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.

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.

You can only have too little, never to much.

Get your investments making money, not going up in value. Both if you can.

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.

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

I’ll be 55 in ten years and plan on retiring then. By that time I’ll have everything I own paid for. I should have enough saved up by that time to live like I want in retirement, including living in Maui for 6 months of the year.

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.

and here ya go

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.

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.

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.

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.

That’s a pretty simplistic, linear way of looking at saving money. Compound interest is a wonderful thing.

I'm 33 and have just a hair under 40k in my 401k. Work sucks balls, i might retire for like 10 months.

simple, don't have kids

shitting, pissing, moneysucking little devils

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.

Kill all the boomers now.

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.

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

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.

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.

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~

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

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.

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. :deevee:

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 just plan on working full time until I’m 100

Problem solved

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!

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

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.

This thread is depressing.

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.

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.

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.

I go days without seeing another human besides my Mrs.

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

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.

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

Best post in this thread.

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.

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

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.

That sounds fantastic.

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.

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.

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

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.

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

Having little boys watch Star Wars with me and hearing their wild explanations about what's happening is priceless. Laugh riot. They're a pain at times but worth every bit of it. (Infant years did suck balls)

Not to sound crass, but if I can get off with the mere cost of a funeral, I'll call it a win. Most likely, I'll have to take several months off work to divest a vast empire of rusty junk cars, commemorative figurines, and infinite boxes of paperwork from the 1970s, none of which is documented or organized in any way. It's a nightmare on the horizon, and I can't even get my parents to write a list. And apparently only suckers have wills. I'll be back in Missouri next summer, and that's my #1 objective.

I'll get the same experience with my niece without dropping a quarter mil on her.

I just come up with my own wild explanations. I find conversations with myself to be quite entertaining.

No, I don't.

Yes. I do.

Nah. Don’t pay for your kids college. That’s their responsibility.

To each his own. If you're not 100% sure you want kids, you absolutely shouldn't have kids.

I have 4 kids and I can't imagine what life would be like without them. Have I spent a HELL of a lot of money on them? Yes. You spend your money on the things that are important to you.

http://money.cnn.com/2017/01/09/pf/c...015/index.html

No you won't.

A kid is a kid.

twice as much if they are in dance or hockey

About half of that is daycare. Fortunately both of our parents are here and retired wanting to spend time with their grandchildren.

Phew

There are hidden costs, too.

You're never getting that vagina back to the way it was before.

hi

Dude, UCLA is $32,800 for tuition, dorm and 19 meals a month, which doesn't include book and activities, in 2018

Should I tell my daughter in 2026, when she'll be a Freshman in college, "Hey, that shit is on all you"?

Does your district have a program to retire you early?

My ex was offered a chunk of cash to retire that went into her MO State retirement account and her wallet, Somehow it was divided up as mostly pre taxable income added to her retirement account, made a huge difference in her retirement income. She got a nice gold watch and a fat check too. Plus she was an employee for my company for 20 years and teaching summer classes. So she will be able to draw a SS income and medicare benefits when she turns 65

She was teaching ECD, She maxed the pay scale out every year for 20 years. The retirement benefit alone on her salary was over $20K a year. So when it came down to brass tax, she was costing them well over $100K yr.

Not a bad gig at 52 to retire well as a teacher,with no waiting until she is 65 BS plus the assets we split.:shake::shake:

ROFLROFLROFLROFLROFLROFL

Dude. What? Kids ruin your life?

First, kids aren’t that damn expensive. I buy the best diapers and wipes on the market and they’re not bad. Like at all. We buy hand me down clothes. Even for a 4 year old it isn’t hard to find stuff that is t hardly used at all. Babies eat from mom and the 4 year old still eats way cheaper than the wife.

Stress? Come on man. It takes a menial amount of problem solving to figure out what they need and then if you aren’t manager enough to accommodate the logistics of getting it done, you don’t have much of a life to ruin.

And Freedom? Seriously? If your self worth revolves around traveling and eating at douchey restaurants or just flat out partying, again, there isn’t much of a life to ruin.

Kids at least when they’re little (my oldest is 4) provide so much more Utility (happiness, fulfillment, love) than they detract from your life it isn’t funny. They’re not easy, but I’m very much not a kid person and they’re not bad as long as your not a self-absorbed ****bag that cares more about what your kids are costing you than caring for your kids (my sister is this way).

If your married, have kids. Do research, prepare, and plan like you should any major life decision and set forth to do the best you can as a parent.

Ruin your life. ROFL

I got them both through college debt free, good hubbys, nice grand kids too.

I don't think selling them was ever an option but at least I haven't got a call saying their house is being ropo'ed or I need money or Luigi is going to break my husband's knees into pieces... That alone is Mastercard "priceless"

.

And so do I, I mean we...

It is. After spending 18 years in the Chicago area, it has been good for the sole.

You’re wrong.

Other people’s kids are not my kids.

He obviously doesn't have or need to have kids.

I would give up everything I have if it meant having my kids.

My youngest daughter is downstairs practicing her trumpet, my son is crying because he thought it was a great idea to stick his cat in the Rottweiler's face [dog doesn't give a shit about the cats at all] and cat dug its claws in his neck pretty deep. I still made fun of him for crying.

I wouldn't trade it for the world

Pedaling auto parts in Chicago must have some great stories...

I sincerely hope that if your daughter goes to UCLA, she goes working for a degree towards a good career path and not something like photography.

I can’t imagine paying for my kid to go to an expensive school and then wasting the money.

Retired at 53 with a TEAMSTERS Pension after working 32 years in Air Freight starting with EmeryWorldwide, CF AIR, and UPS. F-ing AWESOME!

I had to pay for all mine, that being said I will be able to retire in 10 years because I didn't have kids and the Chiefs were really, really good for a 6 year stretch and they made me a lot of cash.

I'm not suggesting this is typical, but the AVERAGE cop's salary in my town is $103,000/yr. Cops in NJ are not having much trouble saving for retirement.

Objectively speaking, yes. Without kids you'd have a shit ton more money and freedom with a lot less stress.

I see a group of people who make the world we live in a better place and who's children should grow up to do the same. Then there's one that I hope gets a industrial strength vasectomy, just on the slightest chance he could get laid no less get a woman pregnant. (Oh wait, he's already had one. You certainly read between the lines.) Just in case, have another knot installed, a tight one, just for good measure.


I know that watching my daughter's excel at life's challenges has never made me think something like: "She should have got an "l" at State, those voice lessons cost a fortune." or after 5 years of dance, "This is what they give for trophies at Nationals?" I'm proud that my kids make a difference in children's lives and if someone ever set out to hurt them, I would not be held back from protecting them with everything I have. I think it need not be said, there are many others that feel the same as I do.

If you're "that guy" than chances are the kid you raise (Should the unlikely happen) would be "this kid"
http://static3.nydailynews.com/polop...kolas-cruz.jpg

So, I have to reinforce my thoughts on a double knot.

If you are that "Paradox" person who is looking at the fact that raising children is a bittersweet ritual of sorts that you feel forced to do: I suggest you find a family therapist so that your daughter or son does't get a "Guilty vote" on the "Sex with a student" thread.

https://cbsnews2.cbsistatic.com/hub/...hunter-day.png

I tip my hat to those who choose to keep "Family First" and themselves third in regards to your children. May you never look back and ask yourself "What would my life been like without them"

Where do you live Saddle River? Montvale?

The median home value in Saddle River is $1,769,300

Montvale $854,628

Where does the cost of living fall in? What does a decent 3 bedroom split level cost?

I'm 37….

My retirement will consist of a bullet

Not so worried

Wealthy folks are wealthy because they live like they are broke.

Broke folks are broke because they try to live like they are wealthy.

D.U.M.B. AF

Who wants to raise a child in the digital world? I deliberately didn't have a child to save them from the suffering/isolation that is happening...teenage girl suicide has tripled since the age of twitter/facebook...school shootings didn't happen when I was young...nor did 24/7 surveillance and constant terror threats. The evidence is our natural programming is rejecting the internet...and the synthetic idea that we are "connected".

They weren't born out of love...I didn't want them exposed to this rot/decay....extortion/corporate state.

We were warned by the intellectuals/future thinkers...and I took those warning serious. Love takes many shapes...some choose safety seats..I chose "no play".

Retirement
 

I can officially retire on 12/31/2024 which would make me 65. I haven’t decided if I’ll retire then or wait until I turn 67. I’ll have SSA, penson($2000/mth), 401k, 457 & deferred compensation along with stocks. Everything will be paid for & I don’t plan on moving as my house is perfect for me.

I’m still concerned I won’t have enough.