Life Retirement - Page 13

**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.

**BigRedChief** · 03-07-2018, 10:27 AM

Quote:

Originally Posted by KC Dan

Not to mention the people that are required to build, service and maintain the new equipment....

Thats included in the 5% of jobs that I mentioned.

We are not talking horse buggy to automobiles here. That created millions of jobs. Totally different and negative paradigm shift.

Smart people will do their research before dismissing and laughing off A.I. as a threat to the current way of life.

O.city · 03-07-2018, 10:31 AM

Quote:

Originally Posted by Iowanian

That was a day dream, I got shit on by 4 emails while I typed that last post....

I need to go work a side hustle after work so I can afford a dentist....

It's always fun to daydream.

And as much as some think it is, dentistry isn't all sunshine and rainbows. Yesterday was a rough day mentally. I saw 3 kids all 5 or younger with bombed out teeth and abscesses and there was nothing I could do. Tough to handle when you have similar aged kids. Lotta shitty people and parents in this world.

**KC Dan** · 03-07-2018, 10:35 AM

Quote:

Originally Posted by BigRedChief

Thats included in the 5% of jobs that I mentioned.

We are not talking horse buggy to automobiles here. That created millions of jobs. Totally different and negative paradigm shift.

Smart people will do their research before dismissing and laughing off A.I. as a threat to the current way of life.

I'm not dismissing it or laughing it off, I say jump in there and be part of the change. Get trained to work on or build or program said devices. They are nice paying jobs unlike french fryer at McD's. But, it's work and that's an issue for some.....

**BigRedChief** · 03-07-2018, 10:41 AM

Quote:

Originally Posted by KC Dan

I'm not dismissing it or laughing it off, I say jump in there and be part of the change. Get trained to work on or build or program said devices. They are nice paying jobs unlike french fryer at McD's. But, it's work and that's an issue for some.....

Bearcat was laughing like it was a Sasquatch sighting.

My overall point was to be thinking about how to retire. It would behoove you yo look at changing careers before its too late.

If you can find X in and mathematical equation, you can learn to program in machine language. That skill is going to be a good paying job, in demand for the rest of anyone who is alive now lives.

**Rain Man** · 03-07-2018, 10:45 AM

Quote:

Originally Posted by Iowanian

Something not discussed here involves more than "how much do you need in your IRA"....

That number varies on a lot of factors. Do you want to retire in the Cayman islands? Are you in San Fran or some other area with really high costs of living? Are you going to be debt free on your last day of work? Are you going to travel the world, or are you a guy that just wants to piss off of your back porch, feel the sun on your face in the morning and live the rest of your days in a slow paced, family oriented example of living the dream?

Some people need $5M to retire, but another guy might have his $100k home in some rural area paid for, main updates completed, a new enough dependable vehicle and $400K and be shitting in high cotton.

I hope to be very comfortable in retirement and I hope my body holds out to allow me to be alive in retirement.....but I know that my happiness in retirement won't be defined by the dollars in my bank when I die. It will just determine the number of photos of me fishing in the ocean or shooting pigs from helicopters vs sitting on a pond dam putting worms on for a grandkid.

Maybe working like a maniac your entire life isn't the right thing and I've been doing that part wrong....Maybe we need to remember that money doesn't love you back and that your job description will be online before your obituary. Holy shit, maybe this is an epiphany.

Get back to work. (Snaps whip.)

I'm scared enough of being a homeless geriatric that I'll never think I've got enough money to retire safely. I finally realized that and decided that I'd try to do fun things now as a tradeoff. If I end up begging on a corner, I'll at least have some good stories to tell.

cooper barrett · 03-07-2018, 11:01 AM

Be careful with those side jobs for cash, never mention them.

I do not know how anyone does a 40 hour week and doesn't have a side business to allow you to take advantage of all the breaks and benefits owning a business has. I am not going to go into detail but your small business can possibly buy that wood shop you have been wanting if your business can use them too, and be able to write the cost off in the same year you purchased it, reducing your income and either lowering your taxes or increasing your refund. Being able to deduct or reimburse yourself for mileage and other expenses that would have been forgotten is a biggie. I know that if I made a run to Home Depot for a kitchen faucet, as long as I looked at buying a concrete form for the business, those miles were worth $ off my taxes and add up quickly.

That "hustle" money is something that allows you to invest your regular income and still afford to have a fishing hobby or enjoy a fine dinner that otherwise you would simply feel guilty about wasting the money on. My companies name was once on the side of my race car making it a legit business expense. Making that hobby possible while raising 2 kids and mortgages, .....

When your business makes money you have retirement vehicles that open to let you invesst in, An SEP-IRA much like a IRA but not as limited. ($54,000 in a SEP IRA and an additional $5,500 in a Roth IRA instead of $5500 in an IRA)

If you are currently doing the "hustle" do some on the books and make the best of it.

Or so I heard from a friend.

Quote:

Originally Posted by Iowanian

I've worked my ass off since I was a kid and for a lot of years it was just keeping gas in a car and bills paid(never have missed one). I've spent some years in a pension job that will pay some when I retire, then I did the 3 jobs-starting a company-no retirement for a few years, and leveraged that into being ok. I've got a great job, but also do a lot of "side hustle" jobs for cash....I decided this winter that from now on, all of that extra hustle money goes into a cash stack, or is being invested into something else. If you set a goal to make $100 every saturday, it's not that tough to average and my hope is that money adds up and makes a difference down the road.

Retirement is tricky because it depends on a lot of things. I didn't have kids early, which was good at the time because I'm more financially able to do that well, and I'm more responsible. Now i'm in that bubble where I'm building a better life(farms and new houses etc) and spending...which is counter-productive in some ways. I put in a fair amount into retirement accounts and am looking at other ways to grow money.

My two biggest fights right now are fighting the urge to take big swings at things...I'm toying with buying land I don't need, or building buildings I don't need as investments....I'm in that wheelhouse where I'm able to make things happen but only have limited years to earn the cash to pay for those things....so that I have some investments that are paying me in the future, just because I did it.

The second part is the kids....between broken bones and all of the typical things, I am trying to decide what I'll be able to do for them(college). I've got Mutual funds for them that I put a little into each month to try to get some put away for each of them, but honestly riding them and making sure they get good grades for scholarships is my best option.

I was talking with my Jr High kid last night about her future....She sat in the fat guy chair with me before bed and said she'd been thinking about careers and sees herself in the medical field, nursing or something. I can definitely see it for tradition as well as personality reasons....but I encouraged her to think bigger....to know she can be a doctor if she chooses, not to limit herself. That said, we also talked about taking college classes while in high school, because those credits are free. If you want to be a nurse or an MD, you're going to get your CNA and work in HS, so you'll be able to earn some money in a related field while you get that RN(or whatever)...and then you can work as an RN as you obtain that BSN or whatever your path may be.

I'll do what I can do to help them, but I'm not planning to write a check. My experience was that kids who had some skin in the game tried harder. I'd have washed out if I didn't have skin in the game in college.

Now....If I can just come up with million dollar idea that will let me retire in 5 years......I've got a big "to do" list at home.

Fat Elvis · 03-07-2018, 11:07 AM

Quote:

Originally Posted by cooper barrett

Now I understand, you're a whiney little bitch...You were a little late to the party. I can feel your pain.

It takes a genious to invest in Budweiser or any os a few other I had pop into my head

This says it all

Berkshire Hathaway B stock (BRK.b)... 10 year return on $10K investment.

Start date: 03/07/2008
End date: 03/06/2018
Start price/share: $89.24
End price/share: $204.55
Dividends collected/share: $0.00
Total return: 129.21%
Average Annual Total Return: 8.65%
Starting investment: $10,000.00
Ending investment: $22,929.58
Years: 10.00

Budweiser AB

Start date: 07/01/2009
End date: 03/06/2018
Start price/share: $38.50
End price/share: $112.76
Starting shares: 259.74
Ending shares: 321.82
Dividends reinvested/share: $21.47
Total return: 262.88%
Average Annual Total Return: 16.00%
Starting investment: $10,000.00
Ending investment: $36,292.19

Years: 8.68

A few more 10 year returns...

Spoiler!

I think you're a special kind of stupid. I've already made my money. What part of that is it that you don't understand? What part of "I don't have to assume as much risk as I did when I was younger", do you not comprehend? I've lived through both boom and bust cycles and boom cycles again.

I lived poorly when I was younger and single. I invested that money. Some of it was discipline, but there was a lot of luck involved as well. The payoff is that now I can *afford* to be much more conservative. Like I said, I don't think $1.4M is as much money as people tend to think it is.

Because I was young and single, I could afford to take more risks--and I could afford to plow more of my money into investments. I was an anomaly. I couldn't of done it if I was married, had a mortgage and kids.

I got married later in life; I have enough money where I didn't have to have a mortgage. I only buy used cars. I can afford new cars, but I spend so little time in them, why dump money into a depreciating asset?

My kid doesn't have to worry about college, and I (and my wife) don't have to worry about retirement--and you somehow think I'm late to the party?

You still like to cherry-pick not only stocks, but also time horizons. Why don't any of your stock picks predate Lehman collapsing/housing bubble or the dot.com bubble burst before that? All you've shown are relatively short return timelines in comparison to the required timelines for longterm retirement planning. That doesn't represent reality. I personally don't think *you* actually have any real assets. I bet you get your financial information from an ebook that you found on a Yahoo message board.

**SAUTO** · 03-07-2018, 11:17 AM

Quote:

Originally Posted by cooper barrett

Be careful with those side jobs for cash, never mention them.

I do not know how anyone does a 40 hour week and doesn't have a side business to allow you to take advantage of all the breaks and benefits owning a business has. I am not going to go into detail but your small business can possibly buy that wood shop you have been wanting if your business can use them too, and be able to write the cost off in the same year you purchased it, reducing your income and either lowering your taxes or increasing your refund. Being able to deduct or reimburse yourself for mileage and other expenses that would have been forgotten is a biggie. I know that if I made a run to Home Depot for a kitchen faucet, as long as I looked at buying a concrete form for the business, those miles were worth $ off my taxes and add up quickly.

That "hustle" money is something that allows you to invest your regular income and still afford to have a fishing hobby or enjoy a fine dinner that otherwise you would simply feel guilty about wasting the money on. My companies name was once on the side of my race car making it a legit business expense. Making that hobby possible while raising 2 kids and mortgages, .....

When your business makes money you have retirement vehicles that open to let you invesst in, An SEP-IRA much like a IRA but not as limited. ($54,000 in a SEP IRA and an additional $5,500 in a Roth IRA instead of $5500 in an IRA)

If you are currently doing the "hustle" do some on the books and make the best of it.

Or so I heard from a friend.

JFC shut up

**SAUTO** · 03-07-2018, 11:18 AM

Quote:

Originally Posted by O.city

It's always fun to daydream.

And as much as some think it is, dentistry isn't all sunshine and rainbows. Yesterday was a rough day mentally. I saw 3 kids all 5 or younger with bombed out teeth and abscesses and there was nothing I could do. Tough to handle when you have similar aged kids. Lotta shitty people and parents in this world.

yeah i couldnt do your job. a guy left my office 20 minutes ago that i could smell every ****ing word from 15 feet away.

****
That
Shit.

O.city · 03-07-2018, 11:26 AM

Quote:

Originally Posted by SAUTO

yeah i couldnt do your job. a guy left my office 20 minutes ago that i could smell every ****ing word from 15 feet away.

****
That
Shit.

Yeah, that's not abnormal here. Just saw a guy a few minutes ago that stood right outside my front window and smoked 2 cigarettes then came in here. Yeesh.

MIAdragon · 03-07-2018, 11:39 AM

Quote:

Originally Posted by Rain Man

Get back to work. (Snaps whip.)

I'm scared enough of being a homeless geriatric that I'll never think I've got enough money to retire safely. I finally realized that and decided that I'd try to do fun things now as a tradeoff. If I end up begging on a corner, I'll at least have some good stories to tell.

X2

cooper barrett · 03-07-2018, 11:43 AM

Quote:

Originally Posted by sd4chiefs

Savings accounts may have been paying 6% interest but mortgage rates were at 8% or higher. You can't have it both ways. The first house I bought in Lenexa in 84 had a mortgage rate of 12%. That really sucked.

And IIRC 12% was a good rate! Adj rates and balloons went crazy back then. But houses were affordable, the loans were not, Hopefully you refi'ed when you could.

Your tax refund in the '80 must have been HUGE! My friends were getting huge refund checks, kinda made me jealous.

I got lucky during those years, The house had a nice low fixed rate 15 yr note with a now defunct S+L and no car payments. I was single too. My business was undergoing an upturn as technology changed (electronic systems on vehicles were causing grief) and emission were becoming an issue and car sales were down so people were fixing vs. buying. The auto repair business was good and shops were buying what I was selling. Life was good.

displacedinMN · 03-07-2018, 06:25 PM

I don't want to be teaching when I am 70. In ten years, teaching will be vastly different.

RunKC · 03-07-2018, 06:33 PM

I feel like retirement would suck. My in laws are retired and they are bored out of their minds waiting for us to have kids so they can spoil them.

Idk I feel like I’d get depressed after years of working

In58men · 03-07-2018, 06:47 PM

Quote:

Originally Posted by RunKC

I feel like retirement would suck. My in laws are retired and they are bored out of their minds waiting for us to have kids so they can spoil them.

Idk I feel like I’d get depressed after years of working

I’m depressed and itching to go back to work. I just had knee surgery last Monday and I’m about to lose it.

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

03-07-2018, 06:25 PM	#193
displacedinMN It was not a fair catch Join Date: Aug 2012 Location: Correcting papers Casino cash: $2892630	I don't want to be teaching when I am 70. In ten years, teaching will be vastly different. __________________ #investigatecarlcheffers
Posts: 36,313

03-07-2018, 06:33 PM	#194
RunKC Andy Reid Supporter Join Date: Apr 2012 Casino cash: $2199611	I feel like retirement would suck. My in laws are retired and they are bored out of their minds waiting for us to have kids so they can spoil them. Idk I feel like I’d get depressed after years of working __________________ Mike Greenberg@Espngreeny I can’t fathom what it must be like to be a fan of the #Chiefs. Adopt a Chief: Noah Gray
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