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Retirees: How much money do you have in the bank?

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    Retirees: How much money do you have in the bank?

    I'm 64 and retired. I'm curious about other retirees...How much money (no counting your home, cars, etc.) do you have in your retirement nest egg? It can be IRAs, 401K, 403B, Savings, etc...

    #2
    The old saying, don't retire unless you have a million in the bank..

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      #3
      Nothing I wish to discuss!
      Harlequin & Acapulco Gold manifold grow
      https://www.icmag.com/ic/album.php?albumid=81581

      “The ultimate measure of a man is not where he stands in moments of comfort and convenience,
      but where he stands at times of challenge and controversy.”


      May the fleas of a thousand camels infest
      the crotch of the person who screws up your day and,
      may their arms be too short to scratch.

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        #4
        I am retired, and have income also. I can live on the income, provided I do not buy or break any toys (equipment) and indulge in construction. I do not know for how long. It is fixed and inflation is rampant, that buying power won't last as long as I will. Then there is how much longer will you live, if are you healthy or will you need a lot of health care, and what is the monthly nut to maintain whatever lifestyle you think you should live. If you are having to spend a lot of money to live where you are, there are cheaper places. I live cheap.

        Lesson #1 is a 401K can screw you. It's not your money until you pay it to yourself after paying the taxes. It counts as income. I am getting no stimilis checks because I took my 401K money out of the WS grubby hands, and paid the taxes. I believe they will be means testing SS soon, like they are doing with stimilis now. Having your savings in cash or metals has some degree of risk, but also guaranteed access. That is being attacked by the PTB. Having savings is essential, but what is enough, and in what form? I kinda wish I had bought 10 BTCs back when they were $300, but if I can't hold and bury it, I don't want it.

        Lesson #2 is you don't need that much money if you are debt-free, as you should be when you retire. You will have more time to do things yourself, and aren't on their schedule. You probably won't drive as much, and depending on what you did, clothes will be cheaper. You will eat at home more often.

        Lesson #3 is medicare is pretty good, even with the zero-cost option for the supplement. If you take out 401K moolahs as I did, you will also find that the medicare isn't free anymore. I get to pay almost $300 a month next year because I took out 401K money, paid taxes, but they said I made too much money.

        As the government gets more and more broke, hiding your assets from them gets more and more important. Bank accounts and 401Ks are pretty visible, and they think it is their money. Deposits in a bank account are not your property, you are an unsecured creditor per treasury rules. The only thing you have is a FDIC claim if they fail, and when they start failing again, the printing will be so furious the money will be worth a lot less. Hiding it physically is tricky, risky too.
        Last edited by flylowgethigh; 12-31-2020, 03:45.
        ______________________________ __________________________
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          #5
          Zero dollars yea I'm 35 and retired due to a disability

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            #6
            Money should be in land/real estate, metals, or in the ground. Rental properties are the best because they generate physically effortless income. Your money has to make money, just not for someone else besides you and Uncle Sam.

            Take a portion and play with whatever you want, stocks, flipping cars, etc, but money in hand today is better than money in someone else's hands ever imo.

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              #7
              Just be careful because the fdc "only" insures 250k per acct
              The world is my country, all mankind are my brethren, and to do good things is my religion. Thomas Paine ( Godfather of the American Revolution)

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                #8
                i have no money, no resources, no hopes
                i am the happiest man alive

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                  #9
                  Rule #1: Don't leave your money in banks.
                  Terpene Amplification

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                    #10
                    Originally posted by pop_rocks View Post
                    i have no money, no resources, no hopes
                    i am the happiest man alive
                    "Freedom's just another word....."

                    Comment


                      #11
                      The released (largely by Bill Clinton's Administration & Congress) criminal Wall St banks are often giving .05% interest on basic savings, so that's negative earnings x (??????), meanwhile the thieving bastards are charging over 20% for some of the far less fortunate younger consumers who haven't had time or opportunity to build a more respectable credit rating.

                      We're contending with the glass ceiling of the middle to upper-middle class. House and cars are paid for, but lots of maintenance could be done for either.

                      Total liquid cash in what I refer to as a 'buffer', between both the quasi-escrow acct. (our home is paid for, but taxes and home owners' insurance march onward each year), and our basic checking acct. total close to $6,300.

                      Plenty of 'wares' worth X amount of money, the home we plan to leave to our youngest son, providing he remains respectful and proper.

                      Probably have coins and metals here worth a bit of value.

                      I planned on being gone from the planet about 20 years ago, and that my wife and kids would benefit from my Social Security and life insurance, with life insurance typically being tax-free here.

                      So, in other words... "The best laid plans of mice and men..."
                      Last edited by moose eater; 12-31-2020, 03:47.

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                        #12
                        Originally posted by moose eater View Post
                        "Freedom's just another word....."
                        ... for nothing left to lose"
                        Harlequin & Acapulco Gold manifold grow
                        https://www.icmag.com/ic/album.php?albumid=81581

                        “The ultimate measure of a man is not where he stands in moments of comfort and convenience,
                        but where he stands at times of challenge and controversy.”


                        May the fleas of a thousand camels infest
                        the crotch of the person who screws up your day and,
                        may their arms be too short to scratch.

                        Comment


                          #13
                          Get yourselves some Bitcoin, y'all.

                          Comment


                            #14
                            Originally posted by moose eater View Post
                            ...
                            I planned on being gone from the planet about 20 years ago, and that my wife and kids would benefit from my Social Security and life insurance, with life insurance typically being tax-free here.

                            So, in other words... "The best laid plans of mice and men..."
                            great advice, live for today but plan for tomorrow moose
                            im actually doing very well but because of my lifestyle i dont need that much; its not what you make, its about how you spend it
                            /im pretty much retired in my late 40's and i live in socal, you can do the maths

                            Comment


                              #15
                              Originally posted by homeless guy View Post
                              Get yourselves some Bitcoin, y'all.
                              i hear tulip bulbs are coming back into style

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