At 65: A House Paid for and low bills > 401k Retirement Fund

[50CentStan]

A bird in hand is worth 2 in the bush...

 

[Chrishaune]

Still gotta pay property taxes


I know people in Florida who've been paying 2000 a yr tops for years, developments popu up, people move in, property taxes skyrocket

If your 65 and your property taxes jump 10000 dollars in 5 yrs, which i have seen in central Florida, your probably gonna have to sell your house

Didn't know this until I became a homeowner, but property taxes are attached to the homes estimated value. The more work u do on the homes exterior, your taxes go up

They building a new sports stadium/Riverwalk? Property taxes go up, don't pay them your house gets foreclosed and auctioned.

Realistically your gonna need both, a paid off home and a source of revenue to rely on great enough to provide for inflation

Most of us will never truly retire

The system is built to take from you and keep most people slaves to it

 

[Mystic]

That's why I'm getting this third house so I can finally say fukk working for good at 28. CANT NO WHITE MAN TELL ME shyt


LA LA LA LA WAIT TILL I GET MY MONEY RIGHT
LA LA LA LA THEN YOU CANT TELL ME NOTHING RIGHT

 

[Mystic]

In this economy the average American can’t afford to buy a house at 40

That means they lacking cause you can have 2 at 40

 

[JT-Money]

Company sponsored Roth IRA preferably to a 401K. Who knows how high taxes will get in the future.

 

[BigMan]

While I agree, this should be the plan earlier than 65, if possible.

Also believe that if you play your cards right, you should not be retired at 65. You should be hitting an intellectual stride and really contributing to your field.

My grandmother didn't retire until she was 80, had nothing to with finances.

Vint Cerf is 81 and still working at Google. Robert Caro is 89 and still writing about Johnson. Harold Bloom was 89 when he died.

Stop letting this hustle culture fool you, stop letting this "retire early" culture fool you.

Exactly what it is.

this is utter nonsense

 

[BlackBall]

I’m at peace knowing I’ll day at the office. My trust is established. Some random dog can take on property tax

 

[Laidbackman]

I have a pension and TSP waiting for me when I retire

That pension is gonna be around 100k a year, and the TSP really just depends but hopefully around $1 million when I retire at 53-56

Lots of potential to lose out on retirement benefits tho, as this administration has tried to get rid of the Social Security Supplement Income that I would get when I retire as well, until SS age checks in

People really should be more aware of their retirement plans and what it looks like. That’s why I took the job I did

To get a pension worth 100K a year from the Federal Government today, not including the TSP or SS, you have to be at least a GS-15 or SES, with 30 years service, and at least 62 years old. I hope that will be your equivalent when you retire.

 

[JT-Money]

Governments will raid these pensions plan if given a chance. I think it's already happened in several states pensions already.

Federal Government Will Pocket Billions In Pension Funds

A government decision to take this money and use it as it pleases amounts to theft of workers’ deferred wages.

www.readthemaple.com

US judge allows Trump to proceed with federal worker deferred retirement

The decision could clear the way for the Republican president's administration to swiftly try to wrap up the program, though the unions could ask another court to halt the program

www.voanews.com

 

[jaydawg08]

To get a pension worth 100K a year from the Federal Government today, not including the TSP or SS, you have to be at least a GS-15 or SES, with 30 years service, and at least 62 years old. I hope that will be your equivalent when you retire.

I’m ATC (Air Traffic Control). We’re not on the GS scale, we have our own scale

I’m at a high level facility so will be getting the max and capped out as well. Only need 20 years of service, or to age 50, in order to retire and get that pension.

We’ll see if the administration and others try and take away that 20 year/age 50 option, but currently they haven’t. Although there are rumors they would alter it in exchange for a big pay raise. We’ll see

 

[Laidbackman]

I’m ATC (Air Traffic Control). We’re not on the GS scale, we have our own scale

I’m at a high level facility so will be getting the max and capped out as well. Only need 20 years of service, or to age 50, in order to retire and get that pension.

We’ll see if the administration and others try and take away that 20 year/age 50 option, but currently they haven’t. Although there are rumors they would alter it in exchange for a big pay raise. We’ll see

I see you're a "Special Provision Employee", with better retirement options.

 

[the cac mamba]

Also believe that if you play your cards right, you should not be retired at 65. You should be hitting an intellectual stride and really contributing to your field.

the average american isn't out here contributing to the field of physics and medicine. we wanna stop fukkin working

 

[Makavalli]

Its best to have a business but thats easier said that done. Business owners dont retire they just pass it on to their kids or hire someone to run it if they want to anymore

 

[⠀X ⠀]

You still need a lot of cash. I used to work next door to the town’s tax office, and too many old ladies had paid off houses but were at risk of losing them because they couldnt keep up with the taxes.

 

[feelosofer]

You can't make money off your home if you live in it. Are you renting out spare rooms. Also even if you have low overhead how are you paying for your day to day and there is no guarantee things like Social Security, Medicare etc will be there. Plus even if you own the home you have to pay for repairs etc