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Age and Net Worth of People You Know Who Retired

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Age and Net Worth of People You Know Who Retired

Old 10-30-2019, 07:28 PM
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Originally Posted by crazybeard View Post


he who dies with the most debt wins...
no doubt I have tons of that
Old 10-30-2019, 07:31 PM
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I am 60 and could retire now and draw a pension of about half my current salary, however I've been taking a pre-tax deduction of about 20% of my salary and putting it into an IRA since I turned 50 so I'd net about 70% of what I currently take home if I pulled the plug immediately. OTOH, if I wait 4 or 5 years the pension would be over 80% of current take home and if I qualified for medicare I'd have substantially lower health care premiums.

I have enough net worth to retire between mine and my wife's IRA's and some investments we hold but it is one of those decisions where there's no putting the cork back in the bottle. If I retire, there's zero chance of me working for my current employer again with their great benefits and good salary. So I'm sticking with my plan which is to retire at 64 or 65.
Old 10-30-2019, 07:32 PM
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Originally Posted by TheBigWhit View Post
Richest guy i know is this creepy old dude that walks around the neighborhood in a Speedo and a bourbon in hand. Day or night, rain or shine, creepy old
rich dude cruising around in his gold foil Speedo. They call him SnappaHed or something.
Does he wear matching gold sequined jacket from time to time?
Old 10-30-2019, 07:55 PM
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Originally Posted by Barefoot View Post
I eat real Kraft dinner whenever I want, and have a K car in my driveway.
Bragger!
Old 10-30-2019, 07:59 PM
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Originally Posted by Barefoot View Post
I eat real Kraft dinner whenever I want, and have a K car in my driveway.
Your nick should be Barenaked instead of Barefoot.
Old 10-30-2019, 08:14 PM
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Originally Posted by SeaPro48 View Post
Does he wear matching gold sequined jacket from time to time?
Ahhh, you've seen him too!
Old 10-30-2019, 08:32 PM
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Buddy of mine retired at 45, 25 yo as a corrections officer. Caught a major financial real-estate breaks right before the big downturn (net was mid 6 figures for him). Six years later he bought a few high end, ocean view apartments for peanuts in 2009. Paid 275k for one he sold for 650k last year (he put zero dollars in it and collected rent for 9 years. He does have a pension. When I make fun of him for not working he’s quick to point out while I was working in an office he was dealing with murders and knocking gangbangers teeth out.

He lives modest. Drives accord lives block from water in a small 2 bedroom condo he paid 240k for. He travels when it’s cheap or last min. He’s a good guy and donates his time when asked. He does some private security work for a party company in the winters. A few times he’s been to private Parties where he makes sure people don’t go on the boat or in the garage at expensive homes. He has a ton of work lined up for the Super Bowl this year in Miami.
Old 10-30-2019, 09:23 PM
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Originally Posted by TheBigWhit View Post
Richest guy i know is this creepy old dude that walks around the neighborhood in a Speedo and a bourbon in hand. Day or night, rain or shine, creepy old
rich dude cruising around in his gold foil Speedo. They call him SnappaHed or something.
SnappaHed don't walk - he has someone on his payroll to do that FOR him.

Regards,
Old 10-31-2019, 01:15 AM
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Originally Posted by rbhankins001 View Post
one of my fraternity brothers retired in his mid 30's

he inherited somewhere between 120-180M (possibly more none of us now for sure and don't ask)

Dad died, then like a month later his Mom died, they were pretty well off folks.

OTOH

I had a friend and client, early 60's, who was making $80M a year (he had 3 brand new jets, and I mean brand new) and told me he would retire when he got to $100M a year

couple weeks later he dropped dead with no warning, he was a super good guy, he was about to gift me 2.1 million miles as he would never fly commercial again

just food for thought
Thought that was going to be $$$ instead of miles, but I guess those miles would have come in handy back and fourth to AK. Unfortunate for you, but more so for him!!!!
Old 10-31-2019, 03:16 AM
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I retired at 50
I aint worth sht
Old 10-31-2019, 03:28 AM
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A very close friend of mine was a VERY successful electrical contractor and sold out about 12 years ago. Although its none of my business and would never ask him, but I am sure he's worth between 5 and 10 million. He can swing it with the hoo-ha's or get down in the dirt with anyone of us.

Myself, I retired almost 1 year ago. I have no more investments by choice so I really don't have to worry about the market any longer (never trusted it). I had the choice to take a buyout from my pension plan (over $400K) or take the pension (I took the pension). With SS and pension we're very comfortable in our little lifestyle. No debt, we have our "Glamper" (camper), my fishing boat that I bought new this year , and our house is OUR house.

I'm kind of thankful we don't have gobs of money because at some point and time my wife will likely end up in a nursing home and we don't have LOTS of money for them to take away from us. I can live on a lower income if and when this happens,

Last edited by Walleye Guy; 10-31-2019 at 03:45 AM.
Old 10-31-2019, 03:47 AM
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Best thing is to not worry so much about money, live your life and have some fun while you're here on earth. Seen way to many folks worry about what kind of retirement they were gonna have, retire, then pass away within a year.
Old 10-31-2019, 03:51 AM
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Retired at age 56. some 14 years ago. I believe having regular income (our pensions - from fully funded plans - and SS payments) is a more important measure than net worth.
Old 10-31-2019, 05:27 AM
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Originally Posted by FatCat1 View Post
Best thing is to not worry so much about money, live your life and have some fun while you're here on earth. Seen way to many folks worry about what kind of retirement they were gonna have, retire, then pass away within a year.
and then their others that live until they’re 90 and have no money and depend on others. Life is about balance,I have live my life but also lived below my means. I plan on retiring next year at 51 and don’t plan on my life style changing much.
Old 10-31-2019, 05:49 AM
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My buddies stepfather(good cheap man):
Never earned more than $60k-sales man
Saved 10% of every thing he took home-$260 k
Built vacation home in Hatteras 1983-$6k year rental income after all the fees, insurance and repairs
Sold house in Hatteras at age 65-$300k
Retired as a part time crabber in Chesapeake-$5k year
At age 60 , 2006, fully retired-net worth $500k plus owned home in Lancaster County, PA.

Never looked back, lived low. He and his wife could pull off 8 weeks in Florida every winter for less than $6k
SS. pays every bill they have, spends less than $1,500 a month on goodies.

Splits time between beautiful trailer park( really well maintained, no riff raff!) on the Chessy and Lancaster home 10 months year, and Florida 2 months for the past 13 years.

He told my buddy and I,
If you can't retire at age 60, You either live too large and spend too much, or did bad job planning.

He was smarter than me.
Old 10-31-2019, 05:53 AM
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Originally Posted by FatCat1 View Post
Best thing is to not worry so much about money, live your life and have some fun while you're here on earth. Seen way to many folks worry about what kind of retirement they were gonna have, retire, then pass away within a year.

really.......... ;?

Life Insurance Companies are some of the most profitable gigs in the matrix. They didn't get this way from the scenario you project.

Most folks who have this view are most likely a long way off from financial independence.
Old 10-31-2019, 06:43 AM
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Originally Posted by aubv View Post

Are you simply trying to gauge your net worth(projected?) to others at retirement?


Someone might have a house worth $750,000 and $500,000 in the bank, for total net worth of $1,250,000.
Someone else might have a house worth $100,000 and $1,150,000 in the bank, for a total net worth of $1,250,000.
Without that detail, how does net worth, as a measure, have any value?
I would never include my primary residence/cars etc. no matter their residual value. Seems these are necessities. To me net worth is fairly liquid investments. I don't often calculate net worth but when I do I even greatly discount PE positions.
Old 10-31-2019, 06:55 AM
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Originally Posted by TheBigWhit View Post

In New Yorker speak thats a ninth floor walk up and a Sunfish...
Don't be jealous Twit! You and your raw bar "dates" will be just fine living out your golden years..
Old 10-31-2019, 06:58 AM
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Originally Posted by TheBigWhit View Post
Richest guy i know is this creepy old dude that walks around the neighborhood in a Speedo and a bourbon in hand. Day or night, rain or shine, creepy old
rich dude cruising around in his gold foil Speedo. They call him SnappaHed or something.
Surprised yourself in the mirror again Twit?
Old 10-31-2019, 07:15 AM
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Originally Posted by joe.giuliano View Post
I would never include my primary residence/cars etc. no matter their residual value. Seems these are necessities. To me net worth is fairly liquid investments. I don't often calculate net worth but when I do I even greatly discount PE positions.
I am not in disagreement, in fact think the same way. However, most people include a primary residence as part of their net worth.

As evidenced by at least one post here and reverse mortgage ads on TV, etc, some think it spends just like cash. Certainly downsizing could make part of the asset value available. It is also part of the reason I don't understand the "no mortgage" in retirement thought process, with current interest rates.

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