Copper
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Copper
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Joined: February 14th, 2007, 11:58 pm

March 12th, 2018, 11:37 pm #21

jon-nyc wrote: It implies you live more or less at your means.
Those who make that mistake will probably continue to make it.

And they will still be better off than the federal government.

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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jon-nyc
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jon-nyc
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Joined: April 22nd, 2005, 8:47 pm

March 13th, 2018, 12:49 am #22

Yeah well, like I said, I do recognize its utility.
Clowns to the left of me, jokers to the right.
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brenda
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Joined: August 29th, 2008, 4:12 am

March 13th, 2018, 1:37 pm #23

Mikhailoh wrote:In any event, Riley, you seem to be in pretty sound financial position for your age. Bravo.
Indeed! You need a wife and kids to fix that for you. :lol2:
?Weeds are flowers, too, once you get to know them.?
~A.A. Milne
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Jolly
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Joined: April 19th, 2005, 3:47 pm

March 13th, 2018, 1:43 pm #24

brenda wrote:
Mikhailoh wrote:In any event, Riley, you seem to be in pretty sound financial position for your age. Bravo.
Indeed! You need a wife and kids to fix that for you. :lol2:
Worth every dime.
The main obstacle to a stable and just world order is the United States.- George Soros
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Larry
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Joined: April 22nd, 2005, 8:54 am

March 13th, 2018, 1:51 pm #25

And boy, does it take a lot of dimes.......
Of the Pokatwat Tribe

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Jolly
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Joined: April 19th, 2005, 3:47 pm

March 13th, 2018, 1:56 pm #26

Well, the old folks had a saying...A woman can take more money out of the back door with a teaspoon, than a man can bring in the front door with a wheelbarrow.
The main obstacle to a stable and just world order is the United States.- George Soros
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Klaus
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Joined: May 21st, 2006, 11:45 am

March 13th, 2018, 1:59 pm #27

jon-nyc wrote:I’ve never personally liked the income rule though I understand its utility.

It implies you live more or less at your means.


Really it makes more sense to figure out what percentage of pre-retirement *expenses* you should budget for in retirement.

But everyone knows their income, and few of us really understand our expenses.
That's not so hard to track.

If your total worth (assets minus obligations) grows, you are doing well; otherwise you live above your means.
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Jolly
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Joined: April 19th, 2005, 3:47 pm

March 13th, 2018, 3:29 pm #28

Klaus wrote:
jon-nyc wrote:I’ve never personally liked the income rule though I understand its utility.

It implies you live more or less at your means.


Really it makes more sense to figure out what percentage of pre-retirement *expenses* you should budget for in retirement.

But everyone knows their income, and few of us really understand our expenses.
That's not so hard to track.

If your total worth (assets minus obligations) grows, you are doing well; otherwise you live above your means.
Easy to say, not always easy to do.

Besides, assets is too broad a term. My real estate assets are more than my 401k and 457 accounts, but I ain't selling my land or houses.
The main obstacle to a stable and just world order is the United States.- George Soros
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jon-nyc
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Joined: April 22nd, 2005, 8:47 pm

March 13th, 2018, 3:42 pm #29

@Klaus -

The point I wanted to make is you should have an retirement income goal that is related to (e.g. exceeds) your retirement *expenses*.


The best way to figure out your retirement expenses is with some research and thought about how they will change from your pre-retirement *expenses*.


The last years of my working career our expenses were on the order of 25% of our income. Surely in such a scenario I don't need retirement income of 60-70% of income.

Granted I'm an atypical case. But you see the point I'm making.
Clowns to the left of me, jokers to the right.
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Jolly
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March 13th, 2018, 3:50 pm #30

jon-nyc wrote:@Klaus -

The point I wanted to make is you should have an retirement income goal that is related to (e.g. exceeds) your retirement *expenses*.


The best way to figure out your retirement expenses is with some research and thought about how they will change from your pre-retirement *expenses*.


The last years of my working career our expenses were on the order of 25% of our income. Surely in such a scenario I don't need retirement income of 60-70% of income.

Granted I'm an atypical case. But you see the point I'm making.
Atypical?

Jon, the Master of Understatement.

I suspect less than 1% of working people could make that income/expense statement. If people can save 15% of their income, they are in the vast minority.
The main obstacle to a stable and just world order is the United States.- George Soros
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