Quote:
Originally Posted by motion
This is something I think about often, but just cannot figure out. How do most Americans retire comfortably? I know GD well that most American couples don't retire with 2-5mm in assets aside from their primary home. From what I gather, its more like $50K in assets average. I know a lot of you midwest guys have paid for homes that are worth sub $100K, but in most parts of the country, a decent home is a half million plus. I also see a lot of people 50+ refinancing their homes for 15-30 years. So, how do they pull it off? I have no idea what the average monthly SS payment is... $2500? That doesn't seem like it would go very far. Do people just keep working until they're 80? Where does the money come from? Kids? Inheritance?
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Motion I think about this often as well!
I just turned 55 and I'm planning on the big R in 3 to 5 years. We have a decent nest egg put away that should hopefully keep growing. We have a decent enough home on two acres just out of town that's been mortgage free for almost 11 years. We have no debt, an OK car collection, and a vacation property in BC. BUT, outside of our annual two week vacation in Hawaii, making use of our timeshare, we haven't traveled much. I would dearly like to start traveling more when I retire. It's a well known fact that you are a very well traveled Pelican to say the least!
In short, I would like to acquire your lifestyle in 3 to 5 years. What does said lifestyle cost you per month?.....not being nosy here but just trying to plan ahead!
Cheers!