Life Retirement - Page 3

**bogey** · 03-05-2018, 06:36 PM

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

**HemiEd** · 03-05-2018, 07:58 PM

Quote:

Originally Posted by bogey

I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!

I started at 14 pumping gas and have been retired now for 4 years.

For peace of mind, start with how much you know will be fixed, solid income.

Then, make a budget, how much for all of the essentials? Compare the two.

Work from there, nobody else can do it for you like you can. It is a starting point.

I missed on food and utilities, both have increased dramatically but the rest are spot on.

If you don't have enough for those, then that has to be your action plan.

JimBaker48.8 · 03-05-2018, 07:59 PM

Quote:

Originally Posted by BiStateNo

If you are just starting out in your working life - SAVE!!! When you can. Always put a little back - even if it's only $10 a week - it WILL add up!

Yep that's the key.
It's called the "time value" of money, or put another way the power of compounding over time.
Gotta have the discipline to put it away on a regular basis and don't touch it.

**HemiEd** · 03-05-2018, 08:01 PM

Quote:

Originally Posted by bogey

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.

I go days without seeing another human besides my Mrs.

It is worth it, move back away from the masses.

KCUnited · 03-05-2018, 08:03 PM

I feel like that 65 mark is based more on having labored or you got taxed by raising kids. I'm an ocean away from doing what I love for a living, but I do alright financially and enjoy my life, I'm not really in a rush to retire even if I could financially.

Randallflagg · 03-05-2018, 08:05 PM

Quote:

Originally Posted by HemiEd

I go days without seeing another human besides my Mrs.

It is worth it, move back away from the masses.

Indeed. Of course, we have learned the meaning of "binge watching".....

Pablo · 03-05-2018, 08:27 PM

Quote:

Originally Posted by MOhillbilly

Kill all the boomers now.

Best post in this thread.

Hammock Parties · 03-05-2018, 08:37 PM

Quote:

Originally Posted by ChiTown

I know this is part of your schtick, but my life would have been shit without my two Sons. I have one in College and another getting ready to join him. It’s going to be so tough when they are both gone. I can’t even bear to think about it.

You would have been fine. Genetics and animal instinct is clouding your mind.

We are hard-wired to think "oh kids are amazing" so we don't abandon them.

Hamwallet · 03-05-2018, 08:39 PM

Quote:

Originally Posted by JoeyChuckles

If the baby boomer generation saved correctly, like I'm sure they did, because they are the last great generation, many of us should have a nice inheritance coming that should help cover any shortcomings in our retirement plans.

Lmfao. Every time someone in my family dies it costs me money, I am 36. Funerals are not cheap.

displacedinMN · 03-05-2018, 08:39 PM

I am 49. Hoping to retire at 56-57 when the kids are out of college. By that time I will have taught Middle School for 35 years. I also hope that I have enough different pots of money that I can live comfortably.

Hamwallet · 03-05-2018, 08:39 PM

Quote:

Originally Posted by HemiEd

I go days without seeing another human besides my Mrs.

It is worth it, move back away from the masses.

That sounds fantastic.

cooper barrett · 03-05-2018, 08:40 PM

Quote:

Originally Posted by JoeyChuckles

If you invest $5k a year into an investment account that earns 6.5% annually, starting at the age of 20, you'll have over $1.4 million by the age of 65.

I think the $1.5 million is for a couple too, if I'm not mistaken.

What is that adjusted for inflation using the the last 40 as a guide?

And try saving $5K with a couple of kids in the house.

Hammock Parties · 03-05-2018, 08:41 PM

Quote:

Originally Posted by wazu

And it’s a well known fact that the number one regret old people have is that they had children.

Look, not saying there is anything WRONG with having kids.

But they cost a lot.

They're not everyone's cup of tea. Nor SHOULD everyone have kids.

seclark · 03-05-2018, 08:43 PM

turned 57 in december.
finished 35 years at the same company last friday.
company puts in a nice % of my wage in my 401k...pretty good shape there.
will pay the house/farm off in 5 years.

company contract pays a fairly nice portion of health insurance until medicare kicks in, so unless i kick the ****in bucket, 5 years is my goal.
if i do die, some johnny stud is gonna make out like a bandit.

sec

**Rain Man** · 03-05-2018, 08:44 PM

Quote:

Originally Posted by BDj23

The idea of working til I'm 65 makes me want to put a bullet in my head.

It's 67 for most people now if you want to get social security.

Maybe I shouldn't have said that while you were holding the gun.

**Rain Man** · 03-05-2018, 08:45 PM

Quote:

Originally Posted by cooper barrett

What is that adjusted for inflation using the the last 40 as a guide?

And try saving $5K with a couple of kids in the house.

You might have to sell one of the kids. Retirement income is really important.

03-05-2018, 06:36 PM
bogey Supporter Join Date: Oct 2007 Location: California Casino cash: $10005290	Retirement Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.
Posts: 2,264

03-05-2018, 08:03 PM	#34
KCUnited Cheat Death Join Date: Nov 2007 Location: Land of Drincoln Casino cash: $2238244	I feel like that 65 mark is based more on having labored or you got taxed by raising kids. I'm an ocean away from doing what I love for a living, but I do alright financially and enjoy my life, I'm not really in a rush to retire even if I could financially.
Posts: 33,951

03-05-2018, 08:39 PM	#39
displacedinMN It was not a fair catch Join Date: Aug 2012 Location: Correcting papers Casino cash: $2892630	I am 49. Hoping to retire at 56-57 when the kids are out of college. By that time I will have taught Middle School for 35 years. I also hope that I have enough different pots of money that I can live comfortably. __________________ #investigatecarlcheffers
Posts: 36,320

03-05-2018, 08:43 PM	#43
seclark MVP Join Date: Aug 2000 Location: nemo Casino cash: $1639900	turned 57 in december. finished 35 years at the same company last friday. company puts in a nice % of my wage in my 401k...pretty good shape there. will pay the house/farm off in 5 years. company contract pays a fairly nice portion of health insurance until medicare kicks in, so unless i kick the ****in bucket, 5 years is my goal. if i do die, some johnny stud is gonna make out like a bandit. sec __________________ "Mr. seclark. Wrong for gravy, wrong for jelly, wrong for biscuits." -rj "If every Planeteer who was disliked by another Planeteer stopped being a Planeteer we wouldn't have any Planeteers." -rj
Posts: 13,401	2 0