Retiring in Elk Country

[Beendare]

Pretty good article on Retiring in elk country- The Montana guys are going to love this- Not!

Its on Yahoo finance by Drew Wood at LINK

So many different guys asking about this in the various threads, this guy does a good job of covering the potential expenses.

 

[AG8]

I think that guy is seriously underestimating the ammunition and optics budget

 

[LongWayAround]

The author writes an article about retiring on $300k, then says this:

"Most Americans drastically underestimate how much they need to retire and overestimate how prepared they are."

I don't know about anyone else, but I would be pretty nervous to go into retirement at $300k.

 

[NRA4LIFE]

The only way $300K will do it is if you're house is paid for any you have $10K/month coming in on a pension and SS. Not too many can claim the latter.

 

[Poser]

I think the described scenario would be reasonable for a local (with social connections) who has a paid off house where the roof and other major maintenance costs are all recent (won't need to be replaced in his remaining years living there) in addition to a vehicle that is going last them the rest of their driving career.

If someone from, say, Mississippi, is dreaming of retiring solo in "elk country" Montana at age 67 on $2,800 SS and $300k in savings/IRAs, then the answer is no: its going to be a huge mistake and you don't know what you're doing, how to do it, you're too old to learn and don't have the runway left to justify trying to get that retirement dream in the air. Best to hope that your adult son has a good job and can afford to take you both on some guided elk hunts for a few years.

 

[eddielasvegas]

And let's not forget that a SS cut is coming in the 6-8 year range.


Eddie

 

[Steve O]

That’s funny. I’ll stay in the Midwest, rotate thru all the elk states and all the other points I have. I plan to buy a van so I can live down by the river close to wherever I want to hunt that month, or that spring or that fall. Or fish…

It’s coming!

 

[JakeT]

If thats what its like now its not looking good for me in 20 years lol

 

[TimberRunner]

I appreciate the breakdown and specificity but I don't know anyone planning on retiring on 300K + SS. I'm not saying it can't be done, but boy is that running a tight line.

 

[mtblackdog]

You and everybody else. Sigh....

 

[North of 60]

Looking forward to finding out being better prepared than how he describes...not seeing how that would be feasible.

 

[HunterGatherer]

I remember when I was growing up, millionaires were “ rich people”. Now, you almost can’t retire unless you’re a millionaire. Pretty crazy shift in just a few decades . There may come a time in the (near) future where people can no longer retire- at least not in the traditional sense.

That being said, I would feel pretty good about retiring with 300k in rural MT if I can stay debt free. With a mortgage and car payments, not so much.

I’ve spent quite a bit of time in the area mentioned in the article- basically Wisdom to Anaconda ( Big Hole area) and I could see myself living out my last years there. Maybe head south for the winters if possible. But the idea of “retiring in elk country “ is kinda flawed anyways. By the time most of us are in our 70’s, our hunting “career” is mostly behind us- or at least it’s winding down. Instead of planning your last years around elk hunting, it’s probably better to retire in a country where the dollar is much stronger and the living is much easier. Montana winters are no joke.

 

[bozeman]

I've seen my parents, as an example, who thru no financial reasons to, have minimized their lifestyle to simple and no fluff. By doing so, the expenditures are minimized and they seem completely happy in their 70's. I believe it can be done, simple life, low cost.

 

[Weldor]

And let's not forget that a SS cut is coming in the 6-8 year range.


Eddie

And don't forget IRMMA deduction on your SSN if you make to much income. Catch 22.