Interesting view of how much one needs to retire

[billethkid]

There are as many opinions as there are those talking about it.
So here is one more that just may shed a little light on the issue for some:

Retiring? Why you will need less money than you think - MarketWatch (http://www.marketwatch.com/story/retiring-why-you-will-need-less-money-than-you-think-2015-04-13)

[Dr Winston O Boogie jr]

There are as many opinions as there are those talking about it.
So here is one more that just may shed a little light on the issue for some:

Retiring? Why you will need less money than you think - MarketWatch (http://www.marketwatch.com/story/retiring-why-you-will-need-less-money-than-you-think-2015-04-13)

Doesn't it all really depend on what kind of lifestyle you will settle for. I retired on very little. I have a very small house, paid for in full, traded my used car in for a newer and better used car, paid for in full and am very happy.

My wife still works and we're very happy. We don't go out to eat every night and most of our activities are right here in The Villages.

[billethkid]

Doesn't it all really depend on what kind of lifestyle you will settle for. I retired on very little. I have a very small house, paid for in full, traded my used car in for a newer and better used car, paid for in full and am very happy.

My wife still works and we're very happy. We don't go out to eat every night and most of our activities are right here in The Villages.

Exactly the point. My sister bought a very nice home in the historic section and has only social security and a very small medicaid subsistance. And she is happy as can be.

It is truly one of the benefits of TV...it matters little whether your home is $700,000 or $75,000 the residents are entitled to all of the same amenities.

[Walt.]

Another point. If you're retiring from a mega-tax state like New Jersey or New York, to a place like Florida, the difference between the state income tax and the property taxes can be like getting an additional pension.
Another big plus for TV. If you're sitting at a club, nobody cares if you were the President of IBM or the guy who worked at IBM's mail room.

[justjim]

Exactly the point. My sister bought a very nice home in the historic section and has only social security and a very small medicaid subsistance. And she is happy as can be.

It is truly one of the benefits of TV...it matters little whether your home is $700,000 or $75,000 the residents are entitled to all of the same amenities.

:bigbow: It's what The Villages is all about. There is "something" for just about everyone. For sure, you don't have to be "rich" (a relative term) to live here and enjoy the lifestyle. I think that is what the founders of The Villages had in mind from the very beginning.

[Dr Winston O Boogie jr]

Another point. If you're retiring from a mega-tax state like New Jersey or New York, to a place like Florida, the difference between the state income tax and the property taxes can be like getting an additional pension.
Another big plus for TV. If you're sitting at a club, nobody cares if you were the President of IBM or the guy who worked at IBM's mail room.

You, I came from Massachusetts where state income tax was over 5% and the property tax on my house was about $5,000. Here, zero income tax, and property tax under $1,000.

[Shimpy]

Another big plus for TV. If you're sitting at a club, nobody cares if you were the President of IBM or the guy who worked at IBM's mail room.

I like this.......Your gate card will let you into any neighborhood or Village you choose.

[Villages PL]

The link said that health care costs going up could be a wild-card. But nothing was said about longevity being a wild-card. How long do most people assume they will live? I believe the assumption is about 20 years after retiring. So that might be about 80 to 85? What if you plan on that and then live to be 100+? What if you need to be in an assisted living facility but don't have any money? Will the state put you in a nursing home? Have you ever visited a nursing home? Do you know what that's like?

In my opinion, if you have a choice, it's better to plan on having too much rather than too little.

[2BNTV]

I never believed the analysis of the so called financial experts. I have saved enough for retirement and my retirement income is greater than my last salary.

Taxes in CT was about $4400 and now are $1100. It leaves a lot of room to pay for other needed services, in owning a home.

If one has saved for their retirement properly, one does not need too much unless one decides to get wild with their expenditures like travelling, eating out all of the time, etc.

You can live the lifestyle of a millionaire without being one. IMHO

I always say, "it doesn't pay, to be stupid, about money".

[jnieman]

Another point. If you're retiring from a mega-tax state like New Jersey or New York, to a place like Florida, the difference between the state income tax and the property taxes can be like getting an additional pension.
Another big plus for TV. If you're sitting at a club, nobody cares if you were the President of IBM or the guy who worked at IBM's mail room.

Walt, you are so right. No one cares what you used to do. People here aren't hung up on titles like they used to be in the corporate world. I don't miss that one bit although for some it may be difficult for them to get used to not being able to boss everyone around like they used to. I'd like to see my old boss trying to function in an environment like this. I don't think he could. He had such a big ego.

[2BNTV]

Planet Hollywood used to sell shirts that stated,

"who cares about status". :smiley:

[Judith Ann]

I have been retired 5 years. We still have a home up north and here. Personally, I have my teachers' retirement and social security. I feel rich!!!

[Edjkoz]

I a, sorry but I cannot live my life with what ifs. What if I get hit by a bus next week and can't enjoy the money I saved. I think one has to be reasonable with expectations

[Buffalo Jim]

Walt, you are so right. No one cares what you used to do. People here aren't hung up on titles like they used to be in the corporate world. I don't miss that one bit although for some it may be difficult for them to get used to not being able to boss everyone around like they used to. I'd like to see my old boss trying to function in an environment like this. I don't think he could. He had such a big ego.

I " second " that ! :wave::wave::wave:

[Sandtrap328]

The link said that health care costs going up could be a wild-card. But nothing was said about longevity being a wild-card. How long do most people assume they will live? I believe the assumption is about 20 years after retiring. So that might be about 80 to 85? What if you plan on that and then live to be 100+? What if you need to be in an assisted living facility but don't have any money? Will the state put you in a nursing home? Have you ever visited a nursing home? Do you know what that's like?

In my opinion, if you have a choice, it's better to plan on having too much rather than too little.

Good points! It probably is too late for a lot of people to buy long-term care insurance. When the Federal government began offering it to employees, my wife and I bought. It comes directly out of our pension check so it is not missed at all and provides great peace of mind knowing we could go to a good facility and not worry about paying for it.

[Chi-Town]

Long term care insurance should be part of a retirement plan. You have to be a pauper to get medicaid.

[Miles42]

No one gets out of this world alive. Money can not buy you extra time. I adapt my life style to my income and find enjoyment in what I can afford to do.

[jimmusik97]

^agree wholeheartedly. we're not rich, but i live comfortabley and within my means and that makes for a happy retirement in tv.

[B767drvr]

Long term care insurance should be part of a retirement plan. You have to be a pauper to get medicaid.

Continuing Care Retirement Communities (CCRC's) are a great alternative to (and negate the need for) long term care insurance. Each method of prudently preparing for the future has its pros and cons. Of course, the ideal is to accrue enough wealth to self-insure.