$1,000 or less per month

[Merrida]

Originally Posted by Firehawk

My mom would never let my sister or I put our car insurance on hers to get a cheaper rate even though it would save us hundreds of dollars a year. She did that to teach us responsibility and I'm glad she did.

And with that responsibility comes learning to live below your means and taking care of yourself,.....all of which costs money when mummy and daddy aren't helping out.

Nice post Fire,....you made a very good point.

My points often come either with bite marks or with a forked tongue.

You did excellent!

.

Boy I guess I have kicked up some dust here.

Merrida, I am so sorry to hear that you have those medical bills. I wish that on nobody. I pay $758 a month for health insurance plus co-payments, and I pay 100% of my own dental costs so I sort of understand your plight. I wish you better health in the future. Ditto for Firehawk.

Westside, thanks for the added information. You have moved from a 4 to a 5 in my book (on a scale of 10). But let's face it: you need those high-priced tattoos about as much as I need a 16-year old girlfriend. Tell your Mom that she should be proud of you, and always remember to obey your Mom, even as an adult.

[arbit]

Merrida And LadyC, how much savings do you think a couple would need to retire ? Say house is paid for.

[Lady C]

I don't know. It depends on where I retire. Some states are quite costly. I contribute the max to my 401K annually and drop another few hundred bucks to a local account for the unexpected costs like replacing a water heater (which we just did). I'm hoping I have $2 million come retirement time. My family genes are long.

Hi arbit,

I asked this very same question a couple of years ago to clients of mine who were retired. My clients range in their retirement income and net worth.

Their answers ranged from $3,000 to $5,000 per month, the biggest factor was whether or not they were still paying on a home loan. In the "old days", people generally did not have home loans when they were retired. They bought their homes and paid them off. This crazy refinance stuff didn't exist in those days. Now people are more likely to refinance their homes, pull out new cash and end up having bigger debt on their home that what they paid for it in many cases. And they set themselves up for debt service during their retirement years.

Some of these people in all honesty due require more than this per month, particularly if their incomes are a lot higher as their income taxes are higher.

In my earlier examples of the single man who lives on $1,000 per month and the couple who live on $2,000 a month, both of these people still work, make an income far in excess of what it costs them to live, and have absolutely no debt.

The most financially secure people I have ever met are those who are debt free.

[Merrida]

Originally Posted by arbit

Merrida And LadyC, how much savings do you think a couple would need to retire ? Say house is paid for.

I don't know either because it depends very much on the state in which you live, and how you plan to retire.

.

[arbit]

Originally Posted by Lady C

I don't know. It depends on where I retire. Some states are quite costly. I contribute the max to my 401K annually and drop another few hundred bucks to a local account for the unexpected costs like replacing a water heater (which we just did). I'm hoping I have $2 million come retirement time. My family genes are long.

Is that 2M just for you or for you & Cursor ? Lets take the state as CA

How does health insurance work after retirement ? Is there a cap on benefits (say I get heart attack, then cancer requiring expensive meds, will insurance company kick me out ?).


LadyC/Merrida/MrP/others: Where are you socking away the money for retirement ?In the stock market ? CDs ? Bonds ?

Mr P: Yes, this refinance stuff is messed. Caused in part by greed on wall street and short sightedness of the legislators/fed. People have somehow come to expect houses to appreciate in value, making them an investment, and take out HELOCs etc. In real value terms, the house value should just be constant. With house prices correcting (still a long way to go IMHO), US has slipped into recession.


Have a look at:
http://online.wsj.com/public/article..._20090327.html

"The Government of Last Resort is working with the Lender of Last Resort to shore up the housing and credit markets to avoid Great Depression II," economist Ed Yardeni wrote to clients."

[westside24]

Originally Posted by Firehawk

My mom would never let my sister or I put our car insurance on hers to get a cheaper rate even though it would save us hundreds of dollars a year. She did that to teach us responsibility and I'm glad she did.

Ditto, except it wa my stepdad. But without a credit card how did you estabilish any credit? I was told by the credit union, I should prolly get a credit card, and start building my credit up so I wont have so much conflict in the future. which luckily now I can get a home due to my good credit

[westside24]

Originally Posted by pierini

Westside, thanks for the added information. You have moved from a 4 to a 5 in my book (on a scale of 10). But let's face it: you need those high-priced tattoos about as much as I need a 16-year old girlfriend. Tell your Mom that she should be proud of you, and always remember to obey your Mom, even as an adult.

haha, no youre ight about. definately didnt need tattoo. thats wy I agreed partly earlier. I was definately immature then, and Im not exactly grown completely yet either.... "Im not a girl not yet a woman" <--Brittney spears

[Firehawk]

Originally Posted by westside24

Ditto, except it wa my stepdad. But without a credit card how did you estabilish any credit? I was told by the credit union, I should prolly get a credit card, and start building my credit up so I wont have so much conflict in the future. which luckily now I can get a home due to my good credit

I owned a couple cars and had loans that I paid off on them. I also bought a house without having owned a credit card in 2004. I want to say the interest rate at the time was 5.9 or something, it was very low, can't remember exactly right now what I have. But it's a 30 year fixed.

So that is how I was able to establish some credit.

[westside24]

but how did you get that first loan without any previous credit.

Im gonna guess co-signer... Not me. Ive had absolutely no help, and have been on my own since i was 15. the day I turned 15 my mom took me to wendys to fill out an app. and I was hired couple days later. had to buy my lunch and buy everything else I needed all through h.s. and for the rest of my life. Im actually happy it happened out that way. I see my sisters who have gotten all the help you could ask for, and they suck at life. ha.

[Lady C]

Originally Posted by arbit

Is that 2M just for you or for you & Cursor ? Lets take the state as CA

All For ME! Cursor is on his own!! We don't plan on staying in CA for retirement if the costs stay high. It simply does not make sense.

Originally Posted by arbit

Is How does health insurance work after retirement ? Is there a cap on benefits (say I get heart attack, then cancer requiring expensive meds, will insurance company kick me out ?).

Anything can change. It depends on your insurance but usually there is a cap.

Originally Posted by arbit

Is LadyC/Merrida/MrP/others: Where are you socking away the money for retirement ?In the stock market ? CDs ? Bonds ?

401K is a blend of stocks, bonds and some cash. I manage my own funds not someone else.

[Firehawk]

Originally Posted by westside24

but how did you get that first loan without any previous credit.

Im gonna guess co-signer... Not me. Ive had absolutely no help, and have been on my own since i was 15. the day I turned 15 my mom took me to wendys to fill out an app. and I was hired couple days later. had to buy my lunch and buy everything else I needed all through h.s. and for the rest of my life. Im actually happy it happened out that way. I see my sisters who have gotten all the help you could ask for, and they suck at life. ha.

I think I paid cash for my first car which was 500 bucks, then I had insurance payments to make which I believe helps (when you make all payments on time). I think the first time I took out a car loan I had saved enough for like 50% so the bank gave me the loan...and it was through a credit union. But I do not think I had to have a co-signer, but I can't remember for sure now. That was 13 years ago (Oh my Gosh where does the time go)?

[luke.w]

Originally Posted by Maxgain

I dont eat out I prepare all my meals.

I wonder Pierini if your client eats 6 meals a day? Ensures he only eats good food even if it means paying extra?
Takes in over 3500cals in high quality protein carbs fats and veggies.
Does he get regular check ups knows his health status, that he has no risk factors that would have God laughing at his squirrel lifestyle?

I could act live on $1000 a month but whats the point Im not having my life or health a mess so I can say I save well. No point in being able to afford the best plot in the cemetery I say.

sorry max but thats B.S., and I'm not saying one needs to live on oodles of noodles eithier!!!!

(not saying this guy eats healthy, but you don't need to eat like a bodybuilder for health, just need to eat healthy foods, and not much meat is neccessary) took me a long time to realize this one.

even if one weight trains they don't really need that eating.

as for weight training that has really enhanced my ability to work more, I've been working labor since I was 8-10years old, started full-time at 14
never worked an 8hour day, always 9-10hours.

I gotta say at first it did damage me, but through weight training I've built myself up, I've been doing lots of side jobs (not for pay, but so I can not pay someone else), compared to when I was 20 it's so much better, I out lasted some guys (my inlaws) bigger (more leverage) on moving jobs and one was younger than me, I don't need food breaks eithier, as long as I keep busy.
my 80 year old grandfather still works labor, eats a small lunch, with fruit, eats an apple on the drive home, thats it, all day until dinner, he's 200#, only differance with him is he never believed in exersiceing (for himself).

I eat fruit to ensure my health, amazing what just ONE apple can do for hours (3hours)!!!

[LiftGirl]

Originally Posted by arbit

How does health insurance work after retirement ? Is there a cap on benefits (say I get heart attack, then cancer requiring expensive meds, will insurance company kick me out ?).

Medicare, and I don't believe it has a cap. Most people buy insurance to supplement Medicare as well, but I don't think Medicare itself has a cap.