Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Neighbors Are Retiring in Their 30s. Why Can't You?

nytimes.com

Post reply on HN
Print view View original

51–60 of 94 posts

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#51

Post by benterix »

nostromo wrote: post #7
ipnon wrote: post #4

It's interesting to me how the mainstream news organizations are supposed to be synthesizing a constant stream of the latest and most important information, and yet breaking news happens faster on social media and the think pieces, such as this one, are basically rehashes of Reddit comments from 10 years ago.

This is the NYT Magazine though. Longer pieces about less-important issues are common.

Oh I literally suffer reading through these and trying to understand the conclusion... "When she strolled across her cozy room in her velveteen slippers, each step a deliberate promenade through a mosaic of chiaroscuro shadows..." - just get to the point already!!!

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#52

Post by rufus_foreman »

foogazi wrote: post #10
nostromo wrote: post #6

> [she] retired at 49 with $1.3 million in savings. That doesn't not seem like nearly enough. How does she afford health insurance? I would be terrified that after a prolonged downturn you'd be left with nothing. And Social Security in the US pays less the less you work.

> I would be terrified that after a prolonged downturn you'd be left with nothing. In the long run we are all dead > And Social Security in the US pays less the less you work. Aren't there diminishing returns with Social Security ? so at some cutoff you are NOT getting more regardless of how much more you work

>> Aren't there diminishing returns with Social Security ? so at some cutoff you are NOT getting more regardless of how much more you work

Yes, Social Security is highly progressive. As I understand it, it takes your average monthly income over your 35 highest paying years, indexed for inflation, and pays you (2024 numbers) 90% of your monthly income up to $1,174, 32% of your monthly income from $1,175 to $7,078, and 15% of your monthly income above $7,078. There's also a cap on the Social Security tax and so a cap on the monthly income that is considered.

People refer to those as "bend points" in Social Security benefits, and there is a greatly reduced incentive to continue contributing to Social Security after reaching the second bend point. Someone who is 49 today likely started working as a teenager and would have close to 35 years of income credits (and so only a few "zero" years in the calculations). If they spent much time in a high paying job they would be close to or past the second bend point.

See https://www.fool.com/retirement/social-security/bend-points/, although it has 2023 numbers for the bend points.

Also, sounds like the person in question was married for over 10 years, so there could be spousal benefits depending on the situation.

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#53

Post by nunez »

I'm wondering if dude is still clearing $250k/month with that police scanner app.

He reminds me of this user on /r/fatFIRE (a variant of this movement many of us here would better identify with) named /u/rajuapps who claims to have achieved $100M in net worth by starting with pumping out apps on the App Store. I believe it; I really like his Tesla Remote app!

Many folks struck serious gold in the early days of App Stores; I wish I tried my hand at it. (I was trying my hand at building a "things to do" startup during this time; didn't pan out, but I learned a lot.)

Anyway; honestly, I feel unbelievably lucky to work jobs that I really like AND have the flexibility to change jobs when I start to dislike it.

It's no surprise that FIRE is so popular. So many people work jobs that suck. SO. MANY. PEOPLE.

Many people also have no idea what they want to do when they "grow up."

Saving enough money to figure that question out OR to take a break from the grind until they're ready to do what they really want to do is a fantastic goal.

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#54

Post by nunez »

ChuckMcM wrote: post #5

The article seriously downplays the role of luck here but it isn't wrong. If you live judiciously and save as much as you can by doing so, you reach a point where you can live judiciously without going into the office every day. The common thread is that just because you can buy something, or can qualify for a particular mortgage, doesn't mean you should if you're goal is to "retire" early. One of the engineers I wor…

> The common thread is that just because you can buy something, or can qualify for a particular mortgage, doesn't mean you should if you're goal is to "retire" early. One of the engineers I worked at Sun with told me that once he had enough value in Sun stock he just decided it was enough. He never moved out of his "starter" house (small 3 bedroom) and always drove his budget/no-options economy car at least 100,000 miles. And his idea of a "great vacation" was camping in the Sierras. So it didn't take much for him to get there and in the middle of the dot com "boom" he sold all his stock, paid his taxes, paid off his house, and retired.

My problem with the FIRE and /r/of communities is that their loudest proponents shun anyone who _doesn't_ want to live like this.

Anyone who wants new cars, nice vacations (don't you dare mention flying business class!), and nice houses are anathema to these folks, even if you can clearly (a) afford it and (b) continue to save towards retirement, albeit less aggressively.

This is why I like the /r/fatFIRE community instead. They acknowledge that one can want to retire early (or just retire at a normal age, but with thick assets) and live a nice life while getting there IF you are willing/able to push for higher income jobs.

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#56

Post by nunez »

dmichulke wrote: post #22
gnicholas wrote: post #18

Earlier quoted context omitted.

This surely helps. Until your kids are 5 or so, you don't know if you'll have huge birth-related medical bills, unexpected disabilities/chronic illnesses, or special needs that require moving to an expensive school district. And even assuming everything is good on that front, you're still looking at $300-400k in college tuition (in 2024 dollars) if you let your kids pick any school. You can tell them that you can onl…

> at $300-400k in college tuition I always wonder why it doesn't make sense to just have them learn German or French and then have them study in continental Europe. Living standard is the same, tuition cost is mostly non-existent and living abroad, if just for a year, will make you a better person. Total cost for a bachelor + master is maybe 5 years with a cost of 1.5k per month maximum (this is considered rich for s…

Isn't it harder to get a job in the US with an international degree?

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#57

Post by HDThoreaun »

dmichulke wrote: post #22
gnicholas wrote: post #18

Earlier quoted context omitted.

This surely helps. Until your kids are 5 or so, you don't know if you'll have huge birth-related medical bills, unexpected disabilities/chronic illnesses, or special needs that require moving to an expensive school district. And even assuming everything is good on that front, you're still looking at $300-400k in college tuition (in 2024 dollars) if you let your kids pick any school. You can tell them that you can onl…

> at $300-400k in college tuition I always wonder why it doesn't make sense to just have them learn German or French and then have them study in continental Europe. Living standard is the same, tuition cost is mostly non-existent and living abroad, if just for a year, will make you a better person. Total cost for a bachelor + master is maybe 5 years with a cost of 1.5k per month maximum (this is considered rich for s…

I had a few friends in high school go to French and English schools. Seemed to work out pretty well generally, although one had a hard time finding a job. Ended up getting a PhD from an ivy though

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#58

Post by nunez »

citizen_friend wrote: post #23
gnicholas wrote: post #18

Earlier quoted context omitted.

This surely helps. Until your kids are 5 or so, you don't know if you'll have huge birth-related medical bills, unexpected disabilities/chronic illnesses, or special needs that require moving to an expensive school district. And even assuming everything is good on that front, you're still looking at $300-400k in college tuition (in 2024 dollars) if you let your kids pick any school. You can tell them that you can onl…

> $300-400k in college tuition This is a ridiculous exaggeration.

I went to Stevens. When I went in 2005, tuition was $30678, or $49061 in 2024 dollars: https://web.archive.org/web/20050308135701/http://www.steven.... This is with all semester/yearly fees included.

2024 tuition? $63,462: https://www.stevens.edu/tuition-fees-and-costs. This _does not_ include the additional fees on the page.

Neither include room and board.

Stevens is a great school, but NYU across the street has a more prestigious brand. They are even more expensive than this.

$300-400k in tuition alone is very realistic...unless you go to an in-state school. Penn State is $20k if you're in state, and that includes studying Comp. Eng. at University Park.

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#59

Post by HDThoreaun »

secabeen wrote: post #38
devbent wrote: post #29

Earlier quoted context omitted.

> This is a ridiculous exaggeration. No it is not. Given the current tuition rates of state colleges, and factoring the average increases in tuition over the past 10-15 years, it is expected that public universities will have an average 4 year tuition of over 300k in 18 years. Note that some private universities are already at this price!

Yes, it is. See pg 18 here: https://research.collegeboard.org/media/pdf/Trends%20Report%... Actual tuition and fees paid have dropped in real dollars over the last 20 years. Nameplate tuition is meaningless as the average student pays less than $5,000 in tuition at 4-year public schools. The average student gets more than $8k in grants. Room and board remains high, but still nothing near 300k. If you have citations s…

If you’re fired you probably have at least a million. These schools look at your assets, not just income. They’re not giving significant aid to kids whose parents are millionaires

Re: Neighbors Are Retiring in Their 30s. Why Can't You?

#60

Post by edyc5 »

nunez wrote: post #53

I'm wondering if dude is still clearing $250k/month with that police scanner app. He reminds me of this user on /r/fatFIRE (a variant of this movement many of us here would better identify with) named /u/rajuapps who claims to have achieved $100M in net worth by starting with pumping out apps on the App Store. I believe it; I really like his Tesla Remote app! Many folks struck serious gold in the early days of App St…

it is /u/regoapps, and yes he is the creator of the tesla remote app
Post reply on HN