Retirement

[bogey]

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.

[ChiTown]

I turn 51 tomorrow. My plan is to never really retire, but to certainly slow my pace a bit. To be honest, I’ve already started doing that a little. I rode it hard from 25-45, and made most of my money by then. I sold the remainder of my primary biz in 2017, and now I just work on things that interest me. I could retire tonight, but I just have no interest in it. As long as my brain is working, I plan to keep doing deals. It’s what I love to do.

[SAUTO]

All my stuff is paid for. I've got cars stashed every where. Parts in more places. Tons of tools.

Im 40. I think ill be ok

[JoeyChuckles]

Originally Posted by BigRedChief

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

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.

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.

[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.

[hometeam]

I saved money and then used it all :/

Since I got my new job I have put a (relatively) massive amount away in savings/401k, I just hope in my volatile business that I can keep doing that~

[wazu]

Originally Posted by Hammock Parties

simple, don't have kids

shitting, pissing, moneysucking little devils

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

[lewdog]

Originally Posted by Rain Man

A 4% drawdown on $1 million is $40,000 a year. And with inflation, it'll have the buying power of $20,000 in 20 years. I think people need a heck of a lot more than $1 million these days.

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.

3-4% draw down rate, 3% early on if you can take it.


It can work provided you have no other debt and don’t take on anymore. You still would need 40-50% invested in stocks as well. And as I said, it would pay bills and you’d be ok, but don’t think it will have you living luxurious.

[ChiTown]

Originally Posted by Hammock Parties

simple, don't have kids

shitting, pissing, moneysucking little devils

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.

[REDHOTGTO]

I'm 54 and between my & the mrs weve got over 250k in mutual funds and it continues to grow, aint countin on SS to be around when i give it up, hope to grow my money to well over 750k in the next 15 yrs, if i draw 4 to 5% a year and everythings paid for it oughta work fairly comfy.

[Deberg_1990]

I just plan on working full time until I’m 100

Problem solved

[Randallflagg]

Originally Posted by BigRedChief

how many people have enough for retirement? I’d bet it’s a small %.

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.

Both my Wife and I are retired. I retired from the Army and then from a civilian company. 2 pensions and Social Security. Hey- I paid into it my entire life.

My Wife had to retire from Nursing after 33 years when she fractured her back. Been on Social Security Disability since then. She would LOVE to back to work but we are in our 70s. That's pretty much out of the question.

Our home is paid for, our vehicles are paid for and other than the usual (utilities, taxes, etc) we are debt free. We do not have the lifestyle that we once had - she "averaged" $110,000 per year and I - around $95,000.

When we retired, we had a decent "nest egg" and only touch that now in the event of emergency. We both have Medicare - I lost private insurance when I turned 65. I will NOT go to the VA for ANY reason whatsoever.

That's about it. I WILL, however, say this: 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!

[bdj23]

Originally Posted by Deberg_1990

I just plan on working full time until I’m 100

Problem solved

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

[Randallflagg]

Originally Posted by REDHOTGTO

I'm 54 and between my & the mrs weve got over 250k in mutual funds and it continues to grow, aint countin on SS to be around when i give it up, hope to grow my money to well over 750k in the next 15 yrs, if i draw 4 to 5% a year and everythings paid for it oughta work fairly comfy.

I've been listening to that "Social Security" ain't going to be around when..... for the last 50 years. It's still there. It isn't going anywhere.

However, I would say this: If Uncle Sam actually wants to do away with Social Security - take those now being born and allow them to "opt out" of Social Security when they are, say 12-14 years of age. That would effectively end it in about another 50 or so years.

[eDave]

This thread is depressing.

[ThaVirus]

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.

It's quite the paradox.

They legitimately ruin your life in terms of finance, stress, and freedom, but give it meaning at the same time.