Poll: People over 50, do you have enough money for retirement?

[StreetCowboy]

8 minutes ago, partington said:

It's like watching a train wreck caused by you driving your car in front of the train!

 

Seriously if I live to be a hundred I will never understand people who click on a thread, say they don't like it and won't contribute to it, then keep coming back to it over and over again, to say how much they object to it and don't want to contribute to it.

 

Absolutely bloody bananas the lot of you!

I went for a job as a signaller once. I was the only Scottish candidate.  All the English chaps in front got taken on pretty quickly.

Anyway, the interviewer said to me "What would you do if the Up Train was on the Down Track?"

"I'd throw the points and divert him back to the Up Track"

"But what if there was already a Down Train on the Up Track?"

"Well then I would throw the facing points to transfer the Down Train to the Down Line, and the trailing points to transfer the Up Train to the Up Line"

"Well, that's as may be, but what if there was also a Football Special failed across the level crossing"

"well, in that case I would phone my brother to come"

"Why? Is he an expert in railway signalling?"

"No; he's a bin man, but he's never seen a train crash before"

 

[StreetCowboy]

24 minutes ago, partington said:

It's like watching a train wreck caused by you driving your car in front of the train!

 

Seriously if I live to be a hundred I will never understand people who click on a thread, say they don't like it and won't contribute to it, then keep coming back to it over and over again, to say how much they object to it and don't want to contribute to it.

 

Absolutely bloody bananas the lot of you!

I think bananas are great.  Does anyone not like bananas?

What's yellow, and smells of bananas?

Monkey vomit

[samsensam]

 

more than enough thank you. not hat it's any of your business. and this poll achieves/proves what exactly?

[champers]

My portfolio is enormous. That is why I walk with a limp.

[Jip99]

2 minutes ago, samsensam said:

 

 not hat it's any of your business. and this poll achieves/proves what exactly?

 

It probably proves that, despite being none of his business, some people's egos prevent them ignoring the question. ?

[StreetCowboy]

9 minutes ago, champers said:

My portfolio is enormous. That is why I walk with a limp.

Your portfolio is pitiful compared to my arthritis

[Jingthing]

1 hour ago, wwest5829 said:

Hmmm, cannot afford to live in retirement in the U.S. so, like many who are open to live elsewhere I researched where I could live comfortably on my 65,000 baht a month. Thus far, Thailand has worked out fine. I did have to dip extra due to medical expenses in 2015.

Yes, this is a common theme for many of us retired in Thailand from the west. We can have a pleasant quality of life in Thailand (and other lower cost nations like Ecuador, etc.) that we could not afford in the west. It's a huge draw for many to Thailand, but there are downsides to it too. Of course, that's not the topic here, the downsides of living in Thailand. I think that is covered very well all over this forum every day!

[Jingthing]

16 minutes ago, samsensam said:

 

more than enough thank you. not hat it's any of your business. and this poll achieves/proves what exactly?

It seems to have achieved annoying some people, but that was not the intention. Read the OP. It's all there. 

[gk10002000]

7 hours ago, HHTel said:

I took it as annual income as opposed to net worth. Annual income is more important for living.  You may have a large net worth but haven't the cash to buy a beer!

An interesting point, especially since many people don't invest for income, and just have a pile of cash sitting earning nothing in some bank account.  Me, having been a contractor for the last 19 years, I always planned for cash flow for the times when I was not working, so I invested for dividends and interest.  My current monthly cash flow is just under $60,000 USD a month, while my net worth is over $1 Mil.  And much of that income flow is tax exempt from Muni bonds and muni funds or my Roth IRA distributions as needed.  None of this I have touched yet, since I am still working, but boy, being single my options are wide open.  One more year and I am eligible for Social Security, although I will hold off a year or two on that, since I want to convert some of my Traditional IRA to my Roth IRA in the two years where my taxable income will be low after I stop working.

[Damrongsak]

4 hours ago, theguyfromanotherforum said:

... I would need to have saved about 10 million dollars or have a salary of 500k baht a month to have the same standard of living like back in Canada. ...

Imported snow making and plowing equipment is terribly expensive, not to mention the air conditioning bill!

 

I'm still in the USA.  One thing that attracts me about Thailand more than where I'm living is that I could have more than 6 chickens in the yard, and even keep roosters.

[Jingthing]

5 minutes ago, gk10002000 said:

An interesting point, especially since many people don't invest for income, and just have a pile of cash sitting earning nothing in some bank account.  Me, having been a contractor for the last 19 years, I always planned for cash flow for the times when I was not working, so I invested for dividends and interest.  My current monthly cash flow is just under $60,000 USD a month, while my net worth is over $1 Mil.  And much of that income flow is tax exempt from Muni bonds and muni funds or my Roth IRA distributions as needed.  None of this I have touched yet, since I am still working, but boy, being single my options are wide open.  One more year and I am eligible for Social Security, although I will hold off a year or two on that, since I want to convert some of my Traditional IRA to my Roth IRA in the two years where my taxable income will be low after I stop working.

Congratulations! You surely get an A plus plus in retirement financial planning. Sounds like you could easily afford living anywhere in the world. I reckon you don't represent most people though in that regard.

Your choice to share all of those financial details here, but I want to be clear that in starting the thread, I am not encouraging that people share that much personal information.  Voting in the poll is a limited picture of course, only about net worth, and nothing else, and it is anonymous to other members. 

Edited September 19, 2017 by Jingthing

[Jingthing]

Reality check on the poll.

I see almost 5 percent of the voters claim to have a net worth over 10 million dollars.

What do you reckon the percentage of people over 50 on the planet that have that high a net worth?

Even just westerners. 

I would guess well under one percent. 

People are lying, yes? 

Also those claiming a million dollars net worth or more. Over FOURTY percent. 

Yeah, sure thing, that's real. 

 

For example, the USA, a richer nation but not the richest per capita. Not even CLOSE to 40 percent!

 

http://www.zerohedge.com/news/2014-01-18/1-20-us-households-has-over-million-assets-where-they-are

Edited September 19, 2017 by Jingthing

[Damrongsak]

2 minutes ago, Jingthing said:

... I see almost 5 percent of the voters claim to have a net worth over 10 million dollars...

Among my many assets, my good looks and charm account for 90%.  The Thai girls who are going to scam me out of the other million would certainly agree.

[swissie]

WAY OFF TOPIC, I know.

But it's JT and a few others that keep this Forum alive.

Without them, we would be reduced to Threads like: "Where can I buy cheap razor-blades in Pattaya with a life-expectancy of 25 years"?

Are those the Threads we would like to read?
Cheers.

[Scott]

Posts removed.  

[Elkski]

I do think the population of tv posters who loiter here is a skewed population.   

 

If your still working with  60 k a month income that is dam good by factor of 10-15.  720 k/ year.   

You are going to be fine anywhere.   

Why not retire now?  I think many of us are looking to shuck the idea that 65 is retirement age.  So we peeked at Thailand and liked the dark skinned friendly gals under 50 kg. 

 

The sad thing is even with 1 million in assets how does that parse out in say a 35 year retirement?  Unknown exchange rates, interest rates, inflation, visa requirements, health care costs, investment yields. 

Our different lifestyles, financial cost or status of our companion.  

Oh one more thing is Social security going yo be around in 10 years? 20?

I'm hoping an income of 2-3 k USD will be enough.   I guess if I'm broke at 92 just feed me to the tigers it something.  

[whaleboneman]

8 hours ago, HHTel said:

I took it as annual income as opposed to net worth. Annual income is more important for living.  You may have a large net worth but haven't the cash to buy a beer!

Then you misunderstood.

[whaleboneman]

1 hour ago, gk10002000 said:

An interesting point, especially since many people don't invest for income, and just have a pile of cash sitting earning nothing in some bank account.  Me, having been a contractor for the last 19 years, I always planned for cash flow for the times when I was not working, so I invested for dividends and interest.  My current monthly cash flow is just under $60,000 USD a month, while my net worth is over $1 Mil.  And much of that income flow is tax exempt from Muni bonds and muni funds or my Roth IRA distributions as needed.  None of this I have touched yet, since I am still working, but boy, being single my options are wide open.  One more year and I am eligible for Social Security, although I will hold off a year or two on that, since I want to convert some of my Traditional IRA to my Roth IRA in the two years where my taxable income will be low after I stop working.

I think you are very very handsome.

[whaleboneman]

6 hours ago, theguyfromanotherforum said:

I have said this many times to fellow Canadian bashers.

 

For me to retire in Thailand I would need to have saved about 10 million dollars or have a salary of 500k baht a month to have the same standard of living like back in Canada.

 

I love Thailand and it's not Thailand's fault for not being a first world country, but Canada  blows away Thailand in every aspect of life.

 

 

 

 

I don't know. It's still summer on my little Canadian island and it's cold and raining today. Looking forward to my October return to LOS.

[whaleboneman]

10 hours ago, Luckysilk said:

I answered:) not the true answer of course, it's NO ones business and I certainly wouldn't broadcast my wealth on a forum.

OK. So there are only 4 with over $10,000,000.

[gk10002000]

29 minutes ago, whaleboneman said:

I think you are very very handsome.

Yeah, I get that a lot when I go to Thailand.  That is why I love the place.  I believe what the girls tell me over there

[joecoolfrog]

I have comfortably enough for retirement providing I dont live past 72.

[Damrongsak]

46 minutes ago, gk10002000 said:

Yeah, I get that a lot when I go to Thailand.  That is why I love the place.  I believe what the girls tell me over there

I believe the Thai gal I brought back to the USA (the Wicked Witch of the West ) when she tells me "I'll get you, my pretty, and your little dog, too!"

 

 

Speaking of 50 kg gals and investments, I got bigger returns than I expected.  Not sure how many kg, it varies.

[George FmplesdaCosteedback]

Last time I went to see my accountant I asked him if I had enough money to last the rest of my life.

He said: "Yes, of course you have, as long as you die next month."

(Rodney Dangerfield)

 

 

[jacko45k]

15 hours ago, DoctorG said:

I did not vote.

I retired at 50 and am near 70. I have more than enough to live comfortably, but I would not call myself rich.

What he said except a little younger.

I feel people need to be discreet about such things living here in Thailand, and the internet certainly isn't.

 

[StreetCowboy]

2 hours ago, George FmplesdaCosteedback said:

Last time I went to see my accountant I asked him if I had enough money to last the rest of my life.

He said: "Yes, of course you have, as long as you die next month."

(Rodney Dangerfield)

 

 

The accountant said 'no' but the doctor said 'yes'

[Damrongsak]

1 hour ago, jacko45k said:

...I feel people need to be discreet about such things living here in Thailand, and the internet certainly isn't.

 

Really.  The only people who need to know I'm a cheap son of a bitch are my immediate relatives.  In a small town in Isaan, word gets out.  I kee nio, or thereabouts.   Wife says I Baa!

[hawker9000]

On ‎9‎/‎18‎/‎2017 at 2:43 PM, Jingthing said:

Perhaps.

Of course, this poll doesn't touch on INCOME at all. Only assets expressed in net worth, value of all assets minus debt.

I didn't include them, and doubt many, if any, others did, but one could loosely make the case that the net present value of an expected income stream might be included in net worth.   Military retirement, other pensions, social security, purchased annuities, etc.   (There are online net present value calculators to help anyone who's interested in computing this.)   Take the case of a purchased annuity in which one has actually swapped cash (which definitely WOULD have been included in any net worth computation) for such an income stream; 'seems like the net present value of that income stream might also be considered an asset to be included...or at least for purposes of this discussion.   And what's the practical difference then between a purchased income stream (i.e., annuity) and an earned income stream (e.g., pension).   There are strict accounting definitions, and then there's this conversation, which is about having enough resources for retirement.   Just my 2 cents (not including ...)

 

 

 

 

[Skeptic7]

22 hours ago, Luckysilk said:

Need's another category:

 

None of your business.

No, it doesn't. It's voluntary and by simply not responding, you've said as much without saying anything at all. E-Z...

[inThailand]

Don't the majority of expats live off their pensions or nonpassive income? Ie not their assets or passive income.