Business & Investing
Sponsored by

Average Retirement Age?

14,459 Views | 170 Replies | Last: 1 yr ago by MAS444
Post removed:
by user
In reply to ORAggieFan • 3:05p, 5/16/22
Diggity
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 3:22p, 5/16/22
AG
ORAggieFan said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.

Jealous?

I post here to try and help people. If $25k/year is significant then early retirement isn't in the cards. Nothing wrong with that.
definitely not jealous of a guy who spends his days telling the business board how much money he has.

all that aside....you act like medical premiums are a static number. They've gone up at least 50% over the past decade and all signs point that that rate continuing.
Reply Quote
6
bmks270
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to 62strat • 3:28p, 5/16/22
AG
62strat said:
ORAggieFan said:
JDCAG (NOT Colin) said:
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.

I'm hoping to retire by 50 and not really worried about insurance.


I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.

Sure, but if you're financially able to retire early it shouldn't be that significant and should be a part of whether you can do it.
sounds like a chicken or the egg.

Many people could be financially able to retire in 50s.. if they didn't have $20k a year in health care premiums! Let alone health are bills on top of that. That $20k is the min.

That is literally the reason why many people don't retire in their 50s lol.


It feels like such a freaking scam. Go your life mostly healthy, paying premiums age 22-55 let's say and using minimal benefits…. Then after a lifetime of paying in, when you are old and need the benefits they Jack up your rates anyway. Then what was purpose of a whole lifetime of insane premiums paid before that?

The whole system is FUBAR because of insurance lobbying and over regulation of medicine by the government.

I made some projections and thought wow, this won't be so difficult to retire as I thought, then I learned what my parents were spending on medical insurance and costs and I realized I'd need a lot more to really be comfortable.
Reply Quote
3
1 edit
62strat
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:28p, 5/16/22
AG
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!
Reply Quote
2
Diggity
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to bmks270 • 3:32p, 5/16/22
AG
bmks270 said:
62strat said:
ORAggieFan said:
JDCAG (NOT Colin) said:
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.

I'm hoping to retire by 50 and not really worried about insurance.


I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.

Sure, but if you're financially able to retire early it shouldn't be that significant and should be a part of whether you can do it.
sounds like a chicken or the egg.

Many people could be financially able to retire in 50s.. if they didn't have $20k a year in health care premiums! Let alone health are bills on top of that. That $20k is the min.

That is literally the reason why many people don't retire in their 50s lol.


It feels like such a freaking scam. Go your life mostly healthy, paying premiums age 22-55 let's say and using minimal benefits…. Then after a lifetime of paying in, when you are old and need the benefits they Jack up your rates anyway. Then what was purpose of a whole lifetime of insane premiums paid before that?

The whole system is FUBAR because of insurance lobbying and over regulation of medicine by the government.

I made some projections and thought wow, this won't be so difficult to retire as I thought, then I learned what my parents were spending on medical insurance and costs and I realized I'd need a lot more to really be comfortable.
I would argue the whole system is FUBAR because of all the things you mentioned + the fact that our society is completely unhealthy and we spend an inordinate amount of money trying to keep our relatives alive for an extra year or so.
Reply Quote
6
Deputy Travis Junior
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 4:14p, 5/16/22
ORAggieFan said:
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.


No, you should look at the interest rate. Buying a car with cash when you can finance it for under 2% is a bad investment decision.
Reply Quote
2
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Deputy Travis Junior • 4:21p, 5/16/22
Deputy Travis Junior said:
ORAggieFan said:
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.


No, you should look at the interest rate. Buying a car with cash when you can finance it for under 2% is a bad investment decision.

Meh, it's minimal. The point is you should have the cash to buy it though. There is definitely reasons to take debt on even when you have the cash.
Reply Quote
3
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to 62strat • 4:22p, 5/16/22
62strat said:
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!

I said you can't afford early retirement. Please explain how one can retire if they don't have the ability to afford healthcare?
Reply Quote
Deputy Travis Junior
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 4:32p, 5/16/22
Well people were discussing $80k trucks, which isn't minimal. You can miss out on some legit returns like (5-10k+) if you pay cash for something that big instead of stretching it out.
Reply Quote
1
62strat
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 4:33p, 5/16/22
AG
ORAggieFan said:
62strat said:
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!

I said you can't afford early retirement. Please explain how one can retire if they don't have the ability to afford healthcare?
401k is 59-1/2 and SS is 62. Those ages are not 'early' retirement.
One could easily retire at 60, and simply not have health insurance, or just have catastrophic health insurance until 65.
Reply Quote
1 edit
cjsag94
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:33p, 5/16/22
AG
I think the number of boats and $80000 trucks is very low relative to the other end. But if you sit on the coast, you will see them all. If you drive around in higher socioeconomic areas and commuting from said areas to professional districts, you will see that. And those jump out at you... a 2014 Honda Accord just blend in with the rest.

I think your are seeing the top 10% in an area full of the top 20% so it creates an illusion . That results in everyone in said areas trying to keep up with and one up those folks, wondering why everyone seems to be doing better than them.
Reply Quote
6
MAS444
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to cjsag94 • 4:59p, 5/16/22
AG
Maybe because it's Monday afternoon but I have no idea what you just said.
Reply Quote
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Diggity • 7:07p, 5/16/22
AG
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about how much he wishes he made.
Reply Quote
2
1 edit
OasisMan
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:10p, 5/16/22
AG
39yo
Thinking of going big by end of 2022

YOLO
Reply Quote
JDCAG (NOT Colin)
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 7:22p, 5/16/22
AG
ORAggieFan said:
62strat said:
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!

I said you can't afford early retirement. Please explain how one can retire if they don't have the ability to afford healthcare?


I mean, the whole point was that people were saying they would retire early, except they can't afford to cover healthcare, to which you responded it was a paltry $2k/month as if it was no big deal.

I think that is exactly their point - that money isn't "nothing" to them or their retirement projections, so they've had to adjust their timelines.
Reply Quote
1
Post removed:
by user
In reply to JDCAG (NOT Colin) • 7:48p, 5/16/22
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to JDCAG (NOT Colin) • 7:51p, 5/16/22
JDCAG (NOT Colin) said:
ORAggieFan said:
62strat said:
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!

I said you can't afford early retirement. Please explain how one can retire if they don't have the ability to afford healthcare?


I mean, the whole point was that people were saying they would retire early, except they can't afford to cover healthcare, to which you responded it was a paltry $2k/month as if it was no big deal.

I think that is exactly their point - that money isn't "nothing" to them or their retirement projections, so they've had to adjust their timelines.

My point is, it's not going to stop you from retiring early. Maybe you work 2-3 more years to offset it, you still retire early.

I just don't think many are looking to retire at 50 to then live off $100k or less, minus the FIRE people. Most would rather work a few more years to grow their wealth and lifestyle.

If one is debating retirement at 62 or 65 and has very little saved, yeah, it's a huge deal. That isn't what we were discussing though.

If you're going to be reliant in any way in Medicare or SS, you shouldn't retire early.
Reply Quote
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to [removed post] • 7:52p, 5/16/22
SoupNazi2001 said:
JDCAG (NOT Colin) said:
ORAggieFan said:
62strat said:
yeh it's kinda dumb to say if you can't afford $20k a year in retirement, then you can't retire..

My father in law has been retired for ~5-6 years, and his budget is literally probably $20k a year. If medicare was 60, he probably would have retired then!

I said you can't afford early retirement. Please explain how one can retire if they don't have the ability to afford healthcare?


I mean, the whole point was that people were saying they would retire early, except they can't afford to cover healthcare, to which you responded it was a paltry $2k/month as if it was no big deal.

I think that is exactly their point - that money isn't "nothing" to them or their retirement projections, so they've had to adjust their timelines.


To illustrate that point multiplying your annual spending by 25x is a 4% withdrawal rate in retirement. Adding in $2K per month for insurance premiums is another $600K you need in savings. Not insignificant for most.

Not if you adjust for Medicare. Then you just need a small supplemental plan.
Reply Quote
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to AgsMyDude • 7:54p, 5/16/22
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.
Reply Quote
JDCAG (NOT Colin)
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 8:20p, 5/16/22
AG
I like your posts for the most part, even if I look at this one differently than you.
Reply Quote
2
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to JDCAG (NOT Colin) • 8:29p, 5/16/22
Thanks
Reply Quote
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to JDCAG (NOT Colin) • 8:44p, 5/16/22
AG
JDCAG (NOT Colin) said:
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.

I'm hoping to retire by 50 and not really worried about insurance.


I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.


Probably about right. I early retired at 47 in 2020. I've spent about $4k YTD solely on my own healthcare because my skeleton is trash. $3k of that was deductible. Hopefully, this is an outlier year but we may have to start doing the math on PPO vs HSA.

Obamacare was $700-1000 per month when I priced it last year but that was just the initial quote without entering full details.
Reply Quote
BoDog
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
11:02p, 5/16/22
AG
Been traveling a couple of days so forgive me if I missed this 60-70 posts ago, but I be missing something on the healthcare expense debate. My parents are in their late 60s/early 70s and seem to be happy with Medicare (like their doctors, visits, prescription drugs, etc). Perhaps its not the Cadillac of healthcare plans but I never hear them complain. Maybe its trash and they just go with it. Curious what others have experienced?
Reply Quote
cjo03
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 11:25p, 5/16/22
AG
ORAggieFan said:
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.


for what it's worth, I met ORAggie in real life once (in OR) - and he doesn't look like someone that will be able to retire early.
Reply Quote
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 3:04a, 5/17/22
AG
ORAggieFan said:
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.


50M

Calm down, just messing with you.
Reply Quote
JDCAG (NOT Colin)
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to BoDog • 6:44a, 5/17/22
AG
BoDog said:
Been traveling a couple of days so forgive me if I missed this 60-70 posts ago, but I be missing something on the healthcare expense debate. My parents are in their late 60s/early 70s and seem to be happy with Medicare (like their doctors, visits, prescription drugs, etc). Perhaps its not the Cadillac of healthcare plans but I never hear them complain. Maybe its trash and they just go with it. Curious what others have experienced?


I think folks are discussing early retirement options before Medicare becomes available.
Reply Quote
BoDog
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:01a, 5/17/22
AG
Reply Quote
2
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to AgsMyDude • 8:37a, 5/17/22
AgsMyDude said:
ORAggieFan said:
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.


50M

Calm down, just messing with you.

I don't make that much, but if I didn't I wouldn't be posting about hoping you retire early as I'd be retired.
Reply Quote
ORAggieFan
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to cjo03 • 8:37a, 5/17/22
cjo03 said:
ORAggieFan said:
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.


for what it's worth, I met ORAggie in real life once (in OR) - and he doesn't look like someone that will be able to retire early.

I look way worse now.
Reply Quote
1
HumpitPuryear
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to YouBet • 11:23a, 5/17/22
AG
YouBet said:
JDCAG (NOT Colin) said:
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.

I'm hoping to retire by 50 and not really worried about insurance.


I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.


Probably about right. I early retired at 47 in 2020. I've spent about $4k YTD solely on my own healthcare because my skeleton is trash. $3k of that was deductible. Hopefully, this is an outlier year but we may have to start doing the math on PPO vs HSA.

Obamacare was $700-1000 per month when I priced it last year but that was just the initial quote without entering full details.
That would mean you paid $1000 in premiums for lets say four months? $250/month in premiums? That doesn't sound possible.

I would assume that even Obamacare premiums will go up with age right?
Reply Quote
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to ORAggieFan • 11:24a, 5/17/22
AG
ORAggieFan said:
AgsMyDude said:
ORAggieFan said:
AgsMyDude said:
Diggity said:
if you guys haven't been paying attention to every thread ORAggieFan posts on....he makes A LOT of money.


Na he just posts about his much we wishes me made.

Yeah? How much is that?

I post here to help people and drive discussion on a pretty interesting board.


50M

Calm down, just messing with you.

I don't make that much, but if I didn't I wouldn't be posting about hoping you retire early as I'd be retired.

na dawg YOLO
Reply Quote
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to HumpitPuryear • 11:44a, 5/17/22
AG
HumpitPuryear said:
YouBet said:
JDCAG (NOT Colin) said:
ORAggieFan said:
You can get health insurance in the $1500-$2000/month range in current rates.

I'm hoping to retire by 50 and not really worried about insurance.


I would think for most, $18-24k per year is not an insignificant cost when calculating for retirement.


Probably about right. I early retired at 47 in 2020. I've spent about $4k YTD solely on my own healthcare because my skeleton is trash. $3k of that was deductible. Hopefully, this is an outlier year but we may have to start doing the math on PPO vs HSA.

Obamacare was $700-1000 per month when I priced it last year but that was just the initial quote without entering full details.
That would mean you paid $1000 in premiums for lets say four months? $250/month in premiums? That doesn't sound possible.

I would assume that even Obamacare premiums will go up with age right?
Additional context: I'm currently on an HSA via my wife's employer. Medical Insurance (HSA) premiums are about $35 / month for both of us.

Was paying about $250 / physical therapy session until I hit deductible. Now I'm paying $49 per.

I have no idea if that price is reasonable for PT. It's insurance so I'm clueless in that regard.
Reply Quote
HumpitPuryear
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to YouBet • 12:10p, 5/17/22
AG
Ah. OK that makes sense.

How does your wife feel about you retired and her still working an you on her insurance? That's one option for me but I have not broached that subject with the queen for fear of the frying pan.
Reply Quote
htxag09
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:05p, 5/17/22
AG
This thread is something else.....

Starts as a legit question disguised as the standard making fun of people who spend too much on their toys.

Then got on track and had positive discussion.

Then completely side tracked with a pissing match about who knows what because I ain't reading all those comments.
Reply Quote
3
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to HumpitPuryear • 1:48p, 5/17/22
AG
HumpitPuryear said:
Ah. OK that makes sense.

How does your wife feel about you retired and her still working an you on her insurance? That's one option for me but I have not broached that subject with the queen for fear of the frying pan.
She's been cool with it to date. We had mucho discussion before I opted to leave corporate about me transitioning to Household CEO and what meant. I have done a little consulting here and there and I still apply and go after certain jobs in my field that intrigue me.

Finished up a 4 month interview process for a pretty big job that i ultimately didn't get so I kind of took a mental break from looking after that. Actually trying to figure out if i can break into the landscape design business somehow. Have a passion for that but I'm not formally trained and I'm pushing 50. So, I'm doing volunteer work where I can to learn via real world.
Reply Quote
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.