep posting videos. TH-cam algo did good today! Looking forward to watching more content from you
Thanks so much for this video. Your friendly, straightforward style takes a lot of anxiety away for me, while I face retirement.
Your guidance is greatly appreciated. And your numerous illustrations are very helpful. Thank you.
Thank you for this feedback and for watching!
Thank you. This is very helpful and was easy to understand. Most information sends a person round and round chasing our tail. My husband and I are in the beginning stages of planning so thanks for the calculator as well.
Great to hear this, thank you!
Fantastic video - very well articulated, with good visuals. I retired 10 yrs ago, at 57 and am doing it, even able to travel internationally. I did have a rental property which helped, but the key is having good health, a paid off home/car, and no debt. And most importantly - living a modest lifestyle, which cascades through all the calculations by reducing withdrawal requirements and taxes. There are also options like renting one's home while traveling to defray the expense.
Thank you, I appreciate the feedback! And yes, that modest lifestyle (along with good health, when we're fortunate enough to have it) certainly makes it easier to make the numbers line up.
More confirmation that for me retiring at 52, 5 years ago was the right decision for me.
Very very good! Thank you! I am 61 retiring in 2 yrs, own my house no debt approximately 700 k in 401ks at 63 plus my wife and I soc sec...good health at the moment, no guarantees...we don't need much...and your info...gives me more confidence...I subscribed!
Good review and examples. Thank you !
This was very clearly explained. Appreciate the calculators too. Thank you!
Glad it was helpful!
Having your spouse placed in a long term care facility is around 6 k per month cash. The longer the spouse lives, that retirement balance will shrink by 72 k a year. Once the cash is gone, they will come for the house you own. Once that is gone the spouse goes into a Medicaid facility and the other spouse is already penniless. This is what happened when the richest country in the world dies not have affordable healthcare and why so many children bring their aging parents to live with them and die in dignity. My mother saved my father financially by dying after only 3 months in an Alzheimer's facility in NJ
Monitor net worth change and adjust to ups and downs. When your net worth is dropping because of current events you can live cheap. When the market is on fire withdraw and spend for the times the market is down. Being flexible is key.
Thank you for speaking in realistic dollar amounts.
YES! So many "Financil Experts" talk as we All have over $1million accounts? Millionaires don't get financial advice from Utube!
Good content Sir!
Thanks! Great information.
Very good video thank you
Planning to retire at 58 with $400k and a new corvette. $23k spend per year includes snowbirding, should last until 70 when I’ll start social security. If it doesn’t, no big deal to start SS earlier.
Great presentation? Thank you!
Glad you liked it!
Anyone thinking of buying a house try to get one with a in-law cottage if possible. You could rent that in future at retirement age if need be or live in the cottage and rent the house out.
Simple, move to a cheaper countries like SE Asia, Eastern Europe, Portugal etc. and live like a king with $500k
They have to meet requirements to be able to leave. Some have minor histories with the law BUT for immigration it is always major. Remember to live in other parts of the world one has to be allowed to enter and live there.
Agree 100%
Careful about heeding this half-truth advice. I live in the Philippines. Not everyone speaks English, gas is $6/ gallon, it can take an hour to travel 10 miles, you are buying US imported goods that have a 10-30% markup, golf is often more expensive (caddies are mandatory and so are $15-20 tips), renewing your license or registration or visa are onerous and frustrating, it takes more than an hour to get police or ambulance to your home in an emergency. Just remember there is nothing simple or easy about living overseas. Make sure you have $4,000-5,000 per year set aside to return to the US to visit family or attend funerals. Without insurance, surgery and meds can be costly. Food is more expensive if you like to maintain your US diet. Vegan? Bring your money or learn to love fatty meat. Need to see a Dr today, he’s out come back next week. Car accident? Sorry, you are missing some paperwork, claim denied 🙅. Religious? Might need to drive an hour or more to meet and worship in your denomination with people who speak your language. Come on over, it’s “simple”.
Portugal! Perfect weather, safe and great and friendly people. Can't go wrong. And everybody will want to visit you!
no more golden visa for Portugal
I am retiring in about a month at 64 with approx 650K in investments. I feel very comfortable being able to do this as I'm single with a home that is about 80% paid off with a small monthly payment and minimal other debt. I'll be bridging to my FRA at 67 using 401K withdrawals. Another factor for me is I have not heirs and only plan on leaving enough money to deal with my final expenses.
It’s true. I delayed my social security 6 months and that increased my monthly check by $130.
HELLO 4 cups of coffee per month at Starbucks!
Having 4 years expenses in cash. 3 years expenses in non retirement account and then a ton of money in IRas/401Ks to draw on at 59.5 . For us those investments only have to carry us for 8 to 9 years before we turn on SS. Once we do that, SS provides more than our household expenses. Anything we take off investments at that point would be for big ticket items like house repairs, car replacement, extra travel. Having no debt including a paid for house means freedom !
You can annuitize part of the cash
There’s still property taxes :/
You are not kidding about those health concerns. I was forced to retire due to health issues about a month ago at 59. I have no idea what to do now.
Social security disability? Public aid? Not sure what you would qualify for. Sorry about your situation.
Need a little more info. Married? Savings? Retirement savings? House paid for? Loans? You most likely qualify for ACA subside on heath insurance. ACA is based on income(60,000? of taxable income)for married. NOT assets!!!!!
Great info!
Thanks for watching!
love love your videos
Thanks for watching!
Good video. Thank for a more reasonable amount of savings. I saw this video earlier and noticed that I didn't comment. Shame on me.
I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet
People make two big mistakes when calculating their retirement income needs. One, is assuming that your costs will go down. You should expect your costs to go up every year due to inflation and debasement of the currency. The other is not evaluating the cots and likelihood of a long term care type of event that requires either full time care or a nursing home. That is likely to happen if you live long enough and can be very expensive. Unless you have a plan for this, you'll have to rely on the government to provide for your support (assuming it will).
Retire to Ecuador. One third the cost of living in the US, great weather year-round.
Yep. I won't name the place I am going to anymore. Don't want too many Americans getting taken and driving up the prices. Making sure the city I go to is Spanish speaking only for that reason.
Like the way you think, is more of a realistic approach to retirement. My financial independent target is $700,000+, so I can fund my live and have a little extra for new investments plus savings.
I will save and invest money as if SS didn’y exist 20-30 years from now. If it still does, it’s just icing on the cake but I wouldn’t bet on it.
Same. I’m 29 and not counting on SS or a pension lol….
Yup this is simply not enough money. A lot of people WILL need assisted care and that will cost $10k a month easily 😂
There will likely always be a social security but it will get severely modified. Also, the government will be inflating the economy, no doubt, so hedge against inflation. Real Estate is probably best asset over the long term for that.
My wife and I are 55 year old Australians dearly wanting to retire but scared we don't have enough. We have a net worth of $1.7Mil Australian dollars invested in the stock market, plus a paid off home, and have been spending $55K AUD a year on expenses in recent years. We realise you may not be across Australian rules, but do you have a sense for whether we can retire now, not run out of cash, and leave our home as inheritance for our 2 kids? There are so many variables it seems impossible to know.
24K SS and a Blue Chip Stocks DGI Portfolio of Companies that Raise their Dividend No matter the Global situation. This gives you 24K plus 5% dividend of 25K which goes UP each year as does SS and your 500K Grows in the Stock Market. WIN-WIN-WIN
500k will be great! I think 🤔 a diversify portfolio is best! A combination of Emergency Funds, investment in retirement accounts, real estate portfolio. Make more money now...but don't spend it just invest.
I never understood these people that are asking "how much do I need to retire". For me it is very simple. Just ask yourself, what are you spending now. The adjust your lifestyle accordingly with the assets you have. 500K for me would be very little to even have considered retirement. Everyone has a different number.
It's more about the question they're NOT asking : how long will I live? Unless your health is already on a rapid downward spiral like my wife, you cannot accurately know how many years are left.
You never run out of income if you are getting SS. Is the "needed" income based on gross working income or take home? I have found that I spend less then I planed for. DON"T work until you can't work anymore.
This was really good. We are in n the same financial situation as the video. However what’s the best way to approach SS income for a married couple with the chances of one outliving the other? Because when that happens there’s one SS income instead of 2.
That can be a tricky one, and it just requires some analysis. You look at when is the right time for each person to claim, keeping in mind that somebody might take over a survivor benefit. Then, run some what-if scenarios: Assume Person A dies at age X, Y, and Z, and then do the same for Person B. That exercise can help you understand some of the outcomes. Of course, software makes it easier to do all that.
@@ApproachFinancial I think SS is a great thing however it’s a shame it doesn’t have a joint survivor option.
@@ApproachFinancial after thinking about it I feel more comfortable not including my wife’s SS since hers will be less than mine.
If the husband passes away, the wife will get her husband's social security if her payments are lower.
Why not go with total index fund returns like SPY instead of 5% return? Past 5, 10, 20, and 30 years return 10.8%, 12.2%, 8.3%, 9.8%. Manage cash saving on good return years for bad years
This is why you save early in your life. $500k doesn’t leave you room for an unexpected big expense or assisted living should you need it later in retirement. My goal is a million and even that doesn’t seem like enough 30 years from now
How how much do U have so far !?
Majority of Americans are retiring literally everyday with almost nothing saved, only relying on pension or ss sooooo ......
If anyone have 500k saved, they're doing phenomenal.
Is anyone else viewing this and any other type of RETIREMENT video having to apply Salonpas patches to your shoulders?
Get a state job in California when you are young and live off a 100k CALPERS annual retirement for life and if you don’t have one encourage your kids to work in a state job in California
I'm a NYC teacher and will receive a pension of half my income upon retirement.
100k in California isn't much not when housing is so expensive. Small studies going for $2500 a month. There was even a guy awhile back renting a studio for $3600 a month I couldn't believe it. That's not even a one bedroom apartment. That why so many homeless living in tents or in their vehicles even with jobs.
Have no debt, two years worth of cash reserves to use during market downturns 500k should be no problem to retire. Replenish the cash reserves during good market times.
The most important number to know is what you need to spend. You need to have a budget to know where you stand. No debt is key.
I finally reached Retirement age at work - 60 w 30yr service - but now this Economy? Inflation, Looming Recession ect? Sequence of Returns? I will work atleast 1 more yr? I want to Travel in Retirement wasn't planning on $7 gasoline?
Try to retire when the economy and stock market are strong 🤔
I know right? The only "good" thing was economy collapsed Before I did retire so I can stay at current job, keep putting money in Roth 403b ect? Hopefully things will start to look better in Nov and Get better in 2023? I hope I don't have to wait until 2025?
@@delayedgratification581 🤦
@@josephj7991 sounds like a plan. I am right there with you. Thinking about 3-5 years.
You could switch to working part time until the economy comes back. Or pick an easier lower paying job that you enjoy if you have something like that.
I was sinking into despair thinking my bundle of assets were embarrassingly low, which they are, $221,543.67 USD but this video has haven't me hope that I can do it. My wife relies on me as I'm the brains of our outfit, but in all honesty, I haven't served her well at all. I will sacrifice my own needs to ensure that I can provide her with a basic living standard in our retirement. I gave up drinking, smoking, gambling and attending the odd rock concert not to drain our bundle, but my time is limited on how much money I can make till we pull the pin. Any further advice will be deeply appreciated. Thanks.
If you get separate think of moving to the Philippines. Money goes a lot further. Also many speak English in the Philippines they learn it in school
@@thebigmann81 I must agree with you Kenneth. Money goes much further as an expat. I can honestly say that I am ignorant when it comes to the Philippines. So ignorant that I would NEVER consider living there. I admit, I have biases. Asia to me is not a place I believe I would be comfortable in, seeing as how I worked for a company based in Singapore and it was Hell.
I speak Spanish so South America is my next home. A place where there are no tornados and no hurricanes. I pity Americans who do not consider expatriation at retirement. The USA retirement is over for many of us.
@@randymillhouse791 100% agree with you Randy. To add to that if you are a homeowner, the added benefit is if you are willing to risk it, with a property management company in place, you rent you house out in the US, and use the money to help add to what you won't have to take out of your savings or investments while you are overseas. It is a big haul and a real change in mindset, but overseas is really a good option. I too speak Spanish but not fluently yet. And I have been eyeballing Colombia as a country to expat in. But others include Panama, Costa Rica, and Ecuador. After spending time in these countries, you find the people warm, the food healthier, the lifestyle healthier, and a number of other benefits. They aren't perfect, don't get me wrong, but the US is simply very expensive to live in.
I have a IRA annuity that gives me interest income on monthly basis, can the monthly income be converted to Roth by first rolling it over to ira rollover account(no tax on monthly income) and then converting(pay taxes) to Roth, it should be conversion not contribution. because contribution will have a limit of $6000/$7000 but conversion will not have any limit. Goal is to increase amount in Roth breaking the barrier of $6000/$7000. No where in google search some has asked this question.
Good question, and this isn't something that I've seen before. If the money gets into an IRA rollover account properly, I'm not aware of anything preventing you from converting those funds to Roth at a later date (under current law). That said, there could be other ways to accomplish what you're trying to do. However, I could be misunderstanding the question or unaware of complexities that would prohibit this type of transaction. I certainly don't know all of the details of your situation, so I couldn't make the call on what to do or not. As always, it's critical for anybody reading these comments to consult with a CPA for a definitive answer, as that person will be the one taking responsibility and defending you if the IRS decides that the action was not allowed. Please let us know if you get an answer either way!
I don't see a retirement Calculator on the page the link sent me to.
The calculator I showed will be on this page, about 25% of the way down: www.approachfp.com/retire-on-500k/
You can also try Ctrl+F (or have your browser search for it) and "Quick Retirement Calculator"
Retired six years ago at 55 with $200K. No problems.
Wow, that's great.
I should have around $2M by the time I’m 50 on 15 years. Shouldn’t be too hard to retire hopefully
I can retire with 200,000 k
I was wondering where I could find that chart at 13:13 with the success rates for allocations at various withdrawal rates?
Also, what is the advanced software you used for the Monte Carlo simulation early in the video?
The Monte Carlo analysis comes from Right Capital, and the chart is from JP Morgan's retirement research team. Note that Approach Financial, Inc. is not affiliated under common ownership with either of those organizations. The slide is used with permission, but I don't have permission to distribute to others for their own use.
I like to eat out 3 times a day, gamble, go to bars. Yeah, spending matters.
sounds like normal life.
Most Americans don't have $500,000 either. You content providers need to get real when it comes to making these types of videos.
It's true. I only have $380K and save / grow only $130K per year. The GALL of these people!
why do people ask others if they can retire? Anybody with a budget and basic math skills can answer that question for themselves. Just do it.
retire on $500K, Not hard to survive with that amount. You need to think hard about how people can retire on $50K??? that is the challenge for You to think of and come back on TH-cam.
I kept seeing people use $500 - $1M figure on TH-cam. Looking forward to take on this challange!!!!
You don't really need retirement, you just need a longer vacation.
Sort of true, I’ve been working like a dog 80hour weeks, investing in stocks and real estate I will have 540,000$ end of year and planning on liquidating my biggest fear is boredom we are conditioned in patterns and time off will make me feel like I’m not improving even though I make more in the stocks market everyday than my job weird how the brain works...I felt off when I take a week off work and all the times I did I was actually sick
Yep. I like what I do in my own business and don’t plan to quit until about 72 but I am hiring to make it possible to spend less time there.
What platform are you using to show us this data? Emoney?
I currently use Right Capital, so that's what you'd see here
Never enough
Better have the house paid off by the time you hit 65 or $ 45,000 per year income is not that good.
What % can I pull each year from my retirement?
That's a great question, and it depends on several unknowns, unfortunately. When working with clients, I prefer to look at how much they need to spend, and we can check on their withdrawal rate percentage while making the plan if we're curious. But the withdrawal rate is more of an effect/result than a driver of the plan. Using a percentage (with rules of thumb, for example), can be problematic for several reasons. Most importantly, it doesn't necessarily match your needs, and there are other issues. The traditional 4% "rule" gets a lot of press, but again, that's more of a result (or a research finding) than a suggestion. I don't know anybody who actually follows it as a rule. If you do some what-if scenarios with retirement calculators, I think you can gain a lot of insight.
It can’t be done on 500,000 there’s a guy on TH-cam that claims to retired on 500,000 but he didn’t really he generates income through TH-cam so he didn’t really retire on 500,000
I am 59 1/2 single, no kids, currently with $976K retirement savings and I even this amount its not nearly enough at my age to retire. I have ZERO debt also. I plan to work 5.5 more years are retire at 65.
Where are you from?
@@randyparton5451 Wife and I retired at 61 with 900k in investments. At 62 we stared SS at 3000 per month. We are now withdrawing 2K per month from investements and we do just fine. Zero debt also
@crimson pearl. Why? Working in retirement is not fun. Even if you like your job. While it's true having meaning and purpose is something that increases life. I wonder if it's really worth it in the end.
If you have zero debt, the 976k will be plenty. You will also get social security.
Zero debt meaning, you own your home? You should be OK if you live modestly. If necessarily, you could sell the house but that seems unnecessary right now.
Sure, no sweat if you can get at least 7% return. Good luck the next 10 years.
I'm up 13.89% in the past year.
Great explanation AF
Why can't you just tell us what mutual funds and dividend stocks to invest in to create income from $500K? God!
500k.This may have been true three days ago. But, gas has gone up again and so does food. By the end of next week, this number should be revised to 700k. On a serious note, shouldn't the mortgage be paid off?
Good question on the mortgage. It's always nice to be debt-free going into retirement, but it's not feasible for everybody. If somebody can comfortably cover their mortgage payment in retirement, I won't tell them to keep working. We can treat it as an expense and calculate when it goes away (freeing up cash flow later). As you might imagine, taking a big lump-sum distribution to pay it off can create a big tax bill and cause other issues, as discussed here: th-cam.com/video/Utzru1S2vAI/w-d-xo.html
I totally agree with you. I'm not retiring until my mortgage is paid off and I'm old enough for Medicare. And I wouldn't try to live on 550k unless my Social Security and pension (I'll get a small sum) covered all of my monthly expenses. In other words, I'll be working until age 68.
@@mizzmolly7649 Yeah he didn't mention Medicare at 65 in the equations. People retiring at 62 hopefully saved maybe around $600k. If in good health they can work a few more years part-time if they get bored and that'll help a lot. At 65 pay into Medicare, collect SS at 67, have at least a years worth in cash, a small pension helps a lot. Asset allocation now maybe not mostly in stocks, maybe in the Wellesley 60/40 bonds or similar. At 72 RMD's kick in. Hopefully converted IRA's into a Roth by then not to get hit w/taxes from RMD's. There's the possible big cost of long term care later on. If you're your health is ok, own the house, live within your means, no debt, w/d 3-4%, S.S./pension, IRA/Roth you're good.
Hopefully, you planned to get out of a gas guzzling pickup and get an EV or Hybrid and quit driving so much.
@@mizzmolly7649 Tell me how much the insurance on the ACA is at age 62 for a couple that has an income of 50k. Should only take you a few minutes to find out if you don't know.
Don’t forget your Fee $$$, that 1.0% is a nice chunk of change ……. It adds up…….😢
500k, Not in eastern Massachusetts.
Northen places seem really expensive.
High tax area, supporting layer upon layer of government.
Omg $500,000 that would last 5 years in California. I would have to move to a foreign country with only that.
California is expensive all-around. Taxes, cost of living, everything. It’s a whole different ballgame than most of the rest of the US.
Make sure not to waste money on a financial planner.
Just don't get divorce or don't get married. Is this video for single man retiring for $500 k ?
Are you speaking of couples, or single persons?
There should be an example with a single person as well as a couple in here.
I was also wondering if 500k is enough for a 65 year old.
Yes and Yes as long as mortgage is paid off.
never enough if you are in poor health. Good health, that is plenty.
500.000 is a joke- inflation never gets factored in.
If u cant live with 500k when retired than it means u spend too much and u live an expensive life
Seeing how 90% of the world lives on less than $3000 a year, well of course that's possible.
We just have to join them lol
$84,000 is what happy retirees spend a year
Depends on what you consider happy. The average retiree spends about $54,000 a year, and I know some of them. For many happy means things like having a garden, spending time with grandkids, playing golf, doing woodworking or other hobby. Everyone, or actually most, don't need to spend a lot to enjoy retirement.
so less than $84,000 is for all UNHAPPY retirees ! Umm, there are so too many of them.
The money matters guy did a survey of happy retirees and I think that was the happy salary. 2.5
Vacations a year. You can retire earlier than you think was the name of his book. It was great.
Married? House paid for? Loans? Eating out a lot? Were you live? All makes a big different.
When should I begin collecting Federal welfare? My plan was to wait until I"m 70.
Sounds good. The question is can you support yourself with a job until 70 ?
Federal Welfare? You contributed to that system, as did your employer if you weren't self employed. Welfare is a different sort of program and in many cases used by generations of families who never contribute any income or FICA tax dollars ever often worked under the table and in lots of cases evaded taxes or were simply so low in reported income they filed but never paid any federal income taxes..