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How to Retire in Your 30s With $1 Million in the Bank

Panina

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Ok for those of you that retired early...

(1)How old were you retired?

51

(2)What unforeseen financial dilemmas did you experience once you quit?

None

(3)For your personal situation, what percentage of pre-retirement income do you need to maintain or live a slightly improved life style?

Never figured it out, just asked myself do I have enough to pay for what I need and want. Always thought if I can’t manage I will go back to work.

(4)Since this is a timeshare site: What % of your retirement income are you spending on MF’s and considering timeshare MF’s can double every 15 years, at what % of income would you start reducing holdings to lower MF’s

Retirement income is a moving number, pension is fixed but investment return isn’t. When My mfs come due and I say I can’t afford this I will reduce my holdings.

(5)How many of you work part time as a means to have some form of employer subsidized health insurer.

Not me, just pay private which is higher then my timeshare mfs and I own a lot of timeshares. :ponder:

(6)What’s your plan with timeshares you own if you lose your spouse. If your single, what is timesharing like as a single person?

Been there :(, I had to get rid of the timeshares I went to because it hurt too much. 10 years later still can’t go to those resorts. I kept my trading ones and made girlfriends to travel with. My current hubby wasn’t a timeshare person and looked down at it at first. Now loves them. I actually own more with him.
 

WinniWoman

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I would be out the exit very fast.

If I don't need the money, then I can volunteer. I would join Red Cross and be one of those people serving meals or settling people into shelters. When I don't need the pay, "work" can be defined however I want.

I don't consider "what to do with the money" as a problem. I know how to invest and all along the numbers have become bigger. Banks would hold only up to FDIC (probably 3 different banks). And I would finally have time and the need to have a trust constructed.

Heck- I would have been out with 2 million. LOL! But I am out now with less than that! Ha! ha!
 
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Fredflintstone

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Frankly, I love the United States and Americans. Even though I am Canadian, I do have wonderful, god fearing American family many of whom are farmers in Nebraska.

I too have invested over the years. I focused on the Income and let bank professionals deal with the investments. As my net worth gradually built like a tortoise, the bank did better and better as they knew without performance my business goes elsewhere.

I know the issue of Health Care is a thorny issue with Americans as many of my relatives there say why should we pay someone else’s bills? However, health care affects everyone and the person saying why should I pay someone else’s bills may be the very same person worrying that if they get sick, they become broke and wiped out. To me, again understanding the Canadian lens being we help others, health care for everyone IS a fundamental right and should not break those to receive.

Maybe one day Americans will explore Universal healthcare and accept a 10 percent increase in taxes so that they can help each other out so no one ever has to worry about going broke just to get better.

When one is a senior who has worked and saved hard all their life, the last thing on their minds should be how to pay health care if they become ill. This should frankly apply to anyone at any age. Caring for each other is the thrust of any kind, just, healthy society.

Don’t get me wrong. I firmly believe in competition and capitalism. Those that work hard and be smart deserve to be rich. However, health care is one thing rich or poor that should be universal.

Oh, I should add I will retire wealthy and will never need to worry about health care. That allows me to plan many vacations without thinking what I will do if my health fails.


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WinniWoman

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Frankly, I love the United States and Americans. Even though I am Canadian, I do have wonderful, god fearing American family many of whom are farmers in Nebraska.

I too have invested over the years. I focused on the Income and let bank professionals deal with the investments. As my net worth gradually built like a tortoise, the bank did better and better as they knew without performance my business goes elsewhere.

I know the issue of Health Care is a thorny issue with Americans as many of my relatives there say why should we pay someone else’s bills? However, health care affects everyone and the person saying why should I pay someone else’s bills may be the very same person worrying that if they get sick, they become broke and wiped out. To me, again understanding the Canadian lens being we help others, health care for everyone IS a fundamental right and should not break those to receive.

Maybe one day Americans will explore Universal healthcare and accept a 10 percent increase in taxes so that they can help each other out so no one ever has to worry about going broke just to get better.

When one is a senior who has worked and saved hard all their life, the last thing on their minds should be how to pay health care if they become ill. This should frankly apply to anyone at any age. Caring for each other is the thrust of any kind, just, healthy society.

Don’t get me wrong. I firmly believe in competition and capitalism. Those that work hard and be smart deserve to be rich. However, health care is one thing rich or poor that should be universal.

Oh, I should add I will retire wealthy and will never need to worry about health care. That allows me to plan many vacations without thinking what I will do if my health fails.


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I am assuming the system works for you and the other Canadians you know? We in the states hear so much conflicting information about the Canadian Healthcare system. Things like- Canadians come to the states for some surgeries; long waiting lists for various procedures, etc. The tax thing doesn't bother me because i assume it takes the place of the outrageous premiums we would pay instead.
 

Fredflintstone

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I am assuming the system works for you and the other Canadians you know? We in the states hear so much conflicting information about the Canadian Healthcare system. Things like- Canadians come to the states for some surgeries; long waiting lists for various procedures, etc. The tax thing doesn't bother me because i assume it takes the place of the outrageous premiums we would pay instead.

Yes, the system works well. There are waiting lists for elective items but life threatening items are dealt with right away. If you are sick, you are taken care of immediately. Medications are very affordable. The only thing I find expensive is dental.

If you need long term care, it is fully covered. If you want luxury though like gourmet meals etc., you need to pay for that.

Also, home care for seniors is included if needed.

No, Canadian Health care is excellent. When my dad had a heart attack he received wonderful care and it was all covered.

I might add my Cousin in Nebraska also suffered a heart attack and was out of pocket 80 k. He did receive excellent care though. Dad was out of pocket zero.

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Fredflintstone

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I should add my cousin here had a rare form of brain aneurism that could not be dealt with here. So, the health care system here flew my cousin via air ambulance to Portland Oregon where she received surgery that same evening. 4 days later she was flown back home and was in hospital here for a week. Again, all covered.


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bluehende

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Ok for those of you that retired early...

(1)How old were you retired?
(2)What unforeseen financial dilemmas did you experience once you quit?
(3)For your personal situation, what percentage of pre-retirement income do you need to maintain or live a slightly improved life style?
(4)Since this is a timeshare site: What % of your retirement income are you spending on MF’s and considering timeshare MF’s can double every 15 years, at what % of income would you start reducing holdings to lower MF’s
(5)How many of you work part time as a means to have some form of employer subsidized health insurer.
(6)What’s your plan with timeshares you own if you lose your spouse. If your single, what is timesharing like as a single person?


51 also

not a dilema but a surprise was my company moving me to a group insured as pre medicare retirees thus almost doubling my expected health care cost. Also it was 2007 and we all know what happened in 2008. There were a few moments when I was a bit worried l but it came back and sound financial planning allowed me to reap the rewards.

I have never figured what percentage of my income was needed, but that would be subjective and personal.

timeshare fees are pretty small as I have two that have low maintenance fees. My rentals cost me much more.

I never considered working again, but in 2009 it looked like I may have had to.

I am lucky enough to have my spouse with me so the last does not apply. I would hope that I could find a way to enjoy them if the worst happened.
 

Fredflintstone

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Sadly no
From what I understand, there are millions of Americans without health insurance. In Canada, health insurance is universal and included for all citizens. It is provincial based so benefits depend on which province you live in.

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DancingWaters

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1. 62

2. Deceased in laws house being on the market for a year and us footing the bill to maintain

3. I’m not much of a math person, but if we need to we can dip into saved funds

4. Too much

5. Health insurance covered by husbands former employee for a $400 a month

6. If I lose my spouse, I don’t know. Too many other things I would have to unload first Depends how young
 

am1

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Sadly no
From what I understand, there are millions of Americans without health insurance. In Canada, health insurance is universal and included for all citizens. It is provincial based so benefits depend on which province you live in.

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Included for all residents and refugees.
 

am1

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I would be out the exit very fast.

If I don't need the money, then I can volunteer. I would join Red Cross and be one of those people serving meals or settling people into shelters. When I don't need the pay, "work" can be defined however I want.

I don't consider "what to do with the money" as a problem. I know how to invest and all along the numbers have become bigger. Banks would hold only up to FDIC (probably 3 different banks). And I would finally have time and the need to have a trust constructed.

I like what I do (mostly). I have bigger goals then just surviving. I have young kids where I need to show them hard work and things can get expensive real fast. I do not want to miss the boat like so many have before me and so many will continue to. The cost of living is going up.

I mostly invest in physical assets. Stocks are just a place to hold money until the next purchase. Stock prices are very easily manipulated and I would prefer not to have my life subjected to that. I believe in economies of scale for my investments but also need to consider not being spread too thin.
 

baf99

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Ok for those of you that retired early...
(1)How old were you retired? 61

(2)What unforeseen financial dilemmas did you experience once you quit? None, but I'm only one year in (the end of this month). I'm sure something will eventually occur...

(3)For your personal situation, what percentage of pre-retirement income do you need to maintain or live a slightly improved life style? I was living on 75% of my income and putting the rest in retirement savings. I planned my finances so that using pension, social security, and savings I could start with 75% of my pre-retirement income in retirement and give myself a 3.5% raise to adjust for inflation every year. When my spreadsheet said I was OK until at least age 95 I retired.

(4)Since this is a timeshare site: What % of your retirement income are you spending on MF’s and considering timeshare MF’s can double every 15 years, at what % of income would you start reducing holdings to lower MF’s I only have one timeshare right now and its MF is at 1.5% of my income right now but I am thinking of adding more for additional retirement travel. I haven't really thought about the maximum that way, but I will probably reassess every year or two to see if my inflation adjustment plan mentioned above is working out and may eliminate some timeshares if it isn't...

(5)How many of you work part time as a means to have some form of employer subsidized health insurer. I do not, nor do I expect to have to work for this reason (I may some day choose to have a fun or volunteer job). I am fortunate that my employer has a retiree plan that I am part of. I do have to pay for it but it is much less than the exchanges. They even have a post 65 plan that seems better than many of the Medicare supplement plans and includes prescriptions. Did I say LUCKY!

(6)What’s your plan with timeshares you own if you lose your spouse. If your single, what is timesharing like as a single person? I am single and for the next several years I plan to do a lot of traveling. I don't mind traveling alone. I will sometimes have family or friends join me when they are available, but I am OK with my own company. During my previous 1 week stays I haven't really spent much time at the resorts except to sleep but with my planned slower pace that may change. I chat with people I encounter on hikes or at the beach and I sometimes take tours. Hmm... I wonder if I could get a cheap wedding ring and say "I'm here without husband" to avoid sales presentations...
 
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WinniWoman

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I should add my cousin here had a rare form of brain aneurism that could not be dealt with here. So, the health care system here flew my cousin via air ambulance to Portland Oregon where she received surgery that same evening. 4 days later she was flown back home and was in hospital here for a week. Again, all covered.


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Wow. Forget retiring in New Hampshire. I need to convince my husband to move just over the border! But then again, the cost of housing in Canada I hear is outrageous. Maybe wrong about that?
 

joestein

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My wife and I are 48 years old. Our twin daughters are sophomores in high school. So they will start college when we are 51 and my daughter wants to go to dental school (If she ever gets the grades). That means potentially 8 years of schools. I hope to pay the vast majority of the costs.

So I guess at 58 years old we will have to decide if we have enough to retire. I am worried about health care if we are not yet eligible for Medicare. That concerns me more than income.
 

PigsDad

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My wife and I are 48 years old. Our twin daughters are sophomores in high school. So they will start college when we are 51 and my daughter wants to go to dental school (If she ever gets the grades). That means potentially 8 years of schools. I hope to pay the vast majority of the costs.

So I guess at 58 years old we will have to decide if we have enough to retire. I am worried about health care if we are not yet eligible for Medicare. That concerns me more than income.
Yeah, we're waiting to retire until our daughter is out of school as well. Since we were 35 when she was born, we will be about 57 when she will have her bachelor's degree. We want to wait until we know for sure what school she will be attending before we make our plans on when we will retire. Her front-running schools are UPenn and Carnegie Mellon, so the ~$70K/year price tag of those will definitely impact our plans! :eek:

Kurt
 

rapmarks

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We retired at 55, my son was in grad school and my daughter was in college for quite awhile afterwards
 

VacationForever

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Regarding supporting children, my son who has autism spectrum disorder is back in university pursuing his second bachelor's degree. I have been using 2 X gifting limit amount, using both my husband's and my limit, since he graduated with his first degree which was about 7 years ago. Now I am back to paying for his second degree + gifting and I hope that I can get out from under this financial obligation when he can get a job with his second degree in the next 18 months. My life is complicated.
 
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am1

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Regarding supporting children, my son who has autism spectrum disorder is back in university pursuing his second bachelor's degree. I have been using 2 X gifting limit amount, using both my and my husband's limit, since he graduated with his first degree which was about 7 years ago. Now I am back to paying for his second degree + gifting and I hope that I can get out from under this financial obligation when he can get a job with his second degree in the next 18 months. My life is complicated.

That is great of you. Things can happen to anyone of our children or ourselves. Even with regular health care covered, there could be new procedures or drugs that can only be had for cash. 50-60 years is a long time to try to time ones savings.
 

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You don’t need nearly that much to stop working and be comfortable.

I retired early and never looked back. I now choose to do what I want to do as work. I might not get paid but I still keep very busy from helping others to trying to write a book I have wanted to for years.

My sister hints at me as being lazy as I don’t have a paying job. She says she works and everyone should at our age even though she can afford not to work.

I say everyone should do what is best for them. Each of us have different needs and that is ok.

Outstanding, live your life your way!! My sister is unlike me, also, yet believing her beliefs are universal truths that I go against. What a treat to be an adult that can live as I wish. People that think everyone should work as long as possible are free to do that themselves and keep their judgments to themselves.

no, I don't even need a million saved to retire. I am open to working low wage "fun jobs" to continue to feed the Roth, but mostly, to get discounts. I am eyeing JoAnn Fabrics (I am getting "crafty") and Starbucks. I have no desire to work the hard job that pays well any longer than I have to because it takes too much out of me. And the clock.

Indeed, all are free to arrange their lives as they wish. Ok by me, I am in favor of happy people.
 

Fredflintstone

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Wow. Forget retiring in New Hampshire. I need to convince my husband to move just over the border! But then again, the cost of housing in Canada I hear is outrageous. Maybe wrong about that?

House prices do vary. Yes, if you buy in Toronto or Vancouver you will pay dear. But many other places you can buy a house for 150 k.

One comment is refugees get health care and that is true. In my opinion I see that as a stupid government decision. However saying that, every government in the world does stupid things at times. I would rather have universal health care with some stupid aspects than no health care at all or very expensive health care.

The fact is as we get older that’s when we need health care the most. And....that’s the time when worrying about the cost should not happen. No one should worry about going broke if they get sick.

Just my 2 cents.


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I expect to "retire early" at 59.5 on April 1, 2025.

Unforeseen $ issues will likely be stupid crap with the house. I expect to have at least $20k in bank earmarked for house stuff, aside from normal emergency savings.

I won't bother identifying % of ending salary, I am instead going the income vs expense route with dividends. In one portfolio, I am about to $1k/month, that should easily cover utilities + groceries + fuel. I continue to let it ride, so in 7 years that could more than double. The div raises have been substantial this year.

Note that I will retire immediately at such time as my dividends across all portfolios exceed paycheck. Don't need any major math for that. I've proven the ability to get by just fine on 40% income while I have a mortgage, so I'm not too queasy about any of it. Strange trial run I'm doing right now!!

If it so happens that I can suffer the 10% penalty in stride, I'll bail out before age 59.5. There are other ways to tap retirement plans, like taking "substantially equal distributions" for at least 5 years. If I catch wind of that rule ending, I might quickly elect it. I otherwise don't like locking myself into anything. My thinking on this has changed greatly since I got sick. It turns out that I want out of the workforce more than I want money. Living simply isn't hard for me and I have proven it again.
 

Steve Fatula

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Ok for those of you that retired early...

(1)How old were you retired?

58

(2)What unforeseen financial dilemmas did you experience once you quit?

None

(3)For your personal situation, what percentage of pre-retirement income do you need to maintain or live a slightly improved life style?

100%, but see below. I understand the intent of the question. It's kind of misleading though as I was sort of working volunteer. I.e., paid, but very very low to help someone. Because of this, I am answering as if the question was how much of my pre retirement living expenses will I need. I will have well over 100%.

(4)Since this is a timeshare site: What % of your retirement income are you spending on MF’s and considering timeshare MF’s can double every 15years, at what % of income would you start reducing holdings to lower MF’s

Well, this is a toughie. Investment divideds pay my MFs. I have a special account for that, and I don't need that money for anything. So, it's treated by me as if I don't have any MFs. But if you count the typical way, I suppose you could say it was 9%. But really, not a concern. It is almost certain I can continue to do this indefinitely.

(5)How many of you work part time as a means to have some form of employer subsidized health insurer.

Why would I do that and pay more? No chance of me working. Not a concern at all.

(6)What’s your plan with timeshares you own if you lose your spouse. If your single, what is timesharing like as a single person?

I believe I would still travel. Perhaps with friends or family, perhaps not. Hard to predict. If DW lost me, she would liquidate and not travel.
 

bizaro86

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Wow. Forget retiring in New Hampshire. I need to convince my husband to move just over the border! But then again, the cost of housing in Canada I hear is outrageous. Maybe wrong about that?

It varies dramatically by area. In the big expensive cities (Toronto, Vancouver) a pretty regular house would be well over a million dollars.

The average house price where I live, Calgary, is $430k Canadian, or about $330k USD. It's a decent sized city, a bit over a million people. We have a symphony, an NHL team, multiple direct flights to Europe/Asia, world class zoo, etc, so while the opportunities arent the same as a bigger place, it isn't a rural area either.

If you were willing to go smaller centre's, I would expect 150-200k CAD to be doable.

Healthcare is pretty good here. My son has had two trips to the emergency room (one for stitches close to his eye, and a small break in his arm for a fall). Never waited more than 10 minutes in either case. My mom had leukemia treatments completely covered a few decades ago.

Things that can have longer wait times are knee/hip replacement, or non-acute imaging. If you have hard-to-diagnose back pain, you could wait months for an MRI. If you have a serious disease and need one you'll get it right away.

The things with longer waits tend to be what people pay privately for, ie, $800 privately for an MRI. Extremely wealthy people tend to go to the US for world class care at places like the Mayo Clinic. My general impression is that everyone in Canada gets good medical care, whereas in the US it ranges from great to not attainable, so there is more variance.

Dental, prescriptions, vision, massage therapy type services are not covered. We have an optional self-paid plan through my wife's job that cover that stuff, it's about $200 CAD per month for a family of 4. Drug costs are govt paid for >65.
 

Fredflintstone

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It varies dramatically by area. In the big expensive cities (Toronto, Vancouver) a pretty regular house would be well over a million dollars.

The average house price where I live, Calgary, is $430k Canadian, or about $330k USD. It's a decent sized city, a bit over a million people. We have a symphony, an NHL team, multiple direct flights to Europe/Asia, world class zoo, etc, so while the opportunities arent the same as a bigger place, it isn't a rural area either.

If you were willing to go smaller centre's, I would expect 150-200k CAD to be doable.

Healthcare is pretty good here. My son has had two trips to the emergency room (one for stitches close to his eye, and a small break in his arm for a fall). Never waited more than 10 minutes in either case. My mom had leukemia treatments completely covered a few decades ago.

Things that can have longer wait times are knee/hip replacement, or non-acute imaging. If you have hard-to-diagnose back pain, you could wait months for an MRI. If you have a serious disease and need one you'll get it right away.

The things with longer waits tend to be what people pay privately for, ie, $800 privately for an MRI. Extremely wealthy people tend to go to the US for world class care at places like the Mayo Clinic. My general impression is that everyone in Canada gets good medical care, whereas in the US it ranges from great to not attainable, so there is more variance.

Dental, prescriptions, vision, massage therapy type services are not covered. We have an optional self-paid plan through my wife's job that cover that stuff, it's about $200 CAD per month for a family of 4. Drug costs are govt paid for >65.

One thing I like in Canada is if you get very sick like cancer your treatments are fully covered AND you still have health care for no cost. My uncle in Nebraska got Cancer in Nebraska and was covered on his private plan that cost him at the time 1500 a month. He called it COBRA? Anyway, afterwards they jacked up his insurance to 8 K a month forcing him to cancel. So, if he needs any more treatment he will need to sell his farm and use money in the bank to pay. That is sad.

As for an MRI you will get one immediately if it’s life threatening. If not, there is a waiting list. The fellow above is quite right.

I also have private blue cross which costs me 105 a month CDN. That covers my eye exam, glasses and most my dental. However, having type 2 diabetes, I do get more eye checkups free.

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