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03-05-2018, 06:47 PM | #2 | |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $2659627
VARSITY
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Quote:
Unless your a multi millionaire it’s not going to be enough to cover 20 years. Who knows what’s going to happen with medical insurance, the economy etc. you can only control so little of your expenses that could rise on you.
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Time is worth more than money. |
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Posts: 79,292
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03-05-2018, 06:49 PM | #3 |
MVP
Join Date: Aug 2017
Casino cash: $10000400
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You can only have too little, never to much.
Get your investments making money, not going up in value. Both if you can.
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Posts: 13,669
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03-05-2018, 06:52 PM | #4 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $1411900
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They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning.
Those looking to retire 20-30 years from now will likely need 1.5m+. And no, most Americans don’t have these savings. |
Posts: 45,705
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03-05-2018, 06:53 PM | #5 |
Supporter
Join Date: Oct 2007
Location: California
Casino cash: $10005290
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I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!
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Posts: 2,264
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03-05-2018, 06:55 PM | #6 | |
Constable of Untruths
Join Date: Oct 2010
Location: Wichita
Casino cash: $1301084
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Of course, everything could go to shit between now and then and I’ll end up having to work until I’m 70. Nothing in life is guaranteed. |
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Posts: 15,067
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03-05-2018, 06:57 PM | #7 | |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $2659627
VARSITY
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Quote:
Around half of American households have no retirement accounts at all. No 401(k)s, no IRAs, nothing. You might think that’s because they’re all expecting pension income in retirement. In fact, according to the Government Accountability Office (GAO), around 29% of households age 55 and older have neither retirement savings nor a pension. It doesn’t paint a pretty picture.
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Time is worth more than money. |
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Posts: 79,292
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03-05-2018, 07:00 PM | #8 |
Starter
Join Date: Sep 2017
Casino cash: $10000400
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My plan is to retire at 62. I'm currently 58 1/2. I'm retired AF so i have my pension and I've been investing small amounts my whole life. I'm currently civil service for the past 9 years so every time I get an increase or a promotion, i take that and invest. I figured that I never had it so i got accustomed to not having it. I think I will be ready to retire at this time but who knows what life will deal me by then. It may be more like 65.
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Posts: 256
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03-05-2018, 07:03 PM | #9 | |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $2659627
VARSITY
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Quote:
Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.
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Time is worth more than money. |
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Posts: 79,292
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03-05-2018, 07:05 PM | #10 |
Supporter
Join Date: Oct 2007
Location: California
Casino cash: $10005290
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I'll probably move back to MO when I retire, only because I won't likely be able to afford CA cost of living. I have a house that's paid for in MO, but it's in a very small town. It's gonna take some brain reprogramming to move back home.
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Posts: 2,264
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03-05-2018, 07:09 PM | #11 |
Constable of Untruths
Join Date: Oct 2010
Location: Wichita
Casino cash: $1301084
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That’s a pretty simplistic, linear way of looking at saving money. Compound interest is a wonderful thing.
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Posts: 15,067
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03-05-2018, 07:11 PM | #12 |
In my youth i pray to keep
Join Date: Nov 2013
Location: Clown World
Casino cash: $2449850
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I'm 33 and have just a hair under 40k in my 401k. Work sucks balls, i might retire for like 10 months.
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Posts: 15,881
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03-05-2018, 07:15 PM | #13 | |
I'll be back.
Join Date: Nov 2002
Casino cash: $4220478
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Quote:
shitting, pissing, moneysucking little devils
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Chiefs game films |
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03-05-2018, 07:18 PM | #14 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2828491
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I'm quite envious of my friends who are in government or military jobs. They're retiring early with no uncertainty while the rest of us have to save like crazy and also plan for the worst case scenario. I should've joined the military when I got out of college. The biggest change in society over the past 30 years has been the elimination of pension programs. We're all going to learn a hard lesson about that during the next 30 years.
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I'm putting random letters here as a celebration of free speech: xigrakgrah misorojeq rkemeseit. |
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Posts: 141,829
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03-05-2018, 07:18 PM | #15 |
Mama Tried
Join Date: Dec 2002
Location: Missouri
Casino cash: $9949903
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Kill all the boomers now.
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True Son of Liberty |
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