Early Retirement Extreme Forums

7Wannabe5 wrote:

OldPro said: Do you really need to include the fact that you are willing to trade yourself for some benefit, in every discussion?

I belong to a couple of other forums besides this one. One that I've participated in for over 10 years consists of a group of very intelligent, well-meaning individuals, much like the members of this forum, who are primarily concerned with the challenges or problems of sexuality and relationships, just like this forum is primarily concerned with the challenges of financial independence, finances and frugality....

I believe this is what is known as a teachable moment. Well done.

As I stated before 7Wannabe5 your lifestyle sounds blissful...
Oh to be that free and full of energy.

Just keep avoiding getting entrapped by the boring,aged "grumpy ol men",they really do require a lot of patience and care in their elder years.
You are living the dream...

(No offence meant to any members/readers of this forum who are naturally not boring).

OldPro wrote:Sure if you ER at 30 and need to go back to work at 35, it's quite likely you will be able to do so. Try it at 70. Sure if someone lives frugally they can get by on $6k per year, try earning it when you are no longer physically able to work though. What then?

Even in the USA, social security will easily cover $6k/yr expenses. I'm pretty certain most of the "developed" nations have a minimum safety net of similar value for old folk.

"Oh, but social security will go away because not enough taxes to cover it." Projections suggest that even if USA social security isn't fixed, it will still pay 75% of current predictions. Assume 50% and we've got a comfort margin.

George the original one wrote:

OldPro wrote:Sure if you ER at 30 and need to go back to work at 35, it's quite likely you will be able to do so. Try it at 70. Sure if someone lives frugally they can get by on $6k per year, try earning it when you are no longer physically able to work though. What then?

Even in the USA, social security will easily cover $6k/yr expenses. I'm pretty certain most of the "developed" nations have a minimum safety net of similar value for old folk.

"Oh, but social security will go away because not enough taxes to cover it." Projections suggest that even if USA social security isn't fixed, it will still pay 75% of current predictions. Assume 50% and we've got a comfort margin.

Also, since the biggest risk is the sequence risk, someone who retired at 30 will be aware of a sequence related problem at age 35 or 40. Plenty of time to make a course correction. This is not a surprise problem that pops up at age 69.5.

Ego wrote:I believe this is what is known as a teachable moment. Well done.

Indeed!

RealPerson wrote:Also, since the biggest risk is the sequence risk, someone who retired at 30 will be aware of a sequence related problem at age 35 or 40. Plenty of time to make a course correction. This is not a surprise problem that pops up at age 69.5.

Yes. Anyone who is inclined to plan (everyone on this board) will be keeping up with legal changes regarding SS and all other retirement funds, and will know what he or she will be able to draw and when. And we will make the appropriate course corrections as soon as possible.

(Curious... are any Americans younger than 50 not considering SS as icing on their cake? Is anybody counting on it to fund their living expenses? I've never asked that question IRL and gotten a "yes." Maybe somebody here is?)

Regarding potential cuts: I think that, given the current political climate, most SS benefit cuts when they come will be aimed at higher earners. Since most people here are practicing "elegant economy," I doubt that we will see significant cuts. The biggest "cut" most of us could face is an increased retirement age. I think there's a 50/50 chance that will happen... it's the most obvious fix IMO, but most retirement policy wonks are against it because it disproportionally affects manual laborers and certain ethnic groups.

As far as my own family goes, I'm more afraid*** of continued currency devaluation and of a VAT being introduced here than I am of SS cuts.

***If you can call never thinking about this unless someone brings up SS cuts "fear."

GandK wrote:an increased retirement age /.../ disproportionally affects manual laborers and certain ethnic groups.

What does the retirement age have to do with the type of the job or ethnicity?

@henrik - Manual labour gets worn out [physically] more quickly than white collar. In the US, ethnicity (and gender) is still a determining factor in terms of having high income types of jobs.

@henrik, also part of the rationale for increasing the retirement age is that people are living longer. To the extent that certain ethnic groups or genders aren't showing the same improvement in life expectancy they would be impacted. Ethnicity A might have increased the average life span by 1 year whereas ethnicity B by 0.5 years due to a genetic propensity for high blood pressure/diabetes for example.

Ok, got it, I was thinking along completely illogical lines:)

if white people earn more money on average due to better jobs on average, they can also buy better health care and better treatments than average. this could lead to higher life expectancy on average.

hypothetically, of course.

To my thinking it is not bad to want some material things sometimes they mean more than that (renown, love etc)

I have read many books on the universe, religion, history, economics and most everything else and have come to conclude one person can't really have any affect on anything and everything accomplished will usually be brushed over a week after you are dead; so just enjoy the time you have.

I want to live in a mountain town, would love to spend the rest of my days in Breckenrigde Colorado; but I don't want to work long enough to be able to buy the house i want there. So, it's a house in a nice town(like Manchester) and a good dog. I can keep myself occupied enough with my own interests to need to keep a job/career or join any group.