Strike 3,975 Posted February 20, 2020 16 minutes ago, Patriotsfatboy1 said: Why is divorce so expensive? My guess would be because she gets a big chunk of your "comfortably." Share this post Link to post Share on other sites
frank 2,145 Posted February 20, 2020 8 minutes ago, Strike said: My guess would be because she gets a big chunk of your "comfortably." It’s a joke. You guys are missing the punch line. Share this post Link to post Share on other sites
Old School 360 Posted February 20, 2020 37 minutes ago, Patriotsfatboy1 said: Why is divorce so expensive? Because it’s worth it Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 20, 2020 9 minutes ago, Old School said: Because it’s worth it About focking time. Share this post Link to post Share on other sites
Cdub100 3,380 Posted February 20, 2020 23 minutes ago, Old School said: Because it’s worth it Cheaper to keep her Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 20, 2020 2 minutes ago, Cdub100 said: Cheaper to keep her Eh, we can dream, can’t we? Share this post Link to post Share on other sites
DuckStupid 40 Posted February 20, 2020 Not retiring at 40. 59 1/2. 9 more years to go. Should be at around 3 ml. Share this post Link to post Share on other sites
Cdub100 3,380 Posted February 20, 2020 13 minutes ago, Patriotsfatboy1 said: Eh, we can dream, can’t we? Sure can and it's probably best to leave it at that. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 20, 2020 6 minutes ago, DuckStupid said: Not retiring at 40. 59 1/2. 9 more years to go. Should be at around 3 ml. Pesos, senor? Share this post Link to post Share on other sites
Hardcore troubadour 12,644 Posted February 20, 2020 Just want to say, that I retired at 42 years old from the police department. I had plenty of money, was single. After having fun for about 6 -7 months I woke up one day and realized I needed a job. Not for the money, although that was nice. ( I need it now, kids). I just didn’t feel right not working. The conclusion I reached: Work sucks. Not working sucks more. I’m not stopping until I’m 67, god willing. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 20, 2020 1 minute ago, Hardcore troubadour said: Just want to say, that I retired at 42 years old from the police department. I had plenty of money, was single. After having fun for about 6 -7 months I woke up one day and realized I needed a job. Not for the money, although that was nice. ( I need it now, kids). I just didn’t feel right not working. The conclusion I reached: Work sucks. Not working sucks more. I’m not stopping until I’m 67, god willing. Was talking to a friend the other day about it. I don’t have enough hobbies to allow me to retire. I need to feel like I have worth to get up and go in the morning. I will probably work until they put me in a box. That may be soon, but it is what it is. Share this post Link to post Share on other sites
Hardcore troubadour 12,644 Posted February 20, 2020 3 minutes ago, Patriotsfatboy1 said: Was talking to a friend the other day about it. I don’t have enough hobbies to allow me to retire. I need to feel like I have worth to get up and go in the morning. I will probably work until they put me in a box. That may be soon, but it is what it is. Same here. Don’t golf or fish or any of that. Now I’ll have my kids, but I still need to feel like I’m producing. I’m not setting the world on fire, but I need to do something. My dream is to eventually drive a school bus. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 20, 2020 1 minute ago, Hardcore troubadour said: Same here. Don’t golf or fish or any of that. Now I’ll have my kids, but I still need to feel like I’m producing. I’m not setting the world on fire, but I need to do something. My dream is to eventually drive a school bus. I golf. I would fish. I couldn’t do them every day. I coach sports, but I would kill the parents if I did it too much. I will look for some Board of Director positions when I hit 60, but won’t be retired for a while. At least not planned. Share this post Link to post Share on other sites
Hardcore troubadour 12,644 Posted February 20, 2020 13 minutes ago, Patriotsfatboy1 said: I golf. I would fish. I couldn’t do them every day. I coach sports, but I would kill the parents if I did it too much. I will look for some Board of Director positions when I hit 60, but won’t be retired for a while. At least not planned. Good plan. Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 20, 2020 Done @50... gonna do jack for a few months. Probably get bored and do backgrounds like my retired buddies. Share this post Link to post Share on other sites
nobody 2,039 Posted February 20, 2020 On 2/13/2014 at 6:32 AM, The Moz said: My number would be 2.5 million. Even invested very low risk would get you around 120-150K a year in interest alone - a lot more if invested better but with more risk. What would be your number to just quit and still live a life you desire? What low risk investment is returning 5-6% Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 20, 2020 Let's try "extreme retirement". Rules: 1. Stay inside the US 2. No car, no house, just cash. 3. We will build equity by having enough money set aside to trade the markets. So let's look at things. 1. Rent a room in a house for something like $300-$350 per month. You can find that out in smaller towns. 2. We will set aside $700 per month for food, phone, clothing, entertainment, public transit, etc. 3. Let's say our average expenses are $1100 per month. 4. Our trading strategy is to buy large market corrections. Those happen every 1-4 years. Once the market is way down, you buy the lows and ride it back up to all time highs. This may require holding for up to 1.5 years. 5. $1100 per month living expenses x 72 months = $80k. So you'll set aside $80k that is not traded. 6. trading capital at a minimum would probably be something like $250k. At some point in the first 6 years, you'll have a large market correction, buy the drop, ride it back up, and double your money. 7. By year 6 of retirement, you'll have spent $80k to live, but also turned your $250k into $500k. 8. By year 12 of retirement, you'll burn thru another $80k to live, but have turned that $500k into close to $1 million. So by age 52, you'll be close to a millionaire. Long before then, you'll have been able to upgrade your life such as getting a car, an apartment, etc. All of that will drop your earnings maybe down to $750k. But it won't matter because now you're dealing in millions of dollars. So I think I'd need $350k at age 40 at a minimum. Share this post Link to post Share on other sites
Intense Observer 344 Posted February 20, 2020 2 hours ago, mmmmm...beer said: Done @50... gonna do jack for a few mo ths. Probably get bored and do backgrounds like my retired buddies. How does a pension work for fed leo? I've heard top 3 average annual salary something something. Lots of guys go to DC/HQ to boost that number. Hypothetical: Top 3 average is $100k Does that mean you get $100k/yr forever like Senators and NFL players. (I think theirs is in the $200k range) Or is it a percentage of that number? That averages out to ~$3k-$5k/mo give or take, like local first responder pensions. And how does health insurance work between retirement age and Medicare? Do you get some sort of affordable retirement health insurance through FEHB or do you have to find it elsewhere? Share this post Link to post Share on other sites
peenie 1,690 Posted February 20, 2020 Buy a duplex and rent out half your house and that is all. Geez, you guys. Share this post Link to post Share on other sites
Gladiators 1,904 Posted February 20, 2020 6 hours ago, riversco said: Let's try "extreme retirement". Rules: 1. Stay inside the US 2. No car, no house, just cash. 3. We will build equity by having enough money set aside to trade the markets. So let's look at things. 1. Rent a room in a house for something like $300-$350 per month. You can find that out in smaller towns. 2. We will set aside $700 per month for food, phone, clothing, entertainment, public transit, etc. 3. Let's say our average expenses are $1100 per month. 4. Our trading strategy is to buy large market corrections. Those happen every 1-4 years. Once the market is way down, you buy the lows and ride it back up to all time highs. This may require holding for up to 1.5 years. 5. $1100 per month living expenses x 72 months = $80k. So you'll set aside $80k that is not traded. 6. trading capital at a minimum would probably be something like $250k. At some point in the first 6 years, you'll have a large market correction, buy the drop, ride it back up, and double your money. 7. By year 6 of retirement, you'll have spent $80k to live, but also turned your $250k into $500k. 8. By year 12 of retirement, you'll burn thru another $80k to live, but have turned that $500k into close to $1 million. So by age 52, you'll be close to a millionaire. Long before then, you'll have been able to upgrade your life such as getting a car, an apartment, etc. All of that will drop your earnings maybe down to $750k. But it won't matter because now you're dealing in millions of dollars. So I think I'd need $350k at age 40 at a minimum. Health insurance? Share this post Link to post Share on other sites
Djgb13 2,338 Posted February 20, 2020 Could have retired at 40 in the military. Hell you could retire at 38 in the military. Goes by quicker than you think it would Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 20, 2020 7 hours ago, Intense Observer said: How does a pension work for fed leo? I've heard top 3 average annual salary something something. Lots of guys go to DC/HQ to boost that number. Hypothetical: Top 3 average is $100k Does that mean you get $100k/yr forever like Senators and NFL players. (I think theirs is in the $200k range) Or is it a percentage of that number? That averages out to ~$3k-$5k/mo give or take, like local first responder pensions. And how does health insurance work between retirement age and Medicare? Do you get some sort of affordable retirement health insurance through FEHB or do you have to find it elsewhere? The "Three Legged Stool" they call it. Have to be under 37 to start as we mandatory retire 57 years old. You have to have at least 20 years and be 50 years old. 1st leg; We get a certain percentage of our high 3 years average salary. It's 1.7% per year up to 20 years and then you only get 1% a year after that. So... say you make 100k and started when you were 30, at 50 you have 20 years in, 34% of your high 3 of 100k = 34,000 a year. 2nd Leg: Social Security Kicker: As you retire early 50-57 you get a supplement for a certain percentage of what you would get @62 from Soc Sec. For instance our guy up top, 20 years on @ 100k when he retired, he'll get say 50% of the 1800 a month @ 62 from SS. So in this scenario he'd get 900 a month until he turns 62 and his regular SS kicks in. Then the supplement goes away and regular SS takes over. 3rd Leg: Thrift Savings Plan (TSP), the govs version of your 401k. The gov matches the first 5% you put in per pay period. Depending on what you've put in and how well you've done this can a be pretty big chunk. Say our guy up top got good advice and did well with it. He's got 700k in there. Well @ 50 he can withdraw from his TSP penalty free as he is fully retired. So he takes out $3,000 month. 1st Leg: $2,833 2nd Leg: $900 3rd Leg: $3,000 Roughly $6,733 a month for life from 50 on. As far as health insurance we can keep our health insurance as long as you have had it 5 years prior to retiring. The premium is what you would pay if you were still working. For instance I have BCBS Federal Family for about $600 a month. Also... @ 50 most guys go get another job. Say you make 50k a year doing something else. Well 50k/12= $4,167 a month. $4,167 + $6,733 (retirement) = $10,900 a month. There are a ton of different facets to it and I've simplified it for the sake of example, but that's roughly how it all works. 1 Share this post Link to post Share on other sites
Kanil 519 Posted February 20, 2020 17 hours ago, mmmmm...beer said: Done @50... gonna do jack for a few months. Probably get bored and do backgrounds like my retired buddies. How long until you hit 50? I could get you in doing security clearances in whatever area you're in as long as we have an opening (and that's almost always). Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 21, 2020 1 hour ago, Kanil said: How long until you hit 50? I could get you in doing security clearances in whatever area you're in as long as we have an opening (and that's almost always). 4.75 years... I'll keep you in mind bro. Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 21, 2020 12 hours ago, Gladiators said: Health insurance? I said "extreme retirement" which kinda leaves things like insurance out of the equation (at least at the start). Share this post Link to post Share on other sites
Gladiators 1,904 Posted February 21, 2020 1 minute ago, riversco said: I said "extreme retirement" which kinda leaves things like insurance out of the equation (at least at the start). Okay. Fair enough. Do you still go to the dentist under "extreme retirement?" Get an annual physical? Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 21, 2020 6 minutes ago, Gladiators said: Okay. Fair enough. Do you still go to the dentist under "extreme retirement?" Get an annual physical? Teeth cleaning is like $150. Annual physical is like $150. Not going to change your budget at all to pay for that. Share this post Link to post Share on other sites
Gladiators 1,904 Posted February 21, 2020 1 minute ago, riversco said: Teeth cleaning is like $150. Annual physical is like $150. Not going to change your budget at all to pay for that. Yes it would. Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 21, 2020 3 minutes ago, Gladiators said: Yes it would. $300 is going to alter a budget of $80k? I must be missing something. Share this post Link to post Share on other sites
Gladiators 1,904 Posted February 21, 2020 1 minute ago, riversco said: $300 is going to alter a budget of $80k? I must be missing something. Oh, I thought you said the budget was $1,100 per month. Share this post Link to post Share on other sites
lod001 1,237 Posted February 21, 2020 13 hours ago, Gladiators said: Health insurance? Most people that retire early never contemplate the cost of health insurance and end up going back to work. I'll retire somewhere in between 62-65. Mainly because my employer will be paying 50% of my health insurance. Between investments, pension and SS we will probably make more retired than working. We would both quit right now if we could. Right before I retire I paln on getting every test done I can talk my Dr into. Stress test for heart, colonoscopy, etc. I will get my $ worth for paying for health insurance. Share this post Link to post Share on other sites
Intense Observer 344 Posted February 21, 2020 Thanks for the breakdown mmmm beer. That is the simplest explanation I have seen. Most of the <40 guys I know in DHS have no idea how all of that works. A buddy of mine works with Mass Mutual and has done quite well working with BP agents on their retirement and insurance planning. With your network, experience, credibility, and ability to explain this stuff you would probably do really well in that industry/niche if you wanted to go that route in retirement. Unfortunately it would likely involve lots of travel and all the bullshite that goes along with sales. 1 Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 21, 2020 2 hours ago, Gladiators said: Oh, I thought you said the budget was $1,100 per month. It is. But $300 per year for teeth cleaning and annual physical is $25 per month. Or two teeth cleanings per year is $38 per month. I budgeted $350 for rent and $650 for all other stuff so its fine. Share this post Link to post Share on other sites
porkbutt 861 Posted February 21, 2020 i aint ever focking retiring. fock that. to get henpecked all day? to stare at squirrels? i could never sit still. now im in good situation where i work for own company and in on another. and brother has own too that i do alot of work for. ill always wake up and go to work in some respect. cant fish every day and boy do i try. my 401k exploded to boot and i could probably be okay not working full time at around 55. bonus is it looks like my son is headed towards a trade. no college. daughter probably will. health insurance and elder care is kinda the ballbreaker. Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 21, 2020 5 hours ago, Intense Observer said: Thanks for the breakdown mmmm beer. That is the simplest explanation I have seen. Most of the <40 guys I know in DHS have no idea how all of that works. A buddy of mine works with Mass Mutual and has done quite well working with BP agents on their retirement and insurance planning. With your network, experience, credibility, and ability to explain this stuff you would probably do really well in that industry/niche if you wanted to go that route in retirement. Unfortunately it would likely involve lots of travel and all the bullshite that goes along with sales. Quite honestly it's a travesty how little they tell employees about how it all works. Soooo many of us are clueless and are sorta SOL when we reach retirement age because we hadn't been told enough to even plan. About 4 years ago I got pissed I lost money in the TSP and really didn't understand why. Since then I've made it my mission to figure it out. I've poured countless hours into researching the subject. I now teach/show as many of our folks as I can how it works. I really enjoy when the light comes on.... and people understand what they need to do. Thanks man, I appreciate the feedback, and I've actually considered it for for a "retirement" gig. Share this post Link to post Share on other sites
JustinCharge 2,397 Posted February 21, 2020 6 hours ago, porkbutt said: i aint ever focking retiring. fock that. to get henpecked all day? to stare at squirrels? i could never sit still. now im in good situation where i work for own company and in on another. and brother has own too that i do alot of work for. ill always wake up and go to work in some respect. cant fish every day and boy do i try. my 401k exploded to boot and i could probably be okay not working full time at around 55. bonus is it looks like my son is headed towards a trade. no college. daughter probably will. health insurance and elder care is kinda the ballbreaker. Retirement doesnt mean sitting idle to everyone. It means being able to pursue your own desires without being forced to work for a living. When a pro athlete retires from football, he might decide to go do something else. Share this post Link to post Share on other sites