Retirement Targets

[CascadeClone]

I know a few "financial" people have tried to tell me that my wife and I are behind in our number. When you own rental property (especially farm ground) that "number" is not a valid thing. Why I go for lining up replacement of my income. It does get tempting to just liquidate everything and retire today, but I don't have enough hobbies and enjoy what I do. I would actually make a little more if I did that but I'm content now so I will just keep plodding along.

You are very very right, its really about replacing work income with passive income. That can be a pension, annuity, pulling cash out of a 401k, SSI, rental property income, et al. Heck, the gf has a decedent IRA that provides a couple grand a year in RMDs, even that is a little something.

I think because the large majority of people don't have those things, its easier to just shortcut a retirement savings number (or multiple). But yeah, if you want 100k of income to replace, but can get half that off the family farm rental, then you need half as much in your nest egg.

WRT your comment about enjoying what you do- totally agree. I really enjoy about 50% of my job, and the other 50% is people mgmt blech that is less fun. My "retirement" might be transferring my salary to someone else to run the people, and I will just do the fun parts and maybe work half days or something.

 

[BCClone]

You are very very right, its really about replacing work income with passive income. That can be a pension, annuity, pulling cash out of a 401k, SSI, rental property income, et al. Heck, the gf has a decedent IRA that provides a couple grand a year in RMDs, even that is a little something.

I think because the large majority of people don't have those things, its easier to just shortcut a retirement savings number (or multiple). But yeah, if you want 100k of income to replace, but can get half that off the family farm rental, then you need half as much in your nest egg.

WRT your comment about enjoying what you do- totally agree. I really enjoy about 50% of my job, and the other 50% is people mgmt blech that is less fun. My "retirement" might be transferring my salary to someone else to run the people, and I will just do the fun parts and maybe work half days or something.

My wife has IPERS, but we have to see what that number is. By the looks of what I've seen, if you decide to take the lump sum, you will only give you back what you paid in. That's the irritating part of that. She starting putting a little in a roth IRA shortly after we were married and by the time she hits the ability to withdraw from that, she will get just as much from a 4% withdraw on it as she will IPERS and will have put less than half of what was placed into IPERS. What I have invested in will replace our income at retirement, so we may just take the lump sum (after seeing how the math works on it and taxes) in order to help build up the cash pile.

 

[dmclone]

I don't know if it's IPERS but I have a friend that has worked for the state since graduation and is getting a sweet pension. Like 60+% of his income.

 

[JP4CY]

We moved into this house on July 5, 2003. If I don't throw money at it earlier, it will be paid off on October 1st of this year. Part of me is considering just paying it off between may and July. I should get a good flow of cash in may from the business but may need to defer getting paid until July 1st so that may make the difference. House is at 3 and 5/8ths interest rate, but when you can see the end with about 10% left, I get tired of the payments and many times pay things off early.

I paid off ours a while back. Was almost in the same exact boat as you.
We paid off on a Friday (wire).
We had a letter from insurance company on a Monday recognizing that.
Month later we got official notice of payoff from lender with the rest of escrow "refund."
Month after that we got an official deed/type of certificate with notary stamp saying "all good."

The next thing for us will be windows and siding.

When we did windows after they gave me a quote, I said "this is your absolute best price?" Once they confirmed, I said, "what if I write you a check today?"
I got something like 12% more off. Reputable builder/brand.
(I already had 2 other quotes)

The one part of updating a house that is expensive that most don't think about is doors and trim. You update the kitchen and you get to do all trim and doors if you change the wood much in a house with an open floor plan like ours.

Ours is oak era. Can confirm. Would love to go white. Parents just built and they actually did a nice grey for all doors, windows, and trim. Looks sharp against white walls.

 

[nhclone]

I don't know if it's IPERS but I have a friend that has worked for the state since graduation and is getting a sweet pension. Like 60+% of his income.

Yeah IPERS pays up to 65% of your highest 5 years average earnings depending on number of years of employment. Pretty sweet deal really.

 

[BCClone]

I paid off ours a while back. Was almost in the same exact boat as you.
We paid off on a Friday (wire).
We had a letter from insurance company on a Monday recognizing that.
Month later we got official notice of payoff from lender with the rest of escrow "refund."
Month after that we got an official deed/type of certificate with notary stamp saying "all good."


When we did windows after they gave me a quote, I said "this is your absolute best price?" Once they confirmed, I said, "what if I write you a check today?"
I got something like 12% more off. Reputable builder/brand.
(I already had 2 other quotes)

Ours is oak era. Can confirm. Would love to go white. Parents just built and they actually did a nice grey for all doors, windows, and trim. Looks sharp against white walls.

Cherry is kind of the current thing last I saw. We are the honey/medium oak that every house from 2000-2005 has. It still looks fine. The other part is, we have a nice mission style dining room table and chairs (when we put all the extensions on it, we can seat 12 at it) and that looks fairly similar to our trim but does have a slight reddish tint to it if you put the right stuff with it. I know my wife will want a new table and chairs if we did wood work also. I know what I paid for that so I'm scared of what a new one would cost.

 

[BCClone]

I don't know if it's IPERS but I have a friend that has worked for the state since graduation and is getting a sweet pension. Like 60+% of his income.

If it's state, it's IPERS. I calculated the rate of return once on what my wife's was and it was like around a 3% interest on it.

 

[yowza]

We are moving up the timeline to leave Corp World at 50, we are both over the **** show, fingers crossed we make it till then.

I feel the exact same way. Want to get where I don't really need to deal with other peoples' problems at work, whether its supplier or customers or employees or coworkers in general and then getting home at night and worrying about all the stuff that still needs to be done at work. Can't wait to get off that treadmill.

 

[yowza]

I would highly recommend doing a lookback on your expenses every year. I'm doing it for the first time this year and the first three months are alarming. When I was thinking about what we spend per year I think about set costs like insurance, utilities, groceries, etc. It's easy to forget that I spent $3k on a fridge in January, $10k on flooring 6 months ago, $4k on vacations, etc.

You do the flooring yourself?

 

[dmclone]

I wish I could say that the reason I'm not paying off my mortgage early is because of the low interest rate(2.875%). A bigger part is my laziness to not pay my property taxes and let Wells take care of it

 

[dmclone]

You do the flooring yourself?

Oh god no.

 

[yowza]

Oh god no.

Just curious what it computed to per square foot and was it all the same material?

 

[KnappShack]

I feel the exact same way. Want to get where I don't really need to deal with other peoples' problems at work, whether its supplier or customers or employees or coworkers in general and then getting home at night and worrying about all the stuff that still needs to be done at work. Can't wait to get off that treadmill.

What's super fun is when you're identified as a person who can handle difficult teams and personalities.

Then you're the person who gets the opportunity to deal with those folks every day. It's amazeballs!

But leave that **** at the door. Gotta leave work at the door. I truly am very good at that.

 

[yowza]

What's super fun is when you're identified as a person who can handle difficult teams and personalities.

Then you're the person who gets the opportunity to deal with those folks every day. It's amazeballs!

But leave that **** at the door. Gotta leave work at the door. I truly am very good at that.

Hard to do sometimes. Mind doesn't shut down some nights.

 

[BCClone]

Just curious what it computed to per square foot and was it all the same material?

There are too many variables when it comes to flooring. We did the vinyl plank in half our house (had a different name 4 years ago when we did it) and two years ago we thought about doing it in our living room, which is half the space, and it was actually more expensive. The difference was, they were able to just lay the plank ontop of the solid vinyl that was already there, for the living room, they were going to need to sub floor it since the correct sub flooring wasn't under the carpet for the plank. The carpet was about half the price of the plank then.

There are also so many different levels of quality also. My wife generally goes by price and sales people figure this out( the higher the price the nicer it has to be in her mind), so we are usually knocking on the door of commercial grade by the time I step in and get it back to a high medium grade level.

 

[dmclone]

Just curious what it computed to per square foot and was it all the same material?

All upstairs

One room(Office)-Carpet to LPV
LVP (#6)
VV023 CORETEC PLUS PLANK 5 RED RIVER HICKORY 26.68 CT 186.76 SF 6.05 1,129.90
$2,113.90

Rest of upstairs/stairs replace Carpet
CG2026030001 VINTAGE CHARM GREIGE 1,110.00 SF
1/2" COURAGE BLUE
$5,761


So $7,875

We replaced about 500 sqft of the downstairs carpet the year before but that's not priced here.

 

[yowza]

All upstairs

One room(Office)-Carpet to LPV
LVP (#6)
VV023 CORETEC PLUS PLANK 5 RED RIVER HICKORY 26.68 CT 186.76 SF 6.05 1,129.90
$2,113.90

Rest of upstairs/stairs replace Carpet
CG2026030001 VINTAGE CHARM GREIGE 1,110.00 SF
1/2" COURAGE BLUE
$5,761


So $7,875

We replaced about 500 sqft of the downstairs carpet the year before but that's not priced here.

Thanks! We are looking to do a similar amount of square footage. There was some ungawdly brown longer strand carpet throughout the house and we need it gone. Does not go well with dogs that sometimes want to try to use it for emptying their bladder. They won't go on a hard surface but you give them something resembling grass and its game on sometimes. Just hard to keep truly clean anyway.

Any lessons learned, like wished we had done this or not done that kind of things?

 

[yowza]

There are too many variables when it comes to flooring. We did the vinyl plank in half our house (had a different name 4 years ago when we did it) and two years ago we thought about doing it in our living room, which is half the space, and it was actually more expensive. The difference was, they were able to just lay the plank ontop of the solid vinyl that was already there, for the living room, they were going to need to sub floor it since the correct sub flooring wasn't under the carpet for the plank. The carpet was about half the price of the plank then.

There are also so many different levels of quality also. My wife generally goes by price and sales people figure this out( the higher the price the nicer it has to be in her mind), so we are usually knocking on the door of commercial grade by the time I step in and get it back to a high medium grade level.

Yeah, I have been looking for a while. With kids and dogs we are really looking at stuff that is truly durable and 100% water proof / stain proof. Our dogs like our carpet too much and choose to on rare occasion let loose on it. Tired of getting out the old steam cleaner.

 

[Fishhead]

What line of work are you in? Maybe that could be fun??

Work fun? That happens? I’m about to turn 52 and i feel it’s way too late. Just trying to survive

 

[dmclone]

How do you know I'm looking forward to retiring.....last night I watched about 90 minutes of a youtube channel devoted to two 80 year olds, who wear matching shirts, living in The Villages and thought to myself "They are so lucky"