How much cash to retire?

[Buster007]

Originally Posted by JC Reefer

It’s not, can you live on it today? The question is, can you live on that when you’re 70, 80, 90.

Looking back as a 90-year-old through the Lens of inflation, will 80k a year be enough? I don’t think it will be.

Not to mention, whatever the state of SS will be at that time.

That $80,000/year is without touching the principal. And if SS 'goes under' ( it wont) we all have bigger problems.

[BlackHeron]

SS doesn't need to "go under" -all they need to do is lower benefits and move the goalposts further back. That's enough to mess up your retirement/cruising plans that depended on that income.

Count on it. Anyone who is planning on their SS to carry them is in for a rude awakening when they go to draw on it. Think about Charlie Brown trying to kick the football while Lucy is holding it...

[johnboyrtw]

Originally Posted by Dark Horse

What would you do if you and your wife lived to be 90-95? In this day and age there are lots who do.

My calculations on a spread sheet similar to what I posted here a page back show me and my wife running out of money at 102 and 100 respectively. House not touched and still getting government pension.

I don't want to die early but I don't want to run out of money either. Depending on the good will and charity of others is not for me.

Face the facts when you get close to 90 , 2 out of 3 people have dementia. You will be like Joe Biden, don't know where you are.

[Buster007]

Originally Posted by BlackHeron

SS doesn't need to "go under" -all they need to do is lower benefits and move the goalposts further back. That's enough to mess up your retirement/cruising plans that depended on that income.

Count on it. Anyone who is planning on their SS to carry them is in for a rude awakening when they go to draw on it. Think about Charlie Brown trying to kick the football while Lucy is holding it...

As you well, know any reductions would exclude or grandfather current recipients, as well as 'soon to be' recipients, so the fearmongering mongering for the purposes of this thread and near term recipients re a little extreme I think. We could also have 12 percent interest rates and 401Ks halved. Or, they might go up 25 percent next year. Or maybe not. Or maybe a combination of all of these things....

[Buster007]

Originally Posted by johnboyrtw

Face the facts when you get close to 90 , 2 out of 3 people have dementia. You will be like Joe Biden, don't know where you are.

On the positive side, you get a sponge bath a new nurse 'you haven't met before' every other day

[BlackHeron]

Hope springs eternal. The government would never do that to Meeeeeee!

[Joli]

Originally Posted by DeValency

There is no such thing like “ACA policies” that “would” cost $4,000/month for a couple. But guess someone orange on steroids just pumped another stupid tweet...

Not sure I get the hate for quoting our price from healthcare.gov?

Bronze through platinum are $2,620 to $4,700/ month plus deductible for my wife and I.

Why they labeled the program affordable is beyond me.

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BlueCare Bronze 1486
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BlueCare Bronze 1483
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Florida Blue (BlueCross BlueShield FL)
BlueOptions Bronze 1419
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Florida Blue (BlueCross BlueShield FL)
BlueOptions Bronze (HSA) 1705
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Florida Blue (BlueCross BlueShield FL)
BlueOptions Bronze 1707S
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Florida Blue (BlueCross BlueShield FL)
BlueOptions Bronze 1416
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BlueCare Silver 1477
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[Mike OReilly]

Originally Posted by Dulls

I can only relate this to a cruising lifestyle. I seems that if you buy a 35 to 40 ft boat you can live run and maintain it on about 1500 quid per month. This assumes no house bills or left behind bills. Am I wrong? I dont know but this is after looking at the U tubers who are out there on limited budgets. How to Sail oceans does a good budget break down but he is living on the edge and there is only one of him. Another couple came up with about 1000 quid per month. They did not eat out much if at all and all their entertainment was at the location they were in. ie within walking distance.

We are on the boat about 1/2 of each year (outside of Covid years), and we do land things the other 1/2. In 2019 (last tax year) we spent approximately $26,000 CND each year, which currently translates to about $19,800 USD. This is what we spend because this is all we have. And by we, I mean two adults. We've been doing this since 2015.

So this translates to about $2100/month in CND or $1650 USD for two. We spend about $1050/person/month (or $825USD/person/month). Significantly more than the aspirational $500/month, but a lot less than what most here seem to think is minimally necessary.

Of course our lifestyle is also quite a bit different than most here. We almost never eat out. We don't pay for entertainment. We don't fly back home. We do almost all our own maintenance and repairs. And we also cruise in areas where costs are a lot less than more popular zones.

We have other things working for us: no property, no kids, a modest, simple sailboat, small insurance costs, no healthcare costs, probably a bunch of other factors I'm not thinking of.

Point is (and it's something I've said already), there are two ways to increase the black on your balance sheet. You can, as most people here do, build the revenue side of the equation. Or you can do as we do, and focus on the expense side. It is more than possible to live a very comfortable, but financially modest life, on a sailboat. It all comes down to lifestyle, and perhaps more importantly, what you value.

[sailorboy1]

Originally Posted by Joli

Not sure I get the hate for quoting our price from healthcare.gov?

Bronze through platinum are $2,620 to $4,700/ month plus deductible for my wife and I.

I am paying $53/mo out of pocket currently for my wife and I for an ACA Silver plan. I have no idea what the "cost" of the plan is. By meeting the federal poverty line of about $17,000/yr we get the max subsidy.

[Briggers]

Find a business that will generate you a passive income, there are more than you can imagine in the USA.
I am in the UK and have been involved in such a company since 2013, I have signed a few customers over the months which generate a regular monthly income, this will continue whether I sign another customer or not.
It pays to get paid while you sleep 😉

[Buster007]

But you can afford to go yachting?
Because the rest of us are paying for your subsidy

[Briggers]

Originally Posted by Buster007

But you can afford to go yachting?
Because the rest of us are paying for your subsidy

That is nonsense Buster, all of my customers are paying less than they did before some as much as 1800GBP per annum and my commercial customers, much more.
Most businesses in the referral market industry don’t advertise, this saves them many millions per year. Nearly all of their revenue is generated by referrals from satisfied customers. This is why you generally only hear about them from someone like me.

[Joli]

Originally Posted by sailorboy1

I am paying $53/mo out of pocket currently for my wife and I for an ACA Silver plan. I have no idea what the "cost" of the plan is. By meeting the federal poverty line of about $17,000/yr we get the max subsidy.

You're not the only cruiser we know who takes advantage of the fact that assets aren't included in the pricing of ACA policies. We know of one couple who are retired VP's from wall street big banks, they are worth millions with a large expensive boat. They too have subsidized ACA healthcare. Those are the rules, you and they are playing but the rules.

But the Afordable Car Act is anything but affordable unless someone else pays it for you.

[DeValency]

Originally Posted by Joli

Not sure I get the hate for quoting our price from healthcare.gov?

Bronze through platinum are $2,620 to $4,700/ month plus deductible for my wife and I.

Sorry - nothing aimed at you personally. Looks like something went wrong at the search etc. or you may want to go through a broker, past employer health benefits broker etc.

Past employees at my company (in Mass), pay per couple at their early 60's premium of approx. $1,400/month with max $11,000 out of pocket per year. Now, I know Florida health (sick) system is totally screwed up, but this can't explain a $56,400 annual premium per couple.

[Dulls]

Originally Posted by Mike OReilly

We are on the boat about 1/2 of each year (outside of Covid years), and we do land things the other 1/2. In 2019 (last tax year) we spent approximately $26,000 CND each year, which currently translates to about $19,800 USD. This is what we spend because this is all we have. And by we, I mean two adults. We've been doing this since 2015.

So this translates to about $2100/month in CND or $1650 USD for two. We spend about $1050/person/month (or $825USD/person/month). Significantly more than the aspirational $500/month, but a lot less than what most here seem to think is minimally necessary.

Of course our lifestyle is also quite a bit different than most here. We almost never eat out. We don't pay for entertainment. We don't fly back home. We do almost all our own maintenance and repairs. And we also cruise in areas where costs are a lot less than more popular zones.

We have other things working for us: no property, no kids, a modest, simple sailboat, small insurance costs, no healthcare costs, probably a bunch of other factors I'm not thinking of.

Point is (and it's something I've said already), there are two ways to increase the black on your balance sheet. You can, as most people here do, build the revenue side of the equation. Or you can do as we do, and focus on the expense side. It is more than possible to live a very comfortable, but financially modest life, on a sailboat. It all comes down to lifestyle, and perhaps more importantly, what you value.

Quid is a pound so our figures match. If you are cruising, the simpler the boat the better. You dont need a fridge really and if you cant row or walk there you dont do it. Lots of fun to be had in the area where you anchor. Anchoring not marinering . Dont buy a boat with a teak deck and stay away from complex rigs like mast in furling etc. You can eat very well on a budget if you cook yourself. You dont need an electric heads. We have a limited but reliable income, but I am running out of time. I think it can be quietly done for about 1500 gbp per month. You need to fix and maintain as much as you can yourself. A cheap GPS gives the same position as a flash one.