What’s your retirement number?

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The good news is that you're already there.
You could be totally right, or way off base, depending on your details. If you are right, then I would agree with you. If you are wrong, then you've wasted our time. So I will leave your rumination where you placed it.
 
You could be totally right, or way off base, depending on your details. If you are right, then I would agree with you. If you are wrong, then you've wasted our time. So I will leave your rumination where you placed it.
All these various forums, and having an online presence in general, is pretty much a waste of time anyway.
 
All these various forums, and having an online presence in general, is pretty much a waste of time anyway.
It's true. This is the only real social media I have other than music related stuff that someone else runs. Even so I try to avoid fruitless time-suck discussions that I don't have a ton of interest in. No offense intended.
 
For child support yes. Not sure about alimony, alimony is much less a thing here in TX. I think it's something that's pre-negotiated.

But child support is on going until 18
You forgot to mention if the child enrolls in college then child support remains in force and the father will be responsible for at least 1/3 of the college expenses.

It does not end at 18 these days.................

A good friend of mine had all of his kids except one living with him and paying child support just like RSM and the wife was using the money as income for herself and not on the kids. He always had to buy clothes and shoes every year because she told the kids their dad wasn't paying the child support. He even had to show the kids the cancelled checks..................
 
Great place to be!

Its almost as good as "fuck you" money...
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I've often wondered if we did split, WTH would she do? ?‍♂️
She would take you to divorce court and if you have been married ten years or more she will start with taking half your 401K, Pension, savings, maybe get the house and the cars and if they are not paid for yet you might still have the pay the mortgage and car payments if she does not want to work or cannot show the court she can support herself and you must provide the life she has become accustomed to.

Depending on the state if you have been married less than ten years, works and can support herself with no children then she is entitled to half the equity in the marital house, joint savings, maybe your 401K/Pension and if your soon to be ex-wife is nice she won't run up the credit cards and withdraw all your money from your bank accounts while you are at work.

I had an amicable divorce with my ex-wife and the judge stopped the divorce proceeding and asked her if the divorce agreement was acceptable to her even though I gave her everything she was entitled to BY LAW, it could have changed if she had answered the judge no.

The judge did not care that my wife's bad behavior and infidelity was the reason for the divorce that we both agreed upon since she wanted out and I no longer wanted to be married to her..... in divorce court she was the victim and I was the bad guy and the judge would rule accordingly. Fortunately she answered yes and we both went on our merry way......

One year later I received the phone call with tears and all saying what a mistake she had made and how sorry she was........I accepted her apology and told her you made your own bed time to lay in it............................And I never received another phone call:2thumbsup:

You never truly know your wife until you begin divorce proceedings.............Don't believe me? Get divorced.....
 
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She would take you to divorce court and if you have been married ten years or more she will start with taking half your 401K, Pension, savings, maybe get the house and the cars and if they are not paid for yet you might still have the pay the mortgage and car payments if she does not want to work or cannot show the court she can support herself and you must provide the life she has become accustomed to.

Depending on the state if you have been married less than ten years, works and can support herself with no children then she is entitled to half the equity in the marital house, joint savings, maybe your 401K/Pension and if your soon to be ex-wife is nice she won't run up the credit cards and withdraw all your money from your bank accounts while you are at work.

I had an amicable divorce with my ex-wife and the judge stopped the divorce proceeding and asked her if the divorce agreement was acceptable to her even though I gave her everything she was entitled to BY LAW, it could have changed if she had answered the judge no.

The judge did not care that my wife's bad behavior and infidelity was the reason for the divorce that we both agreed upon since she wanted out and I no longer wanted to be married to her..... in divorce court she was the victim and I was the bad guy and the judge would rule accordingly. Fortunately she answered yes and we both went on our merry way......

One year later I received the phone call with tears and all saying what a mistake she had made and how sorry she was........I accepted her apology and told her you made your own bed time to lie in it............................And I never received another phone call:2thumbsup:

You never truly know your wife until you begin divorce proceedings.............Don't believe me? Get divorced.....

I've been divorced, I'm on my second wife :thumbsup:

Yeah my first wife was a cheater, the courts don't care, or want to even hear about it ?‍♀️ Which is fucking ridiculous because that's breach of contract IMHO.

But anyway, back to what I was talking about I wonder what she would do? What I'm saying is after she get's her half. What would she do for work? She would be way behind in work history, basically starting back at a lower level. Would be hard.
 
I'm retired from my main job but looking for another one. I've tasted the 'retirement life' and honestly, it is pretty boring. :LOL:

I mean we did some cruises and some travel and its fun to lay around and not have to deal with work issues, but it gets old fast. If I HAD to, we would be OK living off my pension/401 but I'll work for another 5 years or so. Or at least until I'm 59.5
 
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I've been divorced, I'm on my second wife :thumbsup:

Yeah my first wife was a cheater, the courts don't care, or want to even hear about it ?‍♀️ Which is fucking ridiculous because that's breach of contract IMHO.

But anyway, back to what I was talking about I wonder what she would do? What I'm saying is after she get's her half. What would she do for work? She would be way behind in work history, basically starting back at a lower level. Would be hard.
That's when the phrase "CHEAPER TO KEEP HER" gets thrown around by men on the second or third marriage and don't want to have to go through the fight again at 50-65 years of age...although it happens at all age groups these days. I'm sure you see it all around you.

Here's the latest 2023 Divorces stats.........and the only reason divorces rates have declined is marriage rates are at the lowest levels since they started keeping those statistics..........:confused:

In 2023, the United States continues to see complex trends in divorce rates, with an overall decline. First marriages still end in divorce at a rate of approximately 35-50%, while second marriages face an even higher likelihood of dissolution, ranging from 60-70% or more.

When I was in marriage counseling in 2008 the counselor said it was 50% for first time marriages and 60-75% for second time marriages and 80%+ for third time marriages. If you are gambling man these are your odds.................:yes:
 
That's when the phrase "CHEAPER TO KEEP HER" gets thrown around by men on the second or third marriage and don't want to have to go through the fight again at 50-65 years of age...although it happens at all age groups these days. I'm sure you see it all around you.

Here's the latest 2023 Divorces stats.........and the only reason divorces rates have declined is marriage rates are at the lowest levels since they started keeping those statistics..........:confused:

In 2023, the United States continues to see complex trends in divorce rates, with an overall decline. First marriages still end in divorce at a rate of approximately 35-50%, while second marriages face an even higher likelihood of dissolution, ranging from 60-70% or more.

When I was in marriage counseling in 2008 the counselor said it was 50% for first time marriages and 60-75% for second time marriages and 80%+ for third time marriages. If you are gambling man these are your odds.................:yes:

My first marriage our anniversary date was 9-11 :hys: Shit you not.

We were already falling apart, and that morning of 9-11 we watched the planes hit the towers, we looked at each other and we knew we were cursed ?‍♀️
 
working on the FU money now. I want 2x / 3x what I have now.

There are retirement calculators that work really well, to test and compare different scenarios; if used with conservative values, it can be very useful for retirement planning.
I should probably be looking into those such things.
I split 25% of my pay between 401K and Roth IRA.

I realize "busy" isn't a good excuse, but fuck man...
 
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I should probably be looking into those such things.
I split 25% of my pay between 401K and Roth IRA.

I realize "busy" isn't a good excuse, but fuck man...

Once you get a few set-up, and track over time in spreadsheets, it doesn't take much time to keep them updated. I use these for testing various scenarios; I also have net worth spreadsheets going back many years, tracking assets/liabilities, income, ROI, etc. that I update monthly.

I'm not in the finance industry, but I read about finance topics, especially taxes, and calculations/calculators that can help me assess my financial state and planning. Many retirees get burned by unexpected tax consequences from their actions; not knowing the tax implications of your financial transactions is gonna hurt. Understand what Social Security considers provisional income, and the actions that can impact it (e.g., Roth conversions, etc.)

One simple number I track is change in asset value. I calculate it for the year (current month), and determine the average monthly change; amounts and percentages. You have to factor in your additional investments that you won't be doing or doing at the same level in retirement. I have this tracked over many years, so I can see my personal historic trends.

Simple example: let's say your retirement accounts return around $100K a year (annual change in asset value), with average annual growth - 3% (for worse case, e.g., 10% - 3% = 7%), factoring out additional investments you made in the year; That gives you an average monthly change in asset value of +$8,333.34. If you need $50K gross per year for living expenses from your retirement accounts, you can reinvest the remaining $50K. Now you can use these numbers to calculate various retirement income / growth models based on your portfolio's actual numbers.

Here are two simple calculators I use to track / test what-if? scenarios on a regular basis:

https://www.nerdwallet.com/calculator/retirement-calculator

-Be sure to use the Advanced Details, set the rate of return lower for a worse-case future returns

https://smartasset.com/retirement/

-Has a few calculators I use, but this one works well to estimate your retirement income / taxes based on where you live:

https://smartasset.com/retirement/retirement-taxes

There are also more complex monte carlo simulation calculators, I usually use these at the start of a year.

The results I get are close enough and consistent enough to use for my retirement planning.
 
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Once you get a few set-up, and track over time in spreadsheets, it doesn't take much time to keep them updated. I use these for testing various scenarios; I also have net worth spreadsheets going back many years, tracking assets/liabilities, income, ROI, etc. that I update monthly.

I'm not in the finance industry, but I read about finance topics, especially taxes, and calculations/calculators that can help me assess my financial state and planning. Many retirees get burned by unexpected tax consequences from their actions; not knowing the tax implications of your financial transactions is gonna hurt. Understand what Social Security considers provisional income, and the actions that can impact it (e.g., Roth conversions, etc.)

One simple number I track is change in asset value. I calculate it for the year (current month), and determine the average monthly change; amounts and percentages. You have to factor in your additional investments that you won't be doing or doing at the same level in retirement. I have this tracked over many years, so I can see my personal historic trends.

Simple example: let's say your retirement accounts return around $100K a year, with average annual growth - 3% (for worse case, e.g., 10% - 3% = 7%), factoring out additional investments you made in the year; That gives you an average monthly change in asset value of +$8,333.34. If you need $50K gross per year for living expenses from your retirement accounts, you can reinvest the remaining $50K. Now you can use these numbers to calculate various retirement income / growth models based on your portfolio's actual numbers.

Here are two simple calculators I use to track / test what-if? scenarios on a regular basis:

https://www.nerdwallet.com/calculator/retirement-calculator

-Be sure to use the Advanced Details, set the rate of return lower for a worse-case future returns

https://smartasset.com/retirement/

-Has a few calculators I use, but this one works well to estimate your retirement income / taxes based on where you live:

https://smartasset.com/retirement/retirement-taxes

There are also more complex monte carlo simulation calculators, I usually use these at the start of a year.

The results I get are close enough and consistent enough to use for my retirement planning.
I really appreciate the time you took to explain your methods. And the links to check out!
I start getting into numbers and its mind numbing.

As much as I hate to say it, I am money ignorant.
I only started the Roth so I would be taxed now (as I understand it), when I am working rather than at retirement.
 
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I really appreciate the time you took to explain your methods. And the links to check out!
I start getting into numbers and its mind numbing.

As much as I hate to say it, I am money ignorant.
I only started the Roth so I would be taxed now (as I understand it), when I am working rather than at retirement.
You're welcome, maybe others will post other ideas.

The challenge with Roth conversions / investments is the tax implications. If your income is higher now than it will be in retirement, then Roth investments/conversions now will cost you more in higher taxes.

The Roth conversion recommendations in general say to do it after retirement but before you start social security to minimize your taxes from the conversion if your retirement income will be less than your current working income. If you're collecting social security, a Roth conversion will impact your provisional income, and likely reduce your corresponding social security benefit.

While working, you are paying your current income tax rates now on Roth investments. Roth contributions are also after tax, so they don't reduce taxable income like traditional 401k/IRA contributions.

I have a small Roth IRA due to the 5 year rule (I don't recall all the details, but there are penalties if you take certain funds out of a Roth within 5 years of opening the account?) If I need / have a tax reason, I will use this account.

I'm not a tax expert, so double check everything I wrote to be sure.
 
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IMO, the IRS counts on us to make costly tax mistakes because the rules are so convoluted many get them wrong, ignore them or have to hire financial experts - which costs money - to help them.

While we're working for someone else, they are responsible for tax and other withholding, payroll deductions. Once we retire, we are responsible for our financial transactions and any tax implications. If we do this wrong, there are fines and penalties that will cost us even more.

As I research retirement in the USA, a common theme is retirees getting hit with higher than expected taxes, fines and penalties because they don't know how it works. The IRS makes it so convoluted and unnecessarily complex so people make costly mistakes.

For example, follow the links and information on this sample page, see if you understand what it means for you:
https://www.irs.gov/inflation-reduction-act-of-2022
 
If you're making $100K+ in the USA and can't save/invest, you're living above your means. You need to sacrifice now for your future, time and compounding your biggest assets.

Not going into what I had to do to get where I am, but I will say I did it myself, even after losing half my wealth, house and assets in divorce, paying half my income in alimony and child support for several years with several more to go, even though my kids live with me by their own choice.

As far as food goes, I've been ready for years, living in a hurricane and flood zone: food, water, fuel, etc. I have at least 6 months supplies of all.

For both retirement savings and planning for famine:

"Failing to plan is planning to fail." - Benjamin Franklin
But if you live in California $100,000 is barely enough to scrape by on. Here in San Diego you have to make $130,000 to even dream of buying a house.
 
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But if you live in California $100,000 is barely enough to scrape by on. Here in San Diego you have to make $130,000 to even dream of buying a house.
My brother in law lives there and they have 2 boys in a tiny little condo with no back yard up in Del Mar and I bet it has cost him $2M+ over time.
 
But if you live in California $100,000 is barely enough to scrape by on. Here in San Diego you have to make $130,000 to even dream of buying a house.
well, if you're not in the top 1% who can avoid taxes or homeless, and live in California (NY, IL, MA, ...) what do you expect? :poke:
 
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