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Retirement Savings - How much is enough? 2.1M according to Blackrock CEO

gimmie11s

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$2.1MM, pffft. You all need to get govt jobs and retire in your 50s at 90% and 7% COLA.

You aint lying. These MFers ... SMH. It's no wonder this country is bankrupt.

I have a childhood buddy who works on the Marine base in the civil service in 29 Palms. Guy is off more than he "works". And I use the term "works" very gently.

It's unreal.
 

03cobra#694

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Not with a supplement.
True, and if you retire like I did making a ton of money, your medicare isn't the standard $202/month. Mine and my wives was $587 each, shocked isn't even the word based on what my friends told me it was. I just got it reduced after a year and half at that price. The guy at the SS office told me how to get it back to normal, and my wife was paid back the difference from January which was $1,155. I'll get my over payments when my SS starts this month. It's a difference of $770/month combined. Our supplement is 270/month each, but covers everything. You need to watch what some of these supplements actually cover.
 

Klaus

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You aint lying. These MFers ... SMH. It's no wonder this country is bankrupt.

I have a childhood buddy who works on the Marine base in the civil service in 29 Palms. Guy is off more than he "works". And I use the term "works" very gently.

It's unreal.

My wife's family is infested with govt employees. The best is my FIL. Never went to college, has no skills to speak of (although he is a great guy and an amazing father).

Landed a job as the treasurer of a small town. Does not even know what a bond is but was responsible for muni bond issuance. Retired in the late 90s in his early 50s. No debt, stacked money. Millionaire. If he worked in the private sector he would have been a clerk at mail boxes etc.

There are a couple of others like this in her family. Mostly teachers, some firefighters. They will complain that they are underpaid and I can hardly stand it.
 

03cobra#694

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My oldest is a fireman here with a bunch of other credentials associated with it. He makes flipping bank, especially with all the OT he gets. Been in 20 years and is 41. The retirement he has is just stupid.
 

Fat Boss

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One of my best friends' dad worked for GE, actually with my dad at one point at GE Nuclear. He was on the fast track and worked his way up to reporting directly to Jack Welch. In about 1990 he took the early retirement package, paying him at the time over $200k/yr. COLAs undoubtably continue to bump that up.
 

DSG2003Mach1

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Drawing your nest egg down when there are many income generating stock strategies that will pay you and grow the nest egg is stupid.

I should have said withdrawal, not draw down. They usually use 4% as the number that won’t touch principal and it can keep growing to keep up with inflation
 

IA Shelby

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So I came across this article today….If you are in the camp of low savings for retirement the magazine recommends living here.

IMG_0459.png
 
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GCG

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So I came across this article today….If you are in the camp of low savings for retirement that recommend living here.

View attachment 1923379

If I still drank. I'd do it in a heart beat.

The bars are great. Great views. Bar scene is nice. Good food. Close to a lot of outdoor activities. Love that place


As a sober person. Not much to do there
 

GCG

Originally CompOrange04GT (Applebees King)
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Sober is boring

This is our biggest " thing" because you're right.

What do people ~40 do on a nightly basis? It's turned into... she gets home from work around 6. We eat dinner about 7. Shower about 7:30. Get in bed by 8:30-9.

Friday nights. We don't go out because it's mostly just drinking crowds.

All of the things we do are " day " things. Hiking mostly. But that ends, because it's too hot by 9am so we do that 6am.

No more day drinking, or cocktails on a patio on a hot day.

It's clean the house. Find things to do with the business. Sit by the pool. Nothing more nothing less. When you dont have kids. You dont do much when you take drinking out of the equation.
 

jessie_sanders

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Sober is boring but u can only drink for so many years. Fkn feds are shutting down the farm bill loophole in sept. Can’t wait to get killed over a $50 dope deal in a back alley.
Ron White said there's a certain amount of alcohol a person can consume if a lifetime and he's had his

I hope I never reach that point. Miller Lite and Guinness need me.

Sent from my SM-S928U using Tapatalk
 

cobracide

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Ron White said there's a certain amount of alcohol a person can consume if a lifetime and he's had his

I hope I never reach that point. Miller Lite and Guinness need me.

Sent from my SM-S928U using Tapatalk
Your body will definitely tell you when to quit alcohol. No one loves beer more than me but I just can’t do it anymore. I wish I could.
 

plumbcrazy

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Exactly.

Gf and I dont have kids.. Tf we saving for ? Lol
That’s one way to look at it, but you don’t know how long you’re going to live or what will come your way during those years. My mother just turned 101 and has plenty of money still. Some people can afford a Toyota but will buy a Mercedes instead. My parents could afford a Mercedes, but bought a Toyota instead.
Gotta save something for a rainy day because those days will come.
 

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