Life Retirement - Page 8

**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.

cooper barrett · 03-06-2018, 10:52 AM

Quote:

Originally Posted by Rain Man

You do what you can. Personally, I think a parent's first priority should be to save for retirement so they aren't a financial burden on their kids late in life. That's just as valuable in the long run in my opinion.

It was after I got my girls out of college I was able to both make bank, but to sock it away.

**ChiTown** · 03-06-2018, 10:52 AM

Quote:

Originally Posted by Rain Man

You do what you can. Personally, I think a parent's first priority should be to save for retirement so they aren't a financial burden on their kids late in life. That's just as valuable in the long run in my opinion.

Absolutely. It's crazy to penalize your retirement that much for your kids college education. You do what you can within the boundaries that are safe for your own well-being. Having to move in with your kids because you don't have enough for your own retirement is much worse than letting your kids tackle the debt of their own College Tuition, IMO.

cooper barrett · 03-06-2018, 11:00 AM

Quote:

Originally Posted by O.city

My parents paid for my undergrad, which wasn't much do to scholarships and shit but they still got it done.

Didn't ask them to pay for dental school that was on me.

The rate I'm going right now, I should have enough to pay for my 2 to go to college and i'm hoping if they want to go on to med school or more optimal dental school, I can pay for a large portion of that and have them a practice to walk in to when they're done. Would really set them on a good path.

Way I see it is I'm working hard now to build a family brand that will be a lot easier for them down the road. Its not always fun, but it is what it is.

It would appear that you are making it easy, providing a path of low resistance, (career wise). I've heard horror stories come out of scenarios such as this. Then again, I have 3 teachers in the family but none work together.

**HemiEd** · 03-06-2018, 11:00 AM

Quote:

Originally Posted by cooper barrett

PLC based?

The older equipment was, then later it was all laptop controlled.

Randallflagg · 03-06-2018, 11:03 AM

Quote:

Originally Posted by cooper barrett

Actually you can start receiving SS at 62 - you won't get the full amount (I THINK it's like $200 less per month) but on the other hand, you'll live a lot longer - so it all evens out in the end I guess...

Fat Elvis · 03-06-2018, 11:32 AM

Quote:

Originally Posted by cooper barrett

I do not get your point, everyones failure or procrastination to start a regular savings program creates lower numbers.

$6.9k in 1965 is $$53,600.95 today.

What were you saying?

I don't think you understand how compound interest works. Lets go ahead and assume that your data is correct and that the average wage in 1965 was $6,900. An average person would still have to save 72.5% of their income in 1965 to make a $5,000 annual contribution to their retirement account hoping to get a 6.5% return on their money over 45 years to get the $1.4M for retirement. I'm willing to bet just about any amount of money that next to no people saved 72.5% of their income and put it towards retirement.

It is simple math. And if you can't do the math, just google "compound interest calculator" and plug the numbers in for yourself.

You also state that $6,900 in 1965 is the equivalent of ~$53,600 today. By that measure, if you are wanting the same purchasing power of $1.4M today 45 years from now, you need to be saving $38,753 every year for 45 years at a 6.5% annual compounded return. I really doubt a whole lot of Americans are doing that today (and I am pretty sure you aren't socking away that much money for retirement per year).

Fat Elvis · 03-06-2018, 11:46 AM

Quote:

Originally Posted by cooper barrett

I do not get your point, everyones failure or procrastination to start a regular savings program creates lower numbers.

$6.9k in 1965 is $$53,600.95 today.

What were you saying?

FWIW, here is where I got the data that said that the average income in 1965 was less than $5,000....

https://en.wikipedia.org/wiki/Averag...nthly_Earnings

**MahiMike** · 03-06-2018, 11:47 AM

Quote:

Originally Posted by All In

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.

Same age and retirement goal age here. If it doesn't work out there's always my dream job at home Depot.

**MahiMike** · 03-06-2018, 11:49 AM

Quote:

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.

Americans spend 18 pct of their income on health care. Best system in the world my ass. Investing just half that would be enough for retirement.

**MahiMike** · 03-06-2018, 11:54 AM

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.

"Life without kids is easier but life with kids is more fulfilling"

BucEyedPea · 03-06-2018, 12:01 PM

Quote:

Originally Posted by 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.

Don't believe in it. It's not healthy to stop working. Well, unless you're incapacitated. If that's the case, it's time to kick the bucket and come back again as a baby.

**Iowanian** · 03-06-2018, 12:05 PM

I'd like to retire someday, but I'll probably work until noon on the day of my funeral.

Prison Bitch · 03-06-2018, 12:12 PM

Quote:

Originally Posted by BlackOp

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".

Oh jeez, come on dude. The world has never been a better place in which to live. In 1900 the life expectancy for an American was like 47, in 1935 it was 61 (which is why Soc Sec was set at 65 that year....they didn't think we'd live to receive it). Today it's almost 80.

There's no polio, there's little infant mortality, almost no influenza death like the one in 1917 that wiped out millions of people. No black plague. Cars are much, much safer (as are the roads), hospitals are superior, medical technology is insanely good.

And you're worried about teen bullying on the CrapNet?

AssEaterChief · 03-06-2018, 12:18 PM

Quote:

Originally Posted by Prison Bitch

Oh jeez, come on dude. The world has never been a better place in which to live. In 1900 the life expectancy for an American was like 47, in 1935 it was 61 (which is why Soc Sec was set at 65 that year....they didn't think we'd live to receive it). Today it's almost 80.

There's no polio, there's little infant mortality, almost no influenza death like the one in 1917 that wiped out millions of people. No black plague. Cars are much, much safer (as are the roads), hospitals are superior, medical technology is insanely good.

And you're worried about teen bullying on the CrapNet?

So you don't think the world is over populated?

**wazu** · 03-06-2018, 01:43 PM

Quote:

Originally Posted by AssEaterChief

So you don't think the world is over populated?

No, we’ve got room for more, AssEater.

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

03-06-2018, 12:05 PM	#117
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $4628454	I'd like to retire someday, but I'll probably work until noon on the day of my funeral.
Posts: 61,559