Retirement: How long will you live?

kaiser715

kaiser715

Doing hard time
Joined
Jun 1, 2006
Location
7, Pocket, NC
This goes in with the 'comfortable in retirement' thread.

Part of retirement planning is determining how long you will need money to live on. If you have 5 mil put away, and die the year after retirement, the only ones that come out ahead are your beneficiaries. If you run out of money at 95, and still in decent health for a 95 year old, what then?

Enough folks hit 100 to consider that a possibility.

Males in my family average 80-88. The women are 90-95.

I am using 100 for my plans. So, at over 50 now, I could potentially see 45 years of living off retirement income. And I want to live, not survive.
 
males in my family typically kill over between 62-65.
Sucks.
I turn 40 next year.

Been wondering why Im saving for retriement at all
 
Mixed bag. Great Grandpa on one side was late 80s. One Grandpa died at 67, the other in his early 50's. One grandma was early 70's, the other late 80's. I figure one of my stupid decisions will take me out long before any of that happens.
 
I mentioned it in the other thread, but I believe my grandfathers lived to be 93 and 94 yrs old. I have one relative way back that was 102 yrs old when the picture was taken of him sitting in a rocking chair on the front porch. My father is currently 82 yrs old. My mother is 77, and in fantastic health. She rode 300 miles on a bicycle during a week long trip just about a month ago.

I am extremely healthy, so the reality is that I could easily live to be 100 yrs old. I quit drinking about 2 yrs ago, but hadn't been much of a drinker for the past 10 yrs anyway. My total cholesterol was 108 this past year. My blood pressure was 98/58. I go to the gym regularly, and am physically stronger now at 43 yrs old than I was 10 or 20 yrs ago.
 
1-tonmudder said:
Whats today again???
Click to expand...


That day you shipped your pants (again)

shippedmypants.jpg
 
Personally, my goal is to live as long as I can live with dignity. Once I strap a diaper on, its time for someone to smother me with a pillow or take me and a shotgun out back.



But this guy gives me hope.

At 111, Oldest Living WWII Veteran Still Enjoys His Whiskey and Cigars

“I smoke at least 12 cigars a day on my front porch, and most of my whiskey is from Tennessee.”

He also has a 91 year old girlfriend. Hugh Hefner ain't got nothing on him.
 
For years my plan was to retire at 50 with a $5mil retirement fund. Blow it all by 55, and go down in a blaze of glory doing hookers and blow in Brazil. Now with a kid(s), I'm working on a structured release if I croak before it's consumed. If I live longer, I'm screwed. Men on my mother's side live to be 95, my fathers side 70...so I planned to 85.
 
Your plan is flawed in the basics. First of all you want residual income, not savings.

I see lots of people invest in virtual items like stock market and other variations thereof. What happens if the stock market crashes? Did I say if? It's almost a certain thing within the next 50 years it will happen at some point.

Ok, so what about a savings account? Well that's a great thing to have while you are working, but not for retirement. Why not? Because of inflation. Over the last 10 years it has averaged 3.22%. That means it doubles every 20 years. Ok, so you have enough money in savings that normal inflation doesn't matter? Well have you heard of hyperinflation? It has been very close to happening during my life and probably will when the stock market crashes. Hyperinflation is basically when your money has very little value. Imagine a gas shortage where a gallon of gas is $100 or a food shortage where an apple is $100. With true hyperinflation you just add a zero or a few to everything including your income. Minimum wage would be $100 an hour, but the cheapest thing at McDonalds would be $20

So what should you do to prepare for retirement? You need s residual income. There's many types out there. I tried Amway. I believe it can work, but not for me. You could have a patent. That would be great, but most fail or are short lived though. I chose rental property. Yes it's a huge hassle for little return. The rent covers expenses with a little left that the government takes as taxes. The good thing is one day it will be paid for. No matter what happens to our economy except mass death people will always need a place to live and our population is continuing to grow with no population control. Generally the worse the economy is the more demand there is for rentals. Many younger people don't even want to own. They prefer to rent. As our society becomes more and more about living for today the demand for rental property increases. One day I will not be able to maintain my properties, but when that day comes there will be enough residual income that I can pay someone else to do it for me.

Yeah, I'm crazy. When people call me weird I take it as a compliment, lol. I work more than anyone I know. I might die before I get to retire, but I'll keep fighting as long as I can.
 
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You die. Period. When? Unknown. How? Many ways.
But the other factor is are you cognitive? Can or could you use all that money? I get the benefits and financial legacy. Planning is huge but we all die.

My dad died at 52. Unexpectedly. Very little savings and a good "whole" life.

Mom spent all the insurance money in less than 10 years. Still in some debt has decent retirement and a planned long term health deal. She's pretty happy does mission work, but not really happy since my dad passed. I have secretly wished she would open her heart to a relationship.

Grandparents.
One died right after retirement. Stroke. Had some savings. Never enjoyed a penny. Grandmother ONE.

Grandfather One. Pinched pennies like a mad man and saved invested sat at home. Worked as a truck driver after WW2 and in factories after. Never borrowed for much of anything ever. When retired followed suit. Stayed in a home for like 15 years. Lost his mind and ability to care for himself for most of that time. No quality of life. ALL savings went to this and family auctioned house for debt.

Grandfather two. Worked hard his whole life. Accumulated very little debt and had a small farm payed for. Small saving and social security. Raised a large family and has many grandchildren who now have children. Found dead by suicide. God knows why.?. (statement and question)

Grandmother two. Same big family as above. Very much surrounded with love and heart broken. Stays at home many years and also has lost herself to dementia. Again many years with out quality of life. House and 13 acres now in another family members name. Better planning by family. Bills offset by some rent but getting behind.

Better Question How you Living??

For those in those interested in a biblical prospective read all of Ecclesiastes and try to digest it. I suggest slowly.
 
GubNi said:
Your plan is flawed in the basics. First of all you want residual income, not savings.

I see lots of people invest in virtual items like stock market and other variations thereof. What happens if the stock market crashes? Did I say if? It's almost a certain thing within the next 50 years it will happen at some point.

Ok, so what about a savings account? Well that's a great thing to have while you are working, but not for retirement. Why not? Because of inflation. Over the last 10 years it has averaged 3.22%. That means it doubles every 20 years. Ok, so you have enough money in savings that normal inflation doesn't matter? Well have you heard of hyperinflation? It has been very close to happening during my life and probably will when the stock market crashes. Hyperinflation is basically when your money is no good. Imagine a gas shortage where a gallon of gas is $100 or a food shortage where an apple is $100. With true hyperinflation you just add a zero or a few to everything including your income. Minimum wage would be $100 an hour, but the cheapest thing at McDonalds would be $20

So what should you do to prepare for retirement? You need s residual income. There's many types out there. I tried Amway. I believe it can work, but not for me. You could have a patent. That would be great, but most fail or are short lived though. I chose rental property. Yes it's a huge hassle for little return. The rent covers expenses with a little left that the government takes as taxes. The good thing is one day it will be paid for. No matter what happens to our economy except mass death people will always need a place to live and our population is continuing to grow with no population control. Generally the worse the economy is the more demand there is for rentals. Many younger people don't even want to own. They prefer to rent. As our society becomes more and more about living for today the demand for rental property increases. One day I will not be able to maintain my properties, but when that day comes there will be enough residual income that I can pay someone else to do it for me.

Yeah, I'm crazy. When people call me weird I take it as a compliment, lol. I work more than anyone I know. I might die before I get to retire, but I'll keep fighting as long as I can.
Click to expand...

Great plan! But tell me how owning rental property protects you from hyperinflation please.

Seems like if "your money is no good" then your renter's money (and therefore your residual income) would also be no good...
 
Short answer: I do not plan to ever fully retire. Has not worked out for my family very well.
 
WARRIORWELDING said:
Short answer: I do not plan to ever fully retire. Has not worked out for my family very well.
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Same

Retirement is usually greeted with massive health issues in the 1st year (at least that's MY family's track record)

Plus in my industry we usually see 70+ yr old dudes still Rollin up in job meetings telling you that you don't know WTH you're talking about (and they're right)
 
WARRIORWELDING said:
Better Question How you Living??
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Live for today but plan for tomorrow. I have always liked that saying, and try to follow it.

There are no part time jobs at my work. You are either full time or retired. I don't hate my job, but I don't love it either. It is a job. It is work. I plan on retiring as soon as possible.
 
Deplorable said:
Great plan! But tell me how owning rental property protects you from hyperinflation please.

Seems like if "your money is no good" then your renter's money (and therefore your residual income) would also be no good...
Click to expand...

You raise the rent accordingly. So if minimum wage increases to $100 an our rent increases to $5000 a month for a small apartment.
 
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