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    Record low number of posts today.

    Comment


      Originally posted by 6starpool View Post
      Record low number of posts today.
      Mostly bills anyway.

      Comment


        Somebody post an I folded kings pre story.
        Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

        Comment


          Tucker Carlsen going to sitting down with Putin for an interview!

          Comment


            Originally posted by Opr View Post
            Tucker Carlsen going to sitting down with Putin for an interview!

            This is so many levels of insane.

            The world is actually fucked.
            This may or may not be an original thought of my own.
            All efforts were made to make this thought original but with the abundance of thoughts in the world the originality of this thought cannot be guaranteed.
            The author is not liable for any issue arising from the platitudinous nature of this post.

            Comment


              Originally posted by Opr View Post
              Tucker Carlsen going to sitting down with Putin for an interview!

              Bought and paid for.
              "We are not Europeans. Those people on the continent are freaks."

              Comment


                Originally posted by 6starpool View Post
                Record low number of posts today.
                You need to incentivise us for quality content. Free VR headsets all round.
                "We are not Europeans. Those people on the continent are freaks."

                Comment


                  Originally posted by Theresa View Post

                  This is so many levels of insane.

                  The world is actually fucked.
                  Do bear in mind no-one pays attention to this loon anymore since he got fired from Fox for being too crazy.
                  "We are not Europeans. Those people on the continent are freaks."

                  Comment


                    Originally posted by Raoul Duke III View Post

                    Do bear in mind no-one pays attention to this loon anymore since he got fired from Fox for being too crazy.
                    I don't think that is true. You can argue the demographic of his followers is made up of questionable people but he has an absolutely massive platform. Musk has even put his statement about the Putin interview on his own twitter account.

                    Comment


                      I was trying to find the full version of this since I seen the clips from the Grammys. I always had a huge soft spot for this song. I read she hasn't performed since 2020 and hasn't toured since 2009. She has aged beautifully and its a stunning performance.

                      Comment


                        Originally posted by Opr View Post

                        I don't think that is true. You can argue the demographic of his followers is made up of questionable people but he has an absolutely massive platform. Musk has even put his statement about the Putin interview on his own twitter account.
                        A loon and a drug-crazed egomaniac.
                        "We are not Europeans. Those people on the continent are freaks."

                        Comment


                          Originally posted by Opr View Post
                          I was trying to find the full version of this since I seen the clips from the Grammys. I always had a huge soft spot for this song. I read she hasn't performed since 2020 and hasn't toured since 2009. She has aged beautifully and its a stunning performance.

                          A well observed post.

                          Comment


                            Originally posted by Raoul Duke III View Post

                            A loon and a drug-crazed egomaniac.
                            Assasins of 2024 where the fk are ye?.

                            Orphaned Grandchildren aside.

                            Comment


                              Originally posted by Opr View Post
                              I was trying to find the full version of this since I seen the clips from the Grammys. I always had a huge soft spot for this song. I read she hasn't performed since 2020 and hasn't toured since 2009. She has aged beautifully and its a stunning performance.

                              That is wonderful.

                              Who'd of thunk it, Taylor upstaged by Tracy
                              Turning millions into thousands

                              Comment


                                Dr Hook stoned and blasting out a tune high as kites and free of inhibition is a joy to behold. Ya might need to be there, so light up. I posted a slightly more sedate Silvias mother from this session but luv this unbridled mahem. Or Carry ne Carrie .

                                Drugs are baaaaadd.

                                 

                                Comment


                                  Originally posted by Opr View Post
                                  I was trying to find the full version of this since I seen the clips from the Grammys. I always had a huge soft spot for this song. I read she hasn't performed since 2020 and hasn't toured since 2009. She has aged beautifully and its a stunning performance.

                                  Saw her in concert in Sicilly many moons ago. Fantastic.

                                  His rival it seems, had broken his dreams,By stealing the girl of his fancy.Her name was Magill, and she called herself Lil,But everyone knew her as Nancy.

                                  Comment


                                    Originally posted by Raoul Duke III View Post

                                    You need to incentivise us for quality content. Free VR headsets all round.
                                    You're screwed either way then.

                                    Comment


                                      Originally posted by 6starpool View Post

                                      You're screwed either way then.
                                      According to Hitch's VR trip report, that might be quite the experience.
                                      "We are not Europeans. Those people on the continent are freaks."

                                      Comment


                                        This week marks the crossover point with the boss and I between the time spent together while on the hamster wheel and the time since leaving the hamster wheel behind.

                                        On one hand it’s hard to believe it’s been almost 9 years already and on the other I can barely remember the time beforehand, that might just be old age though

                                        had a nostalgic glance through my old well thread this morning, that’s almost 10 years old too


                                        edit: if (as requested) the poster had invested their €2000 in microsoft it would be worth around €20000 now and nestle is worth around €3700 I think (but has also paid out large dividends 8 of 9 years)

                                        i know, I know, hardly mystic meg stuff but still
                                        Last edited by Iago; 07-02-24, 12:39.
                                        Join the IPB Fantasy Football League 19/20

                                        http://www.irishpokerboards.com/foru...88#post1104188

                                        Comment


                                          Speaking of Microsoft, what are the chances of, say, a 4-1 split in shares this year following by a decent rise(20-40%) on the back of it?

                                          Comment


                                            Originally posted by Opr View Post
                                            I found it surprising to learn that a huge number of illegals entering America at the border are Chinese. It must be a pretty good indicator of how bad things really are in parts of China compared to what we are getting sold.
                                            Sleeper cells, obvs!

                                            Comment


                                              Originally posted by Dice75 View Post
                                              Speaking of Microsoft, what are the chances of, say, a 4-1 split in shares this year following by a decent rise(20-40%) on the back of it?
                                              Mortgage free Dice looking to diversify his holdings.

                                              Comment


                                                Originally posted by Iago View Post
                                                This week marks the crossover point with the boss and I between the time spent together while on the hamster wheel and the time since leaving the hamster wheel behind.

                                                On one hand it’s hard to believe it’s been almost 9 years already and on the other I can barely remember the time beforehand, that might just be old age though

                                                had a nostalgic glance through my old well thread this morning, that’s almost 10 years old too


                                                edit: if (as requested) the poster had invested their €2000 in microsoft it would be worth around €20000 now and nestle is worth around €3700 I think (but has also paid out large dividends 8 of 9 years)

                                                i know, I know, hardly mystic meg stuff but still

                                                Link to the well?

                                                Comment


                                                  Originally posted by 6starpool View Post

                                                  Mortgage free Dice looking to diversify his holdings.
                                                  Need to invest all my poker winnings

                                                  Just a rumour i heard via people who might know about these things, i havent a clue

                                                  Comment


                                                    Anyone else do the NYT crosswords? They are such a good level of puzzle, Monday easiest to Saturday hardest. Thursday more cryptic, worth the subscription alone.

                                                    Comment


                                                      Originally posted by Dice75 View Post
                                                      Speaking of Microsoft, what are the chances of, say, a 4-1 split in shares this year following by a decent rise(20-40%) on the back of it?
                                                      Why do you ask? Share splits nothing but optics

                                                      Comment


                                                        Originally posted by Goodluck2me View Post

                                                        Why do you ask? Share splits nothing but optics
                                                        Maybe so, i just think if it does happen, the $100 share is likely to jump to $130+ quite quickly even allowing for the jump in the last year?

                                                        Comment


                                                          Share split ‘could’ lead to sharp uptick in price very quickly. Although it’s only optics, it’s also a vote of confidence in future deliveries and makes the share more attractive to the market.

                                                          I’m definitely not the right person to answer it, assume Denny might have a view. It’s been a long time since MS did a split and it probably wouldn’t be a huge shock if they did but I haven’t seen anything concrete on it and there’s no guarantee that it will lead to a sharp increase if they do.

                                                          i think in general it’s less prevalent now because you can easily buy fractional holdings, but again I’m not the right person to answer.
                                                          Join the IPB Fantasy Football League 19/20

                                                          http://www.irishpokerboards.com/foru...88#post1104188

                                                          Comment


                                                            Originally posted by Lao Lao View Post


                                                            Link to the well?
                                                            Other than my own personal interest i’m not sure it’s particularly fascinating but here you go https://www.irishpokerboards.com/for...go-in-the-well
                                                            Join the IPB Fantasy Football League 19/20

                                                            http://www.irishpokerboards.com/foru...88#post1104188

                                                            Comment


                                                              Time for a new Well to drive more traffic imo.
                                                              "We are not Europeans. Those people on the continent are freaks."

                                                              Comment


                                                                Originally posted by Raoul Duke III View Post
                                                                Time for a new Well to drive more traffic imo.
                                                                Strewely has never been down there I think? Man of his years bound to have lots of interesting tales to tell.

                                                                Comment


                                                                  I was actually going to ask if people are aware of people tapering off workwise as they get older. Seems perfect for both sides, older person probably has lower life expenses, smaller mortgage, kids gone etc, the time is more valuable, and it allows the employer to retain their experience while giving younger people more autonomy.

                                                                  Better for everyone rather than a hard stop.

                                                                  I only ask because (selection bias) most of the older people I know could likely retire financially, but have been so focused on work that they likely have nothing to retire to.

                                                                  Comment


                                                                    Originally posted by 6starpool View Post

                                                                    Strewely has never been down there I think? Man of his years bound to have lots of interesting tales to tell.
                                                                    Thats what this thread is , its just randomly spread across the years.

                                                                    If you think of the supposedly 'social' networks that have come and gone over the years it's amazing that we are still here at all!
                                                                    Turning millions into thousands

                                                                    Comment


                                                                      Some great wells here in fairness over the years.


                                                                      Comment


                                                                        Originally posted by Denny Crane View Post
                                                                        I was actually going to ask if people are aware of people tapering off workwise as they get older. Seems perfect for both sides, older person probably has lower life expenses, smaller mortgage, kids gone etc, the time is more valuable, and it allows the employer to retain their experience while giving younger people more autonomy.

                                                                        Better for everyone rather than a hard stop.

                                                                        I only ask because (selection bias) most of the older people I know could likely retire financially, but have been so focused on work that they likely have nothing to retire to.
                                                                        Two things that might be mitigating against this:
                                                                        1. we've structured pension tax reliefs to be far more attractive towards the end of your working life. Thus, if you're underfunded (like most people), this might be incentivising you to keep working at full throttle.
                                                                        2. People are having kids later in life therefore perfectly normal for people to still be having heavy outlays on children into their 50s and 60s..needing a job to finance same.
                                                                        "We are not Europeans. Those people on the continent are freaks."

                                                                        Comment


                                                                          Originally posted by Denny Crane View Post
                                                                          I was actually going to ask if people are aware of people tapering off workwise as they get older. Seems perfect for both sides, older person probably has lower life expenses, smaller mortgage, kids gone etc, the time is more valuable, and it allows the employer to retain their experience while giving younger people more autonomy.
                                                                          I'm starting to think about that now, I genuinely have no clue what I will want to do in a few years time. Right now I'm at least as busy as I have ever been but I'm also less stressed about it than I ever was and mostly I enjoy the work. That lack of stress is due to a number of factors but does feel in itself like a kind of tapering off. Sometimes I think I could do with a bit more time off but at the same time if I was laid off in the morning in the morning I'm certain I'd be straight out looking for a job, and not necessarily a similar role, as it is I usually struggle to use up all the holidays I have in a year.
                                                                          My contract will expire in a few years when I turn 65 although I don't know for sure if that is valid having been written 20 years ago before state pension age changes came in. I'm in an odd position in that there is a lot of stuff I do at work that they would struggle to get anyone else involved in, at least before there is a significant technology change that's in the air but not expected to go live this decade. It's hard to know how that will play out, but if contract does end I might try to work out a deal to work something like a ten day month to keep that stuff up to date.

                                                                          Originally posted by Denny Crane View Post
                                                                          most of the older people I know could likely retire financially, but have been so focused on work that they likely have nothing to retire to.

                                                                          This is interesting because probably the opposite for the likes of me who having a number of expensive tastes and interests going on that already keep me very busy it will become difficult to maintain those without the disposable income. These new state pension rules add a whole dimension to making the decision on when to bail out but I expect working till 70 will quickly become standard because of them.
                                                                          Turning millions into thousands

                                                                          Comment


                                                                            Up ya come SP and thank you for doung a 15 year WELL.

                                                                            If i retired tomorrow I"d have plenty to do however I might be working a decade more if AI allows me to contribute . I shall however retire having never fulfilled my dream of starring in a Porno movie i wrote about converting Lesbians back in the old fashioned Hetro world. At that age now where i'd have to Epstein a few wimmins. The ones my age are build for comfort.

                                                                            Comment


                                                                              I'd love to retire at 55 or so, but that's likely a pipe dream. 60 might be feasible if I'm not too flash. 65 would probably see me retire comfortably, but I'd retire tomorrow if I could. Sadly I can't.

                                                                              Comment


                                                                                Im out the door at 60 if the SP500 keeps behaving.

                                                                                Comment


                                                                                  Originally posted by 6starpool View Post
                                                                                  I'd love to retire at 55 or so, but that's likely a pipe dream. 60 might be feasible if I'm not too flash. 65 would probably see me retire comfortably, but I'd retire tomorrow if I could. Sadly I can't.
                                                                                  Read Iago's well for inspiration!

                                                                                  Although I think most of us would be better advised to attend to our physical and mental health, rather than our financial one...
                                                                                  "We are not Europeans. Those people on the continent are freaks."

                                                                                  Comment


                                                                                    It's always a good question though: how much money do you need to retire? It always strikes me that people have ridiculous notions in this regard.

                                                                                    and there just can't be a one size fits all answer but I think this checklist works for me:
                                                                                    1. Do you have debt? If the answer is 'yes', and its considerable, then I doubt you can retire unless you have some fairy godmother hidden away. I still have a bit (not much to go but not as good as The Toilet King) on my mortgage but wouldn't be comfortable retiring with any form of debt. I'd also want my house very much 'done' in term of building work such that any ongoing expense on it was minimal. Thankfully Mary Loo is going to scrap property tax.
                                                                                    2. What are your outgoings going to be in retirement? I kinda suspect that something in the range of 40-50k p.a. would give you a decent standard of life - few holidays, plenty of nights out, money to spend on both frivolities an necessities. The other thing to bear in mind is (if you're not croaked already), there will come a point where you are simply not able to indulge in fun stuff any more and thus your spending will go down. I imagine the heavy-spending fun years in retirement would be 60-75, maybe 80 if the health holds up. I intend to spend them round at Zuut's house drinking his Bordeaux and eating fine BBQ dishes.
                                                                                    3. What does your retirement fund look like - DB pension (if you are very lucky or a public servant), annuity or ARF? I'd be pretty certain mine will be the latter - which exposes me to both market upside and downside. If the former, its entirely possible there would be years where your pot goes up by more than you spend from it.
                                                                                    4. Do you have dependents? For most of us, this would be 'adult children who still need financial support'. Fucking hope not.
                                                                                    I think, if you have a pension pot of €1m, coupled with the state pension kicking in at 66 - and no debt or dependents, you are probably in pretty great financial shape for retirement. You'll be in a sweet spot tax-wise, where you'll pay fuck all and should hopefully be on but not over the higher rate threshold.

                                                                                    Discuss.
                                                                                    "We are not Europeans. Those people on the continent are freaks."

                                                                                    Comment


                                                                                      Originally posted by zuutroy View Post
                                                                                      Im out the door at 60 if the SP500 keeps behaving.
                                                                                      Are you not on some gold-plated public sector DB wheeze?
                                                                                      "We are not Europeans. Those people on the continent are freaks."

                                                                                      Comment


                                                                                        My girlfriend wants to go the route of having enough saved to work part time instead of full time. I am more interested in how much I would need saved to retire early, how much at each age etc. A bit of a pain as I started in my 30's so compound only really kicks into overdrive quite late, though still have a decent amount. Sister is fairly sorted joining the public service as a HEO as a base for her pension.

                                                                                        Comment


                                                                                          Originally posted by Raoul Duke III View Post

                                                                                          Are you not on some gold-plated public sector DB wheeze?
                                                                                          Yea...parked the plane proceeds in stocks though. Thats the reason for the (hopeful) early departure. Had a similar annual figure in mind to what you posted (assume you mean net). The wine will be nicely aged by then!

                                                                                          Comment


                                                                                            What's a good mid range to decent place to eat in Limerick city?
                                                                                            Turning millions into thousands

                                                                                            Comment


                                                                                              Originally posted by zuutroy View Post

                                                                                              Yea...parked the plane proceeds in stocks though. Thats the reason for the (hopeful) early departure. Had a similar annual figure in mind to what you posted (assume you mean net). The wine will be nicely aged by then!
                                                                                              Invitation accepted. I like my steaks medium rare btw.
                                                                                              "We are not Europeans. Those people on the continent are freaks."

                                                                                              Comment


                                                                                                Originally posted by Strewelpeter View Post
                                                                                                What's a good mid range to decent place to eat in Limerick city?
                                                                                                Freddys Bistro or French Table.

                                                                                                This too shall pass.

                                                                                                Comment


                                                                                                  Originally posted by Raoul Duke III View Post
                                                                                                  It's always a good question though: how much money do you need to retire? It always strikes me that people have ridiculous notions in this regard.

                                                                                                  and there just can't be a one size fits all answer but I think this checklist works for me:
                                                                                                  1. Do you have debt? If the answer is 'yes', and its considerable, then I doubt you can retire unless you have some fairy godmother hidden away. I still have a bit (not much to go but not as good as The Toilet King) on my mortgage but wouldn't be comfortable retiring with any form of debt. I'd also want my house very much 'done' in term of building work such that any ongoing expense on it was minimal. Thankfully Mary Loo is going to scrap property tax.
                                                                                                  2. What are your outgoings going to be in retirement? I kinda suspect that something in the range of 40-50k p.a. would give you a decent standard of life - few holidays, plenty of nights out, money to spend on both frivolities an necessities. The other thing to bear in mind is (if you're not croaked already), there will come a point where you are simply not able to indulge in fun stuff any more and thus your spending will go down. I imagine the heavy-spending fun years in retirement would be 60-75, maybe 80 if the health holds up. I intend to spend them round at Zuut's house drinking his Bordeaux and eating fine BBQ dishes.
                                                                                                  3. What does your retirement fund look like - DB pension (if you are very lucky or a public servant), annuity or ARF? I'd be pretty certain mine will be the latter - which exposes me to both market upside and downside. If the former, its entirely possible there would be years where your pot goes up by more than you spend from it.
                                                                                                  4. Do you have dependents? For most of us, this would be 'adult children who still need financial support'. Fucking hope not.
                                                                                                  I think, if you have a pension pot of €1m, coupled with the state pension kicking in at 66 - and no debt or dependents, you are probably in pretty great financial shape for retirement. You'll be in a sweet spot tax-wise, where you'll pay fuck all and should hopefully be on but not over the higher rate threshold.

                                                                                                  Discuss.
                                                                                                  I have a spreadsheet with 3 'what if' scenarios of retiring at 57, 60 and 65. I have a half share in a rental property too that in about 5-6 years (if shinners don't reduce property prices to rags somehow) will if sold pay off the mortgage on my main house, and obviously that gap will widen the longer we wait to sell. I'm 47 now.

                                                                                                  57 is a pipe dream really unless the stock market goes to the moon and stays there.
                                                                                                  60 is possible, but only 20% shot really and only if I was desperate and lived quite frugally.
                                                                                                  65 would be broadly in line with your scenario above.

                                                                                                  Maybe 62 or 63 more realistic. Kids are still only 4 and 6 now, so no prospect of them going anywhere for a while, plus the younger lad has special needs so could be ongoing stuff there (not expensive in terms of equipment, but definitely in terms of financial independence and needs). It'll likely be an ARF for me I'd imagine when the time comes.

                                                                                                  One piece I'm not sure on is whether to sell the rental place as soon as it'd cover my current mortgage, and basically increase my pension contributions to the max with some of the money I'm not spending on a mortgage. I'm not maxed at the minute as we can't stretch to that, but at 15% it's ok, plus the employers amount of 5% currently (increasing to 7% later this year). From my rudimentary calcs it'd be a little better to max my pension contributions when I can than to hold onto a property that is earning rent (not much profit though) and potentially appreciating a little more each year in theory and selling later. Mortgage interest in the last 10 years much less significant portion of the payment than the first number of years too, so not as much incentive from that side of things to settle up early.

                                                                                                  Comment


                                                                                                    Originally posted by Dice75 View Post

                                                                                                    Maybe so, i just think if it does happen, the $100 share is likely to jump to $130+ quite quickly even allowing for the jump in the last year?
                                                                                                    If they do a stock split all that happens is they move from having a company with say 100m shares worth $100 each to having 400m shares worth $25 each, the stock shouldn’t move at all in response.

                                                                                                    Comment


                                                                                                      Originally posted by 6starpool View Post

                                                                                                      I have a spreadsheet with 3 'what if' scenarios of retiring at 57, 60 and 65. I have a half share in a rental property too that in about 5-6 years (if shinners don't reduce property prices to rags somehow) will if sold pay off the mortgage on my main house, and obviously that gap will widen the longer we wait to sell. I'm 47 now.

                                                                                                      57 is a pipe dream really unless the stock market goes to the moon and stays there.
                                                                                                      60 is possible, but only 20% shot really and only if I was desperate and lived quite frugally.
                                                                                                      65 would be broadly in line with your scenario above.

                                                                                                      Maybe 62 or 63 more realistic. Kids are still only 4 and 6 now, so no prospect of them going anywhere for a while, plus the younger lad has special needs so could be ongoing stuff there (not expensive in terms of equipment, but definitely in terms of financial independence and needs). It'll likely be an ARF for me I'd imagine when the time comes.

                                                                                                      One piece I'm not sure on is whether to sell the rental place as soon as it'd cover my current mortgage, and basically increase my pension contributions to the max with some of the money I'm not spending on a mortgage. I'm not maxed at the minute as we can't stretch to that, but at 15% it's ok, plus the employers amount of 5% currently (increasing to 7% later this year). From my rudimentary calcs it'd be a little better to max my pension contributions when I can than to hold onto a property that is earning rent (not much profit though) and potentially appreciating a little more each year in theory and selling later. Mortgage interest in the last 10 years much less significant portion of the payment than the first number of years too, so not as much incentive from that side of things to settle up early.
                                                                                                      Given the punitive taxes on rental income it would almost certainly be more efficient to have that capital working for you inside a pension in something with similar investment traits.

                                                                                                      Comment


                                                                                                        Originally posted by Goodluck2me View Post

                                                                                                        Given the punitive taxes on rental income it would almost certainly be more efficient to have that capital working for you inside a pension in something with similar investment traits.
                                                                                                        Ya, it's not great, but with mortgage interest high, and other things to write off, it's not as bad as it was a few years back. Mortgage on the rental property going down each year too offsets tax paid on rental income, more or less.

                                                                                                        Comment


                                                                                                          I think there's two main groups of people when it comes to this. People who save nothing, and people who save too much.

                                                                                                          The stats on people's spending in retirement are eye opening. People who save diligently during their life find it very difficult to actually draw down. They end up spending a fraction of what they planned to. You get get lucky too, a couple of early years of over performance and you'll left with multiples of what you expected.

                                                                                                          I've no dependents, so perhaps a lack of understand or empathy on my part, but I don't get the idea of sacrificing years to build up an inheritance or paying for private schools. Fuck them .

                                                                                                          I'm aiming for 45-50. Obv that could easily change.
                                                                                                          Last edited by Denny Crane; 08-02-24, 12:05.

                                                                                                          Comment


                                                                                                            Originally posted by 6starpool View Post

                                                                                                            I have a spreadsheet with 3 'what if' scenarios of retiring at 57, 60 and 65. I have a half share in a rental property too that in about 5-6 years (if shinners don't reduce property prices to rags somehow) will if sold pay off the mortgage on my main house, and obviously that gap will widen the longer we wait to sell. I'm 47 now.

                                                                                                            57 is a pipe dream really unless the stock market goes to the moon and stays there.
                                                                                                            60 is possible, but only 20% shot really and only if I was desperate and lived quite frugally.
                                                                                                            65 would be broadly in line with your scenario above.

                                                                                                            Maybe 62 or 63 more realistic. Kids are still only 4 and 6 now, so no prospect of them going anywhere for a while, plus the younger lad has special needs so could be ongoing stuff there (not expensive in terms of equipment, but definitely in terms of financial independence and needs). It'll likely be an ARF for me I'd imagine when the time comes.

                                                                                                            One piece I'm not sure on is whether to sell the rental place as soon as it'd cover my current mortgage, and basically increase my pension contributions to the max with some of the money I'm not spending on a mortgage. I'm not maxed at the minute as we can't stretch to that, but at 15% it's ok, plus the employers amount of 5% currently (increasing to 7% later this year). From my rudimentary calcs it'd be a little better to max my pension contributions when I can than to hold onto a property that is earning rent (not much profit though) and potentially appreciating a little more each year in theory and selling later. Mortgage interest in the last 10 years much less significant portion of the payment than the first number of years too, so not as much incentive from that side of things to settle up early.
                                                                                                            I'd be dumping the rental and maxing pension contributions if I was in your shoes.

                                                                                                            The game seems rigged against individual landlords too, why would you want the hassle when you can just sit back and watch your pension grow in a tax-efficient manner? One bad tenant who refuses to get out and you're fucked.
                                                                                                            "We are not Europeans. Those people on the continent are freaks."

                                                                                                            Comment


                                                                                                              Originally posted by Raoul Duke III View Post
                                                                                                              It's always a good question though: how much money do you need to retire? It always strikes me that people have ridiculous notions in this regard.

                                                                                                              and there just can't be a one size fits all answer but I think this checklist works for me:
                                                                                                              1. Do you have debt? If the answer is 'yes', and its considerable, then I doubt you can retire unless you have some fairy godmother hidden away. I still have a bit (not much to go but not as good as The Toilet King) on my mortgage but wouldn't be comfortable retiring with any form of debt. I'd also want my house very much 'done' in term of building work such that any ongoing expense on it was minimal. Thankfully Mary Loo is going to scrap property tax.
                                                                                                              2. What are your outgoings going to be in retirement? I kinda suspect that something in the range of 40-50k p.a. would give you a decent standard of life - few holidays, plenty of nights out, money to spend on both frivolities an necessities. The other thing to bear in mind is (if you're not croaked already), there will come a point where you are simply not able to indulge in fun stuff any more and thus your spending will go down. I imagine the heavy-spending fun years in retirement would be 60-75, maybe 80 if the health holds up. I intend to spend them round at Zuut's house drinking his Bordeaux and eating fine BBQ dishes.
                                                                                                              3. What does your retirement fund look like - DB pension (if you are very lucky or a public servant), annuity or ARF? I'd be pretty certain mine will be the latter - which exposes me to both market upside and downside. If the former, its entirely possible there would be years where your pot goes up by more than you spend from it.
                                                                                                              4. Do you have dependents? For most of us, this would be 'adult children who still need financial support'. Fucking hope not.
                                                                                                              I think, if you have a pension pot of €1m, coupled with the state pension kicking in at 66 - and no debt or dependents, you are probably in pretty great financial shape for retirement. You'll be in a sweet spot tax-wise, where you'll pay fuck all and should hopefully be on but not over the higher rate threshold.

                                                                                                              Discuss.

                                                                                                              At the ripe old age of 46, I'd happily retire tomorrow. There is just the small problem of having two mortgages and no rental income.

                                                                                                              The mortgage on the new gaff runs until I hit 65, bank wouldn't give a loan past that. We're locked in on a fixed mortgage for 5 years which is fine as we knew we most likely wouldn't have surplus cash to overpay in the initial few years.

                                                                                                              Mortgage on my first home (where my Dad lives) is due to end in 2035.

                                                                                                              We also know there is an inheritance coming (at some point in the future) in the form of a property. Just need to not fall out with the progenitor in the meantime

                                                                                                              Assuming my Dad lives for another 11 years (which would put him at 91 and sadly, probably unlikely to go that long) and the inheritance comes in at the same time, the two properties combined should clear the mortgage on the new gaff (assuming property prices don't tank)

                                                                                                              Flip side is that in 11 years time (and quite possibly sooner) we will want to do some structural work on the new gaff but I'm reasonably confident that wouldn't involve a lengthy mortgage top up and could be cleared in 5-6 years

                                                                                                              Goal is to have a pension pot of €1 million by the age of 65 and to do so with no debt and a mortgage free house which we can live in or downsize to free up additional cash. Retiring before 65 is probably unlikely and I've made my peace with it but you never know...

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                                                                                                                Originally posted by Denny Crane View Post
                                                                                                                I think there's two main groups of people when it comes to this. People who save nothing, and people who save too much.

                                                                                                                The stats on people's spending in retirement are eye opening. People who save diligently during their life find it very difficult to actually draw down. They end up spending a fraction of what they planned to. You get get lucky too, a couple of early years of over performance and you'll left with multiples of what you expected.

                                                                                                                I've no dependents, I don't get the idea of sacrificing years to build up an inheritance or paying for private schools. Fuck them .

                                                                                                                I'm aiming for 45-50. Obv that could easily change.
                                                                                                                It's a good point but being over-provisioned would definitely be in the Good Problem bracket; they are very much in the minority.

                                                                                                                Obviously the no dependents thing completely changes the equation too.
                                                                                                                "We are not Europeans. Those people on the continent are freaks."

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                                                                                                                  Originally posted by Raoul Duke III View Post

                                                                                                                  It's a good point but being over-provisioned would definitely be in the Good Problem bracket; they are very much in the minority.

                                                                                                                  Obviously the no dependents thing completely changes the equation too.
                                                                                                                  I get the safety aspect, but if you're over provisioned you're wasted the most precious asset of all, time.

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                                                                                                                    Originally posted by Denny Crane View Post

                                                                                                                    I get the safety aspect, but if you're over provisioned you're wasted the most precious asset of all, time.
                                                                                                                    Another thing to bear in mind is that for nearly all of us, retirement is a joint undertaking. Mrs D3 is a public servant (whose prior pension arrangement got badly mauled) and will probably work until 65. Not sure how me knocking off paid employment at, say 55, would go down there.
                                                                                                                    "We are not Europeans. Those people on the continent are freaks."

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                                                                                                                      Originally posted by Raoul Duke III View Post

                                                                                                                      Another thing to bear in mind is that for nearly all of us, retirement is a joint undertaking. Mrs D3 is a public servant (whose prior pension arrangement got badly mauled) and will probably work until 65. Not sure how me knocking off paid employment at, say 55, would go down there.
                                                                                                                      That sounds like Mrs D3 problem to me.

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                                                                                                                        Originally posted by Raoul Duke III View Post

                                                                                                                        I'd be dumping the rental and maxing pension contributions if I was in your shoes.

                                                                                                                        The game seems rigged against individual landlords too, why would you want the hassle when you can just sit back and watch your pension grow in a tax-efficient manner? One bad tenant who refuses to get out and you're fucked.
                                                                                                                        Until such time as selling the rental allows the mortgage to be paid off on the current place, it's not a consideration really, although the increasing apartment 'management fee' (which is a tax write off against the rent thankfully) and just general annoyance about having to fill in a tax return each year for the rental income is a driver towards selling sooner rather than later.

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                                                                                                                          Originally posted by Raoul Duke III View Post

                                                                                                                          Another thing to bear in mind is that for nearly all of us, retirement is a joint undertaking. Mrs D3 is a public servant (whose prior pension arrangement got badly mauled) and will probably work until 65. Not sure how me knocking off paid employment at, say 55, would go down there.
                                                                                                                          Once you greet her at the door every evening with a smile, a G&T and her house shoes, then let her unwind while you finish off the dinner preparation, remembering of course to keep the kids out of her hair while she destresses from the trials and tribulations of the day, she should be fine.

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